News - Insolvency Guardian

SOUTH AFRICA is working on extending a short term credit facility in the region of $7 million to Zimbabwe to help write off Harares external arrears.

According to a report carried by the Daily Maverick, South Africa Finance minister Tito Mboweni and his Zimbabwean counterpart Mthuli Ncube are in talks over the specifics of a bailout package.

In the report, Mboweni is quoted as saying the two countries were discussing the possibility of South Africa extending an existing credit facility just short of R100-million (US$7 211 600,92) which Zimbabwe has with the South African Reserve Bank.

Dentsu Aegis Network is restructuring its media and performance business in Singapore. Moving forward there will be two verticals that will host Carat, Vizeum, Dentsu X and iProspect. These will be the Brand Solutions business and One Singapore Media Group, also incorporating Amplifi. Meanwhile, a DAN Client Solutions virtual team will sit across all brands to drive best practice.

The Brand Solutions team, which has more of an APAC focus, will be in charge of new business and new product creation, with a strong backing on data analytics. Leading the team is Joanna Catalano who was last CEO of iProspect Asia Pacific. She will double hat as CEO of iProspect as well as the lead for the new unit. Previously, Catalano was…

Dealing with distressed companies has given KPMGs next WA boss an extra filter as he chases growth in the States rejuvenated professional services market.

You see risk in a different way, Matthew Woods said of his insolvency work as the Perth-based national boss of restructuring services for KPMG.

If we are to achieve the strong growth ambitions we have for the firm locally and nationally then we are going to have to continue to aggressively look to grow the firm, and to do that you want the reward that comes from that to be commensurate with the risk taken, Mr Woods said.

Restructuring people see a lot of things that looked good at the time but were the wrong thing to do.

Tuesday, January 22, 2019

In the December quarter 2018, bankruptcies fell to their lowest level since March 1995, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA).

There were 3,788 bankruptcies in the December quarter of 2018, a 6% fall compared to the December quarter of 2017. This fall means that bankruptcies are at their lowest level since the March quarter of 1995. There were falls in all states and territories except Western Australia and the Northern Territory.

Total personal insolvencies fell 10.9% in the December quarter 2018 compared to the December quarter 2017. They fell in all states and territories.

These statistics cover the three types of persona…

Read the full article at: https://www.miragenews.com/aust-gov-statistics-release-bankruptcies-at-their-lowest-number-in-23-years/

A new poll says the number of Canadians who are $200 or less away from financial insolvency at month-end has jumped to 46 per cent, up from 40 per cent in the previous quarter, as interest rates rise.

A survey conducted for insolvency firm MNP Ltd. in December also found that 31 per cent of Canadians say they dont make enough money to cover their bills and debt payments, up seven per cent from the September poll.

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The results released Monday also indicated that 51 per cent of respondents say they are feeling the pinch of interest rate increases, up from 45 per cent a quarter ago.

Many have so little wiggle room that any incr…

Read the full article at: https://globalnews.ca/news/4870779/canadians-financial-insolvency-2019-mnp-ipsos-poll/

Falcon Tyres, previously owned by Ruia Group, may end up liquidated after failing to attract any bidders for takeover of the stressed assets. The company is currently undergoing insolvency resolution process in the Bengaluru Bench of the National Company Law Tribunal (NCLT).

In case of liquidation, lenders are seen taking at least a 52 per cent haircut with an estimated liquidation value of around Rs 797 crore against verified claims of Rs 1,513 crore. Sources said the asset value at the company cannot be more than Rs 105 crore as depreciation of plant and machinery has practically rendered …

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Read the full article at: https://www.business-standard.com/article/companies/falcon-tyres-may-end-up-in-liquidation-after-failing-to-attract-any-bidders-119012101188_1.html

Soon after the SBI put on sale its loan exposure in bankrupt Essar Steel, the government on Monday held a meeting to review the progress in the 12 biggest default cases and urged the bankers to take up issues of delay with the higher authorities.

