On Friday, the Financial Services Commission (FSC) announced measures that will result in the forgiveness of debt of lower-income households if they demonstrate goodwill and continue to meet their obligations for a period of time. The FSC also said that various adjustments would be made so that people…
Read the full article at: http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3057266
Disclosure under Regulation 30(2) and Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 concerning “LIST OF CREDITORS” of Ortel Communications Limited as required under Regulation 13(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Pdf Link:
Ortel Communications Ltd – Corporate Insolvency Resolution Process (CIRP)-List of Creditors
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ortel-communications-ltd-corporate-insolvency-resolution-process-cirp-list-of-creditors/article25797127.ece
Danish insurer Qudos, which fell into liquidation last month, has been declared bankrupt by a court in Denmark.
As a result, the danish Guarantee Fund will now be expected to cover the costs of outstanding claims for the company.
Qudos has over 51,000 customers in Ireland,Irelands Insurance Compensation Fund could have been forced to pay the outstanding claims of the Irish holders of policies from Qudos, if the insurer had not been declared bankrupt before the end of this year.
Its products were sold through the Irish agent for Qudos Insurance, Patrona Underwriting.
Patrona said the news of the bankruptcy is awelcome one for Irish customers awaiting the settlement of their claims.
Tony Wright, Managing Director of Patrona, said the move …
Read the full article at: https://www.insurancetimes.co.uk/news/danish-insurer-declared-bankrupt/1429107.article
Edcon Holdings Ltd said lenders extended waivers to give the debt-laden South African retailer time to implement a recapitalisation plan that was approved by its board.
The restructuring and recapitalisation of Edcon has passed its next hurdle, chief executive officer Grant Pattison said in an emailed statement on Friday.
This will allow sufficient time for the number of necessary due diligence and governance processes to be completed, adding that more details will be announced in due course.
Pattison, who took the helm of the Johannesburg-based owner of clothing retailers Edgars and Jet and stationery shops CNA in February, announced plans earlier this year to close some chains and to cut floor space by 17% over five years to save cost…
Read the full article at: https://businesstech.co.za/news/business/291580/edcon-restructuring-plan-passes-next-hurdle/
The Danish Maritime and Commercial High Court has officially declared the bankruptcy of Qudos Insurance.
Following this development, the non-life insurer whose operations were not only in Denmark but also in France, Germany, Greece, Ireland, Italy, Malta, Norway, Sweden, and the UK is now part of the failed firms list provided by British compensation fund FSCS or the Financial Services Compensation Scheme.
In the UK, the in-default insurer provided policies such as motor insurance, GAP insurance, as well as accident, sickness, and unemployment insurance.
We are still in the process of identifying how many UK customers are affected by the failur…
Read the full article at: https://www.insurancebusinessmag.com/uk/news/breaking-news/qudos-insurance-declared-bankrupt-danish-fund-to-compensate-119764.aspx
ABOUT400 employees, including those in Dubbo, are facing an uncertain Christmas after the national freight company Redstar Transport Pty Ltdwas placed in liquidation. Redstar Transport has offices in Dubbo, Melbourne, Sydney, Brisbane, Adelaide and Perth. A callto the Redstar office in Dubbo for a comment wasntanswered, but it is believed that the Dubbo office employs about 20 people. The company was in the news last year after Roads and Maritime Services officers were called to the Dubbo office following atragic fatal accident that took the lives oftwo brothers, aged nine and 12, and seriously injured their four-year-old sibling. Since the company is in liquidation, employees can get their entitlements paid through the Federal Governmen…
Read the full article at: http://www.dailyliberal.com.au/story/5824877/redstar-employees-in-dubbo-face-uncertain-christmas-as-company-liquidated/
Aidan Mark Newman, aged 47 and from Woking, was the sole director of Montrose Design & Build Limited, a company that was incorporated in February 2015 and carried out residential building work.
After only two years, Montrose Design & Build struggled to be profitable and had to cease trading before entering into creditors voluntary liquidation to wind up the company in January 2017.
Liquidators appointed to close the company then reported to the Insolvency Service that a lot of money was owed to customers because their building work had not been completed, despite having made staggered payments to Montrose Design & Build.
Further enquiries led investigators to discover that Aidan Newman contacted an insolvency practitioner in Septembe…
Read the full article at: https://www.theconstructionindex.co.uk/news/view/builder-took-money-despite-insolvency