Insolvency Guardian Media Centre
- Once-hyped augmented reality startup Blippar has laid off all of its employees after it collapsed into administration.
- The company said it would wind down its augmented reality services after being unable to raise the necessary funding to stay alive.
- The decision leaves loyal Blippar employees in a tough position before Christmas and may affect their pay.
Blippar, the once-hyped British augmented reality startup, has laid off all of its employees after falling into administration.
The administration process in the UK is similar to a company filing for Chapter 11 bankruptcy in the US.
Corporate insolvency firm David Rubin & Partners announced on Monday that had been appointed as Blippars admi…
Read the full article at: https://www.businessinsider.com.au/blippar-fired-all-its-employees-after-collapsing-into-administration-2018-12
Dear Sir / Madam,
We would like to inform you that 19th meeting of Committee of Creditors of ABG Shipyard Limited was 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-updates-corporate-insolvency-resolution-process-cirp/article25770759.ece
SINGAPORE — Commoditiestrader Noble Group is set to start implementinga long-awaited $3.5 billion debt-for-equity rescue restructuring on Wednesday, in a move that enables the scandal-hit company to avoid liquidation.
The Hong Kong-based and Singapore-listed company has been forced to resort to a form ofbankruptcy protection to carry out the plan, after the Singapore Exchange and other authorities earlier this month said they would not allow the new company to relist its shares.
Instead, Noble last week chose an alternative — a debt-for-equity swap under a court-appointed officer and no relisting. This plan was pre-approved by creditors and has now been accepted by a court in Bermuda, where the company is incorporated.
“The company and th…
Read the full article at: https://asia.nikkei.com/Business/Noble-set-to-implement-rescue-debt-restructuring-plan
SOFIA (Bulgaria), December 17 (SeeNews) – The Sofia city court declared on Monday localtelecommunications operator Max Telecom insolvent in a case instituted at the request of local M Sat Cable [BUL:MCJ1] over a 116.2 million levs ($67.3 million/59.4 million euro) debt, documents filed with the commercial register showed.
In January 2017 the two companies reached an agreement that Max Telecom would repay its outstanding liabilities to M Sat Cable, which totalled 67.6 million levs at the time, in two installments over the next two months, data from the court ruling showed.
However,Max Telecom failed to make the two payments and subsequently accumulated further debt, according to the court.
The court also considered a…
Read the full article at: https://seenews.com/news/sofia-court-declares-max-telecom-insolvent-636967
17:14
17.12.2018
Ukrainian banks with Russian state capital currently have a sufficient level of liquidity for timely settlement with depositors in the event of possible court decisions about the seizure of their assets, First Deputy Head of the National Bank of Ukraine(NBU) Yekateryna Rozhkova has said.
“We have two large banks with Russian state capital – Sberbank and Prominvestbank. Today they have enough liquidity, therefore we still hope that the exit of these banks from the market will happen in a different way [different from VTB, which was declared insolvent],” she said at a press conference in Kyiv.
At the same time, Rozhkova urges courts to be cauti…
Read the full article at: https://en.interfax.com.ua/news/economic/553963.html
In July, when Purplebricks reported its full-year result, Purplebricks chairman Paul Pindar said the Australian business “continued to track the UK performance at the same time in its development” and was expected to “reach monthly profitability within 12 months”.
In its latest interim accounts filed to the London Stock Exchange, Purplebricks said the underlying performance in Australia had been “held back by market conditions and some operational issues”.
The company attributed the 10.2 million loss to “one-off costs in connection with the recent restructuring and re-positioning the business which we have taken steps to correct”.
“Some further one-off restructuring costs are also expected in the second half of the year,” the company said. …
Read the full article at: https://www.afr.com/real-estate/residential/restructuring-costs-purplebricks-interim-losses-blow-out-to-18m-20181217-h196u5
It started early with the collapse of womenswear label Maggie T in early January and the bloodbath affecting Aussie retailers has been relentless ever since.
While 2017 saw the demise of huge labels such as Topshop and Topman Australia, Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Pumpkin Patch and Payless Shoes, it seems 2018 has been no kinder to retail companies.
