Insolvency Guardian Media Centre
The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) in its entirety.The ruling by a bench headed by justice Rohinton F. Nariman is a setback to operational creditors,such as suppliers and contractors, who wanted to be treated on a par with secured creditors, who have the first claim to the money realized through the insolvency process.Crucially,the judgement upheld Section 29A of the code.The section specifies a broad range of criteria that would disqualify potential bidders from bidding for assets undergoing the corporate insolvency resolution process and, among other things, bars promoters of a company facing insolvency proceedings from bidding to regain its control. While the s…
Read the full article at: https://www.livemint.com/opinion/online-views/opinion-a-quicker-resolution-of-bad-debts-in-sight-now-1548609546335.html
With State Bank of India (SBI) putting its entire loan exposure in Essar Steel the company involved in one of the largest insolvency cases on the block, one message thats come through loud and clear is of a loss of confidence in the Insolvency and Bankruptcy Code (IBC).
The move was just the cue required for other public sector banks (PSBs) to join in. Union Bank of India, IDBI Bank, Central Bank of India, Dena Bank, Bank of India and Punjab National Bank have all put some of their bad loans on the block as there is an urgency to shore up the balance sheet by March …
Read the full article at: https://www.business-standard.com/article/companies/why-the-drag-in-essar-steel-insolvency-case-makes-lenders-jittery-119012800018_1.html
An amendment in the Insolvency and Bankruptcy Code (IBC) last year to insert Section 12A which allowed withdrawal of cases admitted to the National Company Law Tribunal (NCLT) has slowly begun to make an impact.
At the end of December 2018, two years after the IBC came into effect, 586 cases have been settled one way or another.
Of these cases, 11 per cent were actually withdrawn under Section 12A, while resolution plans were approved in only 13 per cent of cases. A staggering 52 per cent of companies ended up in liquidation, while another 24 per cent cases were closed on appeal shows data from the Insolvency and Bankruptcy Board of India (IBBI).
In cases where resolution plans were approv…
Read the full article at: https://wap.business-standard.com/article/economy-policy/insolvency-and-bankruptcy-code-cases-withdrawn-under-sec-12a-on-the-rise-119012700695_1.html
Kansas City advertising icon Bob Bernstein now has the inside track to buy several Beauty Brands stores out of the companys bankruptcy estate, court filings show.
If successful, Bernstein will be back in control of the salon and spa retailer that he founded in 1995.
…
Read the full article at: https://www.kansascity.com/news/business/article224949830.html
This press release was orginally distributed by SBWire
Dallas, TX — (SBWIRE) — 01/26/2019 — Global Debt Consolidation Market 2018-2023:
The growing demand for Global Debt Consolidation Market has provided a major boost to the Global Debt Consolidation Market as more people are shifting their preferences to this growing sector. The market is expected to keep rising at a high CAGR and reach values of high millions by the end of the forecast period of 2018 up to 2023. The global Debt Consolidation Market report covers every aspect of the market including statistics and key insights for the customers.
The global Debt Consolidation Market has been segmented by region which includes the United States, Canada, Mexico, Germany, France, UK, Ital…
Read the full article at: http://www.digitaljournal.com/pr/4128272
Liz Allen, a novelist and former journalist, has been declared bankrupt with debts of 3.7m after the High Court accepted she had no realistic prospect of repaying creditors. Allen, who became the Sunday Independent crime correspondent following the murder of Veronica Guerin, lost heavily on a series of property investments a decade ago.
Her statement of affairs shows Allen owed 3.2m to Bank of Ireland. It financed a property development by Allen and her estranged husband Andrew Hanlon, former director of news at TV3, in the mid-Noughties.
Allen and Hanlon bought a run-down bungalow in Killiney in 2006 for about 2.5m. They subsequently demoli…
Read the full article at: https://www.thetimes.co.uk/edition/ireland/liz-allen-novelist-and-former-journalist-goes-bankrupt-with-3-7m-debts-5cmd2jzr2
Former New Mexico Gov. Susana Martinez (Journal file)
One of Susana Martinezs former bodyguards has filed a lawsuit against the Department of Public Safety that at times reads more like a soap opera script when describing the inner workings of the former governors security force.
