Insolvency Guardian Media Centre
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GreenSpace will reap CAD1.8m from the deal and also royalties based on revenue |
Loss-making Canadian food manufacturer GreenSpace Brands is undergoing a strategic restructuring process which will include the disposal of its Rolling Meadow Dairy brand and a reduction in its headcount.
Nine jobs are set to go as part of changes to the business model being instigated by Toronto-based GreenSpace, which also said in a statement late yesterday (31 January) that chief financial officer Greg Guyatt will be leaving the firm for another senior finance position. Cindy Leung, who is currently vice president of finance, will fill the role on an interim basis.
Guyatt only joined the Toronto-listed business during the summer, when he r…
Read the full article at: https://www.just-food.com/news/loss-making-greenspace-brands-restructuring-sees-sale-of-rolling-meadow-as-cfo-departs_id140868.aspx
The Insolvency and Bankruptcy Code, 2016, has been construed as a complete code. Based on that construction and noting that the code contained no provision expressly making the Limitation Act applicable, and as the act could not be considered as applicable by necessary implication, time-barred debts were allowed to trigger insolvency proceedings. To remedy this, section 238A was introduced on the recommendations of the Insolvency Law Committee, making the act applicable to proceedings under the code with effect from 6 June 2018.
Bharucha & Partners
However, the question remained whether the amendment had retrospective effect. This was resolved by the Supreme Court in BK Educational Services Private Limited …
Read the full article at: https://www.vantageasia.com/time-barred-debts-insolvency-code/
The Australian-grown cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk.
Company directors had been trying to find a buyer for the makeup chain for months.
The administrators Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency Accountants will now consider a restructure or pursue the sale option while the business continues to trade.
Napoleon Perdis, who is now based in Athens, opened his first makeup store in 1995 in Paddington, Sydney. After expanding into Australian department stores, the brand launched overseas and operated in the US for more than a decade.
Read the full article at: https://www.theguardian.com/australia-news/2019/jan/31/napoleon-perdis-makeup-empire-goes-bust-putting-australian-jobs-at-risk
In a seemingly unprecedented order, the National Company Law Tribunal, Mumbai bench rejected an application filed by a corporate debtor under Section 10 of the Insolvency and Bankruptcy Code(IBC) with Rs.10 lakhs costs, on finding that it was filed suppressing winding up order passed against it by the High Court.
The suppression was detected almost at the fag end of the Corporate Insolvency Resolution Process(CIRP), when a resolution plan approved by the Committee of Creditors was submitted before the NCLT for its approval.
At this stage, one of the several financial creditors of the applicant informed the bench that the Bombay High Court had passed a liquidation order against the company on January 25, 2017.
The application filed by Amar…
Read the full article at: https://www.livelaw.in/news-updates/corporate-debtor-files-ibc-application-suppressing-winding-up-nclt-costs-142569
SEATTLE — As the cost of going to college continues to rise each year, a college right here in Seattle is giving students a break on their tuition. School officials say the reduction not only helps more students afford college but also helps students decrease their debts.
Students are borrowing more and more to pay for college and now some institutions are looking for ways to make it more affordable. Its called Tuition Reset, and Cornish College of Arts in Seattle is one of the first private colleges in the Pacific Northwest to make a cut in its fees.
So making Cornish education available to students across the spectrum, expanding the opportunity to midd…
Read the full article at: https://q13fox.com/2019/02/01/cornish-college-in-seattle-cuts-tuition-fees-helping-students-decrease-loan-debt/
Napolean Perdis directors attempted to sell the business for several months, prior to the appointment of administrators yesterday.
The beauty brand regularly sponsored fashion showcases and once held concessions with David Jones.
Worrells Solvency Accountants confirmed the business, helmed by Napolean Perdis, appointed administrators Simon Cathro, Chris Cook and Ivan Glavas on January 31.
The Napoleon Perdis brand has a 24-year trading history and has 56 stores nationally.
The first concept store in Sydney opened in 1995 and its brand retail presence extended overseas, predominantly in the US for over a decade; today its online store ships internationally.
The Napoleon Perdis directors have been trying to sell the business for several m…
Read the full article at: http://www.ragtrader.com.au/news/napoleon-perdis-tried-to-sell-the-business-for-months-report-reveals
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HMRC
From left to right: Hedayat, Shahab and Shahin Hashtroudi, who were jailed at Southampton Crown Court
Three businessman brothers who led an expensive lifestyle while making 3m in a series of tax scams have been jailed.
