Insolvency Guardian Media Centre
The Committee through e-voting held on February 12, 2019 approved to issue fresh invitation for expression of interest from interested, prospective resolution applicants as per the provisions mentioned under The Insolvency and Bankruptcy Code, 2016.
The RP was authorised to keep the invitation open from February 13, 2019 to February 28, 2019
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bs-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26249949.ece
Alas, a promised means of escaping Glenn Beck and the gay frogs (according to Darryn) has met a timely and unsurprising demise. Mars One Ventures, the corporate arm of the project that set out to colonise the red planet, has revealed to have been declared bankrupt by a Swiss court.
The listing was filed back in January but only now uncovered thanks to an eagle-eyed Redditor. A civil court in the City of Basel, where Mars One Ventures is based, declared the company insolvent in a January 15 ruling. Mars One creator Bas Lansdorp later confirmed this to Engadget, explaining that while the for-profit entity had indeed run out of cash, the non-profit Mars One Foundation was still active despite a lack of investment, and would continue to loo…
Read the full article at: https://www.criticalhit.net/technology/the-mars-one-project-has-run-out-of-money/
10:59 12/02/2019
MOSCOW, February 12 (RAPSI) The Commercial Court of Orenburg Region has declared businessman Sergey Chernov residing in Moscow bankrupt for his 7.6-billion-ruble debt (about $115 million) to creditors, according to court records.
Debt restructuring process has been initiated against him.
Chernov has filed a claim for his own bankruptcy.
As part of this case, the commercial court accepted a bankruptcy petition filed by Sberbank against Chernov. According to the bank, the businessman owes 6.3 billion rubles ($96 million) to the financial organization.
Read the full article at: http://rapsinews.com/judicial_news/20190212/294929981.html
These are interesting times for Irish books retailer Eason, which this week asked the High Court to formally approve its plan to pay a 60 million special dividend to shareholders.
The grand old retailers plan is to free up close to 100 million in capital by completing the sell-off of a 13-strong portfolio of properties, including some of its own stores that would be sold on a sale-leaseback basis.
If approved by the court, the scheme, devised by chairman David Dilger and managing director Liam Hanly, would see it reduc…
Read the full article at: https://www.irishtimes.com/business/retail-and-services/eason-s-restructuring-depends-on-property-market-1.3790259
Mars One Ventures the company that claimed it was going to send hundreds of people to live (and ultimately die) on the Red Planet is now bankrupt, according to Swiss financial notices. Its an unsurprising development, as many experts suspected that Mars One has been a scam for years, preying on peoples desires to travel to space without having a real plan to get them there.
News of the liquidation first came to light over the weekend, thanks to a Redditor who spotted a notice for the companys bankruptcy on a website for the city of Basel, Switzerland where Mars Ones parent company is based. The source indicated that the the city declared the company bankrupt on January 15th, which then dissolved the organization. Mars Ones creator…
Read the full article at: https://www.theverge.com/2019/2/11/18220153/mars-one-bankruptcy-bas-lansdorp-human-settlement
Its no secret that to many California consumers, this winters Chapter 11 bankruptcy filing by Pacific Gas & Electric Co. looks as phony as a $3 bill.
Thats because bankruptcy filings are intended to protect companies and individuals whose financial survival is threatened. There is no evidence this states biggest utility is in such deep trouble right now.
Yes, PG&E has other kinds of trouble. It was convicted of criminal negligence in the 2010 San Bruno natural gas pipeline explosion that killed eight persons. A federal judge supervising the companys probation in that case accuses the company of killing people. It faces myriad lawsuits claiming it caused much of the damage done by the massive wildfires of the last two years.
But with a re…
Read the full article at: http://www.chicoer.com/pges-bankruptcy-filing-looks-phony-from-here
Collect $200 and pass go because this is a lesson we can all get behind.
There are so many different life lessons we need to teach our kids to help guide them in life. But at the end of each day, we just hope we have done enough toraise good humans.
