The RCMP have laid charges against a separated couple who allegedly declared that their snow removal business, Ottawa Diamond Construction Inc., was bankrupt even though the business appeared to remain solvent.
According to federal police officers, the pair, who are now divorced, declared the business bankrupt in 2015. They are alleged to have removed as much as $375,000 from the companys bank accounts. The RCMP allege that the business was not bankrupt and that the funds were misappropriated. The RCMP allege the money was taken just weeks before the couple declared the business insolvent.
Charges have been laid against the businesses former owners, under the Bankruptcy & Insolvency Act, after an investigation by the Integrate…
Read the full article at: https://edmontonsun.com/news/local-news/rcmp-charge-ottawa-area-snow-removal-couple-for-allegedly-illegally-declaring-bankruptcy/wcm/36d093cf-7d66-4f1b-bb15-b74e6bd17fa7
The number of people going financially insolvent is predicted to have jumped to levels not seen for at least six years in official figures released on Tuesday.
The Insolvency Service is due to release figures showing how many bankruptcies, debt relief orders (DROs) and individual voluntary arrangements (IVAs) took place in the fourth quarter of 2018 across England and Wales.
Audit firm RSM expects the figures will show that more than 109,000 insolvency cases took place across the whole of last year.
Alec Pillmoor, a personal insolvency partner at RSM said: We anticipate that the number of personal insolvencies in 2018 will be in excess of 109,000, which is not only a 10% increase over the previous year, but an annual total not seen for six …
Read the full article at: https://www.aol.co.uk/news/2019/01/28/number-of-people-going-financially-insolvent-predicted-to-rise/
With the reference to the above captioned subject, we hereby inform you that 15th meeting of the Committee of Creditors (CoC) will be held on February 02, 2019 at 11:30 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.
Source : BSE – www.bseindia.com
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/article26112379.ece
Dear Sir/ Madam,
Sub: Notice of Seventh Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor)
Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the Seventh meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) under the provisions of the Insolvency and Bankruptcy Code, 2016, is scheduled to be held on Wednesday, 30th January, 2019.
You are requested to take the same on record.
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26112247.ece
The company said it had applied for the court order for preliminary insolvency proceedings, but aimed to try and restructure its operations and has brought in an expert, Christian Gerloff, to support this.
The order applies to parent company Gerry Weber International, which said all subsidiaries are currently excluded.
Key measures, which have been agreed with the companys auditor Ebner Stolz include the closure of around 230 retail spaces, as well as a significant reduction of workforce of up to 900 jobs, both nationally and internationally, with staff cuts planned in the retail stores as well as in centralised functions including logistics.
The move into insolvency was triggered by the failure of talks with its financing partners, which t…
Read the full article at: https://www.accountancydaily.co/luxury-german-brand-gerry-weber-insolvency-proceedings
There are several reasons why we borrow money different purposes, different sources, different lenders, ending up to multiple debts and loans we need to pay for either monthly, quarterly or annually, depending on the terms and conditions the loans impose, not to mention varied interest rates on each debt. Most of the times, maintaining a number of debts makes it harder to monitor, costs more than it should have due to penalties and more stressful to upkeep. As a remedy, lenders offer debt or loan consolidation. Consolidation of debts or loans means taking out a new loan to pay off smaller debts such as credit card debt, personal loans, and student loans. In effect, proceeds from the single larger debt settle multiple smaller debts, and…
Read the full article at: https://londonlovesbusiness.com/how-debt-consolidation-affects-credit-score/
Turkish intercity bus company Pamukkale, which employees 3,500 people, was declared bankrupt after the ruling of a court, BBC reported.
A court in the Aegean province of Izmir rejected the companys request for bankruptcy protection on Thursday. In weighing Pamukkales request, the court examined the companys finances, determining that there was no potential for the company to continue operating, BBC said.
The 56-year-old company filed for bankruptcy protection on Nov. 27 and the courts had given three months for deliberations, Turkish news site Diken reported.
Turkish firms have been facing cash shortage problems for the past five months due to the slide in Turkish lira and Turkish central banks decision to hike interest rates to curb …
Read the full article at: https://ahvalnews.com/bankruptcy/turkish-transport-giant-declared-bankrupt
Devereux is alleging Flaming Silver Trading cannot prove its financial muscle three years after Lily mineworkers Pretty Nkambule, Yvonne Mnisi and Solomon Nyirenda were buried in an underground container when the mine entrance collapsed.
Black-owned Flaming Silver, a subsidiary of Siyakhula Sonke Empowerment Corporation (SSC), acquired the mines from Australias Vantage Goldfields, which placed it in busin…
Read the full article at: https://www.iol.co.za/business-report/companies/struggling-mines-could-face-liquidation-19004026
Only months after cutting its dividend, Anheuser-Busch InBev found itself under pressure in December from credit-rating agencies warning it was not paying down its $109bn debt mountain fast enough.
So the group swung into action, putting together a debt refinancing to pay off $16.5bn of bonds that come due over the next seven years with cash on hand and a new multibillion-dollar borrowing that matures much later.
Just as when AB InBev raised $46bn in 2016 in the midst of a market sell-off to fund the SABMiller deal, investors poured in to participate.
Bankers underwriting the $15.5bn borrowing counted orders of just under $40bn, according to three people with knowledge of the transaction.
Once again AB InBev was able to borrow more tha…
Read the full article at: https://www.ft.com/content/d2964c62-20af-11e9-b126-46fc3ad87c65