Insolvency Guardian Media Centre
To cheat a former bank colleague, a man concocted an elaborate plan to forge court documents including travelling to Malaysia to obtain counterfeit court seals.
Cheong Eh Meng ended up cheating almost $4 million from his 65-year-old ex-colleague.
On Wednesday (9 January) at the State Courts, Cheong, 55, pleaded guilty to 29 counts of cheating, forging a record of a court of justice and possessing a counterfeit seal. Another 191 counts of a similar nature will be taken into consideration for sentencing. One count of committing a criminal conspiracy with his wife was stood down.
Cheong and his ex-colleague, Eddy Tan, were colleagues who lost touch after Cheong was retrenched in 1997. They resumed contact in 2011 after Cheong was declared a ba…
Read the full article at: https://sg.news.yahoo.com/bankrupt-man-admits-cheating-ex-colleague-almost-4m-using-forged-court-documents-105711370.html
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DXC Technology yesterday announced its acquisition of Luxoft, a global-scale digital innovator with world-class digital talent. I think this is an interesting acquisition, not only from a services industry perspective but also from the perspective of benefits to enterprise customers undertaking digital transformation.
What The Acquisition Signals For The Services Industry
From an industry perspective, DXCs acquisition of Luxoft comes on the heels of an industry consolidation and restructure. This significant acquisition shows the restructuring is picking up in intensity. I note two themes in the services industry restructuring:
- The industry is using acquisitions to position itself for digital tran…
Read the full article at: https://www.forbes.com/sites/peterbendorsamuel/2019/01/08/how-enterprises-benefit-in-digital-transformation-from-dxc-technology-acquiring-luxoft/
Essar Group CEO Prashant Ruia says there must be a distinction in the bankruptcy code to deal with instances where the promoter has done something wrong and when it is a genuine business decision that has failed. When there is no wrongdoing, We should not talk about punishment, especially at a time when India is promoting a startup culture where there are going to be failures, he tells ET, a day after holding company Essar Global Fund announced full repayment of the groups debt. Amendments to the Insolvency and Bankruptcy Code (IBC), first barring promoters from submitting a resolution plan before repaying dues and then allowing for the withdrawal of an asset from the process, were done in a little unfair manner because the first was wit…
Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/cant-have-a-one-size-fits-all-policy-for-insolvency-says-prashant-ruia/articleshow/67447134.cms
The National Company Law Tribunal (NCLT) has told the employee association of Reid and Taylor and the investor, who is backing them in their takeover bid, they have time till Thursday to furnish documents regarding their net worth to acquire the company.
ALSO READ: RP of Reid & Taylor moves NCLT, files criminal case against promoters
Australia-based Silverdale Services, a financial services company, is backing the bid made by the employee association to take over the company.
The tribunal has asked the investor to provide the financial statements of his company for the year 2016, 2017 and 2018 which has to be certified by a chartered accountant to substantiate his credibility o…Read the full article at: https://www.business-standard.com/article/companies/reid-taylor-insolvency-nclt-asks-staffers-to-prove-net-worth-by-thursday-119010801098_1.html
ISTANBUL
Turkeys Football Federation (TFF) chairman Yldrm Demirren has described a plan aimed at restructuring the countrys football clubs debts, estimated to be some 10 billion Turkish Liras, as a milestone.
The deal the TFF has struck with the Turkish Banks Association [TBB] will strengthen the clubs financial and administrative structures and represents a strong contribution to Turkish sports, Demirren said during a televised interview on Jan. 7.
He reiterated that the envisaged plan is all about the restructuring of the existing debts.
Our clubs have lost credibility. Thus, given this unfavorable situation, restructuring is a must. We are talking about a debt standing at around 10 billion liras. They are all bankr…
Read the full article at: http://www.hurriyetdailynews.com/debt-restructuring-for-football-clubs-is-milestone-says-federation-chair-demiroren-140361
The Australian Tax Office is lodging further legal action against the directors of debt-ridden Picton Press, taking them back to court, and this time has named the companys administrators in its lawsuit, as it seeks to overturn the Dec 18 court ruling, which dismissed its winding up order.
