Insolvency Guardian Media Centre
SAP CEO Bill McDermott
SAP will take a restructuring charge of up to $1 billion amid slowing growth in the companys cloud services bookings, and some targeted challenges elsewhere in the business. The big question mark: Is this just a software company in transition, or is the restructuring charge a sign of larger economic challenges facing the overall enterprise software, cloud and technology industries?
The restructuring will trigger roughly 4,400 staff departures from SAP, the company indicated. Layoffs? Not exactly. Instead, the company will promote early retirement packages. Some staff reassignments should also be expected.
So is SAP in cost-cutting mode? The company dismisses such claims. This …
Read the full article at: https://www.channele2e.com/business/enterprise/sap-restructuring-2019/
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 6th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on January 22, 2019 to discuss the agenda items stated in the notice of the meeting.
The e-voting on the resolutions put to vote at the 6th meeting of the CoC of the Company commenced on Thursday, January 24, 2019, at 05:00 p.m. and concluded on Friday, January 25, 2019 at 05:00 p.m.
Please be informed that Resolution Professional has received two resolution plan from respective resolution applicants.
You are requested to take the same on record.
Pdf Link…
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/article26119937.ece
In a rather uncommon development in IBC driven resolution process, the Mumbai bench of National Company Law Tribunal has directed the Police Commissioner, Ahmedabad to provide police assistance to a Resolution Professional who complained about ex-director of the corporate debtor abusing her and creating hindrance in the Corporate Insolvency Resolution Process.
A bench of Member Justice V P Singh and Member Technical Ravikumar Duraisamy asked the Police Commissioner to provide assistance to enable the Resolution Professional and her team to take control of the entire unit (office) of the corporate debtor while also directing the ex-director of the corporate debtor and all its other directors to appear in person before it on January 31 or f…
Read the full article at: https://www.livelaw.in/news-updates/nclt-directs-police-assistance-to-resolution-professional-after-corporate-debtor-hinders-cirp-142492
The number of insolvencies among impact companies remained constant over the past three years, with a slight decrease from 184 companies in 2017 to 183 in 2018. At the same time, however, the total value of fixed assets of insolvency firms reached EUR 809, the lowest threshold in the last five years and a 34.44 percent decrease compared to the previous year.
The average value of fixed assets per insolvency impact company reached EUR 4.4 million in 2018, down 34 percent from 2017. And the total turnover of these companies is down 55 percent, and almost EUR 800 million less than the previous year.
The 183 insolvency impact companies in 2018 have 11,760 employees, 17.42 percent less than in 2017. The counties with the most impact ins…
Read the full article at: http://business-review.eu/business/the-number-of-insolvencies-among-impact-companies-down-34-percent-to-184-in-2018-195562
29/01/2019
The number of people declared insolvent reached a seven-year high in 2018, according to figures.
There were 115,299 personal insolvencies in England and Wales last year, a 16.2% rise on 2017 and the highest annual level since 2011, statistics from the Insolvency Service reveal.
This was primarily driven by increases in individual voluntary arrangements (IVAs) which reached their highest annual total on record. There were 71,034 IVAs in 2018, an increase of 19.9% on 2017.
Bankruptcies also went up by 9.8% to 16,582.
Richard Haymes, head of financial difficulties at TDX Group, said: We expect insolvencies to remain at this high rate throughout 2019 and 2020, fuelled by high consumer lending and the forceful marketing o…
Read the full article at: https://www.yourmoney.com/credit-cards-loans/personal-insolvencies-reach-seven-year-high/
community,
The household finances can look like a bit of a train wreck at this time of year. Even if they dont need urgent resuscitation it is an ideal opportunity to take a little time out to plan a better year in 2019 financially. If life saving action is required the first step is to face the problem list all amounts owing on credit cards, store cards, personal loans and Afterpay type schemes. Write down the required payments and the interest rates on each. If it isnt possible to make all payments when due and get on top of the problem that way, look for an option to consolidate the debts into one loan at a lower interest rate over a longer term with lower payments. If you own your home it may be possible to add the debts to the home…
Read the full article at: https://www.centralwesterndaily.com.au/story/5875524/time-to-take-charge-of-your-finances/
In a bid to complete the resolution of large stressed accounts, the central government has set a March deadline for lenders and resolution professionals to speed up resolution plans of nine of the twelve high-value insolvency cases, with special focus on Essar Steel and Jaypee Infratech, according to media report.
