Insolvency Guardian Media Centre
Dear Sir/ Madam,
Sub: Notice of Eleventh Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor)
Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the Eleventh meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) under the provisions of the Insolvency and Bankruptcy Code, 2016, is scheduled to be held on Monday, 18th March, 2019
You are requested to take the same on record.
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26544316.ece
The outcome of the 24th COC meeting is summarized as herein below:
1.The COC agreed on a Monitoring Committee constituting three representatives as per the highest voting share of the COC members and an additional member of COC in the absence of any of the above three members. The same members were also identified as the ones who would represent the COC in legal matters, if any.
2.Discussions were held between the RP and the members of the COC with respect to distribution of proceeds, received under the approved resolution plan, to the financial creditors. Pursuant to this, it was decided that the two distribution methodologies under consideration, will be separately put to vote along with the resolution plan of the H1 bidder.
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Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26543393.ece
March 15 (Renewables Now) – Australian wave power specialist Carnegie Clean Energy (ASX:CCE) has entered into voluntary administration a few days after the Western Australia government cancelled a crucial financial assistance agreement.
The company announced on Friday that Richard Tucker and John Bumbak of KordaMentha Restructuring were appointed as voluntary administrators. They are holding discussionswith key stakeholders in an attempt to obtain funding, while also pursuing a recapitalisation via a Deed of Company Arrangement (DOCA), a bourse filing says.
The voluntary administration process concerns not only the parent company but also its subsidiaries EMC Co Pty Ltd…
Read the full article at: https://renewablesnow.com/news/aussie-wave-energy-expert-carnegie-enters-administration-646611/
Debt settlement is a rapidly growing industry in which companies advertise that they can eliminate consumer debt by negotiating reduced debt payoffs with a consumers creditors, usually for unsecured debt such as credit card debt and medical bills. Consumer debt settlement firms level the playing field for consumer borrowers seeking to settle debts outside of bankruptcy court.
The global Debt Settlement market is valued at xx million USD in 2018 and is expected to reach xx million USD by the end of 2024, growing at a CAGR of xx% between 2019 and 2024.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The Unit…
Read the full article at: https://apexnewsroom.com/global-debt-settlement-market-2019-guardian-debt-relief-debt-negotiation-services-premier-debt-help-oak-view-law-group/10113/
A solution to national debt could be achieved through quanitative easing, a way for new money to be injected into the economy, writes Ellen Brown.
A HUGE CHANGE has quietly taken place in the halls of the U.S. money creation system. Quantitative easing (QE) has become the new norm. QE was supposed to be an emergency measure. The U.S. Federal Reserve pumped out trillions of dollars in new bank reserves after the 2008-09 credit crisis. Bernie Sanders revealed 17 trillion dollars was handed to the big banks over the 2008-10 period to self-administer. Most of that did not filter down to local communities and jobs.
It was expected that quantitative tightening would follow, slowly withdrawing the subsidy to the already super-wealthy at the …
Read the full article at: https://independentaustralia.net/politics/politics-display/is-quantitative-easing-the-key-to-economic-growth,12473
Debt is a dominant force in many households and keeping it secret from children is not a good idea, according to money specialists.
Discussions about debt can start before children begin school, says Rise High Financial Solutions director Marissa Schulze.
Its never too early for parents to start teaching their kids about being debt sensible, she said.
Five golden rules for paying pocket money
When young kids see us paying with credit cards they dont realise thats money we have to pay back.
Parents could explain this to children aged between three and six, Ms Schulze said.
Board games can help educate them, too.
Ms Schulze said while Monopoly was a great game to teach children about buying assets and building wealt…
Read the full article at: https://www.news.com.au/finance/money/how-to-teach-children-about-debt-in-a-creditmad-world/news-story/8ef4a220f4016b81e1c1b8cbec61a3fe
KPMG has added leading insolvency specialist Ferrier Hodgson creating one of the largest turnaround teams in Australia.