In a separate development long-time well respected operations manager Murray Scott has joined the exodus out of the company, with two pre-press operators also just leaving.
The ATO which is owed $1.3m by Picton lodged an application to the Federal Court on Dec 21, three days after the ruling that dismissed its original winding up order.
For the first time the ATO named administrators Jeremy Nipps and Clifford Rocke from Cor Cordis in…
Read the full article at: https://print21.com.au/ato-now-taking-picton-and-administrators-to-court/166654
FILE – In this June, 15, 2015, file photo, Michael McStay, brother of the victims, and Susan Blake, their mother, arrive at court for the preliminary hearing for accused killer Chase Merritt in San Bernardino, Calif. Opening statements are expected Monday, Jan. 7, 2018, in the trial of Merritt for the murders of Joseph McStay, McStays wife Summer and their 3- and 4-year-old sons. The family disappeared from their San Diego County home in 2010. Three years later, their bodies were found in a remote desert location. (John Gibbins/The San Diego Union-Tribune via AP, Pool)
SAN BERNARDINO, Calif. (AP) Greed, debt and a gambling problem drove a Southern California man to kill his business partners family with a sledgehammer and…
Read the full article at: http://www.timesrepublican.com/wire/?category=5181&ID=84955
Hello, Dear Reader Welcome to the L.A. Daily News 2019 Crystal Ball .
True, theres no ball here (and absolutely no crystal); just words on a page. But work with us here. Were coming from a good place 2018 where some shoe-leather reporting and getting to know the Valley has given us a decent idea of what you should be watching for in 2019.
We cant predict everything, but we can offer some educated suggestions for what will be on the news radar in the coming year.
The bottom line is theres much in store for the Valley and its surrounding neighborhoods, from the ripple effects of decisions made at L.A. City Hall over homelessness, affordable housing and immigration, to environmental cleanups of bygone aerospace sites, to transit project…
Read the full article at: https://www.dailynews.com/2018/12/28/heres-whats-in-store-for-the-san-fernando-valley-in-2019/
Just when you thought Sears Holdings Corp. was on its way out, the bankrupt department store retailer could be saved once again by a $120 million infusion from its Chairman Eddie Lampert.
Sears shares jumped 33% in afternoon trading Tuesday, after the potential Lampert rescue was revealed, reversing a loss of as much as 50% earlier in the session. The companys sto…
Read the full article at: https://www.marketwatch.com/story/these-are-the-pieces-of-the-sears-that-still-have-value-in-a-liquidation-2019-01-08
Many households will have started the new year with a nasty financial hangover thanks to the holiday spending season.
That follows a record-breakingDecember where Australians racked upa record $30 billion in credit card debt alone.
If youre one of these people, what should you do to avoid carrying and accumulating even more of it?
Dominique Grubisa, a lawyer and CEO of DG Institue, shared her top tips for getting out of debt efficiently and effectively.
1. Re-finance
If you have equity in a property, one easy solutionis to re-finance your credit card or personal loan debt into your mortgage so that youre paying a lower interest rate.
Obviously, youre better off paying three or four per centth…
Read the full article at: https://www.yourmoney.com.au/wealth/personal-finance/5-steps-to-get-out-of-a-debt-headache/
Pia Bang Stokes When the High Court approved a 12m write-off of debt owed by Pia Bang Stokes and her husband, Jeffrey Stokes – formerly of Unicorn …
Read the full article at: https://www.independent.ie/business/irish/high-profile-or-not-personal-insolvency-works-for-debtors-35521090.html
The Supreme Court on Tuesday asked the Centre to detail the composition of the Insolvency Law Committee set up to identify and suggest ways to address issues faced in the implementation of the Insolvency and Bankruptcy Code (IBC). It also asked the government to tell which cases were under active consideration of the panel. It has also asked the government to explain whether the committee is permanent in nature, or formed according to the needs.
On November 21, 2017, the government had set up a 14-member panel to identify and suggest ways to address issues faced in the implementation of the law. The committee, chaired by Corporate Affairs Secretary Injeti Srinivas has Insolvency and B…Read the full article at: https://www.business-standard.com/article/companies/give-details-of-insolvency-law-committee-supreme-court-tells-centre-119010801375_1.html
