Insolvency Guardian Media Centre
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Company to allow employees to use vacation time to pay student debt
Updated: 1:30 PM CST Feb 7, 2019
Insurance provider Unum has started a new program to help employees deal with student debt.Beginning next year, Unum employees can use paid time off that they carry over to pay part of their student debt.Each employee can carry over up to five days or 40 hours of unused paid time that will be transferred to a program that will pay against student debt.The company said this option is available to any employee in the United St…
Read the full article at: https://www.wdsu.com/article/unum-to-allow-employees-to-use-vacation-time-to-pay-student-debt/26237603
DUBLIN, Ireland, Feb. 07, 2019 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL) provided clarification regarding the restructuring actions announced earlier today.
- As part of the restructuring plan, Avadel Specialty Pharmaceuticals, LLC, a special purpose entity and wholly-owned subsidiary responsible solely for NOCTIVA-related activities, made a voluntary filing on February 6, 2019 under Chapter 11 of the United States Bankruptcy Code.Avadel Pharmaceuticals plc and other corporate entities remain solvent and substantially unaffected.
- The restructuring actions do not trigger a default or violate covenants related to the 4.50% Exchangeable Senior Notes due in 2023.
About Avadel Pharmaceuticals plc
Avadel Pharmaceuticals plc…
Read the full article at: https://globenewswire.com/news-release/2019/02/07/1713620/0/en/Avadel-Pharmaceuticals-Clarifies-Announcement-of-Corporate-Restructuring.html
PUBLISHED: 16:22 07 February 2019 | UPDATED: 16:26 07 February 2019
44-ton Enviro-Waste tanker negotiating the Bowbeck crossroads
Two waste management companies, one of which has been running for 27 years, have both collapsed in Ipswich.
…
Read the full article at: https://www.eadt.co.uk/business/envirowaste-company-is-liquidated-but-not-go-tankers-ltd-1-5883456
NEW YORK, Feb. 07, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
YRC Worldwide Inc. (NASDAQGS: YRCW)
Class Period: March 10, 2014 – December 14, 2018
Lead Plaintiff Deadline: March 4, 2019
Join the action: https://www.zlk.com/pslra-1/yrc-worldwide-inc-loss-form?wire=3
About the lawsuit: During the class period, YRC Worldwide Inc. allegedly made materially false and/or misleading statements and/or f…
Read the full article at: https://globenewswire.com/news-release/2019/02/07/1713733/0/en/CLASS-ACTION-UPDATE-for-YRCW-YRIV-MKL-and-MU-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html
Bournemouth brothers Shahab Hashtroudi, Shahin Hashtroudi, and Hedayat Hashtroudi, ran pubs and restaurants in Hampshire, Dorset and Surrey, using the money to prop up their loss-making business empire and fund their lifestyle. Shahab Hashtroudi drove a Porsche and sent his child to private school.
From October 2008 they set up 11 companies, all of which failed leaving huge debts. None of the companies lasted longer than 24 months, with some trading for less than a year. Some failed to pay a single penny in VAT to HMRC, while also failing to pass on the income tax and National Insurance contributions (NICs) of their employees.
Their bookkeeper Tracy Carder, from Poole, enabled the fraud to continue by deceiving HMRC about the companies tru…
Read the full article at: https://www.accountancydaily.co/brothers-jailed-14-years-ps3m-tax-fraud
PUBLISHED: 15:30 07 February 2019 | UPDATED: 16:20 07 February 2019
Morrisons in Gorleston, where Mark James was a senior manager. Photo: Andy Darnell
Archant 2008
A debt-ridden senior manager who worked for M…
Read the full article at: https://www.greatyarmouthmercury.co.uk/news/gorleston-morrisons-senior-manager-mark-james-stole-2-000-from-company-1-5883020
Anima, the parent company that created Kronaby watches, has declared itself insolvent and filed for bankruptcy in its native country of Sweden.
