News - Insolvency Guardian

Another construction company has gone under, owing millions of dollars and leaving a handful of private and public sector projects in the lurch.

All divisions of the Accent On Group are in receivership, while the construction division is also in liquidation.

Liquidators from Staples Rodway, Tony Maginness and Jared Booth were appointed by the High Court this month, at the request of the real estate firm Ray White Damerell Group over unpaid debt.

Mr Booth said the construction company owed more than $4.5 million to creditors, including $1.8m to Inland Revenue.

Ray White director Gower Buchanan said it was the smallest creditor “by a country mile,” but would not reveal th…

The FINANCIAL — It is that time of year again when our world starts revolving around the World Banks Doing Business publication.

It is a time when we once more have the chance to brag about how easy it is to start a business in Georgia, about how small the tax burden on businesses is, and about how good we are at enforcing contracts. However, we are unlikely to draw attention to our rank in the Resolving Insolvency indicator, which places us in a bracket alongside countries not necessarily known for their pristine business-enabling environment.

Fortunately for Georgia, it seems that this area of weakness might be about to change for the better. Insolvency law guides the relationship between debtors, such as entrepreneurs and shareh…

Sub: Notice of Fifth Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor)

Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the Fifth meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) under the provisions of the Insolvency and Bankruptcy Code, 2016, is scheduled to be held on Tuesday, 20th November, 2018.

Mumbai: In a tragedy that was averted in the nick of time, four minor children were rescued just before they could take a train out of town. The children were siblings aged between eight to 11 years old and they tried to flee from their home as they wanted to find jobs elsewhere to help their father pay off his debts.

The incident took place in Sakinaka on Friday and it was due to the alert social activists that the children could be reunited with their parents. These children live in Murarjinagar in Sakina…

Liberty Joseph Durant (70), Joseph Price (54) and David Alan Borland (66) appeared at Lincoln Crown Court on 12 November 2018 where in addition to the director disqualifications, they received suspended prison sentences.

The court heard that Classic Caravans Limited, based in Sleaford, Lincolnshire, was incorporated in November 2008, where it manufactured and serviced caravans.

Joseph Price became the sole director in December 2010 but only four years after first being incorporated, the company ceased trading at the beginning of October 2012 with debts of close to 220,000, triggering an insolvency process to close down the business.

Classic Caravans nominal work in progress was transferred to a new company, Carlight Trailers Limited,…

Two directors and a former solicitor banned by courts for 21 years after conspiring to remove close to 700,000 worth of property from failed caravan company.

The court heard that Classic Caravans Limited, based in Sleaford, Lincolnshire, was incorporated in November 2008, where it manufactured and serviced caravans.

Joseph Price became the sole director in December 2010 but only four years after first being incorporated, the company ceased trading at the beginning of October 2012 with debts of close to 220,0…

Read the full article at: https://www.miragenews.com/bosses-banned-for-removing-700k-from-failed-caravan-company/

The bitter dispute between AfriForum and the EFF has intensified over the last week, and it has lead to the former demanding that Julius Malema is declared bankrupt by the courts.

Kallie Kriel is the AfriForum CEO. On Sunday, he lifted the lid on just how much the red berets owe their political nemeses. After the EFF lost several court battles against Kriels team including two within a few hours last Wednesday their debt has spiralled even further, due to their appeals being dismissed with costs.

How much money Julius Malema and the EFF owe AfriForum

At the start of the month, AfriForum announced that Malema and co owed them R337 000. Last week, R126 000 of that was repaid via an EFT. However, this crea…

Read the full article at: https://www.thesouthafrican.com/afriforum-eff-julius-malema-bankrupt/

The Supreme Court has confirmed UltraTech Cement Ltd. as the winning bidder for insolvent Binani Cement Ltd. In doing so the apex court has upheld last weeks decision by the National Company Law Tribunal and dismissed a petition by competing bidder Rajputana Properties Ltd, owned by the Dalmia Bharat Group.

This decision works to the advantage of the Binani Group as UltraTech had offered a higher bid value in which all creditors will be repaid. Several operational creditors are reportedly related parties of the Binani group and its promoter Braj Binani. Certain promoter guarantees are also covered by the bid, said Sameer Kaji, adviser to the Binani Group.

And though at one time the parent, Binani Industries, had sought to withdraw Binani C…

Read the full article at: https://www.bloombergquint.com/insolvency/ibc-expect-smooth-handover-of-binani-cement-to-ultratech-says-group-adviser

LONDON (Alliance News) – Babcock International Group PLC said Monday cash costs in relation to an ongoing business restructuring programme are not expected to be material, in response a Sky News report regarding exceptional items likely to be incurred by the company in the first half.

The engineering services company previously announced that it is undertaking a programme to strengthen the business by exiting a number of small, low-margin businesses, including the Appledore shipyard located in Devon, England, and reshaping oil and gas business.

“Whilst the exact impact of these actions has yet to be determined by the board, we do not expect the net cash costs to be material,” the company said in a short statement on Monday.

Sky News,…

Read the full article at: http://www.morningstar.co.uk/uk/news/AN_1542617116538540900/top-news-babcock-says-cash-restructuring-costs-to-be-immaterial.aspx

The Company informs your good Office that the Resolution Professional with the approval of Committee of Creditors of the Company had filed an application before Honble NCLT, Mumbai seeking extension of the period of Corporate Insolvency Resolution Process (CIRP) of the Company by 90 days in terms of Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The application was heard on 30th October, 2018 and Honble NCLT, Mumbai has granted an extension of the CIRP period of the Company by 90 days from the date of the Order. Therefore CIRP timeline is extended till 28th January 2019. The Honble NCLT Order dated 30th Oct, 2018 is annexed to this notification.

Pdf Link:
Ricoh India Ltd. – Corporate Insolvency Resolution Process (CIRP)-Upd…

Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ricoh-india-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25537328.ece

A Buxton shoe firm which employed 50 staff has gone into voluntary liquidation.

The decision was taken after Bells Shoes lost an account with Clarks which accounted for nearly half of the firms 18m turnover.

Redfoot Shoes, which is based in Bacup in East Lancashire, has announced it is investing over 1m to develop the online operation of Bells Shoes after buying its website, stock and intellectual property.

Bells Shoes has now gone into solvent voluntary liquidation as part of a planned wind-down which began earlier this year.

Steven Wiseglass, an insolvency practitioner and director at Greater Manchester firm Inquesta, has been appointed liquidator.

Bells Shoes comprised the online business and a shop in Buxton.

The shop has been rebran…

Read the full article at: https://www.thebusinessdesk.com/eastmidlands/news/2020238-50-jobs-lost-as-shoe-company-goes-into-voluntary-liquidation