Tony Fetty, who said he spent six years on Martinezs security detail before being abruptly reassigned to patrol duties and sent to remedial training, filed the lawsuit in state District Court in Santa Fe last week. The suit said that the Department of Public Safety retaliated against him in violation of the whistleblower protection act because he raised questions about actions by other members of the detail.
The …
Read the full article at: https://www.abqjournal.com/1271866/former-gov-martinez-bodyguard-files-whistleblower-suit.html
Perth families are losing their homes and being chased by debt collectors as councils move to recover more than $73 million in unpaid rates across the city.
The value of outstanding rates ballooned 20 per cent last year, piling more pressure on households already struggling to service mortgages on homes in many cases now worth less than their loan.
Not helping matters is that the total value of rates raked in by Perths 30 metropolitan councils surpassed $1.6 billion last financial year, an increase of about 4.2 per cent on the previous year.
Under the Local Government Act 1995, a council is able to take possession of a property if its rates are left unpaid for three years or more.
City of Stirling launched proceedings to repossess 47 homes…
Read the full article at: https://www.perthnow.com.au/lifestyle/real-estate/perth-families-losing-homes-chased-by-debt-collectors-over-council-rates-ng-b881082869z
The incident took place in Ashulia, Dhaka on Friday
A day labourer has been stabbed to death over a gambling debt of Tk100 in Ashulia, Dhaka.
The incident took place in Ashulias Palashbari area on Friday evening.
The deceased was identified as Johirul Islam, 28. The suspect has been identified as Rezaul, 18.
Speaking to the Dhaka Tribune, Johiruls father Abdul Malek said Johirul lived with his family in a rented house in Palashbari.
On Wednesday, my son played a game of Ludo with Rezaul, where they placed a bet of Tk100. My son lost to Rezaul and promised to pay him the next day, but he could not. Rezaul got angry and attacked my son on Friday evening.”
Locals rushed a critically injured Johirul to Enam Medical College and Hospital in Savar…
Read the full article at: https://www.dhakatribune.com/bangladesh/nation/2019/01/26/day-labourer-killed-over-tk100-gambling-debt
Boutique investment bank PJ Solomon is starting to push the boundaries of the word boutique, at least in terms of its size. The private U.S. advisory firm has been rapidly adding headcount after entering an agreement with Natixis in 2016 that made the French investment bank a majority owner. Nearly three years after inking the deal, PJ Solomon is looking to push the pedal down even further.
The boutique, formerly known as Peter J. Solomon & Co., has nearly doubled its number of investment bankers over the last two-plus years. It currently employs more than 80 bankers, including 22 managing directors. Chief Executive Marc Cooper said he hopes to double that number yet again over the next two to three years. He also hinted at the possibi…
Read the full article at: https://news.efinancialcareers.com/it-en/332576/boutique-pj-solomon-doubling-ma-hires-considers-opening-new-u-s-office
Martin Building Services, liquidation
ONE of the Hunters best-known homegrownbuilders, Martin Building Services, has foldedwith debts of almost $10 million. The company, which began in Maitland almost 20 years ago, was placed in the hands of insolvency expertsin December at the request of director and owner Denis Martin. James Shaw, a partner of Shaw Gidley Insolvency Reconstruction, was appointed liquidator on December 14. Mr Shaw said early investigations indicated employees would be paid and the remaining assets would go to the companys banker, which has security over the remainingassets. It is unlikely that there will be anything for creditors, he said. Australian Securities and Investment Commission documents reveal the company has u…
Read the full article at: https://www.maitlandmercury.com.au/story/5844093/building-firms-10m-debts/
Maintaining a budget is one of the keys to avoiding debt, but during the holidays, it may be more challenging to stick to it. With the purchase of gifts, fancy dinners and decorations, it can be nearly impossible to make it through the season without incurring a little credit card debt.
In fact, about 15% of Americans are still paying off their holiday debt from 2017. If your credit card balance is more than you anticipated, here are some of the best ways to pay it off.
Make a Budget
Budgeting helps you understand the amount of money you have coming in and going out. If you dont already have a budget, now would be a great time to develop one. Youll want to start with your adjusted gross income (AGI); its a common mistake to overinflate y…
Read the full article at: https://www.quickenloans.com/blog/7-tips-pay-off-holiday-credit-card-debt