Insolvency Guardian Media Centre
If a slim, yellow envelope with a Rye, New York, return address lands in your mailbox this Christmas season, do not throw it out. Its not junk mail.
Some 1,300 such envelopes have been sent to New Yorkerscontaining the good news RIP Medical Debt, a New York-based nonprofit organisation, has purchased their medical debt and forgiven it.
…
Read the full article at: https://www.independent.co.uk/news/world/americas/medical-debt-new-york-envelopes-healthcare-expenses-million-insurance-a8670961.html
Following months of rumors about its financial difficulties, Swiss business aviation group and ACMI provider PrivatAir announced on Wednesday it filed for insolvency 41 years after it was established. Both PrivatAir SA in Switzerland and its subsidiary PrivatAir GmbH in Germany commenced insolvency proceedings.
Over the past few weeks, a number of events have had a significant impact on the companies future business forecast and viability, which forced the companies to file for insolvency, PrivatAir said in a short statement on its website. It did not give details about what the events entail, but Germanys civil aviation authority Luftfahrt-Bundesamt revoked PrivatAir Germanys license at the end of October. The German carriers two Boein…
Read the full article at: https://www.ainonline.com/aviation-news/business-aviation/2018-12-06/privatair-files-insolvency
The hedge fund run by Sears Chairman Edward Lampert is offering to buy many of the bankrupt retailers remaining assets for about $4.6 billion with hopes of keeping the chain in business and continuing to employ about 50,000 of its workers.
The bid from Lamperts ESL Investments includes about 500 Sears and Kmart stores, headquarters and distribution centers, and Sears brands and businesses including Kenmore, DieHard and Sears Home Services.
ESL believes that a future for Sears as a going concern is the only way to preserve tens of thousands of jobs and bring continued economic benefits to the many communities across the United States that are touched by Sears and Kmart stores, Lamperts hedge fund said in the…
Read the full article at: https://www.chicagotribune.com/business/ct-biz-sears-bankruptcy-bid-lampert-esl-1207-story.html
Tips To End The Year On A High Note Shared By National Debt Relief
There are a number of consumers who are trying to end the year right that is why National Debt Relief shares tips to accomplish that. The article titled How To End 2018 With Your Finances On A High Note released December 3, 2018, gives people some concrete steps in managing their finances before the year ends.
Contributing mon…
Read the full article at: http://virtual-strategy.com/2018/12/06/tips-to-end-the-year-on-a-high-note-shared-by-national-debt-relief/
The emergency $3.5bn debt restructuring at commodity trader Noble Group has been plunged into doubt after authorities in Singapore said they would not allow a relisting of its shares.
Singapores white collar crime agency, its de facto central bank and stock exchange said they had decided not to allow trading in New Noble to go ahead, based on the findings of an investigation into alleged false and misleading statements.
Monetary Authority of Singapore and the Singapore Exchange have concluded that there are significant uncertainties about the financial position of New Noble, the authorities said in a statement.
It would be imprudent to allow the re-listing as investors will not be able to trade in New Nobles shares on an informed basi…
Read the full article at: https://www.ft.com/content/d4c845d6-f93f-11e8-af46-2022a0b02a6c
ST. PAUL, Minn.–(BUSINESS WIRE)–Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net
sales of approximately $1.4 billion (see attached Sales Summary for
further details) in its fiscal second quarter ended October 27, 2018, an
increase of 1.4 percent compared to the same period last year. Internal
sales, which are adjusted for the effects of currency translation and
changes in product selling relationships, increased 1.8 percent.Reported net income attributable to Patterson Companies, Inc. for the
second quarter of fiscal year 2019 was $28.9 million, or $0.31 per
diluted share, compared to net income attributable to Patterson
Companies,…Read the full article at: https://www.businesswire.com/news/home/20181206005168/en/Patterson-Companies-Reports-Fiscal-2019-Second-Quarter-Results
The National Company Law Tribunal (NCLT) Thursday dismissed the plea of HDFC Ltd to initiate insolvency proceedings against RHC Holding, a non-banking financial company promoted by Singh Brothers — Malvinder Mohan Singh and Shivinder Mohan Singh. A two-member principal bench headed by NCLT President Justice M M Kumar dismissed the plea of HDFC Ltd, which had moved the tribunal to recover Rs 41 crore.
