Insolvency Guardian Media Centre
When is BTs earnings date?
BT Group will report third quarter (Q3) results on Thursday 31 January. This will cover the three months to the end of December 2018.
Who is BT Groups new chief executive Philip Jansen?
The results mark the end of Gavin Pattersons two year tenure as CEO of BT as he hands over the reins to his replacement, Philip Jansen, who is leaving his role running Worldpay to join the business.
He was at the payment processing company when it was spun out of the Royal Bank of Scotland (RBS) and went on to manage Worldpays floatation in London. His appointment swiftly follows the completion of Vantivs $10 billion acquisition of Worldpay earlier this month, paving the way for Jansen to exit on a high and take on a new challe…
Read the full article at: https://www.ig.com/au/news-and-trade-ideas/shares-news/bt-group-results–q3-earnings-preview-190125
Kerala Governor P Sathasivam Friday came down on the Union government for “penalising” the state for its achievements in various fields and sought a restructuring of Centre-state relations.
Delivering his customary policy address in the state Assembly marking the beginning of its 14th session, he said the restructuring should be in such a way that it would enrich both the Centre and the state.
The imbalance caused by the detrimental effects of “unhealthy” centre-state relations in general and the fiscal relations in particular have put Kerala at a “great disadvantage” in furthering the advances it has already made in several sectors, he said.
“It is rather unfortunate that the state has been pen…
Read the full article at: https://www.business-standard.com/article/pti-stories/ker-guv-seeks-restructuring-of-centre-state-relations-119012500626_1.html
The economy could see more businesses becoming insolvent, with the number of trade credit insurance claims shooting up 41% in the December quarter from a year earlier.
Data collected by National Credit Insurance (NCI) puts the value of each claim at about $97,000.
Last year insurers paid out $64 million in trade credit claims, which was up 19% from 2017.
Our findings reveal a higher level of defaults from overdue payments and collection activity, NCI MD Kirk Cheesman said.
Generally, an increase in these areas typically results in increased insolvency activity within 6-12 months.
The data indicates businesses are becoming caught up in the patchy economic conditions, which saw many retailers closing down during the December quarter…
Read the full article at: https://www.insurancenews.com.au/daily/trade-credit-claims-spike-points-to-growing-insolvency-risk
HYDERABAD: The National Company Law Tribunal (NCLT), in a first, has passed orders restraining others from using the brand name and trademarks of a corporate debtor — Servomax India — currently undergoing corporate insolvency resolution process (CIRP).
NCLT has stepped into the issue of brand protection and trademark enforcement responding to the plea of resolution professional (RP) seeking to restrain the suspended directors of the corporate debtor and others from using brand name and trademarks pending CIRP.
The intervention of the Tribunal to protect the intangible assets is evolving jurisprudence in the insolvency resolution ecosystem, said VK Sajith, counsel for the RP.
Servomax India is currently under CIRP following the orders o…
Read the full article at: https://economictimes.indiatimes.com/small-biz/sme-sector/nclt-restrains-use-of-brand-trademarks-of-servomax-india/articleshow/67690498.cms
The Insolvency and Bankruptcy Code, 2016 provides for corporate insolvency resolution process for invitation, receipt, and consideration of resolution plans; and approval of a resolution plan to resolve insolvency of the corporate debtor. It envisages that a resolution plan, once approved, must be implemented. In furtherance of this, the Insolvency and Bankruptcy Board of India ( IBBI ) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019 today to discourage persons, other than genuine, capable and credible resolution applicants, to submit resolution plans.
The amendment mandates that the request for resolution plans shall require the resolut…
Read the full article at: http://www.taxscan.in/ibbi-insolvency-resolution-process-corporate/32935/
What Is debt consolidation? If youre struggling with credit card debt, youre certainly not alone. According to credit reporting bureau Experian, the average American has a credit card balance of $4,293. Because credit cards can have incredibly high interest rates some as high as 30 percent your credit card balance can quickly balloon out of control.
When that happens, its easy to feel overwhelmed. But there are ways you can tackle your debt and save money, helping you pay off your credit cards early.
Debt consolidation is one option. With debt consolidation, you move the debt to a lower-interest type. More of your monthly payment goes toward principal rather than interest, allowing you to save money …
Read the full article at: https://www.washingtonexaminer.com/opinion/getting-out-of-debt-and-staying-there
The Supreme Court on Friday upheld the Insolvency and Bankruptcy Code (IBC) in its entirety, dismissing all petitions by operational creditors who had challenged the validity of the code.
