Insolvency Guardian Media Centre
The average household debt is creeping towards 59,000.
Per adult, the typical amount we owe is increasing by almost 900 a year.
And when the credit runs out or the repayments fail, the house of cards can quickly come crashing down.
…
Read the full article at: https://www.independent.co.uk/money/spend-save/insolvency-guide-facts-risks-personal-finances-credit-debt-mortgage-a8757716.html
The Financial Conduct Authority (FCA) introduced a deadline of 29 August 2019 for making PPI claims. The Official Receiver is seeking to claim outstanding PPI awards available in bankruptcy estates to ensure creditors receive assets owed.
Information for creditors
If you are a creditor in a bankrupts estate, the Official Receiver will contact you if new monies will be sent to you following successful claims on outstanding PPI awards.
Contact the Official Receiver handling your case if you have any further questions. How to register as a creditor in personal insolvency.
Information for bankrupts and former bankrupts
If you took out PPI insurance before you were made bankrupt, PPI claims made by the Official Receiver will be used to…
Read the full article at: https://www.gov.uk/government/news/payment-protection-insurance-ppi-claims-and-the-official-receiver
We refer to the ongoing CIRP of the company by which the Resolution Professional Mr. Radhakrishnan Dharmarajan, submitted the Resolution Plan approved by the COC (Meeting dated 04.01.2019) to the NCLT Chennai on 17.01.2019 for approval.
We are pleased to announce that the Honorable NCLT Chennai Bench by its order dated 1st Feb 2019 ( received by the company on 4th Feb 2019) has approved the Resolution Plan submitted by Mr. BAFNA MAHAVEER CHAND (Resolution Applicant). The NCLT order is attached for your information.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/bafna-pharmaceuticals-ltd-corporate-insolvency-resolution-process-cirp-approval-of-resolution-plan-by-tribunal/article26184056.ece
RattanIndia Power said on Tuesday that its board has approved a debt restructuring proposal which includes issuance of non-convertible debentures worth up to Rs 7,200 crore to investors on private placement basis.
“In accordance with the terms of the Binding Settlement Proposal, the Board in this meeting approved (steps) with respect to composite debt restructuring proposal,” a company statement said.
The company will issue non-convertible debentures to investors on private placement basis during a period of one year from the date of receipt of approval from shareholders in one or more tranches for an aggregate value of up to Rs 7,200 crore.
It would also issue 25 crore Cumulative Redeemable Pre…
Read the full article at: https://www.business-standard.com/article/pti-stories/rattanindia-board-approves-steps-under-debt-restructuring-proposal-119020501008_1.html
Paul Rossi (53), also known as Paolo Rossi, and his wife, Claire Michelle Rossi (49), were directors of Independent Derivative Traders Ltd. The company traded as Futex and provided access to a financial markets trading platform for sub-contracted independent traders.
The married couple were joined in the management of the company by Pauls brother Mark Rossi (51), also known as Marco Rossi, and Daniel Michael Goldberg (42).
Independent Derivative Traders was incorporated in March 1995 but 11 years later in February 2016, the company was insolvent due to difficult trading conditions and increased running costs, which meant it could not meet all of its liabilities.
The four directors received professional advice that all of Independent …
Read the full article at: https://www.gov.uk/government/news/financial-services-bosses-banned-for-trading-while-insolvent
(Reuters) – Struggling U.K. flooring retailer Carpetright
The company, which is implementing a survival plan after negotiations with creditors in the past year, said Jeremy Simpson would replace Page on Feb.25.
Simpson is joining Carpetright from asset and energy support services group Sureserve Group
Carpetright had raised 65 million pounds ($82.7 million) through a share issue in June last year after creditors and shareholders backed a restructuring plan to close stores and cut jobs.
Many British retailers have either gone out of business or announced plans to…
Read the full article at: https://www.euronews.com/2019/02/05/flooring-retailer-carpetright-cfo-to-step-down-amid-restructuring
Tthe Nineteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 22 January 2019 at 02:00 PM at Ambition Room, Grant Thornton India LLP, 16th Floor, Tower II, India bulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013, India.
The outcome of the meeting is summarised as herein below:
1. Pursuant to the discussions between the RP and the members of the CoC with respect to the Honble NCLTs order asking the RP to conduct a fresh Outbid Process, the scheduled Outbid Process was carried out amongst the present Resolution Applicants and after the requisite rounds were conducted, the RP declared the H1 bidder.
Pdf Link:
Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Outc…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26182559.ece
Riga, Latvia, 2019-02-05 10:09 CET (GLOBE NEWSWIRE) —
On Tuesday, 5 February 2019, on the meeting of shareholders of ABLV Bank, AS in liquidation there was a decision made about the changes in the Liquidation Committee. The shareholders appointed two new liquidators Lauma Brzia and Ringolds Balodis, while Elvijs Vbers shall resign from the position of the liquidator.
Lauma Brzia is an individually practicing sworn attorney with more than 20 years of professional experience in legal advisory and practicing commercial law, corporate management and civil rights, employment and administrative rights. She has been representing clients with state and municipality institutions, has been developing corporate management models, as well as c…
Read the full article at: https://globenewswire.com/news-release/2019/02/05/1710367/0/en/On-Changes-in-Liquidation-Committee.html
German airline Germania said on Tuesday it had filed for insolvency and would terminate flight operations immediately, citing rising fuel prices and a stronger dollar.
There were also delays integrating aircraft into the fleet and a high number of “maintenance events”, the company said in a statement. (https://bit.ly/2MNKtkQ)
CEO Karsten Balke said it was unable to cover a short-term liquidity need.
The company advised customers to contact holiday operators to be rebooked.
“For passengers who have booked directly with Germania, there is unfortunately no entitlement to substitute carriage,” Germania added.
According to its website, Germania carried more than four million passengers a year and has a fleet of 37 aircraft.
Air Berlin, which served…
Read the full article at: https://www.euronews.com/2019/02/05/german-airline-germania-files-for-insolvency
Administrators for collapsed cosmetics retailer Napoleon Perdis have closed half of the chains 56 stores in a bid to make the business more appealing to potential buyers.
The eponymous chain, founded by Australian makeup mogul Napoleon Perdis, appointed administrators from Worrels last week.
Administrators remain confident they can sell the business, citing significant interest but conceded suitors wanted a right-sized store network.
The administrators have undertaken an assessment of each store over the weekend, factoring in past performance, the right-sizing of the business as a whole and the location.
As a result of this review, we have identified a number of stores that will be closed. This decision has not been taken lightly and …
Read the full article at: https://www.smartcompany.com.au/industries/retail/napoleon-perdis-stores-close/
news, latest-news,
Waggas branch of the Napoleon Perdis makeup store chain has beenpermanently closedabout a week after its parent company went into voluntary administration. An unknown number of employees have lost their jobs and the payout of entitlements will depend on votes by the chains creditors. 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 Worrells 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…
Read the full article at: https://www.dailyadvertiser.com.au/story/5887537/wagga-staff-entitlements-uncertain-as-napoleon-perdis-makeup-store-closes-down/?cs=9402
Lessons to be learned from case of decades-old business
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The TFT fleet up for auction
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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…
Read the full article at: https://www.fullyloaded.com.au/industry-news/1902/transport-insolvency-prompts-liquidator-warning