The papers reveal there are 71 creditors, including members of staff, suppliers, directors and others, who are owed 239,812.

The company had 6,455 in the bank when it stopped trading. It also had debtors of 5,888 and fixtures and fittings valued at 143,193.88.

However, the proposed liquidator, Gareth Lewis, from Lewis Business Recovery and Insolvency, said it was uncertain how much of the money from the fixtures and fittings and debtors would be realised, and the estimated total shortfall w…

Read the full article at: https://www.thenorthernecho.co.uk/news/17322312.company-behind-richmond-hotel-to-be-liquidated-just-months-after-opening/

Lenders to insolvent SBQ Steels have preferred to take the liquidation route for the entity, expressing reservations over UK-based Liberty Houses capability to take the process ahead, sources close to the development said.

The resolution professional (RP) has filed an application under Section-33 of the Code of Liquidation, before the Chennai Bench of the National Company Law Tribunal (NCLT), the insolvent entity said in a notification to stakeholders. The Corporate Insolvency Resolution Process of SBQ Steels ended on November 13, it said.

Edelweiss Asset Reconstruction, the lead lender, has loan exposure of Rs 29.97 billion. The total debt of SBQ Steels stands at Rs 36.40 billion. Union Ba…

Read the full article at: https://www.business-standard.com/article/companies/lenders-to-insolvent-sbq-steels-prefer-to-take-the-liquidation-route-118122701024_1.html

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Its no mystery that many startups and small businesses eventually fail. If there is life, there is death; similarly, for every billion-dollar unicorn company, there is a humongous number of startups that have gone onto the other side.

More often than not, startups go bankrupt for reasons that go beyond the viability of their products. In most of the cases, startups fall prey to missteps that ultimately dry up their cash flow.

The top 3 reasons are No market demands the product (42%), shortage of capital (29%) and lack of team enthusiasm or understanding (23%). Other reasons include pricing/cost issues, poor marketing, ignored customers and …

Read the full article at: https://siliconcanals.nl/news/startups/5-notable-dutch-startups-that-went-bankrupt-in-2018/

An analysis of Federal Reserve data projected that by the end of 2018, the total consumer debt in the US will reach $4 trillion.

Americans spend at least 10% of their monthly income repaying debts like credit cards, student loans and car loans, and they basically owe 26% of their total income. These numbers are alarming and studies show that a lack of financial literacy is whats causing Americans to amass such huge debt.

But the good thing about debt problem is, it can always be solved, and the New Year is the best time to kickstart your journey to being debt-free. Here are three smart ways to consolidate your debt and get rid of them for good:

Apply for a debt consolidation loan

One of the best options for consolidating debts is by …

Read the full article at: https://www.bmmagazine.co.uk/business/kick-off-2019-debt-free-three-smart-ways-to-do-it/

Amritsar/Bathinda/Patiala: The crop loan waiver of Rs 2 lakh may not have been enough to revive the fortunes of most farmers, but a section of them is now eyeing fresh loans to put their derailed financial condition back on track once the government waives their old debts.

Our reputation in banks will automatically improve if government waives our loans. This will mean we have cleared bank loans, and we can again apply for fresh ones, said Darshan Singh, who owns two acres of farm land in Tarsikka.

Singh, who has around Rs 2 lakh as bank loan, is not ready to accept any of his faults in becoming a defaulter. The prices of farm inputs are increasing every year, but farm income has declined; it is the duty of government to give remunerati…

Read the full article at: https://timesofindia.indiatimes.com/city/chandigarh/after-debt-waivers-punjab-farmers-bank-on-new-loans/articleshow/67264096.cms

A first-round American baseball draft pick has surprised his parents witha big Christmas gift -usingthe money from his new job to pay off all of their debt.

Brady Singer, a 22-year-old player with the Kansas City Royals, posted a video on Tuesday of his parents as they read a note from him announcing the gift, and the video has been watched more than 3.4 million times since then.

