Insolvency Guardian Media Centre
MOSCOW, Dec 14 (Reuters) – Palmali, one of the biggest players in Russias river-to-sea cargo market, plans to appeal against a court decision declaring its Russian business bankrupt and effectively handing its fleet over to Sberbank, the shipping firms owner said on Friday.
Last month, a court in Rostov-on-Don in southern Russia declared the Palmali unit bankrupt. The unit owes $180 million to Sberbank, with almost all of its roughly 50 ships held as collateral with Russias largest bank.
Palmali also owes 1.6 billion roubles ($24 million) to Russias tax authorities.
Palmalis owner, Mubariz Mansimov, told Reuters the company, which is headquartered in Istanbul and also operates in the Black and Mediterranean Seas, planned to challenge the…
Read the full article at: https://uk.reuters.com/article/palmali-russia-court/palmali-to-fight-court-ruling-on-bankruptcy-of-russian-arm-idUKL8N1YJ1RQ
With credit playing such a huge factor in our financial futures, its no wonder we look for ways to maximize our credit scores. And a common strategy for building our credit scores is to pay off debt, whichcan help improve a credit score, especially if the cardholder is carrying a large balance.
It seems logical, then, to assume that the same strategy applies to ot…
Read the full article at: https://www.marketwatch.com/story/will-paying-off-debt-hurt-my-credit-score-2018-12-14
Dear Sir / Madam,
In addition to our earlier disclosure made on 02nd May 2018, 11th May 2018, 20th June 2018, 12th July 2018, 27th July 2018, 20th August 2018, September 03, 2018, October 01, 2018, October 10, 2018, October 22, 2018, October 24, 2018 and November 20, 2018, we would like to inform you that the Honble National Company Law Tribunal, Ahmedabad Bench (NCLT) in the matter IA 139 of 2018 in CP 53 of 2017, an application made by the Liberty Group PTE Ltd. (applicant), pursuant to Section 60(5) of Insolvency and Bankruptcy Code, 2016 (IBC) has adjourned the hearing of 11th December 2018 to 29th January 2019. The copy of the said order which is enclosed herewith was made available on 14th December 2018.
Further as previously inti…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/abg-shipyard-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25742064.ece
(Repeats Thursday story without changes)
* About 10 percent of Czech adults have seizure orders
* Orders cover debts worth $10.5 billion or 5 pct of GDP
* 4.6 mln seizure orders at end-2017 vs 2.5 mln in Germany
* Tens of thousands avoid legal work due to punitive payments
* Exodus to grey jobs hurts economy, jeopardises pensions
* Graphics: tmsnrt.rs/2RFxGCM tmsnrt.rs/2RNiXFG
By Robert Muller
USTI NAD LABEM, Czech Republic, Dec 13 (Reuters) – Olga Petikova first borrowed a few hundred dollars in the 1990s to furnish her young familys apartment. Later, she turned to payday loans to make ends meet as her husband struggled to make his new business a success. The debt soared.
Two decades on, she owes 2 million crowns ($86,938), 11 times her…
Read the full article at: https://www.reuters.com/article/czech-debt/rpt-debt-trapped-czechs-excluded-as-economy-grows-idUSL8N1YI555
A month-long FE Week investigation has uncovered a trail of insolvency and debt left by two businessmen, David Harper and Mark Hargreaves, whove created a complex web of companies involving Talent Training and AMS Nationwide which received millions in apprenticeship funding from the government.
Questions are now being raised over why a multinational employer, Santander, chose to move a lucrative apprenticeship contract from Talent Training to AMS, after the former went bust with 1.4 million debt.
Fast forward a year and AMS has now also gone into administration, on the same day that Mr Harper and a former HR director of Santander launched a training provider in Glasgow.
The demise of Talent Training
Mr Harper and Mr Hargre…
Read the full article at: https://feweek.co.uk/2018/12/14/exposed-trail-of-insolvency-and-debt-left-in-a-tangled-web-of-companies/
NEW YORK, Dec. 13, 2018 /PRNewswire/ –Pomerantz LLP is investigating claims on behalf of investors of Yangtze River Port & Logistics Limited (“Yangtze” or the “Company”) (NASDAQ: YRIV) Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Yangtze and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
[Click here to join a class action]
On December 6, 2018, Hindenburg Research (“Hindenburg”) published a report entitled “Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated”. The Hindenburg report described Yangt…
Read the full article at: https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-yangtze-river-port–logistics-limited—yriv-300765439.html
Operations at Uchumi Supermarkets have ground to a halt as legal suits by creditors stall turnaround efforts.
