Insolvency Guardian Media Centre
The number of people facing financial hardship has increased in Scotland, according to official statistics published on Wednesday.
A report by the Scottish insolvency service Accountant in Bankruptcy (AiB) indicates the total number of personal insolvenciesrecorded in the third quarter for 2018-2019 was 3,198.
It represents an increase of 18% on the same period for 2017-2018, when the figure was 2,707.
The total number of personal insolvencies is calculated by combining bankruptcies, a legal declaration that someone cannot pay their debts and protected trust deeds (PTDs), which is a form of insolvency that transfers a debtors estate to a trustee to be realised for the benefit of creditors.
The figures state there were 1,217 bankruptcies…
Read the full article at: https://www.shropshirestar.com/news/uk-news/2019/01/23/rise-in-number-of-scots-going-bust-report-indicates/
The cross-border insolvency framework released for discussions encompasses authorities across jurisdictions pertaining to insolvency proceedings of any single corporate debtor.
Currently several multinational companies (MNCs) hold their assets in foreign jurisdictions through subsidiaries which are distinct legal entities. Consequently, the commencement of insolvency proceedings for any single company cannot be extended to all its group companies under the proposed legal framework.
What is required is to promote effective group companies insolvency by consolidating companies within a group and allowing restructuring of the groups assets and liabilities as though only one entity existed.
This is possible by permitting insolvency proceedin…
Read the full article at: https://www.livemint.com/companies/news/dealing-with-cross-border-insolvency-of-a-single-corporate-entity-1548182663063.html
Amlak Finance, a Dubai-based Sharia-complaint home financier, initiated talks with creditors to restructure debt, which the company restructured previously.
The company had restructured its Dh10.2 billion investment deposits and settled Dh2.8bn in cash with financiers in 2014 and subsequently revised the terms of the 12-year restructuring deal in 2016, the company said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded.
The restructuring agreements have allowed for the resumption of normal business activity and enabled the company to pay Dh4.3bn, or 48 per cent of its total debt outstanding to financiers, and the redemption of Dh275 million…
Read the full article at: https://www.thenational.ae/business/banking/amlak-resumes-talks-with-creditors-to-renegotiate-debt-restructuring-1.816893
The
iHeart Media headquarters is shown Thursday, March 15, 2018, in
Phoenix.
AP Photo/Matt
York
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iHeartMedia on Monday announced that the United States
Bankruptcy Court for the Southern District of Texas has
confirmed the Companys Plan of Reorganization. -
The Company expects to complete its restructuring
process in the first half of 2019. -
Under the terms of the Plan, iHeartMedia will complete
a comprehensive balance sheet restructuring that will reduce
its debt from $16.1 billion to $5.75 billion. -
Additionally, the company will separate Clear Channel
Outdoor Holdings, Inc. from iHeartMedia, …Read the full article at: https://www.businessinsider.com/iheartmedia-bankruptcy-reorganization-plan-2019-1
Dear Sir / Madam,
We would like to inform you that 10th meeting of Committee of Creditors of Sterling Biotech Limited was held on Tuesday, 22nd January 2019 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, 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-updates-corporate-insolvency-resolution-process-cirp/article26068117.ece
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Buyers will have their deposits refundedafter learning a long-delayed Russell Vale housing subdivision has been sold off and the developer gone into liquidation. A 19-lot residential housing development, Tallowoods estate had been previously been stalled after the developer was forced to stop work and clean upasbestos contaminationon the site. Purchaserspaid a deposit to the developer,a company called Keerong Investments,for land off the plan about five years ago. Buyers were recently informed that the entire development had been sold, and the developers had gone into liquidation. One of the buyers,Brett Kelly said the buyerswere seeking legal advice on why their contracts couldnt have been carried over to the subdivis…
Read the full article at: https://www.illawarramercury.com.au/story/5866922/theres-not-much-we-can-do-tallowoods-buyers-outraged/
Democratic Sen. Elizabeth Warren promised to help rebuild Puerto Rico from Hurricane Maria and support laws to give the U.S. territory equal treatment and debt relief as she condemned President Donald Trump during a visit Tuesday to the island, which has become an obligatory stop for potential and presidential candidates.