These twelve accounts, which also include Bhushan Power, Alok Industries, ABG shipyards, Amtek Auto, Lanco, Era Infrastructure and Jyoti Structures, owed nearly Rs 2.5 lakh crore to lenders. Even after 18 months, the insolvency proceedings against them are yet to be completed- way above the 270-day deadline specified in the law, according to a Times of India report.
Under the Insolvency and Bankruptcy Code, once a case is admitt…
Read the full article at: https://www.businesstoday.in/current/corporate/essar-steel-jaypee-infratech-and-7-others-insolvency-cases/story/314629.html
The recent Supreme Court ruling in Brilliant Alloys insolvency may just prove to be the saving grace for promoters who have lost control of their insolvent company and whose hopes of ever regaining it were dismal.
The ruling now allows promoters, eligible or not, to take back control of their insolvent companies by enabling withdrawal of the admitted insolvency application at any point during the insolvency process.
The apex court has clarified that the National Company Law Tribunal can allow for withdrawal of an insolvency application at any stage, at their discretion, as long as 90 percent of the creditors committee by vote share gives the approval. Experts BloombergQuint spoke with are divided over the implications of this ruling.
The ru…
Read the full article at: https://www.bloombergquint.com/insolvency/ibc-supreme-court-permits-anytime-withdrawal-of-insolvency-proceedings
newsletters, editors-pick-list, Lake Macquarie cocaine, Toronto cocaine bust
When Kent Anthony Jackson was first taken to a Hong Kong gambling denduring a business trip, he won. Before long, he started to lose. By mid-2015 the Newcastle man racked up a $120,000debt at illegal Chinese casinos. By the end of 2017, he was attempting toimport 700kg of cocaine worth $245 million into Australiaonly to be busted by police, who had been listening to plans of thedrug runfrom Tahiti to Lake Macquarie unfold. He was sentenced to 19years and six months jail in Newcastle District Court on Tuesday for hisrole, which approached that of a middle manager, after he pleaded guilty last year to importing a commercial quantity of cocaine and dealing with the …
Read the full article at: https://www.theherald.com.au/story/5876971/lost-it-all-from-hong-kong-gambling-dens-to-prison-for-drug-smuggler/
A series of devastating wildfires that killed more than 100 people and scorched hundreds of thousands of acres in California over the course of two years just brought one of the nations largest utilities to its knees.
PG&E Corp., Californias biggest power company, filed for Chapter 11 bankruptcy in Northern California bankruptcy court as investigators probe whether its equipment ignited the deadliest fire in state history. The San Francisco-based company listed more than $50 billion in estimated liabilities. A Chapter 11 filing allows a company to keep operating while it works out a plan to turn the business around and pay off creditors.
Californias wildfires have in the past sa…
Read the full article at: http://fortune.com/2019/01/29/pge-bankruptcy-filing-wildfire-bill/
WALLDORF, Germany (Reuters) – Business software company SAP said on Tuesday it would undertake a company-wide restructuring to accelerate its business transformation, after missing its revenue and profits guidance in 2018.
FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo
SAP, Europes most valuable technology company said it would take restructuring charges of 800 to 950 million euros ($912 million to $1.04 billion), mainly in the first quarter.
It sees a minor cost benefit in 2019 and savings of 750 to 850 million euros from 2020.
Walldorf, Germany-based SAP will reassign some employees and offer early retirement to others, but still …
Read the full article at: https://www.reuters.com/article/us-sap-se-results/sap-says-to-restructure-business-sets-longer-term-guidance-idUSKCN1PN0GD
Three years after the old Bankruptcy Act was repealed, the number of cases filed under the now-tightened Insolvency Act have drastically fallen meaning that people were filing for bankruptcy to evade paying their debts.
The now repealed law had been in use for about 85 years, with little amendment over the years, and had become an easy way out of debt for many individuals who knew exactly how to manipulate the system and get away with it.
Previously, the average number of cases filed per year was 300. However, after the Insolvency Act of 2015 was passed, the number has fallen to 15 bankruptcy cases a year, which means it is no longer easy to escape debt.
We used to get about 300 (bankruptcy) files per yea…
Read the full article at: https://www.nation.co.ke/news/Why-bankruptcy-is-no-longer-an-easy-route-out-of-your-debt-/1056-4955746-skoa63z/index.html