Insolvency Guardian Media Centre
The Davyhurst plant
Latest News
Eastern Goldfields has announced that it maygo into voluntary administration followingthe collapse ofa $75 million recapitalisation.
The goldminer has proposed to adjourn its November 30 annual general meeting (AGM) until the end of January next year to allow its shareholders to consider the companys financial statements.
The AGM was initially scheduled to approve resolutions that would initiate the $75 million recapitalisation,whichEastern Goldfields declared wouldno longer proceed now.
Eastern Goldfields said in an ASX statement that itwas evaluating a number of alternative transactions, including voluntary administration, however these [transactions] are not yet at a stage where the company is in a position …
Read the full article at: https://www.australianmining.com.au/news/eastern-goldfields-signals-voluntary-administration/
Italian manufacturer Piaggio Aerospace declared insolvency on 22 November, asking for extraordinary administration that would allow them to restructure.
Piaggio manufactures and markets the P-180 Avanti Evo twin turbo-prop, which is aimed at the corporate and business aviation sectors. It is believed they are not selling well.
In December last year, Piaggio released a five-year turn-around plan that included a further investment of $US342 million from parent company Mubadala.
According to a statement from Piaggio, the turn-around plan failed in its key objective.
“Despite the commitment and hard work of everyone at Piaggio Aerospace, as well as the significant financial contribution made over the years by the shareholder, the key fundam…
Read the full article at: http://www.australianflying.com.au/latest/piaggio-aerospace-declares-insolvency
Liberal MP Raj Grewal told a party official last week that he had a gambling problem and had accumulated debt of more than $1-million, a source said.
Mr. Grewal held discussions last Wednesday with Liberal MP Mark Holland in which Mr. Grewal admitted he faced serious financial problems. Mr. Holland, who is the Chief Government Whip, then relayed the information to senior Liberal officials, including members of the Prime Ministers Office, the source said.
On Wednesday, Mr. Holland refused to discuss the details of his conversation with Mr. Grewal, citing the confidential nature of the exchanges.
The source, who was briefed on the matter, said the understanding was that Mr. Grewal had accumul…
Read the full article at: https://www.theglobeandmail.com/politics/article-raj-grewal-told-liberals-he-had-more-than-1-million-in-debt-source/
Professional and collegiate sports have historically feared one practice most heavily over anything else: gambling. The threat has been that if an athlete, official or coach became ensconced in major gambling debt, they might accept a bribe from a gambler to alter their performance. Fan confidence in
Professional and collegiate sports have historically feared onedanger above all others, gambling. The threat has been that if an athlete, official or coach became ensconced in major gambling debt, they might accept a bribe from a gambler to alter their performance. Fan confidence in sports is based on the premise that the games are played on a level playing field. Two heavily motivated teams giving peak performance playing with the same…
Read the full article at: https://www.forbes.com/sites/leighsteinberg/2018/11/28/sports-gambling-is-evolving-more-rapidly-than-we-expected/
The company that runs an awards event promoted as the working womens Oscars is being liquidated with debts of more than 100,000.
But the couple who already run the Venus Awards are planning to buy it back out of liquidation and keep going.
This years Dorset Venus Awards went ahead at Bournemouths Hilton Hotel on Friday, with assurances that everyone involved was being paid.
A resolution to voluntarily wind up Venus Awards Ltd was passed in August, shortly after its name was changed to Company 07794190 Limited.
Documents lodged at Companies House show the company owed more than 70,000 to HM Revenue and Customs.
It also owed 16,882 to BH Live, which operates the BIC, where the 2017 Dorset Venus Awards were held. Sole…
Read the full article at: https://www.dorsetecho.co.uk/news/17259013.company-behind-venus-awards-files-for-insolvency/
Gionee is on the verge of bankruptcy after owing money to financial institutions, suppliers, and advertising and marketing agencies. The total debt is around CNY17 billion (about $2.45 billion), not without the handy help of its chairman Liu Lirong, who lost CNY1 billion while gambling in a casino.
