Devereux is alleging Flaming Silver Trading cannot prove its financial muscle three years after Lily mineworkers Pretty Nkambule, Yvonne Mnisi and Solomon Nyirenda were buried in an underground container when the mine entrance collapsed.
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The company said it had applied for the court order for preliminary insolvency proceedings, but aimed to try and restructure its operations and has brought in an expert, Christian Gerloff, to support this.
The order applies to parent company Gerry Weber International, which said all subsidiaries are currently excluded.
Key measures, which have been agreed with the companys auditor Ebner Stolz include the closure of around 230 retail spaces, as well as a significant reduction of workforce of up to 900 jobs, both nationally and internationally, with staff cuts planned in the retail stores as well as in centralised functions including logistics.
The move into insolvency was triggered by the failure of talks with its financing partners, which t…
Read the full article at: https://www.accountancydaily.co/luxury-german-brand-gerry-weber-insolvency-proceedings
There are several reasons why we borrow money different purposes, different sources, different lenders, ending up to multiple debts and loans we need to pay for either monthly, quarterly or annually, depending on the terms and conditions the loans impose, not to mention varied interest rates on each debt. Most of the times, maintaining a number of debts makes it harder to monitor, costs more than it should have due to penalties and more stressful to upkeep. As a remedy, lenders offer debt or loan consolidation. Consolidation of debts or loans means taking out a new loan to pay off smaller debts such as credit card debt, personal loans, and student loans. In effect, proceeds from the single larger debt settle multiple smaller debts, and…
Read the full article at: https://londonlovesbusiness.com/how-debt-consolidation-affects-credit-score/
Turkish intercity bus company Pamukkale, which employees 3,500 people, was declared bankrupt after the ruling of a court, BBC reported.
A court in the Aegean province of Izmir rejected the companys request for bankruptcy protection on Thursday. In weighing Pamukkales request, the court examined the companys finances, determining that there was no potential for the company to continue operating, BBC said.
The 56-year-old company filed for bankruptcy protection on Nov. 27 and the courts had given three months for deliberations, Turkish news site Diken reported.
Turkish firms have been facing cash shortage problems for the past five months due to the slide in Turkish lira and Turkish central banks decision to hike interest rates to curb …
Read the full article at: https://ahvalnews.com/bankruptcy/turkish-transport-giant-declared-bankrupt
JOHANNESBURG Rob Devereux, the business rescue practitioner of the Lily and Barbrook mines, is considering placing the mines under liquidation, charging that the new mine owners have failed to produce proof of funds that have been required to resume the operations.
Black-owned Flaming Silver, a subsidiary of Siyakhula Sonke Empowerment Corporation (SSC), acquired the mines from Australias Vantage Goldfields, which placed it in busin…
Read the full article at: https://www.iol.co.za/business-report/companies/struggling-mines-could-face-liquidation-19004026
Only months after cutting its dividend, Anheuser-Busch InBev found itself under pressure in December from credit-rating agencies warning it was not paying down its $109bn debt mountain fast enough.
So the group swung into action, putting together a debt refinancing to pay off $16.5bn of bonds that come due over the next seven years with cash on hand and a new multibillion-dollar borrowing that matures much later.
Just as when AB InBev raised $46bn in 2016 in the midst of a market sell-off to fund the SABMiller deal, investors poured in to participate.
Bankers underwriting the $15.5bn borrowing counted orders of just under $40bn, according to three people with knowledge of the transaction.
Once again AB InBev was able to borrow more tha…
Read the full article at: https://www.ft.com/content/d2964c62-20af-11e9-b126-46fc3ad87c65
New state office hopes to help Virginians
who are loaded down with student debt
RICHMOND A new office housed within the State Council of Higher Education for Virginia is trying to help people with student loan debt.
The state agency has opened the Office of the Qualified Education Loan Ombudsman to help with problems with student loan debt. The office is a result of legislation from last years General Assembly session.
