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Insolvency Guardian Media Centre

Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
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RBI allows cheaper funds for corporate bidders under IBC – Economic Times
MUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the
Married man blackmailed by date he met on Grindr – The Times
Gordon CurrieAaron Fleming tried to extort 500 from the man he met on the dating appALAMYA blackmailer who threatened to
Half of retailers stores closed for good | My Business – My Business
A retail chain in the midst of voluntary administration has had half of its store network closed down with the
RCom requests fast-track insolvency – Developing Telecoms
Reliance Communications (RCom) has stated that it will file for fast-track insolvency resolution with the Indian National Company Law Tribunal.
Pratibha Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP) – The Hindu BusinessLine
CIRP HAS BEEN INITIATED UNDER THE PROVISIONS OF THE IBC, 2016 BY AN ORDER of HONORABLE NCLT, MUMBAI.NCLT HAS APPOINTED
Extended bankruptcy after boss caused finance company to lose thousands – GOV.UK
Terence Coventry (39), from Gainsborough, Lincolnshire, was appointed the sole director of Alliance Traffic Services Limited in April 2016 before
Controversial Grewal fundraiser earned almost $300,000, MP claims in new statement – National Post
An unusually lucrative fundraiser for a former Liberal politician beset with gambling debts generated just under $300,000, according to a
CLASS ACTION UPDATE for TDOC, YRIV, ALKS and ASTE: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf...
NEW YORK, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on
Pineapple Express Announces New Management Team in Preparation of Canna-Business Launch in California – GlobeNewswire
Company restructures senior leadership as it focuses on the future LOS ANGELES, Feb. 05, 2019 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS,
Mount Shivalik Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP) – The Hindu BusinessLine
This is to inform you that 11th Meeting of Committee of Creditors (CoC) was held on Monday, 04th February, 2019.In
Extended bankruptcy after boss caused finance company to lose thousands – Mirage News
Terence Coventry (39), from Gainsborough, Lincolnshire, was appointed the sole director of Alliance Traffic Services Limited in April 2016 before
Struggling with debt? Heres how you can get back on track – Irish Mirror
Borrowing money to fund a new home, car or even a holiday is not only normal its pretty much universal.
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MUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the insolvency and bankruptcy code (IBC) with a view to make funds cheaper for such companies.

RBI said bidding companies can now raise foreign currency funds through foreign banks abroad and use these proceeds to repay the bank debt for stressed companies which they are looking to buy. In the new external commercial borrowing (ECB) guidelines announced last month, RBI had not permitted foreign funds to repay rupee loans, so this announcement is seen as a special provision to speed up resolution under the IBC.

The resolution applicants under Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code…

Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/rbi-allows-cheaper-funds-for-corporate-bidders-under-ibc/articleshow/67880545.cms

Gordon Currie

Aaron Fleming tried to extort 500 from the man he met on the dating appALAMY

A blackmailer who threatened to expose a married man to his unsuspecting wife after meeting on a gay dating app was ordered to carry out 240 hours of unpaid work yesterday.

Aaron Fleming used the Grindr app to meet the man and persuaded him to hand over cash to help him tackle his gambling debts. However, within a month of meeting Fleming online, the man was receiving demands for 500 and being threatened with having his secret double life exposed.

Fleming told him: If you dont transfer my 500 Im going to tell all your friends and family who you really are and why you have given me that money.

I will give you until 6am to transfer the money or its a t…

Read the full article at: https://www.thetimes.co.uk/article/married-man-blackmailed-by-date-he-met-on-grindr-tt0ds8hfw

A retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale.

Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of Monday (4 February 2019), just three days after announcing a storewide sale to clear stock.

The full list of stores that have closed is listed below.

The 30 per cent off sale reportedly generated significant customer engagement and sales turnover over the weekend.

Administrator Simon Cathro said in a statement that the store closures were aimed at rightsizing the retailer for a potential sale, suggesting that such an…

Read the full article at: https://www.mybusiness.com.au/management/5417-half-of-retailer-s-stores-closed-for-good

Reliance Communications (RCom) has stated that it will file for fast-track insolvency resolution with the Indian National Company Law Tribunal.

The operator group has taken the decision following a board review of its 2017 debt resolution strategy which found that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway.

The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time-bound manner within the prescribed 270 days, it said in a statement.

A number of factors have prevented RCom from divesting asse…

Read the full article at: https://developingtelecoms.com/telecom-business/telecom-operator-news/8285-rcom-requests-fast-track-insolvency.html

CIRP HAS BEEN INITIATED UNDER THE PROVISIONS OF THE IBC, 2016 BY AN ORDER of HONORABLE NCLT, MUMBAI.
NCLT HAS APPOINTED MR. SUNIL KUMAR CHOUDHARY (IP REGISTRATION NO. IBBI/IPA-001/IP-P01243/2018-19/11895) AS INTERIM RESOLUTION PROFESSIONAL (IRP) OF THE COMPANY.
PUBLIC ANNOUNCEMENT WITH RESPECT TO ABOVE, CLASS OF CREDITORS UNDER CLAUSE (b) of SUB SECTION OF SECTION 21 OF IBC CODE,2016 AND NAME OF INSOLVENCY PROFESSIONAL IDENTIFIED TO ACT AS AUTHORIZED REPRESENTATIVE OF CREDITORS IN A CLASS.

