Insolvency Guardian Media Centre
Even after the government relaxed the norms for the micro, small and medium enterprise (MSME) promoters to bid for their own firms under the Insolvency and Bankruptcy Code (IBC), only a few have been able to bid successfully for their companies.
A number of companies, closed for three to nine years, are under liquidation process at the National Company Law Tribunal (NCLT). With the assets almost turning into scrap, bankers are getting 15-25 per cent of the principal value, which they say is better than what resolution plans of the existing promoters offer.
Even for the firms that defaulted on their payments recently and went to the NCLT, the resolution plan was not viable enough f…
Read the full article at: https://wap.business-standard.com/article/economy-policy/despite-relaxed-norms-few-msme-promoters-able-to-bid-for-their-own-company-118122801069_1.html
The Reserve Bank of India has called for strengthening the National Company Law Tribunal(NCLT) infrastructure to ensure time bound resolution of stressed assets of the banking sector. Better resolution will also depend on the future of loan repayment culture, it said
In its ` Trends and Progress in Banking for 2017-18 released on Friday, in view of the large number of cases that may be referred to the NCLT in near future, there may be a case for strengthening the NCLT infrastructure in order to ensure that it can deliver on its promise of time-bound resolution
The Insolvency and Bankruptcy Code (IBC) has been witnessing a growing number of applications from creditors which is not only challenging the existing infrastructure of the NCLT b…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-has-called-for-better-nclt-infratsructure-for-time-bound-resolution-of-stressed-assets/articleshow/67288974.cms
This is the time of the year when many will be reviewing their financial arrangements and may be tempted to set up a self-managed super fund (SMSF).
The popularity of SMSFs is starting to wane but the overall number of these accounts is still trending up as many superannuants find the ability to limit fees and directly control where their retirement savings go to appealing.
The Hayne Royal Commission may prompt further interest in SMSFs given the conflicts of interests that were exposed at the big four banks, like Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB), and AMP Limited (ASX: AMP).
SMSF net establishments (difference between accounts opening and closing) have been falling since the 2015 financia…
Read the full article at: https://au.finance.yahoo.com/news/3-things-know-setting-smsf-003043046.html
You had a great Christmas. You enjoyed picking the best gifts for the people you love, you ate and drank well, and you caught up with friends and family you havent seen for ages.
But somewhere between the Christmas day nap and sales browsing came the creeping realisation that your finances are about as healthy as your liver right now.
…
Read the full article at: https://www.independent.co.uk/money/spend-save/christmas-debt-how-to-pay-off-interest-rates-savings-guide-tips-a8701566.html
QY Research has come up with a newly published report on global Debt Arbitration market in its database that provides an in-depth analysis of the key market insights, its future trends, and developments, profiles of leading players, key restraints and drivers, Debt Arbitration market segmentation and forecasting. The report highlights the market size and CAGR of the important segments, thus providing a quick relevant information of the global Debt Arbitration market.
Report overview
QY Research offers a comprehensive analysis of key elements of the Debt Arbitration market such as potential top players along with their weaknesses and strengths. The Debt Arbitration report also comprises some useful strategies for the new players in the m…
Read the full article at: https://tribuneupdates.com/global-debt-arbitration-market-status-and-forecast-2018-2025-freedom-debt-relief-usa-national-debt-relief-usa-rescue-one-financial-usa-clearone-advantage-usa/
There is an estimated $1.5 trillion of outstanding student loan debt. The burden is taking a toll on Americans, from preventing homeownership to delaying other major life milestones, like marriage.
Still, its easy for Americans to want to eliminate that debt as soon as possible and criminals are capitalizing on the growing desire to do so.
The Federal Trade Commission (FTC) has been cracking down on scammers in recent years, claiming theyve have been charging illegal upfront fees and misleading consumers.
While it may be tempting to go after a quick fix to eliminate student loan debt, it can have numerous and costly consequences.
Here are five warning signs to watch for when looking …
Read the full article at: https://www.bankrate.com/loans/student-loans/how-to-spot-student-loan-debt-relief-scams/
JD.com, Chinas second-largest e-commerce player, is restructuring its e-commerce business in a bid to respond to the hugely competitive retail market and allay investor concerns.
