Insolvency Guardian Media Centre
BERLIN
Ford Motor
Co.
is launching an overhaul of its loss-making European business that is expected to include thousands of job cuts, plant closures and the scrapping of low-profit models amid a storm of bad news for global car makers.
The move is part of a broad cost-cutting effort Ford Chief Executive Jim Hackett has embarked on in a rapidly changing automotive landscape buffeted by electric vehicles and a push toward autonomous driving. In October, Ford informed employees of a global reorganization that could affect salaried jobs, part of Mr. Hacketts push to improve profits and boost its flagging stock price.
Steven Armstrong, the companys president of Europe, Mi…
Read the full article at: https://www.wsj.com/articles/ford-announces-major-european-restructuring-11547117814
newsletters, editors-pick-list, Martin Building Services, liquidation, builder, Denis Martin, James Shaw, Shaw Gidley, insolvency
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 itsassets. It is unlikely that there will be anything for creditors, he said. …
Read the full article at: http://www.theherald.com.au/story/5844492/hunter-builder-folds-under-10m-debt/
This has reference to earlier intimation dated 19th July, 2018 regarding admission of application for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016(IBC) by the Honble National Company Law Tribunal (NCLT), Kolkata Bench and subsequent appointment of Interim Resolution Professional (IRP) in our Company as per the NCLT Order dated 17th July, 2018.
The Honble National Company Law Appellate Tribunal (NCLAT), New Delhi has decided the matter on 8th January, 2019 setting aside the order passed by NCLT, Kolkata Bench, Kolkata, in CP (IB) No. 203/KB/2018 dated 17th July, 2018, on the grounds that the application under Section 9 of the Insolvency and Bankruptcy Code, 2016(I…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/stone-india-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25960027.ece
If youre struggling with problem debt and dont know what to do, the Insolvency Service of Ireland can help get you back on track.
The independent government organisation has a range of solutions, depending on your level of debt. When you contact them they will put you in touch with a debt advisor either a Personal Insolvency Practitioner (PIP) or Approved Intermediary (AI) to direct you towards the right choice for you.
They offer four main options:
- Debt Relief notice (DRN): for debts up to 35,000
- Debt Settlement Agreement (DSA): for debts without a mortgage
- Personal Insolvency Arrangement (PIA): for debts including a mortgage
- Bankruptcy: you must first have tried to solve your debt problems using the three alternatives listed above be…
Read the full article at: https://www.irishmirror.ie/lifestyle/debt-overwhelming-isi-can-help-13837933
The Company informs that the Ninth (9) Meeting of Committee of Creditors of Ricoh India Limited under Regulation 19 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 was held yesterday i.e Wednesday, 9th January 2019.
This is a Post Facto intimation of the Committee of Creditors Meeting.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ricoh-india-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article25959755.ece
- Prachi Singh
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|
Spanish luxury brand Delpozo, part of the perfumes group Perfumes y
Diseo, has terminated 20 employees as a part of its restructuring process.
The company initiated several measures last year including moving a part of
its production to Italy and appointment of German designer Lutz Huelle as
the companys new creative director, who replaced Josep Font. Huelles
first collection is expected to hit the stores only in September this
year.While the company has reduced the number of its sales team members, the
workers in the areas of administration and logistics have been moved to
Perfumes y Diseos structure. Delpozo has however decided to maintain its
workshop in Madrid to manage around 3…Read the full article at: https://fashionunited.uk/news/business/delpozo-lays-off-20-employees-as-part-of-restructuring-plan/2019011040912
Can you proceed against the Corporate Guarantor before proceeding against the Corporate Debtor? NCLAT answers in this Judgment
January 10 2019
An NCLAT Bench comprising Chairperson Justice SJ Mukhopadhyaya, Member (Judicial) Justice A.I.S. Cheema and Member (Technical) Balvinder Singhhas held that Corporate Insolvency Resolution Process (CIRP) can be triggered against the corporate guarantor even if the corporate debtor is not in CIRP by itself.
Without initiating any Corporate Insolvency Resolution Process against the Principal Borrow…
Read the full article at: https://barandbench.com/ibc-corporate-guarantor-cirp-principal-borrower-nclat/
10:50 10/01/2019
MOSCOW, January 10 (RAPSI) The Moscow Commercial Court has extended for six months bankruptcy proceedings against a former co-owner of Vneshprombank Georgy Bedzhamov charged with embezzlement, according to court records.
As of today, asset disposal has not been completed, and settlements have not been performed with creditors, the debtors financial manager Lyubov Kireyeva says.
Bedzhamov was declared bankrupt on July 2, 2018 on the request of VTB24 bank.
The former banker was put on the international wanted list in 2016.
Investigators believe that ex-president of Vneshprombank Larisa Markus and her brother Georgy Bedzhamov have created an organized crime group to siphon money from the bank. The group including a former …
Read the full article at: http://rapsinews.com/judicial_news/20190110/293443595.html
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: http://www.maitlandmercury.com.au/story/5844093/building-firms-10m-debts/
Coronation Street star Michael Le Vell has been discharged from bankruptcy, according to official records.
The actor, who has played mechanic Kevin Webster in the soap since 1983, was declared bankrupt in January last year under his birth nameMichael Robert Turner.
An official record on theIndividual Insolvency Register reveals the 54-year-old was released from bankruptcy on January 8.
Michael Le Vell is no longer bankrupt, official records reveal (Joe Giddens/PA) It means he is now able to set up a company and be a director. However, details of the bankruptcy will remain on his files for at least six years.
Le Vell first joined Coronation Street in the early 1980s and quickly endeared himself to fans, who have followed the trials and tribula…
Read the full article at: https://www.irishexaminer.com/breakingnews/entertainment/coronation-street-star-michael-le-vell-discharged-from-bankruptcy-896697.html
The inspiration for Cleaning Up (ITV), a gritty new British drama, came from a sleek old American movie.
Writer Mark Marlow was watching Oliver Stones 1987 classic Wall Street when he was snagged by the scene in which Charlie Sheens character has been given the task of finding some inside information for Gordon Gekko. Seeing the ambitiousyoung stockbroker rifling through the filing cabinets, Marlow noticed the cleaners in the background and thought: If they wo…
Read the full article at: https://www.independent.co.uk/arts-entertainment/tv/reviews/cleaning-up-review-episode-one-itv-sheridan-smith-gambling-addiction-a8719141.html
Harish Puppala | Rakesh Sharma
Moneycontrol Contributor
2018 was a difficult year for banks – their reputations suffered massively after it came to light that most of them had large NPAs, sins they committed knowingly. One year prior, in 2017-18, the gross NPA ratio of all scheduled commercial banks reached 11.2percent of the gross advances, up from 9.3 percent a year before. Public sector banks, which account for nearly 70percent of the advances, saw gross NPA ratios rise to 14.6 percent due to, and I quote the RBI here, restructured advances slipping into NPAs and better NPA recognition. Better NPA recognition is, of course a fancy way of saying that banks got caught for the bad loans they gave out.