In a meeting between company representatives and suppliers, Gionee reportedly stroke a deal with major suppliers, but nearly 400 smaller companies are yet to hear what will happen with the money they are owed. If restructuring is not a viable option, Gionee will go into liquidation.
Beijing Youth Daily reported the meeting is happening after 20 major suppliers filed a lawsuit with the Shenzhen Peoples Court for missed payments from Gionee…
Read the full article at: https://www.gsmarena.com/gionee_faces_bankruptcy_fail_pay_suppliers-news-34440.php
Bluethorne Trading Limited was wound up in the public interest at the High Court on 20 November 2018, with the Official Receiver appointed as liquidator.
The company claimed to be an interior design business, operating from an office in Medway, Kent.
But the Insolvency Service was made aware of complaints about Bluethorne Trading and following an investigation, the High Court ordered the company be put into provisional liquidation on 28 September following a petition presented by the Secretary of State.
It was discovered that the company relied on false and inflated accounts to give the impression it was a profitable business in order to apply for credit for a wide variety of products, some not typically associated with their stated …
Read the full article at: https://www.gov.uk/government/news/court-shuts-down-fraudulent-interior-design-company
Security guards patrol in front of the Kyiv office of Russian state-owned VTB bank on Feb. 20.
Photo by Volodymyr Petrov
Ukraines central bank declared the Ukrainian subsidiary of Russian state lender VTB insolvent due to its declining liquidity and worsening financial position, the central bank said on No…
Read the full article at: https://www.kyivpost.com/business/reuters-ukraine-central-bank-declares-russian-vtb-subsidiary-insolvent.html
Portfolios put into run-off with Darag.
New Nordic Advisors has put its wholly-owned Danish subsidiary Qudos Insurance into liquidation with immediateeffect.
The unrated Copenhagen-headquartered insurer was closed to new business on 18 October.
The investment management company said it had made the latest move after a review of the insurance companys position.
It explained that a number of retrospective reinsurance treaties had been opened with legacy specialist Darag to de-risk Qudos and provide a solution for policyholders.
The firm did not detail which portfolios were in the deal but stated that both parties were continuing to explore whether similar solutions can be brought to bear for oth…
Read the full article at: https://www.insuranceage.co.uk/insurer/3718381/unrated-danish-insurer-goes-into-liquidation
Its that time of year when recent college graduates have to start paying back their student loans grace period is ending, and Fifth Third Bank has a solution. By teaming up with CommonBond, a leading financial technology company, Fifth Third Bank is providing its customers with solutions that could help them save money on their student loans.
Read the full article at: https://www.finextra.com/pressarticle/76535/fifth-third-bank-collaborates-with-commonbond-on-student-debt-relief
Ukraines central bank declared insolvent Kremlin-run lender VTBs local subsidiary on Tuesday, ending a long-running struggle over the Russian states role in the country after the annexation of Crimea.
The National Bank of Ukraine said it would wind down VTB Ukraines operations after its Moscow parent failed to comply with banking law and the [NBUs] regulations and made no attempt to keep the bank solvent.
Ukraines deposit insurance agency will pay out 943m hryvnias ($33.5m) to depositors, almost all of whom will be compensated in full, the NBU said. VTBs total assets in Ukraine are 26bn hryvnias, making it the 16th largest bank in the country.
VTB claimed that Ukraine had paralysed its bank through rulings that essentially made it imp…
Read the full article at: https://www.ft.com/content/f7b83af6-f26e-11e8-ae55-df4bf40f9d0d
Sub: Outcome of 11th Committee of Creditors Meeting
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
With reference to the subject cited above, I would like to bring to your kind notice that the 11th Meeting of the Committee of Creditors (COC) of the Company held on Tuesday, 27th November, 2018, at the registered office of the Company situated at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
We give below outcome of the 11th Meeting of the CoC:
1. Took note of the reports of M/s. BDO India LLP and IMAP.
2. CoC decided to file application for exclusion of time of 147 days lost during legal process beyond 270 …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article25604962.ece