Insolvency Guardian Media Centre
The loss-making engineering and construction services contractor continues its rebuilding process to return DSI to profitability
The company appointed Tawfiq Abu Soud, a former managing director of its mechanical, electrical, and plumbing (MEP), and water and power businesses, as its newest CEO last month, just over a month after his predecessor, Yousef Al Mulla resigned.
By Neil Halligan
Read the full article at: https://www.arabianbusiness.com/construction/413558-drake-scull-appoints-three-new-execs-to-oversee-ongoing-restructuring
BANKRUPTCY & INSOLVENCY
A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is a useful tool to ensure that a revival plan is not held to ransom by minority financial creditors.
Before 5 October 2018, regulation 38(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, required that a resolution plan provide for payment of liquidation value (the estimated realizable value of the assets of the corporate debtor if the corporate debtor were to be liquidated on the insolvency commencement da…
Read the full article at: https://www.vantageasia.com/ibc-ensuring-dissenting-creditors-get-fair-deal/
This is crucial since a large sum of lenders capital is tied in such assets, Bansal added.
Lack Of Clarity In Relinquishing Or Realising Security Interest
The second challenge relates to secured lenders in whose favour assets of the company have been charged as a security for the loan extended. The insolvency code gives secured lenders two options regarding their secured interest:
- Relinquish the interest so that the asset forms part of the liquidation estate which the liquidator can then sell, or
- Retain the security interest and realise it by selling the asset itself.
A lack of procedural clarity is making both these options challenging.
Bansal pointed to a recent case where the liquidator took a view that once a creditor has filed claim befor…
Read the full article at: https://www.bloombergquint.com/bq-blue-exclusive/is-the-liquidation-process-under-the-ibc-yet-another-pandoras-box
The firm, formerly known as Bosasa, announced on Monday it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk.
PRETORIA – The liquidation of embattled firm African Global Operations has been broadly welcomed despite the potential loss of more than 4,500 jobs.
The firm, formerly known as Bosasa, announced on Monday that it had opted for voluntary liquidation after banks announced they would close the companys accounts, citing reputational risk.
The company has been at the centre of explosive state capture allegations surroundin…
Read the full article at: https://ewn.co.za/2019/02/19/outa-da-welcomes-liquidation-of-african-global-operations
Dear Sir / Madam,
With reference to our earlier disclosure made on 15th February 2019, we would like to inform you that meeting of the 12th Committee of Creditors of Sterling Biotech Limited scheduled to be held on Wednesday, 20th February 2019 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India has been postponed to Monday, 25th February, 2019, at 02:00 P.M. IST at IMC Bldg., IMC Marg, Churchgate, Mumbai – 400 020, Maharashtra, India.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26310311.ece
A multimillion-euro facilities management company that has been implicated in a massive public sector corruption scandal in South Africa has gone into voluntary liquidation because local banks have closed all its accounts.
On Monday, African Global Operations, which traded under the name Bosasa, said in a statement released by its chairman Joe Gumede that extensive reputational damage had prompted two local banks to act against the group.
While the company had tried to open new bank accounts in South Africa and abroad,…
Read the full article at: https://www.irishtimes.com/business/energy-and-resources/south-african-company-accused-of-corruption-placed-into-liquidation-1.3798307
Its been just over a year since iconic Australian label Lover, known for its halter-neck-style lace dresses and delicate bridal gowns, entered voluntary administration.
The Australian fashion industry shook its collective head at the news of this downfall: another beloved local label had fallen victim to the difficult retail climate, and the industry prepared to mourn its loss.
But the period of voluntary administration might turn out to be a temporary setback. Lovers physical and digital doors have remained open since administrators were appointed in November 2018, and while the label has undergone a financial restructure, its been like a duck on water moving frantically below the surface, but cruising above.
Australian apparel b…
Read the full article at: https://www.broadsheet.com.au/national/fashion/article/another-romance-lover
NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
Yangtze River Port and Logistics Limited (NASDAQGS: YRIV)
Class Period: February 2, 2016 – December 5, 2018
Lead Plaintiff Deadline: March 4, 2019
Join the action: https://www.zlk.com/pslra-1/yangtze-river-port-and-logistics-ltd-loss-form?wire=3
Allegations: Yangtze River Port and Logistics Limited made materially false and/or mislead…
Read the full article at: https://globenewswire.com/news-release/2019/02/18/1733878/0/en/CLASS-ACTION-UPDATE-for-YRIV-ALKS-ASTE-and-GE-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html
The regional airline Flybmi has formally appointed the restructuring firm BDO as administrators after ceasing to trade on Saturday.
The airlines immediate owner, British Midland Regional, operated 17 regional jet aircraft on routes to 25 European cities but cancelled hundreds of flights at short notice over the weekend, leaving numerous passengers stranded.
Thousands of passengers have been left out of pocket after Flybmi, which operated more than 600 flights a week from regional airports including Bristol, Newcastle, Aberdeen and east Midlands, said it was calling in administrators.
Tony Nygate, BDO business restructuring partner and joint administrator, said: As joint administrators, we are taking all necessary steps to ensure custome…
Read the full article at: https://www.theguardian.com/business/2019/feb/18/flybmi-appoints-bdo-as-administrators-after-ceasing-operations
Time taken to appoint Resolution Professional to be excluded from CIRP: NCLT
February 18 2019
Now time taken from the admission of a case by the NCLT till the appointment of the Interim Resolution Professional (IRP), will also be excluded from the IBC timelines, the Mumbai Bench has held.
In the case of Say India Jeweller Pvt. Ltd., the application was admitted on August 1, 2017. However, the appointment of IRP was deferred to the Insolvency and Bankruptcy Board of India. The IRP was appointed only 62 days after the admission order wa…
Read the full article at: https://barandbench.com/time-taken-to-appoint-resolution-professional-excluded-from-cirp-nclt/
Trade unions have called on government to absorb Bosasa, now trading asAfrican Global Operations Group,workers after the company announced it would enter voluntary liquidation as a result of FNB and Absa closing its accounts.
The company issued a statement on Monday, saying that 4500 workers would lose their jobs.
“It is with deep regret that the board of directors announces the closure of African Global Operations group of companies,” the company said in a statement attributed to director Johannes Gumede.
“We received formal notification from our financial institution of the decision to distance itself from the group and as a result, the closure of all the entities bank accounts on or before 28 February 2019.”
Cosatu spokesperson Sizwe Pa…
Read the full article at: https://www.iol.co.za/news/politics/government-urged-to-employ-bosasa-workers-as-company-files-for-liquidation-19366116
Mumbai: There is a need to strengthen the insolvency resolution process by having deterrents against failure or delays in implementing resolutions plans, a report said Monday.
In the last two years, Insolvency and Bankruptcy Code (IBC) was implemented, three concluded corporate insolvency resolution process (CIRPs) being brought back to the National Company Law Tribunals (NCLTs), it said.
“…the need of the hour is to strengthen the (resolution) mechanism to ensure that the resolution plans approved by the National Company Law Tribunal (NCLT) are
firmly implemented so that the sanctity of the process is maintained,” domestic rating agency Icra said.
The three cases which came back to NCLTs…
Read the full article at: https://www.firstpost.com/business/need-to-strengthen-corporate-insolvency-resolution-process-by-having-deterrents-against-failure-icra-6107401.html