West Australians are making more calls per capita to the National Debt Helpline than residents in any other state, as the legacy of a mining construction and housing downturn continues to bite.
Key points:
- The WA branch of the helpline received on average 7080 calls per day last month
- 30 per cent of calls were related to utility debt and disconnection
- Almost one third of WA calls went unanswered from OctoberDecember last year
In the three months to December, more than 9,000 calls were made to the financial advice helpline in WA, making up 21 per cent of the national total.
That figure represents a…
Read the full article at: https://www.abc.net.au/news/2019-02-05/wa-leads-nation-in-debt-help-calls-amid-growing-housing-stress/10779028
What The Directors Want
The directors sought that the CoCs decision to back ArcelorMittal India Pvt. Ltd.s bid should be quashed and set aside. They also asked the NCLT to direct the resolution professional and the CoC to provide them with all documents necessary for deliberations and discussions during meetings.
But most importantly, the directors have asked the CoC and the resolution professional to conduct a fresh vote on plans submitted by prospective resolution applicants.
Essar Steels promoters have already lost a bid to settle more than Rs 54,000 crore debt in full and take their company out of the insolvency process. The Ahmedabad bench of the NCLT on Jan. 29 ruled that the right to withdraw from insolvency proceedings remains with …
Read the full article at: https://www.bloombergquint.com/business/ruias-strike-again-file-fresh-petition-against-essar-steel-insolvency-process
Dear Sir,
This is in reference to the captioned subject.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 7th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on January 30, 2019 to discuss the agenda items stated in the notice of the meeting.
The e-voting on the resolutions put to vote at the 7th meeting of the CoC of the Company commenced on Friday, February 1, 2019, at 05:00 p.m. and concluded on Saturday, February 2, 2019 at 05:00 p.m.
You are requested to take the same on record.
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article26175842.ece
The inter-se claims by parties over assets of the corporate debtor cannot be determined by the Adjudicating Authority under the Insolvency and Bankruptcy Code, held the National Company Law Appellate Tribunal.
The NCLAT was dealing with appeals by two companies, who contended that the Resolution Professional had wrongly treated the articles handed over by them to the corporate debtor as its assets. They filed applications under Section 60() IBC before the NCLT to establish their respective claims over the articles. According to them, the articles were given to the corporate debtor for contract work. The corporate debtor held them in the capacity of a bailee, and not as full owner. So, the articles cannot be regarded as the assets of the c…
Read the full article at: https://www.livelaw.in/news-updates/nclt-cannot-decide-inter-se-claims-by-parties-over-assets-of-corporate-debtor-nclat-read-judgment-142639
Eden Road Wines is being pulled from voluntary administration.
Creditors (those owed money) agreed on Friday to accept an offer from shareholders that will allow the winery to remain open while the debt of $3,457,711 is paid.
Up until the previous Friday, January 25, a sale of the winery was on the cards in order to clear the debt.
Documents drawing an end to the voluntary administrationare expected to be signed this week.
Voluntary administrator Vaughan Strawbridge of Deloitte said the agreement would also secure the jobs of all the staff at Eden Road Wines and maintain the winerys relationships withsuppliers and customers.
Our focus throughout this process has been to ensure the best outcome for everyone …This outcomewill ensure a strong …
Read the full article at: https://www.yasstribune.com.au/story/5878276/glass-half-full-at-eden-road-wines/?cs=1554
With the reference to the above captioned subject, we hereby inform you that 16th meeting of the Committee of Creditors (CoC) will be held on Wednesday, February 06, 2019 at 11:00 am, at the State Bank of India, Stressed Assets Management Branch-II, Raheja Chambers, 1st Floor, B Wing, Free Press Journal Marg, Nariman Point, Mumbai- 400021.
This letter may be treated as communication under Regulation 30 and any other applicable provisions, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ushdev-international-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26173019.ece
Three brothers, who stole 3m in a tax scam involving pubs and restaurants, have been jailed and banned from being directors for 28 years.
Bournemouth brothers Shahab Hashtroudi, 64, Shahin Hashtroudi, 58 and Hedayat Hashtroudi, 68, 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 didnt pay VAT to HMRC, while also stealing the income tax and national insurance contributions of their employees.
Their…
Read the full article at: https://www.cateringtoday.co.uk/news/government/brothers-jailed-14-years-for-3m-pub-and-restaurant-tax-scam/
STRUGGLING with debt and feeling stuck?
Steve Blofield knows the feeling after having to drop out of school in Paulsgrove at the age of 15 to help pay off his mothers debts.
The 54-year-old said: Some of my earliest memories are of my mother getting me to answer the door to bill collectors to make an excuse for her, because we couldnt afford to pay the bills and eat we simply didnt have any food to eat.
I left school without a qualification to my name. I was 15 andI had to earn money to help my mum out. I watched my single mother constantly trying to juggle her finances, working multiple jobs and still not have enough to make ends meet each month.
Steve now runs financial planning firm, Redwood Financial, with his …
Read the full article at: https://www.portsmouth.co.uk/our-region/portsmouth/family-firm-aims-to-help-those-in-debt-with-scheme-1-8795645
The 73-year-old and his partner Ria have been living in poverty in southeastern Bulgaria for the last two months, only to receive help after his story grabbed huge attention in the Netherlands following a TV documentary shown last Sunday.
They survived the freezing conditions in a broken-down van, lacking electricity, water and sanitary facilities, and looking after stray dogs, but Rias health deteriorated suddenly and she was rushed to hospital on Friday in critical condition.
Lubbers said her condition had improved slightly but she would remain in hospital for a few more days at least.
The most important (thing) now is that my girlfriend returns in good condition and can see the dogs again,” Lubbers told Reuters just outside the dilapidat…
Read the full article at: https://www.sbs.com.au/news/dutch-boxer-who-fought-ali-still-riding-punches-in-bulgaria