RHC Holding had contended in this matter that it is a non-banking finance company and thus it could not be brought under IBC code.
Earlier in this matter, Japanese drug major Daiichi Sankyo had moved NCLT to stay the insolvency proceedings against RHC Holding.
Daiichi Sankyo had said they have a decree to recover money against RHC Holdin…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/nclt-dismisses-hdfc-plea-for-initiating-insolvency-proceedings-against-rhc-holding/articleshow/66970008.cms
Data (Northern) Limited has been placed into provisional liquidation following a hearing at the High Court on 30 November 2018 after an application was issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.
The Official Receiver has been appointed as the provisional liquidator and has responsibilities to protect the companys assets pending the outcome of a petition to wind up the company in the public interest.
As provisional liquidator the Official Receiver will:
- take control of the company from those currently responsible
- take steps to protect the companys assets
- provide a point of contact for those who have had dealings with the company
The provisional liquidator also…
Read the full article at: https://www.gov.uk/government/news/drug-awareness-publisher-placed-into-provisional-liquidation
UNSECURED creditors of failed grain business Convector Grain have criticised the administration and liquidation process, which left nothing for them in the final distribution of assets in spite of payments for liquidation, administration and legal fees totaling around $1.5 million.
It is probably what we expected, we never thought we would get a big payment, but it is a blow nonetheless, said grower creditor Ian Trevethan, based in the southern Riverina in NSW.
Convector Grain went into administration in 2013, with debts of around $15.3 million to 240 creditors.
Mr Trevethan said it was disappointing to see the finance industry take such big chunks out of the remaining assets that nothing filtered back to people owed money by the company.
It…
Read the full article at: https://www.northqueenslandregister.com.au/story/5795294/convector-liquidation-process-questioned/?cs=4750
Since October, it has lost two chief executives, a chairman and a chief financial officer, halved staff numbers and suspended new sales of direct insurance products.
Loading
Freedom on Thursday said a strategic review undertakenwith Deloitte had found there was no “immediate commercially viable option” to restart sales of its life products.
As part of the review, it identified that on a “business-as-usual” basis, it might face a liquidityshortfall in calendar 2019 due to the timing of commission clawbacks.
“Notwithstanding this potential liquidity issue, the board remains satisfied that the company is solvent, based on the funding, efficiency and business restructuring options available,” it said in a statement.
Read the full article at: https://www.smh.com.au/business/banking-and-finance/freedom-insurance-shares-halve-as-flags-asic-investigation-liquidity-woes-20181206-p50klg.html
THE council has defended itself against accusations it is forcing people into bankruptcy.
An investigation by Creditfix, a national personal insolvency practice, found that Cheshire West and Chester Council (CWaC) is one of 55 local authorities in England and Wales that are said to reject Individual Voluntary Arrangements (IVAs).
IVAs offer an alternative to bankruptcy by allowing people to use an insolvency practice to pay off their debts, including council tax, over time.
But they rely on all creditors agreeing to the arrangement and Creditfix says CWaC is not allowing people to take advantage of them.
Slamming the policy, Taylor Flynn, head of marketing at the company, said it was counter-productive to push people …
Read the full article at: https://www.chesterstandard.co.uk/news/17277752.cheshire-west-and-chester-council-accused-of-forcing-debt-ridden-families-into-bankruptcy/
news, latest-news,
UPDATE Liquidators say Ballarat manufacturing company Ceramet had been unprofitable for more than five years before it went into liquidation last week. Greg Andrews from GS Andrews Advisory toldThe Couriermanagement strategies to improve profit had failed. The companys closure is probably a bit of a hangover from the demise of the Australian car industry, howeverthe company has been unprofitable over the approximately five or six years the current owners have had it, he said. The owners had no choice but to call a halt and place the company into liquidation aftermanagement decisions or strategies they hoped would improve profitability failed and the losses were continuing. Because of the forthcoming Christmas break and…
Read the full article at: https://www.thecourier.com.au/story/5788466/delacombe-manufacturer-unprofitable-for-years-before-going-broke/?cs=12