Shahab, Shahin and Hedayat Hashtroudi failed to pay VAT and stole income tax and national insurance contributions from their employees for eight years.
The siblings – all from Bournemouth – ran pubs and restaurants across Hampshire, Dorset and Surrey.
Shahab Hashtroudi, 68, was described as “the orchestrator” as …
Read the full article at: https://www.bbc.com/news/uk-england-dorset-47092844
A university admin worker has declared bankruptcy, almost six years after she told a group of students to leave an indigenous-only computer lab at the Queensland University of Technology.
Cindy Prior became the subject of a nationwide debate around racial discrimination when she told a handful of QUT students to leave the lab in May 2013.
The next day, one of the students made a Facebook post about the incident.
Just got kicked out of the unsigned indigenous computer room, Alex Wood wrote.
QUT stopping segregation with segregation?
Jackson Powell, another of the boys kicked out, responded with: I wonder where the white supremacist computer lab is.
Another QUT student Calum Thwaites, who was not told to leave the lab, was alleged to have writt…
Read the full article at: https://www.news.com.au/finance/work/at-work/cindy-prior-declared-bankrupt-years-after-telling-qut-students-to-leave-computer-lab/news-story/a9cd1be1c3d2eaaa3357bb06980924c3
The bankrupt former owner of a Victorian waste facility has appealed after being slapped with a 90-day jail sentence for breaching fire safety orders at the debris-laden site.
David McAuliffe, who now lives in the Whitsundays, was bailed on Friday afternoon by Geelong Magistrates Court.
McAuliffe breached Victorian Civil and Administrative orders on three occasions by failing to keep an excavator, bulldozer and water tank on the Lara site for the purposes of fire prevention.
The nine charges were brought by the City of Greater Geelong, which is tasked with cleaning up the waste-piled site.
Magistrate John Lesser earlier on Friday jailed McAuliffe, who pleaded guilty to the charges, saying a financial penalty would be “nugatory”.
The declared …
Read the full article at: https://www.9news.com.au/2019/02/01/15/13/vic-ex-waste-boss-jailed-for-fire-breaches
Under the Insolvency and Bankruptcy Code, 2016, the corporate insolvency resolution process (CIRP) can be initiated by an operational creditor if there is no dispute in relation to the default on the part of the corporate debtor.
Aureus Law Partners
The application filed with the National Tribunal (NCLT) must be preceded, under section 8, by a demand to repay the debt. The corporate debtor should, within a period of 10 days from the date of receipt of notice, either repay the unpaid operational debt or mention the existence of a dispute or record of the pending suit or arbitration proceedings filed before the receipt of such notice or an invoice in relation to such a dispute.
While a record of a pending suit or …
Read the full article at: https://www.vantageasia.com/existence-dispute-insolvency-code/
news, local-news,
NEWLY released statistics show Newcastle had the most new personal insolvencies for the December 2018 quarter in regional NSW, despitelevels falling across other parts of thenation. Statistics released by the federal governments Australian Financial Security Authority (AFSA) also feature Wyong, which the authority classifiesas part of greater Sydney region,as having a high number of new debtors. Newcastles 50 new debtors for the quarter was the highest number in the state outside of Sydney, whilst Wyongs 78 new debtors was the second highest numberin the greater Sydney region. In the December 2018 quarter, there were a total of 6753 new personal insolvencies in Australia, and every state and territory had reduced their …
Read the full article at: https://www.theherald.com.au/story/5880218/insolvency-stats-highest-in-the-hunter/
NEW YORK, Jan. 31, 2019 /PRNewswire/ –Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Yangtze River Port and Logistics Limited from February 2, 2016 through December 5, 2018, inclusive (the “Class Period”) of the important March 4, 2019 lead plaintiff deadline in the first filed case commenced by the Rosen Law Firm. The lawsuit seeks to recover damages for Yangtze River investors under the federal securities laws.
To join the Yangtze River class action, go to https://www.rosenlegal.com/cases-1476.htmlor call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET…
Read the full article at: https://www.prnewswire.com/news-releases/yriv-investor-alert-rosen-law-firm-files-securities-class-action-lawsuit-against-yangtze-river-port-and-logistics-limited-reminds-investors-of-important-march-4th-deadline-300787962.html