Thats why it is crucial to teach the fundamental basics of life to them while theyre still young and more likely to listen to our nagging!
Experts have revealed their top suggestions in helping kids learn the value of money and saving, and surprisingly Monopoly is one of the best ways to help them learn.
Get them interested in money while theyre young
David Scognamiglio, CEO of Credit Simple, has shared his experience, saying kids learn by example.
Children look up to their parents and inevitably …
Read the full article at: https://www.kidspot.com.au/lifestyle/career-and-money/budgeting/experts-claim-monopoly-money-can-help-your-kids-stay-out-of-debt/news-story/4f05675fc915e787d0f3414e630e5fea
As expected from a new set of laws for a complex subject, the Insolvency and Bankruptcy Code is evolving. And as is frequently also the case, the changes in a complex law can get confusing. ET gives a snapshot of where things stand now, and how that affects stakeholders.
Legislation/SC Judgement:
First IBC Amendment (Nov 2017)
| What is the change | Why was it made | What does it mean |
| Introduction of Section 29 A. | Provision introduced to bar promoters from bidding for their companies. | Defaulters prevented from regaining control of their companies at a cheaper value. |
| Persons who have remained in management or control of an account that has been an NPA for more than 12 months barred from bidding. | To ensure that all defaulters a…
Read the full article at: https://economictimes.indiatimes.com/news/et-explains/bankruptcy-code-whats-changed-what-it-means/articleshow/67951799.cms Certain gamblers are clich, right? The business person playing table games during a work trip to Las Vegas, or the retired couples who pour their pensions into the slots in exchange for buffet passes. But who wouldnt you expect to see at the casino? 1. A Tale of Two NunsEveryone knew that Sisters Mary Margaret Kreuper and Lana Chang were gamblers. They were open about their many trips to Vegas, funded by a rich uncle. Except it turned out that the rich uncle was really the parents who were paying for school. The nunsadmitted to siphoning off cash from tuition fees and donations at Saint James School near Los Angeles for at least a decade. While reports estimated that they stole upwards of $500,000 it wasnt confirmed. What was confirmed was t… Read the full article at: https://www.casino.org/blog/top-8-most-surprising-gamblers/ A man ordered to pay Sh18 million compensation to the family of a businessman he killed in road rage has lost bid to be declared bankrupt. Albert Mbogori, who served 14 months in jail for manslaughter, had pleaded with the court to declare him bankrupt because he didnt have cash to pay the award. He killed Edward Benjamin Rahedi. In 2009 the court had awarded the family of Rahedi Sh12 million in pain and loss of dependency. The sum earned interest and now stands at Sh18 million. Mbogori had said as a result of serving the jail term, his business went down and subsequently closed. He relies on his wife, a teacher with a monthly salary of Sh355,000. He promised to conduct a fundraiser to pay Rahedis family if declared bankrupt. In his testimo… Read the full article at: https://www.the-star.co.ke/news/2019/02/12/man-in-road-rage-case-loses-bankruptcy-bid_c1892847 A personal insolvency arrangement (PIA) which involves writing down a 343,785 mortgage debt by more than half has been approved by the High Court for a woman who ran into mortgage arrears due to her husbands gambling problem. Permanent TSB objected to the arrangement, insisting the proposed write down of some 343,785 to 160,000, the current agreed market value of the womans home, was draconian. Mr Justice Denis McDonald said the woman, a public servant in her 40s with net monthly earnings of some 2,900, is separated fr… Read the full article at: https://www.irishtimes.com/news/crime-and-law/courts/high-court/court-approves-insolvency-deal-that-halves-woman-s-mortgage-1.3789632 NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you. Yangtze River Port and Logistics Limited (NASDAQGS: YRIV) The lawsuit alleges: Yangtze River Port and Logistics Limited made materially false and/or mis… Read the full article at: https://globenewswire.com/news-release/2019/02/11/1716865/0/en/CLASS-ACTION-UPDATE-for-YRIV-VALE-TYME-and-GE-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html Go to Top Call Now Button |