Insolvency Guardian Media Centre
Open source
A few weeks ago, the investigation officially filed charges against Oleksiy Kargapolov, former deputy chairman of the board of the Ukrainian Professional Bank (UPB), who was heading it at the time of the introduction of the provisional administration in May 2015. The banker is accused of more than 220 million USD fraud. Thus, the case of bringing to the insolvency Ukrainian professional bank got off the ground. However, people are interested if businessman and owner of Milkiland holding and, in fact, real owner of the mentioned bank, Anatoliy Yurkevych, to be punished.
UPB bankruptcy is one of the most revealing and cynic…
Read the full article at: https://112.international/article/how-ukrainian-professional-bank-was-looted-34395.html
We are in receipt, through a lawyer firm, of the copy of application filed by Bank of Maharashtra under the Insolvency & Bankruptcy Code, 2016 for an amount of Rs. 521.97 Crore. The Company is in process of taking legal advice to deal with the same. In this connection, it is also hereby pointed out that Bank of Maharashtra has recently released a notification for sale of assets including the debt of the Company amounting to Rs. 352.58 Crore as per their ledger balance.
Kindly take a note of the same.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ismt-ltd-corporate-insolvency-resolution-process-cirp-initiation-of-corporate-insolvency-resolution-process-cirp-by-financial-creditors/article25565555.ece
A single mum who took on Centrelink after they demanded the return of a $40,000 overpayment has had a big win as the case finally comes to a close.
Two years ago, Carly Hockey got a series of bills from the government, telling her she had been overpaid thousands in the family tax benefit she had been claiming.
However, the overpayment was the result of a Centrelink computer error, and despite admitting that, they demanded she pay it back.
“We had no reason to believe at any point that there was anything wrong with our payments because we were reassured by Centrelink repeatedly that our payments were correct,” Ms Hockey told A Current…
Read the full article at: https://www.9news.com.au/2018/11/22/17/41/centrelink-overpayment-single-mum-court-battle-win
Four companies related to Bella Vista Homes have been put into liquidation by Inland Revenue this week.
Project Management Limited, Live Wire Limited, Lakes Engineering Limited and Ground Effects Limited were appointed a liquidator in the Hamilton High Court on Monday.
Former Bella Vista boss Danny Cancian is the sole director and shareholder of all four of those companies, according to the New Zealand Companies Office website.
Cancian said in March that he had set up other companies so they could work for Bella Vista Homes, “so I could control the process of what happened on the jobs rather than outside contractors”.
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Rhys Cain, a Christchurch-based insolvency practitioner with the company EY, was appointed as th…
Read the full article at: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12164363
A controversial new ITV drama stars Sheridan Smith as an online gambling addict who seizes upon lucrative insider information she finds at the City office where she is working as a zero-hours contract cleaner.
Cleaning Up, an unashamedly political series, follows Sam, a struggling mother-of-two, who asks why should the greedy bastards get rich while we get shafted?
Although she knows insider trading is against the law, Sam and her resourceful team of cleaners use the trading secrets they discover to wipe out their debts and make some real money.
Victimless crime?
The Bafta-winning Smith said that she sympathised with the actions of her character, who has 15,000 of online gambling debts and is faced with losing custody of her two…
Read the full article at: https://inews.co.uk/culture/television/sheridan-smith-itv-cleaning-up-online-gambling-city-greed/
City needs its cinema
I was completely shocked to hear that our wonderful cinema Youthoria would be closing the doors on December 31.
This cinema is such a marvelous facility in our beautiful town.
The building itself is 92 years old and has such presence and history and ambiance.
It offers joy to young and old.
So many little children have a proper cinema experience there during the school holidays.
The wonderful stories told on the big screen can become lifelong memories.
Young people growing up in our rather remote community can share the same cinema experiences as city children.
For older people in the community and for women and people who live alone it is a simple, safe and economical social outing.
How many fundraisers have been show…
Read the full article at: http://www.portlincolntimes.com.au/story/5769496/letters-to-the-editor/
The IMF has warned for more than a year of rising debt levels in low income countries. Now, bailout talks with Pakistan and requests for help from Angola, Zambia and others are forcing the fund to confront a pressing question: how far is debt distress in the developing world due to lending by China?