…

Read the full article at: https://www.independent.co.uk/news/world/americas/baseball-player-parents-debt-video-brady-singer-kansas-city-royals-mlb-a8699806.html

The jury is still out on Section 74 of the Insolvency and Bankruptcy Code (IBC), which details provisions for punishment of company officials who breach the moratorium or terms of the resolution plan approved by the committee of creditors as well as the adjudicating authority. While some experts say that invoking the Section is necessary to retain the seriousness of the corporate insolvency resolution process, others believe such stringent measures could deter bidders.

The code could evolve to a place where such erring bidders would be barred from participating as bidders in resolution plans for other companies undergoing insolvency, Sumant Batra, an insolvency expert said.

“Secti…

Read the full article at: https://www.business-standard.com/article/companies/section-74-of-insolvency-code-needed-but-can-deter-bidders-experts-118122600555_1.html

Chinas second largest e-commerce player, JD.com, has announced a restructuring of its main shopping site and the creation of an office of the chief executive to better serve its customer-centricstrategy and allay investor concerns amid rapid changes in the countrys online shopping industry.

The overhaul will divide JD Mall, the companys main revenue driver, into three segments, according to an internal document distributed by JD.coms human resources department on Friday.

Following that initiative, JD.com announced on Wednesday a share repurchase programme that will see the company buy up to US$1 billion of its shares over the next 12 months. The firm said that scheme will be funded from its existing cash balance.

On its restructuring, t…

Read the full article at: https://www.scmp.com/tech/big-tech/article/2179547/jdcom-restructures-amid-rising-competition-slower-growth-and-investor

Challenges of a liquidator include wading through complicated land ownership patterns of the corporate debtor. Photo: Bloomberg

When Santanu T. Ray, a resolution professional, learnt that Conros Steel Pvt. Ltd will have to be liquidated, the first thing he did was to approach the committee of creditors (CoC) and requested all lenders to relinquish control over the companys assets, pledged as collateral for loans.

This control, or charge, as it is commonly called, is the lenders right to sell the underlying asset, if the borrower fails to repay the loan. The requirement to get lenders to sign a letter and give up their claim is just one of the several problems being faced by liquidators appointed under the Insolvency and Bankruptcy Code (IB…

Read the full article at: https://www.livemint.com/Companies/yVhg4tc7HKIr8e2njiqN4K/Liquidation-under-insolvency-and-bankruptcy-code-a-long-and.html

Helping UAE residents resolve their debt issues has been the mission of The Debt Panel from its launch in April 2016.

Our experts have offered financial advice to more than 130 debtors, to help those struggling with chronic liabilities find a way out of their financial mess.

But what happens after the advice is delivered? We meet four of the people who turned to our panel this year to find out how their situation has moved on:

Case one: Single mother of four is hounded by debt collectors over Dh43,000

Sumera Hasan, a single mother of four, from Pakistan, wrote to The National in May because she was receiving up to 10 calls a day from collection agents over a Dh43,000 liabil…

Read the full article at: https://www.thenational.ae/business/money/how-our-debt-panel-helped-make-a-difference-to-lives-1.802343

Updated List of Creditors of SRS Limited displayed under Regulation 13(2)(c) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 pursuant to Regulation 30 read with Clause 16(e) of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pdf Link:
SRS 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/srs-ltd-corporate-insolvency-resolution-process-cirp-list-of-creditors/article25832101.ece

SINGAPORE (Reuters) – Noble Group (NOBG.SI), the once mighty commodity trader, on Thursday completed its drawn out $3.5 billion debt restructuring to emerge as a smaller, unlisted Asia-focused coal-trading business.

The completed restructuring effectively closes the saga of Nobles collapse from Asias biggest commodity trader with a market value of over $6 billion to less than $80 million that began in February 2015 when its accounting practices were questioned by Iceberg Research.

To bolster itself, Noble sold billions of dollars of assets, took hefty writedowns and cut hundreds of jobs, while defending its accounting.

The completion of the companys restructuring all…

Read the full article at: https://www.reuters.com/article/us-noble-group-debt/noble-group-completes-3-5-billion-restructuring-to-emerge-as-smaller-unlisted-firm-idUSKCN1OJ07R