“Bankers have been suggested to take up issues related to delay in resolution processes with the higher levels of authority including bankruptcy and judicial courts,” said a source who attended the five-hour long meeting chaired by Corporate Affairs Secretary Injeti Srinivas.

Along with Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo, Srinivas met bankers and resolution professionals of the 12 biggest default cases, which account…

Read the full article at: https://www.business-standard.com/article/news-ians/bankers-urged-to-approach-higher-authorities-in-insolvency-cases-119012101034_1.html

GERMANY: RailRunner Europe GmbH has filed for insolvency, with the bankruptcy court of Hamburg appointing Dr Susanne Riedemann of specialist law firm Prof Dr Pannen Rechtsanwlte as preliminary insolvency administrator on January 18.

The RailRunner Europe management said they intend to reorganise and restructure the company.

The European subsidiary of US holding company RailRunner NA Inc was founded in Hamburg in 2015, and since the end of July 2017 has operated a Braunschweig Bratislava intermodal service using pocket wagons and Mega Trailers, swapbodies and containers.

This was intended to enable the company to collect data ahead of a planned European launch of its own road-rail technology, which uses a container-carryi…

Read the full article at: https://www.railwaygazette.com/news/business/single-view/view/railrunner-europe-files-for-insolvency.html

Hundreds of UK travel agents and tour operators could go out of business within three years, accordingto research commissioned by Radio 4s consumer programme, You and Yours.

The BBC programme asked the insolvency firm Opus Restructuring to analyse Company Watch data on the finances of almost 4,000 travel firms.

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Read the full article at: https://www.independent.co.uk/travel/news-and-advice/travel-agents-uk-fold-out-business-close-tour-operators-finances-bbc-you-yours-monarch-a8735156.html

With the reference to our earlier intimation notice dated 18th January, 2019 for 14th meeting of the
Committee of Creditors (COC) which was scheduled to be held on 22nd January, 2019 at 03:00 pm, we
hereby inform you that the same meeting has been rescheduled on Tuesday, 22nd January, 2019 at
10:45 am at the State Bank of India, Stressed Assets Management Branch-II, Raheja Chambers, 1st
Floor, B Wing, Free Press Journal Marg, Nariman Point, Mumbai- 400021.
This letter may be treated as communication under Regulation 30 and any other applicable provisions,
if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Pdf Link:
Ushdev International Ltd. – Corporate Insolvency Resolution Process (CIRP)-Intimatio…

Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ushdev-international-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26049162.ece

MNP Consumer Debt Index

Canadians more worried about debt, interest rates and personal finances compared to September.

MNP Ltd.

Number of Canadians who say they dont make enough to cover their bills and debt obligations increased by 7 points to 31%

Number of Canadians within $200 of insolvency increased by 6 points to 46%

Number of Canadians who say they are feeling the effects of interest rate increases jumped 6 points to 51%

Number of Canadians concerned about their ability to repay de…
Read the full article at: https://globenewswire.com/news-release/2019/01/21/1702759/0/en/MNP-Consumer-Debt-Index-Update-Canadians-more-worried-about-debt-interest-rates-and-personal-finances-compared-to-September.html

Smithfield Foods has made a raft of changes to its leadership structure in a move to unify all its operations, brands, and more than 54,000 employees globally under one corporate umbrella.

Virginia-headquartered Smithfield said the new structure aims to in infuse innovative ideas in all aspects of the company and heighten its strategic focus.

The restructuring includes the addition of a chief operating officer, a position held by Dennis Organ.

This new role oversees and unifies all Smithfields domestic business operations management, including the companys hog production, fresh pork, and packaged meats businesses. Organ is responsible for strategic development, day-to-day operations and improvement of the Smithfields US businesses.

Greg…

Read the full article at: https://www.foodbev.com/news/smithfield-foods-appoints-coo-as-part-of-restructuring-efforts/

Insolvency Guardian Media Centre

MNP Consumer Debt Index

MNP Ltd.