My management team and I have left no stone unturned in an effort to avoid this, Mr Fuller said in his statement.

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I am enormously regretful and sad that it has got to this point. Even as late as yesterday [ January 16] it looked like there was an option for avoiding this action but events conspired against us and left us with no option at all.

Mr Fuller pointed to 2008, when the global financial crisis hit, that lead to the companys eventual downfall this year.

He said he sold a portion of SKINS in the midst of the midst of the GFC to a private equity firm and added he made a lousy deal.

And in a bid to get out of that arrangement once the crisis ended, the company borrowed heavily to buy out the private equity shareholder.

To my enorm…

Read the full article at: https://www.smh.com.au/business/companies/sportswear-manufacturer-skins-applies-for-bankruptcy-in-swiss-court-20190121-p50smt.html

SINGAPORE – Water cleaning firm Hyflux faced its grey-haired creditors on Friday (Jan 18) for the second time since it filed for bankruptcy protection, in a bid to rally support to carry through what has proven to be a tough rescue deal.

No definitive answers were given when investors asked repeatedly how much of their money they could expect to recover. Only one new figure was shared by EY, the financial adviser.

In a liquidation scenario, only senior unsecured creditors, namely banks and note holders, will get paid. They can expect a recovery rate of 3.8 to 8.7 per cent.

Subordinated creditors like perpetual and preference share holders will get nothing in a liquidation scenario.

Hyflux chief Olivia Lum opened two townhall sessions …

Read the full article at: https://www.straitstimes.com/business/companies-markets/hyflux-says-perpetual-and-preference-shareholders-will-lose-everything-in

A Christian charity is calling for more financial education on Blue Monday as people across the UK struggle with rising levels of personal debt.

After the Christmas splurge, millions will be coming face to face with the cost of the celebrations as the credit card bills come through the letter box on Blue Monday, traditionally dubbed the most depressing day of the year.

With debt a problem for people across the UK, Community Money Advice (CMA) said financial education for children as well as adults was becoming increasingly necessary to help more people stay on top of their finances.

According to the Money Charity, almost 10 million UK households have absolutely no savings whatsoever, while another 3.26 million have less …

Read the full article at: https://www.christiantoday.com/society/more-financial-education-needed-to-help-brits-stay-debt-free/131521.htm

The National Company Law Appellate Tribunal (NCLAT) has said that the National Company Law Tribunal (NCLT) should not hear any third party, other than the applicant who has taken a company to the NCLT and the company which is the corporate debtor itself, at the time of the admission of a case.

We may observe that except the applicant (financial creditor) and the corporate debtor, there is no requirement of hearing a third party including the intervenor at the stage of admission, the NCLAT said. IDBI Bank had moved the NCLAT against the repeated adjournments in NCLT Kolkata during the corporate insolvency resolution case filed by it against Odisha Slurry Pipeline Infrastructure.

In its order…

Read the full article at: https://www.business-standard.com/article/companies/no-need-to-hear-out-3rd-party-during-insolvency-admission-nclat-tells-nclt-119012000724_1.html

With the last streaks of daylight fading on a mild October evening, the cars pulled up in waves at Pieros Italian Cuisine, an old-school Las Vegas hotspot known for its osso buco.

Cadillacs with tinted windows. Taxis and rideshares. A black Bentley limousine and a white minivan. Men and women emerged, most casually dressed, there for the first of a series of posh, private events hosted by the video gambling industry during the 2018 Global Gaming Expo, North Americas largest gambling trade show. They included gambling executives, lobbyists and about a dozen Illinois lawmakers.

The politicians had flown to Las Vegas to learn about the latest developments in the gambling industry and to discuss its expansion in Illinois, including propo…

Read the full article at: https://chicago.suntimes.com/news/legalized-video-gambling-illinois-bad-bet-poker-slot-gaming-machines-propublica-wbez/

Four days after Indias biggest lender rushed to sell its outstanding advances to Essar Steel, New Delhi appears to be stepping in to help expedite the resolution of top 12 default cases that make up about a fourth of the countrys bad-loan pile.

The government has called a meeting on Monday with the resolution professionals and lenders of the dozen cases, three people familiar with the matter told ET. Timelines have already run beyond what is permitted by law in many cases. Three lenders from each of the dozen cases are expected to attend the meeting.

Injeti Srinivas, Secretary, Ministry of Corporate Affairs, and M S Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI), will take stock of the situation on the technical imped…

Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/government-stepping-in-to-help-expedite-the-resolution-of-top-defaulters/articleshow/67614487.cms

Increase in conversion of NPAs into standard accounts and decline in new accounts falling in NPA category show a definite improvement in the lending and borrowing behaviour.

New Delhi: The Congress left behind the legacy of an anachronic system of resolving commercial insolvency. The Companies Act had a provision of winding up a company if it is unable to pay its debt. Additionally, the Congress Government had enacted the SICA in the decade of 1980s for rehabilitation of sick companies. This applied to companies whose net worth has become negative. The law proved to be an utter failure. Law carried out rehabilitation, several sick companies got a protective iron curtain against creditors. The Debt Recovery Tribunal was created t…

Read the full article at: https://theprint.in/economy/insolvency-and-bankruptcy-code-nclt-have-improved-buying-lending-since-congress-era/172586/

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NATHAN Tinkler says that while his time as the Hunters best known coal baron may not have gone to plan, he is not regretful of his tenure owning the regions two major sporting flagships. Speaking to yourmoney.com.au, Tinkler denied any wrongdoing in the appalling event of ICACs Operation Spicer hearings and said the Knights had reverted to being funded by Newcastles pokies players. He also maintained he had acted ethically throughout his career. Im not like a lot of other coal people. Im not in the Panama Papers and I dont hide things overseas, he told yourmoney.com.au. Im a country boy that had a knack for coal. Im not an accountant or a lawyer so hiding things to my detriment hasnt been my forte. Its t…

Read the full article at: https://www.theherald.com.au/story/5859526/nathan-tinkler-talks-knights-regrets-and-the-jets-in-new-interview/

This story is a collaboration between ProPublica Illinois and WBEZ Chicago, co-published with the Chicago Sun-Times.

The machines, which legislators said would generate billions of dollars in revenue for the cash-strapped state, are spread out over 6,800 establishments, dotting highways and towns from Winnebago County in the north to Alexander County in the south. Step outside the borders of Chicago, where video gambling remains illegal, and you will see feather flags, billboards and neon signs advertising video slots and poker in bars and restaurants, truck stops and storefront gambling parlors.

Illinois now has more locations to legally place a bet than Nevada.

But the meteoric rise of video gambling has proven to be little mo…

Read the full article at: https://www.pjstar.com/news/20190119/how-illinois-bet-on-video-gambling-and-lost