Insolvency Guardian Media Centre
Congressman Tom Marino along with Representatives Doug Collins (R-GA), and David Cicilline (D-RI) introduced, H.R. 7190, the Small Business Reorganization Act (SBRA). Senate Judiciary Chairman Chuck Grassley (R-IA) and Senator Sheldon Whitehouse (D-RI) introduced companion legislation in the Senate. The bill will streamline existing bankruptcy procedures and provide new tools to increase a small business ability to achieve a successful restructuring.
Chapter 11 in the bankruptcy code was designed for administering complex business reorganizations involving multi-million dollar companies. Though several provisions specifically focus on small business debtors, a significant amount of research shows that Chapter 11 may still create…
Read the full article at: http://www.abladvisor.com/news/15355/congress-moves-to-streamline-chapter-11-help-small-businesses-restructure-debt
news, local-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: http://www.thecourier.com.au/story/5788466/delacombe-manufacturer-unprofitable-for-years-before-going-broke/
Dear Sir / Madam,
We would like to inform you that 08th meeting of Committee of Creditors of Sterling Biotech Limited was held on Tuesday, 04th December 2018 at 02.00 P.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India.
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/article25669110.ece
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.farmweekly.com.au/story/5795294/convector-liquidation-process-questioned/?cs=5153
KOLKATA: B K Birla group company Kesoram Industries on announced demerger of its tyre business in a major second round of restructuring in the wake of unsustainable debt of the company.
Kesoram, in a statement, said the company approved the demerger of the tyre undertaking into a new entity, Birla Tyres Limited.
“We are open for investors but will continue to be in the business of tyres,” Kesoram CFO Radhakrishnan told PTI.
Two years ago, the company had sold off the Laksar tyre plant near Haridwar to JK Tyres for close to Rs 2,000 crore in a bid to control its debt of Rs 5,300 crore.
The company has been continuously paring debt which currently stands at Rs 3,500 crore, but was grappling to manage it.
The turnover of the demerged tyre d…
Read the full article at: https://economictimes.indiatimes.com/tyres/kesoram-to-demerge-tyre-division-help-to-pare-rs-1000-cr-debt/articleshow/66939294.cms
Restructuring at Crowley: Jacksonville-based Crowley Maritime Corp. announced Wednesday that it will complete the merger its liner services group into Crowley Logistics on Jan. 1.
The business unit will be led by Steve Collar, senior vice president and general manager.
Crowley said integrating liner services into logistics was planned as part of a corporate restructuring announced this year that will yield four business units: Crowley Fuels, Crowley Solutions, Crowley Shipping and Crowley Logistics.
Southpoint Business Park building sold: The 22,344-square-foot, two story, multitenant office building at 4237 Salisbury Road, Building No. 4 in Southpoint Business Park, sold Wednesday to a private inves…
Read the full article at: https://www.jaxdailyrecord.com/article/business-in-brief-restructuring-at-crowley-maritime-corp
Registrations are now open for the Contract Law Masterclass Sydney and so is the chance reserve your seat at the best available rate with the time-limited Early Bird offer.
The one day masterclass puts the spotlight on some of the most complex areas of contract law. Among the speakers will be David Walter, Partner at Baker & McKenzie, who will be analysing how you can protect your business or clients against insolvency risks.
Hell be giving an overview of the new provisions (sections 415D-415G, 434J-434M and 451E-451H), discussing enforcing rights to terminate for delay, late payment or licensing issues, strategies for minimising exposure to contractor insolvency risk, protecting rights against the po…
Read the full article at: https://www.australasianlawyer.com.au/news/contract-law-masterclass-tackles-topic-of-insolvency-258102.aspx
Registrations are now open for the Contract Law Masterclass Sydney and so is the chance reserve your seat at the best available rate with the time-limited Early Bird offer.
The one day masterclass puts the spotlight on some of the most complex areas of contract law. Among the speakers will be David Walter, Partner at Baker & McKenzie, who will be analysing how you can protect your business or clients against insolvency risks.
Hell be giving an overview of the new provisions (sections 415D-415G, 434J-434M and 451E-451H), discussing enforcing rights to terminate for delay, late payment or licensing issues, strategies for minimising exposure to contractor insolvency risk, protecting rights against the po…
Read the full article at: https://m.australasianlawyer.com.au/news/contract-law-masterclass-tackles-topic-of-insolvency-258102.aspx
* Local govts to prepare lists of zombie firms within 3 mths
* Firms must draw up restructuring plans within 6 months
* Those meeting bankruptcy conditions to be eliminated immediately (Adds detail, background)
SHANGHAI/BEIJING, Dec 4 (Reuters) – China will encourage zombie firms that still retain business value to restructure and woo strategic investors to cut debt to reasonable levels, the state planner said on Tuesday.
As part of its efforts to curb soaring corporate debt and tackle price-sapping capacity gluts in sectors such as steel and coal, China has promised to improve bankruptcy procedures and allow vast numbers of loss-making zombie companies to close.
But Beijing has also sought to ensure a smooth exit for hundreds of insolve…
Read the full article at: https://af.reuters.com/article/energyOilNews/idAFL4N1Y92ZZ
Debt can be a tricky thing. On the one hand, getting a mortgage or other form of credit is a normal way to finance modern life and so long as you stay up to date with payments everythings fine.
One the other hand, if you take out too much debt or your circumstances change you might find yourself unable to cover repayments, which can lead to serious problems.
To help us understand how Irish people feel about debt, weve put together a short survey – and you could be in with a chance of winning a 100 One4All voucher by taking part!
All answers are anonymous and the survey takes no more than two minutes to complete.
Read the full article at: https://www.irishmirror.ie/lifestyle/win-shopping-voucher-debt-survey-13663803
* Local govts to prepare lists of zombie firms within 3 mths
* Firms must draw up restructuring plans within 6 months
* Those meeting bankruptcy conditions to be eliminated immediately (Adds detail, background)
SHANGHAI/BEIJING, Dec 4 (Reuters) – China will encourage zombie firms that still retain business value to restructure and woo strategic investors to cut debt to reasonable levels, the state planner said on Tuesday.
As part of its efforts to curb soaring corporate debt and tackle price-sapping capacity gluts in sectors such as steel and coal, China has promised to improve bankruptcy procedures and allow vast numbers of loss-making zombie companies to close.
But Beijing has also sought to ensure a smooth exit for hundreds of insolve…
Read the full article at: https://af.reuters.com/article/commoditiesNews/idAFL4N1Y92ZZ
Australian retailers who stock TEAC products are today questioning the long term future of the business after the Company reported a loss of $2.04M.
Questions are also being raised as to whether the Australian Securities and Investment Commission should question directors of the Australian operation, (TTA) about inter Company loans and the approval of these loans to a Company that is struggling with some major cash generating assets already placed into liquidation.
TEAC claim that they are a major partner of Harvey Norman, JB Hi-Fi and The Good Guys, Radio Rentals, Leading Age Group and Betta Electrical stores.
What is of concern is the appearance of a provision on the books of TTA Holdings of $1,848,000 million by a related entity Akira…
Read the full article at: https://www.channelnews.com.au/serious-questions-raised-over-teac-inter-company-loans-will-asic-investigate/