Insolvency Guardian Media Centre
By Christine Lagarde, IMF Managing Director
Banque de France, Paris
March 28, 2019
As Prepared for Delivery
Introduction
Mesdames et Messieurs
bonjour. I would like to thank Governor Villeroy de Galhau for
the kind introduction. I would also like to thank Banque de France and the
European Money and Finance Forum [SUERF] for inviting me to this important
event.
As we celebrate the 20th anniversary of the euroand as we think about thenext 20 yearsit is fitting that we should honor the courage, creativity, and perseverance of those
who inspired this unique European project.
That spirit reminds me of a story that was once told by a great friend of
Euro…
Read the full article at: https://www.imf.org/en/News/Articles/2019/03/28/sp032819-the-euro-area-creating-a-stronger-economic-ecosystem
A separated Limerick couple had almost 3 million worth of debt written off for a payment of 2,000 in a personal insolvency arrangement signed off by the High Court this week.
The couple owed the bulk of the unsecured debt to Bank of Ireland arising from a failed hotel and newsagents business. They also owed an additional 257,000 secured against the family home.
Under the court-approved financial rescue, debts of 121,176 due to the Revenue Commissioners and a further 35,524 to a former supplier to their business both s…
Read the full article at: https://www.irishtimes.com/business/financial-services/separated-limerick-couple-secure-3m-debt-write-off-for-2-000-1.3841688
Seiki Australia has been placed into liquidation with questions now being asked about warranty claims on Seiki TVs following the Companies collapse which took place in 2017.
At a recent general meeting of the Company it was resolved that the entity be wound up and that Daniel Jean Civil be appointed liquidators in Australia.
The winding up relates to a Company that was set up four years ago flogging Seiki TVs to several retailers.
When they initally got into trouble Dick Smith bought a great deal of Seiki stock without any warranty, Dick Smith eventually went broke with debts of over $400M.
Currently Seiki products are being sold in Australia by both online and mainstream retailers including Winnings, 2nds World and Target, these product…
Read the full article at: https://www.channelnews.com.au/exclusive-seiki-tv-appliace-brand-liquidated-in-oz/
Amid the ongoing fallout of the Hayne banking royal commission, another area of financial services has been subject to quieter reforms: the thriving market for debt agreement and debt consolidation arrangements.
As anyone who listens to commercial radio would attest, theres no shortage of providers spruiking their wares as a panacea for indebted consumers for a hefty fee of course.
Debt agreements are binding contracts to repay an agreed amount to creditors over a certain period, while debt consolidation merges several troublesome debts into the one facility.
According to the listed FSA Group (FSA, $1.04), business is booming.
Consumer debt levels are at a record high, new inquiries are increasing and demand for our product and ser…
Read the full article at: https://www.sharecafe.com.au/2019/03/28/the-booming-debt-consolidation-sector/
…
Read the full article at: http://www.switzer.com.au/the-experts/tim-boreham/debt-consolidation-sector-booms/
MDX Technology Limited (MDXT), the leading provider of real-time data collaboration and distribution solutions for the global trading community and financial services industry today announces the completion of a corporate restructuring programme.
Read the full article at: https://www.finextra.com/pressarticle/77813/mdx-technology-undergoes-corporate-restructuring
Samantha Melamed
The Philadelphia Inquirer
Freddie Nole gave up smoking in 1979, after a bout of pneumonia put him in the hospital. But for the next 40 years, he always kept a pack of cigarettes or a pouch of Kite tobacco in his cell just in case.
Youd hold on to Kite, if you could afford to get it, until something came along that you wanted, and that would be the currency, said Nole, who was paroled in January after a half-century in prison. Tobacco was the answer for obtaining everyday necessities, as well as for managing exigent circumstances: I had friends I would try to keep out of the black market: I could give them something so they could not succumb to the borrowing. So, I always had cigarettes on hand for the purpose of exchangi…
Read the full article at: https://www.correctionsone.com/contraband/articles/482417187-As-Pa-prisons-ban-tobacco-new-informal-currencies-arise/
While many of the poor are burdened with debt, helping them financially is controversial, because their debts are often believed to result from bad habits. A new study by the Social Service Research Centre (SSR) at the National University of Singapore (NUS) demonstrates that reducing the number of debt accounts lowers the mental burden of the poor, thereby improving psychological and cognitive performance. This enables better decision-making. Hence, poverty interventions should be structured to improve psychological and cognitive functioning in addition to addressing the financial needs of the poor.
…
Read the full article at: https://medicalxpress.com/news/2019-03-debt-relief-psychological-cognitive-function.html
Notice of 7th Meeting of Committee of Creditors of
SOUTHERN ONLINE BIO TECHNOLOGIES LIMITED
Notice along with Agenda and Notes to Agenda for the 7th Meeting of the
Committee of Creditors of Southern Online Bio Technologies Limited
(under Corporate Insolvency Resolution Process) under the provisions of
The Insolvency and Bankruptcy Code, 2016 read with Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016.
Day & Date: Tuesday 2nd April, 2019
Time: 5.00 P.M
Em
Bank of India
Telangana Zonal Office, PTI Building, 2nd Floor,
A.C. Guards, Hyderabad-500004.
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26653757.ece
Sub: Outcome of the 12th Meeting of Committee of Creditors of Uttam Value Steels Limited
Dear Sir,
This is in reference to the captioned subject.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 12th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on March 26, 2019 to discuss the agenda items stated in the notice of the meeting.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26654291.ece
A Co Longford woman had 3 million worth of debt written off for a payment of 1,600 as part of a personal insolvency arrangement approved by the High Court this week.
Josephine Cooney of Mostrim Road, Ballymahon, Longford was unable to pay her debts and sought a financial rescue under the States personal insolvency regime.
Mr Justice Denis McDonald signed off on the personal insolvency arrangement earlier this week, writing down the mortgage on her home from 507,000 to 175,000, the current market value of the property.
…
Read the full article at: https://www.irishtimes.com/business/financial-services/longford-receptionist-has-3m-debt-written-off-for-1-600-payment-1.3840106
Octagon, one of the largest construction companies in Romania, controlled by Greek businessman Alexandros Ignatiadis, filed for insolvency on March 22. The company had RON 65 million (EUR 14 million) turnover and RON 60 million (EUR 11 million) debtat the end of 2017.
The company decided to file for insolvency itself after several of its creditors received from court writ of execution for their claims. The company has been squeezed between the rising cost of inputs (labor and construction materials prices)and the tight price of the outcome agreed in advance with the developers.
“The main reason for the companys financial problems was the increase in the price of construction materials and labor cost, amid contracts signed in 2017 under…
Read the full article at: https://www.romania-insider.com/octagon-constructions-files-insolvency