Insolvency Guardian Media Centre
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
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.
Since the company is in liquidation, employees can get their entitlements paid through the Federal Governments Fair Entitlements Guarantee (FEG) Scheme.
Read also:
PricewaterhouseCooper (PwC), an international tax and audit firm, has been appointed as liquidator for Redstar.
Stephen Longley, who will be supervising the liquidation process, said PwC was doing eve…
Read the full article at: https://www.wellingtontimes.com.au/story/5824877/redstar-employees-in-dubbo-face-uncertain-christmas-as-company-liquidated/?cs=12
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
The President of GARIA, Mr Felix Addo made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature dismemberment…
Read the full article at: https://www.ghanabusinessnews.com/2018/12/21/garia-urges-government-to-pass-corporate-insolvency-law/
Dear Sir / Madam,
We would like to inform you that the brief particulars of the invitation for expression of interest in Form G as required under the applicable provisions of the Insolvency and Bankruptcy Code, 2016 read with rules and regulation made thereunder has been published on the website of the corporate debtor. The Form G is also sent to Insolvency and Bankruptcy Board of India to publish the same on their website. The copy of Form G is enclosed herewith as Annexure A.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25797124.ece
Restructuring is so common in both the private and public sectors that many workers will experience one after the other, in an ongoing series of upheavals.
Can this really be good for business? What impact is the constant threat of restructuring having on employee wellbeing and workplace culture?
This year has seen restructuring and layoffs within many large organisations, including the ABC, Fairfax, Myer and IAG. According to the Hays Salary Guide, more than half of employers were restructuring in 2017 to stay competitive in a rapidly changing business world.
In a recent report, the Committee for Economic Development of Australia (CEDA) predicted more than five million (40%) of Australian jobs are likely to disappear in the next 10 t…
Read the full article at: https://www.smartcompany.com.au/people-human-resources/leadership/retrenchments-restructures-hallmarks-lazy-leadership/
Richa Roy and Zubin Mehta
On the second anniversary of the Insolvency and Bankruptcy Code (Code) many of its achievements deserve celebration including fostering credit discipline and improving upon a culture of impunity.
And yet, there has been a gamut of reactionary amendments to the Code, the intent and timing of several of which raise questions. The most significant of these was the introduction of the ineligibility criteria test through Section 29A. The ostensible objective was to preclude unscrupulous, back-door promoters from regaining access to their companies.
There was no such restriction in the Code as originally drafted. Was this oversight? Among the central lacunae in Indian bankruptcy frameworks prior to the…
Read the full article at: https://www.moneycontrol.com/news/business/economy/opinion-self-goal-of-29a-harming-the-promise-of-insolvency-and-bankruptcy-code-3314351.html
Dont wait for the New Year to tackle debt, manage your festive season spending and start 2019 financially fit.
Every year we see an increase of about 28 per cent on credit card spending over the December period, but, with careful planning and clever management of this inevitable increase in spending, you can enjoy your festive season without adding to your debt responsibilities, encouraged Chris Labuschagne, CEO of FNB credit card.
Here are a few tips to help you manage your holiday season spend:
Understand your debt responsibilities now:
Dont sweep your debt responsibilities under the carpet until the New Year, take time to plan your finances.
Make a note of all your repayment responsibilities, such as car, home loan and credit card r…
Read the full article at: https://germistoncitynews.co.za/193121/tips-to-help-you-manage-festive-season-debt-4/
NCLT orders insolvency resolution process against CIL subsidiaryIn a setback to Coal India (CIL), the Kolkata bench of the National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against its subsidiary Eastern Coalfields (ECL).
The tribunal has admitted the insolvency petition, filed by Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ESL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner refused to pay the interest amount on the original debt towards goods supplied.
Although ECL had already paid the principal sum of around `84.71 lakh to GOLIL, one of its operational creditors, the former did not pay the amount of interest at the …
Read the full article at: https://www.financialexpress.com/industry/nclt-orders-insolvency-resolution-process-against-cil-subsidiary/1420557/