Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Lessons to be learned from case of decades-old business
The TFT fleet up for auction
It was a business that serviced much of Queensland for the best part of three decades but now Tim Fisher Transport (TFT) is another cautionary tale for other operators after winding up operations towards the end of 2018.
The Brisbane-based company was established in 1990 and employed around 40 people. Online reviews showed workers and clients had a solid rapport with the company but, by October 2018, an administrator was appointed with expressions of inte…
Electricity pylons stand in Johannesburg, South Africa, 26 February 2009. EPA/JON HRUSA
There has been much speculation in the media on the pending restructuring and unbundling of Eskom. It is expected that President Cyril Ramaphosa will be giving some direction in this regard in his state-of-the-nation address on Thursday.
One of Tomorrowlands key stage design associates, Neverland Themepark Projects, has declared bankruptcy.
The company, which was founded in 1997, had been working with Tomorrowland since the EDM event was launched in 2005. Last week, however, it was reported that the company would no longer be providing its services to the festival or any other events.
We inform you that Neverland Themepark Projects is no longer active, a statement released by the companys founder Kurt Heerman reads. We want to thank you for the years of cooperation and trust. This message will come in hard, we are well aware of that. With our whole team we have been fighting until the last minute, but due to a combination of circumstances we are forced to close the doors o…
Waggas branch of the Napoleon Perdis makeup store chain has beenpermanently closedabout a week after its parent company went into voluntary administration. The citys Wagga Marketplace store, which was temporarilyshuton Thursday for a stocktake, was one of 28 stores marked for closure by the administrators on Monday. Administrator Simon Cathro from the Worrllls firmsaid an assessment of each of the chains 56 stores had been completed over the weekend factoring in past performance, the right sizing of the business as a whole and the location. As result of this review we have identified a number of stores that will be closed, he said. This decision has not been taken lightly and we are aware that this will have an impact o…
Waggas branch of the Napoleon Perdis makeup store chain has beenpermanently closedabout a week after its parent company went into voluntary administration. The citys Wagga Marketplace store, which was temporarilyshuton Thursday for a stocktake, was one of 28 stores marked for closure by the administrators on Monday. Administrator Simon Cathro from the Worrllls firmsaid an assessment of each of the chains 56 stores had been completed over the weekend factoring in past performance, the right sizing of the business as a whole and the location. As result of this review we have identified a number of stores that will be closed, he said. This decision has not been taken lightly and we are aware that this will have an impact o…
One simple change that can help pay off your credit card debt
The average household with credit card debt owes more than $16,000. The Mid-South is no different with nearly every person who is carrying debt owing thousands.
The holiday season is one that is particularly tough for families. Americans racked up more than $1,000 in holiday debt at the end of 2018, and nearly one third of those shoppers still have debt from last year.
An oppressive amount of debt can feel like a heavy weight on your shoulders. Every month the problem can seem to get worse as interest accrues and bills continue to fill the mailbox. And it can affect people in several ways:
According to a study by the American Psychological Association in 2015, some 72% of Americans reported feeling money-related stress within the past month. For most Americans, money is one of the primary stressors affecting their health.
Accruing debt and struggling with bad credit can lead to impaired financial decisions, such as consolidating loans under unfavorable terms, using payday loan services, or gambling.
West Australians are making more calls per capita to the National Debt Helpline than residents in any other state, as the legacy of a mining construction and housing downturn continues to bite.
Key points:
The WA branch of the helpline received on average 7080 calls per day last month
30 per cent of calls were related to utility debt and disconnection
Almost one third of WA calls went unanswered from OctoberDecember last year
In the three months to December, more than 9,000 calls were made to the financial advice helpline in WA, making up 21 per cent of the national total.
The directors sought that the CoCs decision to back ArcelorMittal India Pvt. Ltd.s bid should be quashed and set aside. They also asked the NCLT to direct the resolution professional and the CoC to provide them with all documents necessary for deliberations and discussions during meetings.
But most importantly, the directors have asked the CoC and the resolution professional to conduct a fresh vote on plans submitted by prospective resolution applicants.
Essar Steels promoters have already lost a bid to settle more than Rs 54,000 crore debt in full and take their company out of the insolvency process. The Ahmedabad bench of the NCLT on Jan. 29 ruled that the right to withdraw from insolvency proceedings remains with …
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 7th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on January 30, 2019 to discuss the agenda items stated in the notice of the meeting.
The e-voting on the resolutions put to vote at the 7th meeting of the CoC of the Company commenced on Friday, February 1, 2019, at 05:00 p.m. and concluded on Saturday, February 2, 2019 at 05:00 p.m.
The inter-se claims by parties over assets of the corporate debtor cannot be determined by the Adjudicating Authority under the Insolvency and Bankruptcy Code, held the National Company Law Appellate Tribunal.
The NCLAT was dealing with appeals by two companies, who contended that the Resolution Professional had wrongly treated the articles handed over by them to the corporate debtor as its assets. They filed applications under Section 60() IBC before the NCLT to establish their respective claims over the articles. According to them, the articles were given to the corporate debtor for contract work. The corporate debtor held them in the capacity of a bailee, and not as full owner. So, the articles cannot be regarded as the assets of the c…
Eden Road Wines is being pulled from voluntary administration.
Creditors (those owed money) agreed on Friday to accept an offer from shareholders that will allow the winery to remain open while the debt of $3,457,711 is paid.
Up until the previous Friday, January 25, a sale of the winery was on the cards in order to clear the debt.
Documents drawing an end to the voluntary administrationare expected to be signed this week.
Voluntary administrator Vaughan Strawbridge of Deloitte said the agreement would also secure the jobs of all the staff at Eden Road Wines and maintain the winerys relationships withsuppliers and customers.
Our focus throughout this process has been to ensure the best outcome for everyone …This outcomewill ensure a strong …
