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Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
The B.C. Lottery Corporation reported net income of $1.4 billion from casinos and lotteries in the 2017-18 fiscal year, based on record revenue of $3.3 billion.
Almost 2,400 people were referred to counselling by the provinces crisis line for problem gamblers last year, but only half actually attended.
The current crisis-line service provider 211 British Columbia Services Society fields 3,243 calls a year, or 62 per week, and referred 2,373 people to a problem gambling counsellor.
According to the Gaming Policy and Enforcement Branchs annual report, 1,269 people received those services…
Read the full article at: https://vancouversun.com/news/local-news/b-c-gaming-policy-branch-overhauling-crisis-services-for-problem-gamblers
Campaigners for stronger government regulation of gambling have called for it to be classed as a public health concern and for betting companies to be required to prove their products are safe before being allowed to launch them.
Charles and Liz Ritchie, whose son Jack, 24, killed himself after being drawn into gambling at 17, run the campaign Gambling with Lives alongside the parents of other young men whose deaths followed problems with gambling.
The Ritchies call for a precautionary approach to be adopted towards the betting industry follows the Guardians publication of research which highlighted the gamblification of football support for many young men. The research, conducted by Dr Darragh McGee of the University of Bath with two …
Read the full article at: https://www.theguardian.com/football/2019/jan/11/people-dying-campaign-gambling-public-health-concern
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) Friday suggested that all further proceedings for transfer of assets of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) should take place under the supervision of a retired Supreme Court judge.
The new management of the IL&FS is considering assets sales to bail out the company from its financial mess and pay back to its lenders over Rs 90,000 crore.
“As it appears that a process required to be followed, similar to corporate insolvency resolution process, for the purpose of proper resolution of IL&FS and its subsidiaries,” said a two judge bench headed by Justice S J Mukhopadhaya.
It further added that in such a case, a Committee of Creditors may be requir…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/nclat-suggests-appointing-a-former-supreme-court-judge-for-ilfs-asset-sales/articleshow/67487032.cms
Dear Sir/Madam,
This is to inform you that pursuant to the Regulation 19 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Interim Resolution Professional of the Company has called the first meeting of the Committee of Creditors of Kwality Limited, which is schedule to be held on January 11, 2019 at 12:45 PM at The Viceroy, The Claridges Hotels and Resorts, 12, Dr APJ Abdul Kalam Road, Motilal Nehru Marg Area, New Delhi -110011.
The above intimation be treated as disclosure pursuant to Part A of Schedule III of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Kindly take the same on your records.
Pdf Link:
Kwality Limit…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/kwality-limited-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article25967772.ece
With the corporate insolvency law nearly fully rolled out, the focus of the government is likely to shift towards implementation of what is probably the more difficult part of the Insolvency and Bankruptcy Code.With the corporate insolvency law nearly fully rolled out, the focus of the government is likely to shift towards implementation of what is probably the more difficult part of the Insolvency and Bankruptcy Codethe insolvency of natural persons. While the government deserves a pat on the back for taking up the archaic law of personal insolvency for reform, a deeper and wider thinking is required for its implementation.
Insolvency of natural persons is complex as it is intertwined with social, political and cultural issues. It is dif…
Read the full article at: https://www.financialexpress.com/industry/how-personal-insolvency-legislation-will-impact-every-strata-of-our-society/651623/
The collapse of Alpha in May meant structural warranty policies with the company ended immediately. Advantage offers advice on how to ensure vital cover is maintained
Thousands of new homeowners have been left without vital structural defects insurance after insurance carrier Alpha went bust.
Many homeowners who require the 10-year structural defects insurance will still be unaware that they have been left without cover.
Alpha, which supplies the insurance new homes require to protect against structural defects, was declared insolvent in Denmark in May, meaning peoples cover has come to an immediate end.
Policyholders are slowly receiving the news that their homes are no longer insured and at this stage, no plans have been a…
Read the full article at: https://www.pbctoday.co.uk/news/building-control-news/collapse-of-insurance-firm-alpha/43949/
MUNICH: Ford Motor will shed thousands of jobs at its European operations in a bid to return the business to profitability in a broad restructuring that doesnt rule out shutting down production plants.
