Insolvency Guardian Media Centre
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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
If Pacific Gas & Electric goes bankrupt, who gets final say over onwhether it can renegotiateits old and expensive solar power purchase agreements federal regulators or the bankruptcy court?
This multi-billion dollar question has come to the fore as PG&E, overwhelmed by tens of billions of dollars in potential wildfire liabilities, prepares to file for Chapter 11 bankruptcy protection as early as tomorrow.
Last week, PG&E solar provider NextEra asked the Federal Energy Regulatory Commission (FERC) to use its authority under the Federal Power Act (FPA) to order the utility not to abrogate, amend or reject in bankruptcy any of the rates, terms and conditions of its wholesale power purchase agreements, including hundreds of megawatts of…
Read the full article at: https://www.greentechmedia.com/articles/read/the-looming-bankruptcy-battle-over-pges-renewable-energy-contracts
Employees of Pacific Gas & Electric (PG&E) mark gas lines in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018.REUTERS/Terray Sylvester- California utility owner PG&E is preparing to name a restructuring chief as it finalizes preparations for a bankruptcy filing expected to come as soon as early Tuesday morning.
- PG&E plans to file for bankruptcy protection in a San Francisco federal court, the sources said, in part to address liabilities it expects to top $30 billion stemming from catastrophic wildfires in the last two years.
- Those fires have killed more than 100 people and destroyed numerous homes.
(Reuters) – California utility owner PG&E is preparing to name a restructuring chief as it fi…
Read the full article at: https://www.businessinsider.com/pge-restructuring-chief-bankruptcy-filing-liabilities-2019-1
Hospitality Magazine
Mike McEnearneys Sydney city restaurant, No.1 Bent street is out of voluntary administration after creditors voted for the deed of arrangement, according to Good Food.
AdministratorsHoganSprowles were appointed on 29 November, with creditors then meeting on 11 December to consider the companys financial future.
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Read the full article at: https://www.hospitalitymagazine.com.au/no-1-bent-street-rescued-from-voluntary-administration/
Coimbatore: The continuing increase in the number of cases and lengthy duration of resolution is turning out to be the primary sources of concern in the corporate insolvency resolution process (CIRP) under IBC (Insolvency and Bankruptcy Code).
The number of cases admitted to the National Company Law Tribunal (NCLT) under CIRP stood at 264 in Q3 of FY19, the highest in a quarter ever since IBC came into effect. About 49% of the cases currently under insolvency process have crossed 180 days, the time limit set for resolution under IBC, which can be extended by another 90 days, since admission as of Q3 of FY19. The average time for resolution was about 317 days for all resolved cases till Q3.
Out of 898 ongoing processes, 275 cases have pa…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/increasing-no-of-cases-delays-spook-insolvency-resolution/articleshow/67731749.cms
Up to 9,000 jobs are at risk as part of a restructuring programme announced by British supermarket giant Tesco on Monday.
“Overall, we estimate that up to 9,000 Tesco colleague roles could be impacted, however, our expectation is that up to half of these colleagues could be redeployed to other customer-facing roles,” the supermarket said in a statement.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Read the full article at: https://www.business-standard.com/article/pti-stories/restructuring-threatens-9-000-jobs-at-uk-supermarket-tesco-119012801285_1.html