Big Four professional services firm KPMGhas finalised a deal with Sydney-headquartered corporate turnaround and insolvency management specialists Ferrier Hodgson after months of negotiation, with the talks first reported by the Australian financial Review last November. The deal includes the Sydney, Melbourne, Brisbane and Perth offices of Ferrier Hodgson, with talks on acquiring its Adelaide affiliate also well advanced.
Established in in 1976, the more than 40-year old firm has since become one of Australias largest independent insolvency and turnaround advisors, with additional offices in Singapore and Malaysia and…
Read the full article at: https://www.consultancy.com.au/news/785/kpmg-picks-up-insolvency-and-forensics-specialist-ferrier-hodgson
Since its enactment in 2016, the Insolvency and Bankruptcy Code has been the crowning achievement of the NDA governments reform agenda. With the Finance Minister quoting recoveries of close to 3-lakh crore due to the IBC, there is little doubt that the IBC has helped dent the bad loan crisis in the country and has had some positive impact on Indias credit culture.
Key to the IBCs success has been its push towards time-bound management of distress by relying on the commercial wisdom of the creditors and other market players. The IBC relies on the committee of creditors (CoC) to ascertain if a company is viable and if its business should be carried on, within a defined period of time. The CoC must invite resolution plans, and approve of a…
Read the full article at: https://www.thehindubusinessline.com/opinion/companies-should-not-have-nine-lives/article26536261.ece
Liquidation involves finalising the financial affairs of an organisation, selling off the businesss assets to repay any debts, and dismantling the companys structure. Often confused with bankruptcy, liquidation is the only way to wind down operations and shut down an organisation in an orderly way.
Liquidation commonly occurs if a company cant meet debt obligations or if the members wish to cease operating. It applies to companies and the businesses operating under a company structure.
Bankruptcy, on the other hand, applies to individuals, including sole traders and partners in partnerships, who are declared insolvent. Bankruptcy is also an interim legal state, lasting three years, whereas liquidation leads to a permanent winding down o…
Read the full article at: https://www.accountantsdaily.com.au/columns/12763-why-business-owners-must-understand-the-liquidation-process
The Australian arm of custom toy chain Build-A-Bear Workshop will close 10 of its stores by the end of the month after entering voluntary administration on Wednesday.
Remaining stores will continue to trade as normal as the retailer considers its options moving forward.
Build-A-Bear Australia chief executive Gavin Port said the business has been working to combat challenges faced during the year, including increased operating costs, wages and rent, and reduced shopping centre foot traffic, and that the administrative process was intended to restructure the retail footprint for a more sustainable, long-term future.
We have an incredibly dedicated team, and have established a brand that resonates with consumers of all ages, Port said.
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Read the full article at: https://www.insideretail.com.au/news/build-a-bear-australia-enters-voluntary-administration-201903
Interserve could go into administration on Friday as the outsourcing group fights to win support for a restructuring plan before a crunch vote.
Shareholders will give their verdict at an emergency meeting on Friday on a proposal put forward by banks and hedge funds, which have offered to forego 485m of the companys 631m debt in return for most of its equity, leaving existing investors with just 5% of the shares.
The Reading-based Interserve employs nearly 45,000 people in the UK and manages a host of public services. It is the largest provider of probation and offender rehabilitation services in England and Wales, and has thousands of government contracts that range from hospital cleaning and school meals provision to maintaining milita…
Read the full article at: https://www.theguardian.com/business/2019/mar/14/interserve-shareholders-vote-restructuring-plan-emergency-meeting
DAZN Group announced this week that its business division formerly known as Perform Media has rebranded as DAZN Media. The new entity is responsible for handling global media partnerships and will integrate advertisements into DAZNs sports streaming content for the first time.
To assist DAZNs new advertising division, the company also announced the launch of an off-platform network called DAZN+. That product will aggregate data from audiences across DAZN-owned media platforms including Sporting News, Goal, DAZN Player (a video-on-demand sports content platform formerly…
Read the full article at: https://www.sporttechie.com/dazn-advertisement-sports-platform-streaming-revenue/