Pdf Link:
Pratibha Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP)

Source : BSE – www.bseindia.com

Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/pratibha-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article26193876.ece

Terence Coventry (39), from Gainsborough, Lincolnshire, was appointed the sole director of Alliance Traffic Services Limited in April 2016 before he caused the company to enter into a factoring agreement a month later.

The factoring agreement, which Terence Coventry personally guaranteed, set out the terms where an independent finance company would buy Alliance Traffic Services invoices in return for advanced finances.

However, between May 2016 and March 2017, Terence Coventry abused his position of trust as a director and caused of Alliance Traffic Service to breach the terms and conditions of the factoring agreement, despite being personally liable.

He failed to ensure company sales invoices were correctly produced and some custome…

Read the full article at: https://www.gov.uk/government/news/extended-bankruptcy-after-boss-caused-finance-company-to-lose-thousands

An unusually lucrative fundraiser for a former Liberal politician beset with gambling debts generated just under $300,000, according to a new statement from the now independent MP.

But the comments Raj Grewal made on Twitter Friday about the fundraising dinner last April also raise more questions, as he suggested that fewer than half of the 1,200 guests at the event actually paid for tickets, and that the money was needed for the kind of long campaign no longer possible under new election laws.

The fundraiser with its exceptionally large turnout and attendant large potential revenue has come under close scrutiny since Grewals gambling problems led to him being thrown out of the Liberal caucus.

The Brampton, Ont. MP admitted he ra…

Read the full article at: https://nationalpost.com/news/politics/controversial-grewal-fundraiser-earned-almost-300000-mp-claims-in-new-statement

NEW YORK, Feb. 06, 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.

Teladoc Health, Inc. (NYSE: TDOC)
Class Period:
March 3, 2016 – December 5, 2018
Lead Plaintiff Deadline: February 11, 2019
Join the action: https://www.zlk.com/pslra-1/teladoc-health-inc-loss-form?wire=3

About the lawsuit: Teladoc Health, Inc. allegedly made materially false and/or misleading statements during the class period and/or fai…

Read the full article at: https://globenewswire.com/news-release/2019/02/06/1711548/0/en/CLASS-ACTION-UPDATE-for-TDOC-YRIV-ALKS-and-ASTE-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html

Company restructures senior leadership as it focuses on the future

LOS ANGELES, Feb. 05, 2019 (GLOBE NEWSWIRE) — PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the Company), a publicly traded company that offers consulting, technology, investments, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today announced a comprehensive restructuring of its existing management team. The new management team features a rare blend of ivy-league talent with significant canna-business experience. As part of the restructuring, Shawn Credle steps in as CEO, replacing Matthew Feinstein, who will transition to the role of VP of Sales for the Companys newly formed Hemp CBD Division. In addition, Joshua Eisenber…

Read the full article at: https://globenewswire.com/news-release/2019/02/05/1711041/0/en/Pineapple-Express-Announces-New-Management-Team-in-Preparation-of-Canna-Business-Launch-in-California.html

This is to inform you that 11th Meeting of Committee of Creditors (CoC) was held on Monday, 04th February, 2019.

In this meeting Resolution Professional informed to the members of the Committee of Creditors that pursuant to the publication of EOI dated 21.01.2019, Expression of Interest has been received from the Resolution Applicants.

The members of Committee of Creditors further noted that all the Resolution Applicants are eligible as per the eligibility criteria agreed by the COC.

Kindly take the above on your records.

Pdf Link:
Mount Shivalik Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP)

Source : BSE – www.bseindia.com

Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/mount-shivalik-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article26193539.ece

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Terence Coventry (39), from Gainsborough, Lincolnshire, was appointed the sole director of Alliance Traffic Services Limited in April 2016 before he caused the company to enter into a factoring agreement a month later.

The factoring agreement, which Terence Coventry personally guaranteed, set out the terms where an independent finance company would buy Alliance Traffic Services invoices in return for advanced finances.

However, between May 2016 and March 2017, Terence Coventry abused his position of trust as a director and caused of Alliance Traffic Service to breach the terms and conditions of the factoring agreement, despite being personally liable.

He failed to ensure company sales invoices were correctly produced and some …

Read the full article at: https://www.miragenews.com/extended-bankruptcy-after-boss-caused-finance-company-to-lose-thousands/

Borrowing money to fund a new home, car or even a holiday is not only normal its pretty much universal. Youd be hard-pressed to find someone in Ireland today who doesnt have some kind of loan or credit facility.

This can be an absolute life-saver once you can manage the repayments, but if something changes a sudden illness, redundancy or even a broken boiler debts can spiral out of control and it can be near-impossible to dig yourself out.

For many, the instinct is to keep quiet, knuckle down and try to deal with it, but this isnt always possible. Many people across the nation find themselves faced with tough financial choices about whether to cover a loan repayment or a utility bill because they cant do both.

Some people in this situ…

Read the full article at: https://www.irishmirror.ie/lifestyle/struggling-debt-back-on-track-13865015

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