The disputes have weakened the retailers ability to cash in on the busy festive season, winding up another dismal year for Kenyas pioneer chain store.
Following various litigation matters concerning the solvency of the company and the lease agreement on Uchumis headquarters offices, the company has been unable to successfully conduct the financial audit for the year ended June 30, 2018, said a statement from the board of directors.
Uchumi is currently fighting a legal battle instituted by creditors including Crown Industries, Euromat and United Bank for Africa that want the supermarket declared insolvent and its assets put u…
Read the full article at: https://www.standardmedia.co.ke/article/2001306138/court-cases-hinder-uchumi-turnaround
GE stock rose nearly 12% as a longtime bear raised rating on the stock, signaling that, as GE moved to revamp its digital business, the worst may be behind the troubled conglomerate.
Since July 2016, GEs stock has lost 78% of its value, while the S&P 500 Index has risen 23%. Years of building up debt and making acquisitions that never paid off led the company to a corporate meltdown during the past couple of years. John Flannery, who replaced Jeffery Immelt in 2017, has sold off assets and struggled to turn the company around.
On Thursday, JPMorgan Chase analyst Stephen Tusa, who had a sell rating on (ge) for more than two years, raised his rating to neutral, prompting GEs stock…
Read the full article at: http://fortune.com/2018/12/13/general-electrics-stock-surges-as-a-longtime-bear-suggests-the-worst-may-be-behind-the-company/?xid=gn_editorspicks
Dear Rusty: Sometimes words used have different meaning to others, like your recent article on the Social Security Trust Fund. In a true trust fund, monies are only used for a specific purpose. Our so-called Social Security Trust Fund doesnt work like that. Instead, money collected goes directly into the US Treasury, mixed up with everything else. To the government, Social Security is just another revenue stream. They dont separate it from others and have no intention of doing so. Soon, weve been told, the Social Security fund will be declared insolvent. It should never happen but when you spend every penny that comes in on everything else, when the real purpose needs it the well is dry. Lock up the money so that the politi…
Read the full article at: http://farmersvilletimes.com/2018/12/13/opinion-social-security-matters-ask-rusty-writer-disagrees-about-the-social-security-trust-fund/
Operational creditors of companies undergoing the corporate insolvency resolution process should have a say in the committee of creditors (CoC) and get voting rights proportional to the debt owed to them, the Supreme Court observed on Thursday.
A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha asked the government to mull on the issues raised by operational creditors and get back to the court with an answer by the first week of January 2019, when it will next hear the matter. The two-judge Bench is hearing a bunch of petitions of nearly 40 companies and individuals challenging the validity of the Insolvency and Bankruptcy Code of 2016 (IBC).
Companies such…
Read the full article at: https://www.business-standard.com/article/companies/operational-creditors-should-get-a-say-vote-in-insolvency-process-sc-118121300923_1.html
The announcement was made in the midst of the companys restructure following its self-administered insolvency proceedings, owing to a high rise in energy costs and procurement prices for raw materials.
Job losses
According to Heiner Kayser, MD, Feldmuehle, by discontinuing the production of graphic papers its paper machine 2 will be shut down and there will be job cuts from 400 to 180 staff.
The management presented the overall concept on December 7, 2018, as part of an employee meeting with simultaneous commencement of the negotiation of the social plan with the works council, the company said in a statement.
On November 19, 2018, Feldmuehle filed for an application with the competent local court in Pinneberg to open insolvency proceedings …
Read the full article at: https://www.confectionerynews.com/Article/2018/12/13/Feldmuehle-to-focus-on-specialty-papers-following-insolvency-restructure
Fersun Limited was incorporated in March 2011 and this was the first company operated by Songnan Sun (32) having researched the market for two years.
Initially the company specialised in repairs of mobile phones but as the business grew, the Glaswegian boss expanded the companys activities into the wholesaling of mobile phone accessories and parts, sourcing stock from China.
The company operated in a competitive environment and as Fersun entered into difficult trading conditions in 2013/2014, the company cut its margins but this led to it experiencing cash-flow difficulties.
Following a tax investigation and Songnan Sun seeking advice from an independent insolvency practitioner, the company ceased trading in December 2017 before Song…
Read the full article at: https://www.gov.uk/government/news/glasgow-mobile-phone-boss-banned-after-submitting-false-documents