Mistakes behind Meghans fall from grace
Angry parents unleash over Little Shop
How to bag a $500k property bargain
Heres a roundup of some of the most iconic brands lost in 2018.
MAGGIE T:
The plus-size womenswear brand was the first high-profile Australian retailer to enter administration in 2018 after announcing it would close in early January.
The label, which was fou…
Read the full article at: https://www.news.com.au/finance/business/retail/the-australian-retailers-that-closed-their-doors-for-good-in-2018/news-story/181e9fbb5e76de58e8cb7afa29f09328
Laura Ashley is closing its doors for good in Australia, after a buyer failed to materialise during the administration process, despite several expressions of interest.
The fashion and homewares retailer will close 16 stores in all states and the ACT by the end of this month, and 100 employees will be out of a job. The retailer closed its online store and a store in Brisbane after entering voluntary administration on December 3.
Administrator Craig Shepard of KordaMentha Restructuring said the focus is now on an orderly closure of the remaining stores over the next two weeks. All stock will be priced to clear.
Laura Ashley customers are invited to shop for a Christmas bargain. We thank all the loyal staff for their support of the bra…
Read the full article at: https://www.insideretail.com.au/news/laura-ashley-stores-closing-this-month-201812
On January 29, 2015, the Bangladesh Bank issued a new large loan restructuring policy to stand by big borrowers in trouble.
The policy, which was taken under political pressure from influential debtors, offered a repayment period of up to 12 years, discounted interest rates and down payment as well as repayment in quarterly instalments.
Eleven large business groups got their loans of nearly Tk 15,000 crore restructured, taking advantage of the relaxed policy. Beximco Group alone accounted for a third of the total loans restructured.
After one year of grace period, these loans were due in September 2016. But most of the borrowers have failed to pay their first instalment and three of them even applied to have their loans restructure…
Read the full article at: https://www.thedailystar.net/business/banking/news/large-loan-restructuring-favour-proves-futile-1674622
A new campaign by the charity, The Money and Mental Health Policy Institute, which I am proud to have founded in 2016, and still chair, is campaigning to change the law.
Its not only money
Finance is a wellbeing issue. Debt and mental health are a marriage made in hell.You are four times more likely to be in debt crisis if you have a mental health problem than everyone else, and the recovery rate for people in debt receiving some type of mental health treatment is less than half of that for those who arent in debt.
The new research weve done, based on analysis of the NHSs Adult Psychiatric Morbidity survey, reveals that 100,000 people in debt attempt suicide each year and those in debt are three times more likely to have considered suicide …
Read the full article at: https://www.express.co.uk/life-style/life/1059043/martin-lewis-money-saving-expert-debt-management-advice
Caffeine and napping have something in common. Both make you feel alert and can enhance your performance, whether thats driving, working, or studying. But some people are convinced that drinking a coffee before a nap gives you an extra zap of energy when you wake up.
How could that be? Is there any evidence to back the power of these so-called coffee naps? Or are we better off getting a good nights sleep?
Feeling Sleepy?
If you dont get enough sleep, you incur what researchers call a sleep debt. You can build up a sleep debt without realizing it, on purpose or when you feel you have no other option, like to meet work or other deadlines.
See also: Scientists Finally Understand the Link Between Depression and Bad Sleep
Taking a nap is a common …
Read the full article at: https://www.inverse.com/article/51803-coffee-naps-can-help-you-power-through-the-day
The recent amendment in the Insolvency and Bankruptcy Code 2016 (IBC) has created a special status for the homebuyers as financial creditors with effect from 6 June 2018. The amendment was brought into force at a pivotal junction when the ongoing litigations in projects by Jaypee Infratech and Unitech brought to limelight the hapless situation of homebuyers and the lack of effective remedies available to them.
Associate
Vidhii Partners
Pre-amendment scenario: The Real Estate (Regulation and Development) Act, 2016 (RERA), was not in existence when the IBC was brought into force and although there were certain civil remedies available for homebuyers both under central and state laws, they were not adequate in provid…
Read the full article at: https://www.vantageasia.com/ibc-amendment-gives-voice-beleaguered-homebuyers/