Insolvency Guardian Media Centre
Dear Rusty: Sometimes words used have different meaning to others, like your recent article on the Social Security Trust Fund. In a true trust fund, monies are only used for a specific purpose. Our so-called Social Security Trust Fund doesnt work like that. Instead, money collected goes directly into the US Treasury, mixed up with everything else. To the government, Social Security is just another revenue stream. They dont separate it from others and have no intention of doing so. Soon, weve been told, the Social Security fund will be declared insolvent. It should never happen but when you spend every penny that comes in on everything else, when the real purpose needs it the well is dry. Lock up the money so that the politi…
Read the full article at: http://farmersvilletimes.com/2018/12/13/opinion-social-security-matters-ask-rusty-writer-disagrees-about-the-social-security-trust-fund/
Operational creditors of companies undergoing the corporate insolvency resolution process should have a say in the committee of creditors (CoC) and get voting rights proportional to the debt owed to them, the Supreme Court observed on Thursday.
A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha asked the government to mull on the issues raised by operational creditors and get back to the court with an answer by the first week of January 2019, when it will next hear the matter. The two-judge Bench is hearing a bunch of petitions of nearly 40 companies and individuals challenging the validity of the Insolvency and Bankruptcy Code of 2016 (IBC).
Companies such…
Read the full article at: https://www.business-standard.com/article/companies/operational-creditors-should-get-a-say-vote-in-insolvency-process-sc-118121300923_1.html
The announcement was made in the midst of the companys restructure following its self-administered insolvency proceedings, owing to a high rise in energy costs and procurement prices for raw materials.
Job losses
According to Heiner Kayser, MD, Feldmuehle, by discontinuing the production of graphic papers its paper machine 2 will be shut down and there will be job cuts from 400 to 180 staff.
The management presented the overall concept on December 7, 2018, as part of an employee meeting with simultaneous commencement of the negotiation of the social plan with the works council, the company said in a statement.
On November 19, 2018, Feldmuehle filed for an application with the competent local court in Pinneberg to open insolvency proceedings …
Read the full article at: https://www.confectionerynews.com/Article/2018/12/13/Feldmuehle-to-focus-on-specialty-papers-following-insolvency-restructure
Fersun Limited was incorporated in March 2011 and this was the first company operated by Songnan Sun (32) having researched the market for two years.
Initially the company specialised in repairs of mobile phones but as the business grew, the Glaswegian boss expanded the companys activities into the wholesaling of mobile phone accessories and parts, sourcing stock from China.
The company operated in a competitive environment and as Fersun entered into difficult trading conditions in 2013/2014, the company cut its margins but this led to it experiencing cash-flow difficulties.
Following a tax investigation and Songnan Sun seeking advice from an independent insolvency practitioner, the company ceased trading in December 2017 before Song…
Read the full article at: https://www.gov.uk/government/news/glasgow-mobile-phone-boss-banned-after-submitting-false-documents
Dear Sir / Madam,
We would like to inform you that meeting of 19th Committee of Creditors of ABG Shipyard Limited is scheduled to be held on Monday, 17th December 2018 at 02:30 P.M. IST at BDO India LLP, Level 9, The Ruby, North West Wing, Senapati Bapat Road, Dadar (W), Mumbai 400028, INDIA.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/abg-shipyard-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article25732536.ece
Anil Ambani-led Reliance Communications could be staring at insolvency as the Supreme Court on Thursday declined to grant it two weeks extra time to clear the Rs 5.5-billion dues of Ericsson. The deadline for the said repayment ends December 15.
The refusal by the top court to grant more time to RCom revives fears of corporate insolvency proceedings against the company. The Rs 5.5 billion due repayment agreement between RCom and Ericsson was reached in the National Company Law Appellate Tribunal (NCLAT). While asking RCom to clear the dues, NCLAT had said Ericsson could revive the insolvency petition against the company if it failed to pay within the stipulated deadline.
RCom had …
Read the full article at: https://www.business-standard.com/article/companies/rcom-stares-at-insolvency-as-sc-rejects-plea-for-more-time-on-ericsson-dues-118121300750_1.html
Helping UAE residents resolve their debt issues has been the mission of The Debt Panel from its launch in April 2016.
Since then our experts have offered financial advice to over 130 debtors to help those struggling with chronic liabilities find a way out of their financial mess.
But what happens after the advice is delivered? Here we meet four case studies who turned to The Debt Panel this year to find out how their situation has moved on.