The company is now in the hands of a trustee appointed by the court, and continues to trade. CEO Pl Borge told WatchPro today that they have been working to find a new owner or investors to take the company forward.
The company is continuing to trade, our employees are still coming to work, fulfilling orders from our ecommerce site and speaking to our dealers. We are working hard and trying to find a new investor, he explained.
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Kronaby burst onto the scene in 2017 with a range of connected hybrid watches, although the Anima team first came t…
Read the full article at: https://www.watchpro.com/breaking-news-kronaby-looks-for-new-owner-as-parent-company-files-for-bankruptcy/
- Unum, a Tennessee-based insurance company, is allowing its US employees to exchange unused vacation days for help with student loan payments.
- Unum employees are allotted at least 28 paid vacation days a year; they can forfeit up to five days and receive up to $US250 a month cash toward their student loans.
- An increasing number of companies big and small offer student loan repayment benefits to employees, and research shows employee financial stability is linked to overall well-being and work performance.
Some college graduates are so saddled with student loan debt, they may be willing to give up vacation time to pay it back.
Unum, a Fortune 500 insurance company based in Tennessee, recently …
Read the full article at: https://www.businessinsider.com.au/unum-insurance-trade-vacation-days-student-loan-debt-help-2019-2
High Court
Permanent TSB (PTSB) has lost an appeal against a Personal Insolvency Arrangement (PIA) which was confirmed in the Circuit Court in 2017.
PTSB had voted against the terms of the PIA, in which the Personal Insolvency Practitioner proposed that the mortgage debt be written down, and the remaining balance be treated as unsecured debt written off at the end of the PIA.
Affirming the order of the Circuit Court, Mr Justice Denis McDonaldsaid that PTSBs counterproposal was not appropriate in the circumstances and that the PIA was fair and equitable to each class of creditor.
Background
In September 2005, Lisa Parkin and her (now estranged) husband bought a ho…
Read the full article at: https://www.irishlegal.com/article/high-court-permanent-tsb-loses-appeal-against-personal-insolvency-arrangement
– Company cost structure expected to be reduced by $70 to $75 million in 2019
– Approximately $100 million in cash and marketable securities at December 31, 2018
DUBLIN, Ireland, Feb. 07, 2019 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL), today announced a corporate restructuring to assure the financial health required to maximize the value of FT218, currently in Phase III development for the treatment of excessive daytime sleepiness (EDS) and Cataplexy in patients suffering from Narcolepsy. Avadel expects to realize $70 to $75 million in cost reductions in 2019 as compared to 2018 as a result of the restructuring plan, driven primarily by exiting NOCTIVA.
It is clear that FT218, an investigational, once-nightly …
Read the full article at: https://globenewswire.com/news-release/2019/02/07/1712096/0/en/Avadel-Pharmaceuticals-Announces-Restructuring-to-Focus-on-FT218-Clinical-Development-Program.html
February 7 2019
The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review.
Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes within the timelines prescribed by the I&B Code. There is an intrinsic assumption that financial creditors are fully informed about the viability of the corporate debtor and feasibility of the proposed resolu…
Read the full article at: https://barandbench.com/supreme-court-upholds-creditors-committee-sovereignty-under-the-ibc/
In a bid to facilitate resolution process under insolvency law, the RBI Thursday proposed to permit bidders to raise funds through external commercial borrowing for repayment to the existing lenders.
As per the existing guidelines, the proceeds of External Commercial Borrowing (ECB) denominated in either foreign currency or Indian Rupee, are not permitted to be utilised for repayment or for on-lending for repayment of domestic Rupee loans.
“The resolution applicants under Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code (IBC), 2016 may find it attractive to borrow abroad to repay the existing lenders.
“In view of the above, it is proposed to relax the end-use restrictions under the approval route of the …
Read the full article at: https://www.businesstoday.in/sectors/banks/rbi-allows-companies-participating-in-insolvency-process-to-tap-ecb-route/story/318107.html