The carmaker has struggled with an ageing model lineup and a contracting market in the UK, Fords biggest in Europe, which is in store for further disruption from Brexit. The manufactureremploying some 54,000 workers across the region mainly in Germany, the UK and Spainplans to cull less profitable models from its lineup and review its joint venture in Russia. In America, the company is already dropping several sedans.
We are looking to make a stepchange in the performance of the business, Steven Armstrong, Fords head of Europe, said on Thu…
Read the full article at: https://economictimes.indiatimes.com/news/international/business/ford-to-cut-jobs-to-strengthen-european-business/articleshow/67473806.cms
South African consumers are generally not very good at saving or budgeting, so defaults on bonds and rents are always the highest at the start of a new year, according to Rudi Botha, CEO of BetterBond.
However, there are some positive steps you can take right away to help make ends meet, says Botha.
Get real
The first of these is to “get real” about your financial situation.
“Get your bank statements and find out exactly how much money you have available for January. Then make a list of your essential or fixed monthly expenses and a separate list of variable expenses – like your grocery, cell-phone, utility and petrol costs,” suggests Botha.
Pay the minimum
Botha suggests paying the minimum amount required on all your fixed expenses and your c…
Read the full article at: https://www.fin24.com/Money/Debt/debt-6-ways-to-help-ends-meet-in-janu-worry-20190111
NOIDA: The 3C Company on Thursday became the third major Noida-based developer after Jaypee and Amrapali to become embroiled in insolvency proceedings. In response to a plea by buyers who have not received their flats, the National Company Law Tribunal (NCLT) appointed an interim resolution professional to resolve the financial liabilities of Granite Gate Company, the 3C subsidiary that is building its Lotus brand projects Panache and Boulevard.
The IRP has a maximum 270 days for the resolution, following with the two projects could be pushed into liquidation. This will directly affect around 3,500 buyers who are yet to get their flats in Lotus Panache (Sector 110) and Lotus Boulevard (Sector 100).
The NCLT stepped in after a small grou…
Read the full article at: https://timesofindia.indiatimes.com/city/noida/noida-3cs-lotus-firm-faces-insolvency-proceedings/articleshow/67479190.cms
Business leaders may increasingly find themselves falling afoul of the law, with an insolvency specialist warning that a looming credit squeeze could see the volume of such cases increase rapidly.
Ginette Muller (pictured), of insolvency firm Jirsch Sutherland, said that the property downturn and banking royal commission are weighing heavily on banks and lenders, which are in turn tightening the screws on borrowers.
And this is particularly acute with small business, where access to finance is usually conditional on the bank securing the loan against the directors house, she said.
According to Ms Muller, business leaders tend to be a highly resourceful bunch and, when faced with such a squeeze, will often look at a number of ways to rejig t…
Read the full article at: https://www.mybusiness.com.au/management/5349-directors-may-unwittingly-be-breaking-the-law
Premier Oil has used its second consecutive year of record oil production to make bigger than expected cuts into its huge debt pile.
The London-listed oil and gas company expects its financial results to reveal end-of-year debtsof $2.3bn, after shaving $390m off the total following a boom in its oil output.
Premier told investors it found $100m more than expected to help pay off debt after producing an average of just over 80,000 barrels of oil a day in 2018.
The record production helped Premier post a $300m rise in annual profit of $1.4bn last year.
Tony Durrant, chief executive of Premier, said the company enjoyed a very good fourth quarter in which it produced an average of 92,000 barrels…
Read the full article at: https://www.telegraph.co.uk/business/2019/01/10/record-production-helps-premier-oil-cut-debt/
Luxury skincare retailer Crabtree & Evelyn is winding down its Australian operations, amidst a global wind-down of its operations.
The business has appointed restructuring firm KordaMentha to handle the closure locally and expects all 12 stores in Australia to close by the end of January, affecting approximately 100 staff.
Crabtree & Evelyn recently announced the closure of its 12 Singaporean stores and 19 Canadian stores after going into bankruptcy protection.
It appears the driving factor for the decision to close the world-wide network of Crabtree & Evelyn was a reduction in sales, or the tough sales environment, purely driven from the discretionary spend challenges in the retail market, KordaMentha partner in restructuring Scott …
Read the full article at: https://www.insideretail.com.au/news/crabtree-evelyn-to-wind-down-australian-business-201901