Insolvency Guardian Media Centre
Absa, one of the countrys top four banks, has been accused
by an exotic car dealership of trying to bully it into liquidation with claims that it owes it more than R400m.
The owners of Ballito-based SMD Group, which sells Ferraris, Porsches and Lamborghinis, dispute the amount and said Absa had ignored an offer from a private equity firm to buy the company for almost R200m.
SMD said the latest bank statement showed that it owed Absa only R157m.
The bank has denied acting in bad faith in the matter and brought an urgent winding-up application in the high court in Durban a few days before Christmas. Judge Gregory Kruger refused to consider the matter, saying that it was not urgent. He ordered Absa to…
Read the full article at: https://www.businesslive.co.za/bd/companies/financial-services/2019-01-14-absa-accused-of-attempting-to-bully-exotic-car-dealership-into-liquidation/
French BIPV glass manufacturer Sunpartner is seeking buyers for its two businesses after starting insolvency proceedings due to the lack of short-term funding.
French PV glass technology company Sunpartner Technologies has filed for insolvency.
The company said in a statement on its Linkedin account it is seeking buyers for its two businesses, in the building-integrated PV sector and for Internet of Things applications.
Our project had a strong support of the majority of our shareholders, but we did not succeed to raise enough at [the] end of last year, the company said after filing for insolvency on January 8. Our strong IP portfolio, the industrial processes, our knowhow and the expertise of our technical …
Read the full article at: https://www.pv-magazine.com/2019/01/14/glass-business-sunpartner-technologies-files-for-insolvency/
ICPW Liquidation (OTCMKTS:ICPWQ) and Industrial Services of America (NASDAQ:IDSA) are both consumer discretionary companies, but which is the superior business? We will compare the two companies based on the strength of their analyst recommendations, profitability, risk, valuation, earnings, institutional ownership and dividends.
Insider & Institutional Ownership
5.1% of Industrial Services of America shares are owned by institutional investors. 11.5% of ICPW Liquidation shares are owned by company insiders. Comparatively, 27.7% of Industrial Services of America shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for…
Read the full article at: http://bharatapress.com/2019/01/14/icpw-liquidation-icpwq-and-industrial-services-of-america-idsa-head-to-head-comparison/
Courts
Class-action lawsuits on behalf of participants in the insolvent St. Joseph Health Services of Rhode Island Retirement Plan were filed in state and federal courts in Rhode Island.
The 2,700 participants in the plan learned in August 2017 when it was placed into receivership that the plan had been inadequately funded for years, according to the lawsuit filed on behalf of Stephen Del Sesto, the receiver for the pension fund.
At the time, plan administrators asked the Rhode Island Supreme Court to approve immediate 40% acro…
Read the full article at: https://www.pionline.com/article/20180620/ONLINE/180629979/lawsuits-allege-fraud-conspiracy-in-insolvency-of-st-joseph-health-services-of-rhode-island-plan
Bankers are worried that the corporate insolvency resolution process (CIRP) could turn chaotic and face delays as the Insolvency and Bankruptcy Board of India (IBBI) may amend the rules, giving operational creditors (OCs) a larger say in the resolution process.
Their fear stems from the observations of a two-judge Supreme Court Bench last month that OCs should have voting rights in proportion to their exposure, just like the committee of creditors (CoC), in the CIRP. Bankers say the IBBI may amend the Insolvency and Bankruptcy Code (IBC) rules in the wake of these observations.
An OC is a person/enterprise to whom an operational debt (a claim in respect of provision of goods and services) is owed by a corporate debtor and includes any pe…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/bigger-role-for-operational-creditors-in-resolution-process-worries-bankers/article25986702.ece
NEW DELHI: The National Company Law Tribunal has given its approval to start insolvency proceedings against a subsidiary of realty firm Parsvnath Developers. It admitted a petition filed by three homebuyers against the subsidiary firm Parsvnath Landmark Developers for inordinate delay in the development of a project in Delhi and non-refund of their payment.
The tribunal appointed Yash Jeet Basrar as an interim resolution professional to run the corporate insolvency resolution process. A two-member bench of NCLT directed that in case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the interim resolution professional/resolution professional would be at liberty to…
Read the full article at: https://timesofindia.indiatimes.com/city/delhi/nclt-admits-insolvency-plea-against-parsvnath-arm/articleshow/67517533.cms
Former boss Rob Shand stepped down in April to be succeeded by Kim Morison, who was head of real assets and is now acting head of the business.