The trouble is, no one has the information needed to answer this question and so ensure that Beijing plays its part in any writedowns of debt to official creditors.
In the past decade, China has stepped into the gap left by western donors, offering no-strings finance for political allies and for projects advancing its commercial and geopolitical interests.
In the absence of official data, it is hard to assess even the scale of lending. Re…
Read the full article at: https://www.ft.com/content/6a0002ba-ecd9-11e8-89c8-d36339d835c0
Business as usual for LBI Media– Company receives $38 million loan from existing lenders to support ordinary course operations
Elects to file for Chapter 11 to implement financial restructuring supported by 100% of its first lien debt
LOS ANGELES, Nov. 21, 2018 (GLOBE NEWSWIRE) — LBI Media, Inc. (“LBI” or the “Company”) today announced it is pursuing a financial restructuring in order to implement an agreement with 100% of the Companys senior lenders to reduce LBIs debt by more than $350 million. LBI has also received a commitment for a new $38 million loan from its senior lenders, which will support the Companys operations during the restructuring process. LBI will continue running its business in the ordinary course as a leading …
Read the full article at: https://globenewswire.com/news-release/2018/11/22/1655420/0/en/LBI-Media-Reaches-Agreement-to-Pursue-Financial-Restructuring-to-Reduce-Debt-and-Strengthen-Competitive-Position.html
Credit: Dreamstime
IT consulting firm PS&C Limited has divested the Allcom Networks business to managed services provider Crosspoint Telecommunications for $3.2 million.
The payment will be broken down in three parts. First a $1 million completion payment is expected, followed by post-completion payments of $1.8 million on 21 May 2019 and $400,000 on 21 November 2019.
The decision to divest the business is part of publicly-listed PS&C restructuring activities across the 2017 and 2018 financial years. According to PS&C, the decision was also based on…
Read the full article at: https://www.arnnet.com.au/article/649945/ps-c-sells-allcom-networks-3-2m-deal/
IT services provider PS&C has sold off its Allcom Networks business to Sydney managed services provider Crosspoint Telecommunications for $3.2 million.
The decision to offload its communications business was due to Allcom not being cohesively aligned to PS&Cs core strategy, the company said.
PS&C said its strengths now lie in security and consulting, with Allcom facing tougher competition in communications services, specifically network infrastructure, video conferencing and managed services.
PS&C is fundamentally a people business delivering specialised services to our clients. The
Allcom Networks business did not align with where we are focusing the companys efforts and did not provide PS&C with any competitive adv…
Read the full article at: https://www.crn.com.au/news/psc-offloads-telco-business-allcom-networks-as-part-of-ongoing-restructure-515905
City needs its cinema
I was completely shocked to hear that our wonderful cinema Youthoria would be closing the doors on December 31.
This cinema is such a marvelous facility in our beautiful town.
The building itself is 92 years old and has such presence and history and ambiance.
It offers joy to young and old.
So many little children have a proper cinema experience there during the school holidays.
The wonderful stories told on the big screen can become lifelong memories.
Young people growing up in our rather remote community can share the same cinema experiences as city children.
For older people in the community and for women and people who live alone it is a simple, safe and economical social outing.
How many fundraisers have been show…
Read the full article at: https://www.portlincolntimes.com.au/story/5769496/letters-to-the-editor/
The Hyderabad-based construction company IVRCL Ltd is now headed for liquidation, after a resolution plan failed.
The Resolution Process, which was moved by the main lender SBI, in the National Company Law Tribunal, Hyderabad, went through the Corporate Insolvency Process under the Insolvency and Bankruptcy Code, 2016.
After the Committee of Creditors, which went through the assessment of the plan, rejected the proposal, the Resolution Professional has been asked to file a petition for liquidation, a process that comes into play if the resolution process fails.
The Committee of Creditors, which had factored some of the changes in the documents of Expression of Interest and bid process, decided to reject the plan due to lack of requisite …
Read the full article at: https://www.thehindubusinessline.com/companies/ivrcl-heading-for-liquidation-as-resolution-plan-fails/article25560218.ece