The changes come just days after the companys founder and CEO Richard Liu was cleared of felony rape charges in the US. US prosecutors stated there was insufficient evidence to follow through with charges against Liu, who was arrested in Minneapolis in August and released without charge.
In the months following Lius arrest, JD.com suffered steady falls in shares, dropping to a 19-month low and investors questioned Lius tight control over the company. Liu holds 16% of JD.com shares, however, a dual stock system means he controls nearly 80% of voting rights, giving…
Read the full article at: https://www.thedrum.com/news/2018/12/28/jdcom-restructures-e-commerce-business-ceo-cleared-rape-charges
Sears, the 125-year-old icon, has 24 hours to survive.
The employer of more than 68,000 filed for bankruptcy in October. Its last shot at survival is a $4.6 billion proposal put forward by its chairman, Eddie Lampert, to buy the company out of bankruptcy through his hedge fund, ESL Investments. ESL is the only party offering to buy Sears as a whole, people familiar with the situation tell CNBC. Without that bid or another like it, liquidators will break the company up into pieces.
But as Lampert stares down a deadline of Dec. 28 to submit his offer, he is quickly running out of time. As of Thursday afterno…
Read the full article at: https://www.cnbc.com/2018/12/27/sears-may-need-to-liquidate-if-no-bid-comes-in-by-tomorrow.html
The Securities and Exchange Commission has settled charges against Crowe, two of its partners, and two additional partners at a now-defunct audit firm for significant audit failures connected to a payroll services firm that went bankrupt.
According to the SEC, Crowes audit team identified pervasive fraud risks in its 2013 audit of Corporate Resource Services but failed to respond appropriately. The company declared bankruptcy in 2015 after the discovery of roughly $100 million in unpaid federal payroll tax liabilities.
In a statement, Crowe says the enforcement action related to work the company performed on a single audit in 2014. Crowe is committed to maintaining the highest standards of audit quality and regulatory compliance, and we …
Read the full article at: https://www.complianceweek.com/blogs/accounting-auditing-update/sec-disciplines-crowes-two-partners-over-audit-failures
THE COMPANY behind the renovation of a historic Richmond hotel is set to be liquidated with debts of more than 230,000.
Best Friend Limited, the trading name for The Fleece Hotel, is to be placed in a creditors voluntary liquidation.
The papers reveal there are 71 creditors, including members of staff, suppliers, directors and others, who are owed 239,812.
The company had 6,455 in the bank when it stopped trading. It also had debtors of 5,888 and fixtures and fittings valued at 143,193.88.
However, the proposed liquidator, Gareth Lewis, from Lewis Business Recovery and Insolvency, said it was uncertain how much of the money from the fixtures and fittings and debtors would be realised, and the estimated total shortfall w…
Read the full article at: https://www.thenorthernecho.co.uk/news/17322312.company-behind-richmond-hotel-to-be-liquidated-just-months-after-opening/
Lenders to insolvent SBQ Steels have preferred to take the liquidation route for the entity, expressing reservations over UK-based Liberty Houses capability to take the process ahead, sources close to the development said.
The resolution professional (RP) has filed an application under Section-33 of the Code of Liquidation, before the Chennai Bench of the National Company Law Tribunal (NCLT), the insolvent entity said in a notification to stakeholders. The Corporate Insolvency Resolution Process of SBQ Steels ended on November 13, it said.
Edelweiss Asset Reconstruction, the lead lender, has loan exposure of Rs 29.97 billion. The total debt of SBQ Steels stands at Rs 36.40 billion. Union Ba…
Read the full article at: https://www.business-standard.com/article/companies/lenders-to-insolvent-sbq-steels-prefer-to-take-the-liquidation-route-118122701024_1.html
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Its no mystery that many startups and small businesses eventually fail. If there is life, there is death; similarly, for every billion-dollar unicorn company, there is a humongous number of startups that have gone onto the other side.
More often than not, startups go bankrupt for reasons that go beyond the viability of their products. In most of the cases, startups fall prey to missteps that ultimately dry up their cash flow.
The top 3 reasons are No market demands the product (42%), shortage of capital (29%) and lack of team enthusiasm or understanding (23%). Other reasons include pricing/cost issues, poor marketing, ignored customers and …
Read the full article at: https://siliconcanals.nl/news/startups/5-notable-dutch-startups-that-went-bankrupt-in-2018/