Warren demanded the resignation of Brock Long, administra…
Read the full article at: https://www.charlotteobserver.com/news/nation-world/world/article224925580.html
HOUSTON, Jan. 22, 2019 /PRNewswire/ –Gastar Exploration Inc. (OTCQB: GSTC) (the “Company” or “Gastar“) announced today that the conditions to effectiveness of its Chapter 11 Plan of Reorganization (as modified) (the “Plan“), which was confirmed by the United States Bankruptcy Court for the Southern District of Texas on December 20, 2018, have been satisfied and the Company has emerged from bankruptcy as a private company. Through this process, the Company has significantly enhanced its financial position by eliminating more than $350 million of debt and preferred equity obligations from its balance sheet. Pursuant to the Plan, the Company also converted its corporate form from a Delaware co…
Read the full article at: https://www.prnewswire.com/news-releases/gastar-exploration-successfully-completes-financial-restructuring-and-emergence-from-bankruptcy-300782467.html
Steinhoff International Holdings has detailed the application put forward by the company of former business partner Andreas Seifert to block the voluntary administration of its European business.According to the furniture conglomerate, the application alleges that Steinhoff Europe owed LSW GmbH a total of $464.86 million (291.4 million) as of 14 December 2018, and seeks to challenge certain provisions of the [Steinhoff Europe voluntary arrangement].
While no other claim was made against the business, the voluntary administration cannot go forward without first settling LSWs claims.
Steinhoff previously had agreed to sell its shares in the POCO furniture business to entities controlled by Seifert for $436.8 million (270 million), tho…
Read the full article at: https://www.insideretail.com.au/news/world/steinhoff-europe-said-to-owe-creditor-464-86-million-201901
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There has been a fall in the number of people applying for court-approved debt deals.
Around 1,000 people got an approved insolvency deal to keep them in their homes last year, a rise on the previous year, according to the Insolvency Service of Ireland.
There has been a fall in the numbers being declared bankrupt.
This is despite there being 28,000 in mort…
Read the full article at: https://www.independent.ie/business/personal-finance/applicants-for-courtapproved-debt-deals-fall-37739886.html
SAN ANTONIO–(BUSINESS WIRE)–iHeartMedia, Inc. (PINK: IHRTQ) (iHeartMedia) today announced that the
United States Bankruptcy Court for the Southern District of Texas (the
Court) has confirmed the Companys Plan of Reorganization (the Plan).
The Company expects to complete its restructuring process in the first
half of 2019.iHeartMedia is Americas number one audio company, with unparalleled
multi-platform capabilities across broadcast radio, podcasts,
influencers, live events, social marketing, digital and data that
uniquely serve the needs of digital and traditional marketers and a
consumer reach in the U.S. greater than any other media outlet, said
…Read the full article at: https://www.businesswire.com/news/home/20190122005922/en/iHeartMedia-Announces-Confirmation-Plan-Reorganization
(Reuters) – Hedge funds Elliott Management and Starboard Value have taken stakes in eBay Inc (EBAY.O) and are pushing for changes including the sale of some of the e-commerce companys businesses.
In a letter to the companys board, Elliott asked eBay to hive off its StubHub ticket sales business and eBay Classifieds Group as part of a plan the hedge fund says could double the companys value.
Starboard has also taken a significant stake in eBay and been pushing for changes including asset sales in the past few months, a source familiar with the matter said separately. Starboard did not respond to a request for comment.
Shares of eBay rose as much as 12 percent before trading up 5.7 percent at $32.78 early Tuesday afternoon. They had lost a…
Read the full article at: https://www.reuters.com/article/us-ebay-elliott/elliott-urges-ebay-to-restructure-business-to-double-market-value-idUSKCN1PG1J7?feedType=RSS&feedName=technologyNews