Case one: Single mother of four is hounded by debt collectors over Dh43,000
Sumera Hasan, a single mother of four, from Pakistan, wrote to The National in May because she was receiving up to 10 calls a day from collection agents over a Dh43,000 liab…
Read the full article at: https://www.thenational.ae/business/money/how-our-finances-changed-thanks-to-the-debt-panel-1.802343
HYDERABAD: Making it clear that Andhra Pradesh would not be able to reach out to farmers in distress with its non statutory bodies like Farmers Federations, the Hyderabad high court on Wednesday sought to know from the state of AP by Tuesday whether it would set up a state level farmers debt relief commission for the purpose.
The bench of Chief Justice T B Radhakrishnan and Justice S V Bhatt was hearing public interest petitions filed by Pakala Srihari Rao, Ramaiah Yadav of Vyavasaya Jana Chaitanya Samithi and K Sivarami Reddy who were seeking the implementation of Swaminathan commission recommendations to prevent suicides of farmers in both AP and Telangana. They were also urging the court to direct the states to come to the rescue of…
Read the full article at: https://timesofindia.indiatimes.com/city/amaravati/will-farmers-debt-relief-panel-be-set-up-asks-hc/articleshow/67067137.cms
Adherium Limited (ASX: ADR) operates in the business segment of digital health technology providing technologies for medication use and remote patient management in chronic diseases. The companys Hailie solution has proven to be very effective and improve medication adherence and health results for patients who are suffering from various chronic respiratory diseases.
The company has the most varied and a vast range of connected devices for the respiratory medication across the world. Hailie provides for the sensors which get attached to the inhalers to give the patient essential reminders regarding the usage of the inhaler.
The companys Board recently underwent a corporate strategy review. The management via a recent release stated its re…
Read the full article at: https://kalkinemedia.com/2018/12/13/digital-health-player-adherium-announces-major-corporate-restructuring-plans/
HYDERABAD: The National Company Law Tribunal ordered the liquidation of Nagarjuna Oil Corp, nearly 17 months after initiating corporate insolvency resolution proceedings at the company, saying that lenders had not accepted the proposals made by various prospective investors.
Haldia Petrochemicals, Bharat Petroleum, Gulf Petrochem and Citax Energy DMCC had submitted resolution proposals since the insolvency resolution process had started.
The tribunals judicial member, Ch Mohd Sharief Tariq, ordered Nagarjuna Oils liquidation on Tuesday as sought by its resolution professional (RP). All the 14 banks with exposure to the company had favoured liquidation.
The tribunal had in July last year ordered insolvency resolution proceedings against N…
Read the full article at: https://economictimes.indiatimes.com/industry/energy/oil-gas/nclt-orders-liquidation-of-nagarjuna-oil/articleshow/67069653.cms
The Gen Z bosses of an Aussie app developer once hailed as the next Apple say they are absolutely devastated after the company collapsed into liquidation on Friday.
Appster, founded by Melbourne teens Josiah Humphrey and Mark McDonald in 2011 using just $3000 in savings, made headlines over the years for its rapid growth and fairytale story of two childhood mates making it big in Silicon Valley.
The duo, now 26 and 27, were named in the Forbes 30 Under 30 Rich List in 2017 with an estimated net worth of $US43 million. At its peak Appster employed 350 staff across four international offices and was pulling in more than $US19 million in revenue.
Things came crashing down last week, however, with the company placed into voluntary liquidation f…
Read the full article at: https://www.news.com.au/finance/business/technology/things-spiralled-out-of-control-very-quickly-mates-behind-tech-firm-appster-speak-out-after-collapse/news-story/74dbe96f6dd6d035d519ccd661e7d3c0
German heavy lift company Hansa Heavy Lift has filed for insolvency with the Hamburg District Court amid challenging market conditions.
The decision was allegedly triggered by the companys US-based investor Oaktree Capital Management on Monday, December 10.
Due to an extremely challenging operating environment in the global shipping industry, Hansa Heavy Lift filed for insolvency earlier today.
Funds managed by Oaktree Capital Management, have been a committed investor in the company over the past seven years and have worked tirelessly with the companys management team to thoroughly evaluate all potential strategic avenues to ensure the viability of the business, Oaktree said in a statement to World Maritime News.
However, given th…
Read the full article at: https://www.drycargomag.com/hansa-heavy-lift-files-for-insolvency