Scott Kemp, a longtime state higher education official, is the offices first Student Loan Advocate. A SCHEV news release said he will help borrowers understand their rights and responsibilities, investigate complaints and a…
Read the full article at: https://www.richmond.com/news/local/education/virginians-are-loaded-with-student-debt-a-new-office-hopes/article_05f017df-fef3-59e1-a647-f17b5efd134e.html
Debt- whether they are from loans, credit cards, or unpaid bills, can become debilitating and overwhelming. They will steadily worsen your credit until your credit score is so low you cant buy anything of value. It keeps you from purchasing vehicles and obtaining housing. Debt can even threaten your home, since mortgage lenders could foreclose on your home if you default on a loan. Its important to reduce your debt as much as possible to avoid these disasters. The debt snowball method can help you do just that. Lets look at how this method of debt reduction can help you.
Debt Service Coverage Ratio
Debt service coverage ratio is a term that is usually applied to small businesses and corporate finance, but it can be used to refer to ind…
Read the full article at: https://usa.inquirer.net/19558/how-to-get-out-of-debt-with-the-debt-snowball-method
More than 11,600 borrowers received advice and support from Abhaile, the States mortgage arrears and debt resolution service over a two-year period, according to a recent report.
The Department of Justice and Equality, and the Department of Employment Affairs and Social Protection, who co-ordinate the scheme, published annual reports reviewing the take up and outcomes of Abhaile between July 2016 and June 2018.
Over that time, 11,695 borrowers received financial advice and negotiation support either from a personal insolv…
Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/more-than-11-600-households-seek-debt-advice-from-state-body-1.3772610
Nearly one third of borrowers who engaged with the states mortgage advice service had a solution in place within a year of seeking help, a report says.
A second annual report from Abhaile, a service for mortgage holders in arrears, said 3,618 of the 11,695 borrowers which received its advice had a solution in place within 12 months.
Abhaile was launched in October 2016 and provides borrowers in serious mortgage arrears and at risk of losing their homes access to advice from legal professionals and a personal insolvency practitioner for free. It delivers personal insolvency arrangements, alternative repayment pl…
Read the full article at: https://www.thetimes.co.uk/article/thousands-of-borrowers-helped-by-debt-service-abhaile-prt06rftw
The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) in its entirety.The ruling by a bench headed by justice Rohinton F. Nariman is a setback to operational creditors,such as suppliers and contractors, who wanted to be treated on a par with secured creditors, who have the first claim to the money realized through the insolvency process.Crucially,the judgement upheld Section 29A of the code.The section specifies a broad range of criteria that would disqualify potential bidders from bidding for assets undergoing the corporate insolvency resolution process and, among other things, bars promoters of a company facing insolvency proceedings from bidding to regain its control. While the s…
Read the full article at: https://www.livemint.com/opinion/online-views/opinion-a-quicker-resolution-of-bad-debts-in-sight-now-1548609546335.html
With State Bank of India (SBI) putting its entire loan exposure in Essar Steel the company involved in one of the largest insolvency cases on the block, one message thats come through loud and clear is of a loss of confidence in the Insolvency and Bankruptcy Code (IBC).
The move was just the cue required for other public sector banks (PSBs) to join in. Union Bank of India, IDBI Bank, Central Bank of India, Dena Bank, Bank of India and Punjab National Bank have all put some of their bad loans on the block as there is an urgency to shore up the balance sheet by March …
Read the full article at: https://www.business-standard.com/article/companies/why-the-drag-in-essar-steel-insolvency-case-makes-lenders-jittery-119012800018_1.html
An amendment in the Insolvency and Bankruptcy Code (IBC) last year to insert Section 12A which allowed withdrawal of cases admitted to the National Company Law Tribunal (NCLT) has slowly begun to make an impact.
At the end of December 2018, two years after the IBC came into effect, 586 cases have been settled one way or another.
Of these cases, 11 per cent were actually withdrawn under Section 12A, while resolution plans were approved in only 13 per cent of cases. A staggering 52 per cent of companies ended up in liquidation, while another 24 per cent cases were closed on appeal shows data from the Insolvency and Bankruptcy Board of India (IBBI).
In cases where resolution plans were approv…
Read the full article at: https://wap.business-standard.com/article/economy-policy/insolvency-and-bankruptcy-code-cases-withdrawn-under-sec-12a-on-the-rise-119012700695_1.html