Blue Sky disclosed for the first time that of the almost $100 million that it raised following its half-year results at $11.50 a share, $40 million went to private real estate co-investment with joint-venture partners in Australia and the US, $30 million went to real assets co-investment, $18 million to private equity co-investment and $8 million “for balance sheet support” for Blue Sky-managed funds.
The company is also withdrawing its guidance for fee-earning assets under management for 2017-18 and 2018-19, as well as profit guidance for the current year, due to uncertainty over the timing of US …
Read the full article at: https://www.afr.com/business/banking-and-finance/blue-sky-chairman-john-kain-departs-in-restructure-drops-guidance-20180507-h0zq3i
South African furniture conglomerate Steinhoff International Holdings has seen the voluntary administration of its European arm blocked by a company claiming to be a creditor, according to a release sent to investors.
The company known as LSW GmbH an entity reportedly related to Andreas Seifert, who,according to BusinessDay, currently has a dispute in the Austrian courts against Steinhoff Europe AG lodged an application challenging the voluntary arrangement on the day it was announced.
As a result, the administration cannot be completed until the application has been settled, delaying Steinhoffs restructuring plans.
While Steinhoff examines the details of the application, it noted it will continue to work towards the financial rest…
Read the full article at: https://www.insideretail.com.au/news/world/steinhoff-europe-blocked-from-going-into-voluntary-administration-201901
It was like a script from a Hollywood film.
The balaclava-clad robber by day a devoted father and businessman scales a building in the dark of night, cuts a hole in the roof and disables the security system before lowering himself through the ceiling.
Once inside, the stealthy criminal uses an angle grinder to slice open the locked safe and pockets tens of thousands of dollars before escaping back up through the hole.
It may sound like a movie heist, but this was the sophisticated method prolific cat-burglar Simon Paul Giacomel used to target 15 WA businesses in an 18-month crime spree that spanned from Lancelin to Subiaco and as far east as Toodyay.
The West Australian can reveal Giacomel, 42, has been jailed for more than six years over …
Read the full article at: https://thewest.com.au/news/crime/debt-to-father-spurred-perth-cat-burglar-ng-b881067702z
Senior Chinese leaders offered in 2016 to help bail out a Malaysian government fund at the center of a swelling, multibillion-dollar graft scandal, according to minutes from a series of previously undisclosed meetings reviewed by The Wall Street Journal.
Chinese officials told visiting Malaysians that China would use its influence to try to get the U.S. and other countries to drop their probes of allegations that allies of then-Prime Minister Najib Razak and others plundered the fund known as 1MDB, the minutes show.
The Chinese also offered to bug the homes and offices of Journal reporters in Hong Kong who were investigating the fund, to learn who was leaking information to them, according to the minutes.
In return, Malaysia offered lucrat…
Read the full article at: https://www.wsj.com/articles/how-china-flexes-its-political-muscle-to-expand-power-overseas-11546890449
We are America and we have an addiction. We live beyond our means, spend unconsciously, do too much therapy shopping, live the swipe it and forget it lifestyle, use whatever colorful phrase you like.
The 5 Cheapest Ways To Pay Off Credit Card Debt FastGetty
Americais addicted to living on loans.
Americans passed two milestones in 2018. The first is we, as a country, exceeded $1 trillion in credit card debt. As we know that credit card transactions dont stop after we swipe our credit cards, it gets worse.
Consequently, Americans paid $104 billion in credit card interest and fees for the twelve months leading up to August 2018. Thats $823.96 in interest and fees for every household in the U.S. with a total of 1…
Read the full article at: https://www.forbes.com/sites/debtfreeguys/2019/01/13/the-5-cheapest-ways-to-pay-off-credit-card-debt-fast/
THE full story of Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil) Inc., once touted as the shining star of Subic Freeport and an inspiration to Philippine policy-makers who used it as part of their basis to list shipbuilding among the countrys most promising industries, will perhaps not be known anytime soon.
It is a saga that raises numerous questions, chiefly: how could such a big operationrepresenting the biggest investment for Subicsuddenly fail, as to force lawyers of the Korean giants affiliate to rush to an Olongapo court on January 8 to seek relief from holders of its $400 million in debt to leading local banks?
HHIC-Phil has invested $2.3 billion in the Subic Bay Freeport since beginning operations in 2007. …
Read the full article at: https://businessmirror.com.ph/a-giant-stumbles-in-subic-too-big-to-fail/