News - Insolvency Guardian

Online fashion retailer Jabong is expected to lay off a significant portion of its workforce in Gurgaon as part of a restructuring at Flipkart Group, according to three sources familiar with the development.

In all, Jabong, which was acquired by Flipkarts fashion unit Myntra in 2016, could lay off 40-50% of its 400-strong workforce. Walmart, which owns a majority stake in Flipkart, is looking to drive more synergies between Myntra and Jabong with that of Flipkarts fashion business. The two entities have been brought under the control of Flipkart CEO Kalyan Krishnamurthy following co-founder Binny Bansals exit as group CEO earlier this week.

Flipkart Fashion and Myntra will continue to be run independently, although it is not clear how …

A few months ago Reserve Bank Governor Phillip Lowe provided four common sense points we should all keep in mind regarding borrowing to finance a home. (The Governors speech can be found here). I thought they made sense and so summarised them in a tweet to which someone replied that every checkout operator knows them. Which got me thinking that maybe many do know them, but a lot dont, otherwise Australians would never have trouble with their finances.

So I thought it would be useful to expand Governor Lowes list to cover broader financing and investment decisions we make. I have deliberately kept it simple and in many cases this draws on personal experience. I wont tell you to have a budget though because thats like telling you to su…

Working with a range of sectors including sport, retail and professional services this team advises on both contentious and non-contentious personal and corporate insolvency matters.

There is plenty of variety: from acting for banks, private equity providers, LPA Receivers and insolvency practitioners to defending director disqualification proceedings, making and progressing court applications and drafting CVAs and IVAs.

The firm is known for being dynamic, innovative and people-focused and there is a real emphasis on maintaining a good office culture. The firm has also…

KUALA LUMPUR: The Malaysia Department of Insolvency says 64,632 Malaysians aged between 18 and 44 have been declared bankrupt over the last five years.

Additionally, 13,338 have also been declared bankrupt as of September this year.

The data highlights the importance of financial literacy in family institutions, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.

Financial education, is in fact, critical to the stability and resilience of the family institutions w…

Personal injury claims boss jailed for 21 months after fraudulently removing company funds in the months before the courts would make a winding-up order resulting in the closure of the business.

Bury-based Darren Christopher Bullough appeared at Bolton Crown Court on Wednesday 14 November after he pleaded guilty to one count of fraudulently removing funds and another count of failing to provide company books and records to the liquidator.

The court heard that Direct Assist Ltd was first incorporated in June 2007 and was a personal injury claims management company with two registered offices in Bury and Bolton.

Darren Bullough (46) was the sole director but seven years later, the company struggled financially after they lost …

Read the full article at: https://www.miragenews.com/injury-claims-boss-jailed-after-removing-company-funds-before-closure/

Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail speaks at the Financial Literacy Symposium in Petaling Jaya November 15, 2018. Picture by Miera Zulyana

KUALA LUMPUR, Nov 15 The Malaysia Department of Insolvency says64,632 Malaysians aged between 18 and 44have been declared bankrupt over the last five years.

Additionally, 13,338 have also beendeclared bankrupt as of September this year.

…

Read the full article at: https://www.malaymail.com/s/1693768/nearly-65000-malaysians-declared-bankrupt-over-past-five-years-dpm-reveals

Inadequate cash flow and poor strategic management of business were the biggest causes of failed businesses in the last financial year, with over 5,000 reports alleging insolvent trading.

Small to medium-sized corporate insolvencies dominate external administrators reports, with 84 per cent of failed companies having estimated assets of $100,000 or less, according to ASICs report of corporate insolvencies based on statutory reports lodged by external administrators for the 2017-18 financial year.

Of the 7,613 reports lodged, external administrators reported alleged misconduct for 6,577 reports.

The top three alleged possible misconduct came from insolvent trading (69 per cent); care and diligence directors and officers duties (54 per cent)…

Read the full article at: https://www.mybusiness.com.au/management/5180-asic-reveals-reasons-behind-business-insolvencies

Prefabrication and lightweight timber builder Strongbuild was placed into voluntary administration at 9 am on Thursday morning after Frasers Australia pulled out of a contract just two weeks from commencement leaving a massive $6 million gap in expected earnings.

Strongbuild managing director Adam Strong told The Fifth Estate, was that a lending facility that had been arranged as working capital was abruptly cancelled.

According to Mr Strong, Frasers gave no reason for reneging on the arrangement, other to cite matters of convenience, leaving no option but to appoint voluntary administrators Brian Silvia and Andrew Cummins of BRI Ferriers.

The contract was for stage two of Edmondson Park, for 104 townhouses. Mr Stron…

Read the full article at: https://www.thefifthestate.com.au/innovation/building-construction/strongbuild-falls-as-frasers-property-pulls-the-pin-on-a-major-deal/

Secretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down.

The new lawsuit comes a month after a federal judge ruled that the regulation should immediately go into effect, after more than a year of what he called “arbitrary and capricious” delays by DeVos.

Banking, finance and investments

Betsy DeVos

Business, economy and trade

Education

Financial aid in education

Personal …

Read the full article at: https://www.wtva.com/content/national/500419291.html

Drake and Scull International (DSI) incurred a net loss of AED 498 million ($135.58 million) in the third quarter of the year, largely due to a restructuring effort that has seen it hand over its legacy projects, it was announced on Wednesday.

In a statement, DSI attributed the operating law to the final phase of the close-out and handover of the companys legacy projects, which form part of a large restructuring programme which includes the reassessment of all projects.

Due to this reassessment, DSI believes that several other legacy projects, which are due for closure and handover, may lead to further losses in Q4.

The company statement added that it is continuing to pursue measures to accelerate bidding and secure new …

Read the full article at: https://www.arabianbusiness.com/construction/408098-drake-scull-reports-135m-loss-in-q3-over-restructuring

Reform of UK corporate insolvency and restructuring frameworks is desperately needed.

That is the message from accountants and industry insiders as the UK fails to improve its standing in the World Bank insolvency rankings.

While the UK stands still at 14^th place, other countries have worked hard to improve their insolvency and restructuring frameworks. For example, the Netherlands has jumped from 11^th in 2016 to 7^th this year after a raft of reforms. The UK is behind Puerto Rico, Slovenia, and Iceland on the World Bank list.

The government announced a series of proposals for improvement in August, but these have not yet been i…

Read the full article at: https://www.accountancyage.com/why-is-the-uk-behind-on-insolvency-reform/

Tencent executives have told employees that the companys silo culture, which helped create its hugely successful WeChat product, will need to change to a more collaborative approach if it is to succeed in the future in areas such as AI and cloud computing.

The Shenzhen-based company aims to break up in-house fiefdoms and promote more cooperation across different groups as part of a business restructuring that has set the direction of the company for the next two decades.

It is widely agreed that the current situation of different groups doing their own thing should change, Tencent chief operating officer Mark Ren Yuxin said in an internal meeting attended by chairman Pony Ma Huateng on Friday, according to a person familiar with the proc…

Read the full article at: https://www.thestar.com.my/tech/tech-news/2018/11/14/tencent-seeks-to-kill-silo-culture-that-gave-it-wechat-as-it-expands-into-ai-big-data/

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