The only change, the top court said, would be that the definition of connected persons would now include persons connected only to the corporate debtor or the defaulting company. A detailed copy of the judgment is awaited Companies like Swiss Ribbons, Shivam Water Treaters, and Ganesh Prasad Pandey, an individual petitioner, had challenged various provisions of the IBC, such as Sections 7, 12 and 29. The petitioners had listed discriminatory treatment given to a certain classes of operational creditors and …
Read the full article at: https://www.business-standard.com/article/companies/sc-upholds-validity-of-insolvency-and-bankruptcy-code-in-its-entirety-119012500317_1.html
University of Queensland experts are available to comment on the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Journalists can contact the experts below or search by topic or name at UQ Experts.
Dr Vicky Comino: School of Law
Dr Cominos main research area is corporate law, and the regulation of corporate misconduct. She is able to speak on issues such as action that banks have taken in trying to pre-empt future government and/or regulatory responses. This includes separating their wealth management arms such as mortgage broking, insurance and financial planning in a bid to resolve conflicts of interest, and embedding ASIC staff in banks to monitor governance and com…
Read the full article at: https://www.uq.edu.au/news/article/2019/01/financial-services-royal-commission-final-report-–-uq-experts-available
The struggling clothing retailer New Look may be forced to put itself up for sale in order to complete a rescue refinance.
New Look, which has 500 stores, will hand bondholders up to 92% of the company in return for reducing its 1.35bn debt pile to about 500m.
The company closed 85 stores last year through an insolvency procedure after an annual loss of nearly 235m, which its chairman blamed on its product range becoming too young and edgy and on an ill-starred international venture.
It launched the financial restructure after sales at established stores fell 5.7% in December.
In the first phase of the financial restructure, bondholders this week approved an 80m short-term injection of cash, which the company will begin to have access t…
Read the full article at: https://www.theguardian.com/business/2019/jan/24/new-look-may-have-to-put-itself-up-for-sale-rescue-refinance-bondholders-debt
NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Yangtze River Port and Logistics Limited (“Yangtze River”
or the “Company”)(NASDAQ:YRIV) of the March 4, 2019 deadline to seek the
role of lead plaintiff in a federal securities class action that has
been filed against the Company.
If you invested in Yangtze River stock or options between February 2,
2016 and December 5, 2018 and would like to discuss your legal
rights, click here: www.faruqilaw.com/YRIV.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-98…
Read the full article at: https://www.businesswire.com/news/home/20190124005684/en/LEAD-PLAINTIFF-DEADLINE-ALERT-Faruqi-Faruqi-LLP
Ready to acquire Adhunik Metaliks, Maharashtra Seamless tells lendersLenders to bankrupt Adhunik Metaliks (AML) on Thursday filed appeals before the Kolkata bench of the National Company Law Tribunal (NCLT) for providing additional time for completion of the insolvency resolution process, as they have received application from Maharashtra Seamless stating that it is ready to acquire the debt-ridden company.
The NCLT reserved its order on the CoCs application for granting an extension of time in the corporate insolvency resolution process (CIRP) in this case.
While UK-based Liberty House, the successful resolution applicant, failed to make the upfront cash payment within the stipulated time, Maharashtra Seamless, the second-highest bidder (…
Read the full article at: https://www.financialexpress.com/industry/ready-to-acquire-adhunik-metaliks-maharashtra-seamless-tells-lenders/1454261/
Administrators of Eastern Goldfields say their preliminary investigations into the Michael Fotios-led company show it may have been trading while insolvent for as long as 15 months before its collapse in November.
A report from Ferrier Hodgsons Martin Jones and Andrew Smith shows the company could have fallen into insolvency as early as August 2017, when operations began at the Davyhurst mine near Kalgoorlie, with cash flows failing to cover operating costs and trade payments.
From that point the same month the company spent one day in the hands of court-appointed administrators after falling foul of a wind-up application its financial troubles deepened.
Reputational damage from the wind-up order led some suppliers to demand the company p…
Read the full article at: https://thewest.com.au/business/mining/query-from-administrators-of-eastern-goldfields-over-fotios-gold-play-ng-b881084078z