Insolvency Guardian Media Centre

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NCLT dismisses HDFC plea for initiating insolvency proceedings against RHC Holding – Economic Times
The National Company Law Tribunal (NCLT) Thursday dismissed the plea of HDFC Ltd to initiate insolvency proceedings against RHC Holding,
Drug awareness publisher placed into provisional liquidation – GOV.UK
Data (Northern) Limited has been placed into provisional liquidation following a hearing at the High Court on 30 November 2018
Convector Grain liquidation process questioned by unsecured creditors – North Queensland Register
UNSECURED creditors of failed grain business Convector Grain have criticised the administration and liquidation process, which left nothing for them
Freedom Insurance shares halve as flags ASIC investigation, liquidity woes – The Sydney Morning Herald
Since October, it has lost two chief executives, a chairman and a chief financial officer, halved staff numbers and suspended
Cheshire West and Chester Council accused of forcing debt-ridden families into bankruptcy – The Chester Standard
THE council has defended itself against accusations it is forcing people into bankruptcy. An investigation by Creditfix, a national personal
Ballarat company Ceramet goes into liquidation – Ballarat Courier
news, latest-news, UPDATE Liquidators say Ballarat manufacturing company Ceramet had been unprofitable for more than five years before it went
What you need to know in advertising today – Business Insider Australia
A lot of digital media companies are said to be looking for buyers, facing the same pressures that forced Mic
Boris Becker drops claim for diplomatic immunity from bankruptcy – Wirral Globe
Former world tennis number one Boris Becker has dropped his claim to have diplomatic immunity from bankruptcy. The three-time Wimbledon
Congress Moves to Streamline Chapter 11, Help Small Businesses Restructure Debt – ABL Advisor
Congressman Tom Marino along with Representatives Doug Collins (R-GA), and David Cicilline (D-RI) introduced, H.R. 7190, the Small Business Reorganization
Ballarat company Ceramet goes into liquidation – Ballarat Courier
news, local-news, UPDATE Liquidators say Ballarat manufacturing company Ceramet had been unprofitable for more than five years before it went
Sterling Biotech Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution … – The Hindu BusinessLine
Dear Sir / Madam, We would like to inform you that 08th meeting of Committee of Creditors of Sterling Biotech
Convector Grain liquidation process questioned by unsecured creditors – Farm Weekly
UNSECURED creditors of failed grain business Convector Grain have criticised the administration and liquidation process, which left nothing for them

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.

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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

A lot of digital media companies are said to be looking for buyers, facing the same pressures that forced Mic to sell at a fire sale. But the Mic sale, combined with overall business pressures, suggest they wont get the price they hope for.

Once high-flying Mic raised $US60 million to build a media company to target millennials, but it sold to Bustle Media Group for a reported $US5 million. The deal struck resemblance to another new-media darling Mashable that sold at this time a year ago for about $US40 million, one fifth of its onetime value.

Now, the buzz is that other investor-backed companies such as Refinery29, Vox Media, and Vice Media might look for an exit. Refinery29 and Vice said theyre not for sale. Vo…

Read the full article at: https://www.businessinsider.com.au/advertising-news-today-sir-martin-sorrell-randy-freer-and-more-12-5-2018-2018-12

Former world tennis number one Boris Becker has dropped his claim to have diplomatic immunity from bankruptcy.

The three-time Wimbledon champion had argued his appointment by the Central African Republic as a sporting, cultural and humanitarian attache to the European Union meant he could not be subjected to legal proceedings.

But, after being told on Monday that Mr Becker is no longer pursuing that claim, a judge made a court order extending his bankruptcy indefinitely.

As a result of Mr Becker abandoning his case, a planned auction of his trophies and memorabilia previously put on hold will go ahead.