Insolvency Guardian Media Centre
Australian cosmetics empire Napoleon Perdis Group will now honour gift cards and e-vouchers purchased before it went into voluntary administration.
Administrators Simon Cathro, Chris Cook and Ivan Glavas, of Worrells Solvency Accountants, announced the struggling brand was now in a position to honour the vouchers on Wednesday.
The about-face comes after many frustrated customers took to social media to express their fury at being left with useless vouchers after the collapse of the business was made public last week.
Due to the extremely successful sales campaign over the weekend (30 per cent off storewide and online) we are now in the position to honour all existing, valid Napoleon Perdis gift cards and e-vouchers, Mr Cathro said in a stat…
Read the full article at: https://thewest.com.au/business/retail/collapsed-make-up-business-napoleon-perdis-backflips-on-gift-cards-ng-b881096364z
Karimganj MP Radheshyam Biswas has urged the Centre to consider the matter of the two defunct paper mills of the Hindustan Paper Corporation in Assam with immediate priority and take prompt steps to reopen the units at the earliest.
The mills Cachar Paper Mill and Nagaon Paper Mill have been lying defunct since 2015 and 2016 respectively. Cachar Paper Mill, the only major industrial undertaking in Barak Valley, is located at Panchgram in Hailakandi district. Nagaon Paper Mill is at Jagiroad in Morigaon district.
Biswas, who raised the issue in Lok Sabha on Tuesday, said around four lakh people, who were associated directly or indirectly with the mills, have been suffering for the past several months. The mills workers have not received th…
Read the full article at: https://www.barakbulletin.com/en_US/radheshyam-biswas-urges-centre-to-revive-defunct-paper-mills/
news, local-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/
Billions of dollars have been stolen from Ukrainians through various abuses of the banking system over the past decade, and many of the crooks remain unpunished, according to a Feb. 4 press release by the Deposit Guarantee Fund of Ukraine.
Citing one example, the fund, the state body responsible for overseeing the operation and liquidation of banks in Ukraine and refunding depositors, said Hr 2.3 billion, or $82 million, was smuggled out of Khreshchatyk Bank prior to the banks bankruptcy in 2016, with the money being transferred to shell companies.
Altogether, nearly Hr 7 billion, o…
Read the full article at: https://www.kyivpost.com/business/hr-2-3-billion-smuggled-out-of-bank-prior-to-bankruptcy.html
In the U.S., higher education is treated like a necessity but priced like a luxury.
Financial aid isnt always enough to ensure that students can make it through college without taking out loans. But students across the country are finding unique and creative ways to ease the burden of tuition costs.
One of these ways is through help from corporations.
A recent press release from Anheuser-Busch unveiled this years iteration of the Natural Light College Debt Relief Program. The brand has announced its dedication to alleviating student debt by pledging $10 million for distribution over the next ten years.
Daniel Blake, senior director of value brands at Anheuser-Busch, said rising college debt is important to Natural Light because its a cri…
Read the full article at: https://badgerherald.com/news/2019/02/05/natural-light-among-other-corporations-help-with-college-debt-relief/
City-based Bafna Pharmaceuticals today announced that Chennai bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the company under corporate insolvency resolution process.
In an exchange filing, the company said the Chenai bench of the tribunal, by its order dated February 1, 2019, has approved the resolution plan submitted by resolution applicant Bafna Mahaveer Chand.
The resolution plan approved by Committee of Creditors (CoC) on January 4, 2019 was submitted to the NCLT Chennai on January 17 by Resolution Professional (RP) Radhakrishnan Dharmarajan, the companys statement said.
In July 2018, NCLT admitted the creditor Aries application and initiated corporate insolvency resolution process again…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-chennai-approves-bafna-pharmaceuticals-corporate-insolvency-resolution-plan/article26186441.ece
For more than a year, in order to secure ongoing funding,
there has been an urgent need to provide the local and global financial
communities with assurances that there is a credible Eskom recovery plan in
place that is supported by government and the treasury.
To this end, Eskom presented a long-awaited turnaround plan and
new business model to its board, its shareholder representative, public enterprises
minister Pravin Gordhan, and the Cabinet, at the end of November 2018.
At a media briefing on the state of the power system in early
December 2018, Eskom CFO Calib Cassim advised that Eskoms plan was to ring-fence
the three main business areas of Eskom generation, transmission and
distribution for accounting purposes.
This was to gain …
Read the full article at: https://www.fin24.com/Opinion/chris-yelland-managing-hopes-and-fears-around-restructuring-eskom-20190205-2
MUMBAI: A two judge bench of the Mumbai national company law tribunal (NCLT) has ordered the liquidation of the apparel maker Reid & Taylor (R&T) after none of the suitors to the company were able to garner the required funding guarantees to validate their interest in the company.
In a ruling on Tuesday judges Bhaskar Mohan and V Nallasenapathy said that investors have not been able to prove their net worth before the court giving the bench no option but to order liquidation of the company.
Liquidation of the company is in line with the suggestion by the resolution professional and creditors of the company after they failed to find a buyer for the company more than nine months after dragging it to NCLT.
Three entities namely an R&T emplo…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/reid-taylor-to-be-liquidated-nclt/articleshow/67854155.cms
The German civil aviation authority Luftfahrt-Bundesamt today revoked the operating license of Germania Fluggesellschaft after the company filed for insolvency and ceased flight operations in the night between February 4 and February 5. The Berlin-based leisure carrier blamed unforeseeable events such as the increases in fuel prices last summer and the simultaneous weakening of the euro against the U.S. dollar, as well as considerable delays in phasing aircraft into the fleet and an unusually high number of maintenance events for its short-term liquidity need.
The company could not be reached by AIN to comment on the nature of the aircraft delays, though they are unrelated to its outstanding order with Airbus for 25 A320neos as deliveri…
Read the full article at: https://www.ainonline.com/aviation-news/air-transport/2019-02-05/germania-halts-operations-and-files-insolvency
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