Insolvency Guardian Media Centre
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 14th place, other countries have worked hard to improve their insolvency and restructuring frameworks. For example, the Netherlands has jumped from 11th in 2016 to 7th 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/
The resolution of corporate debtors under the Insolvency and Bankruptcy Code (IBC), nearly two years since its inception, is facing a significant challenge to resolve cases in a time-bound manner.
Delays in the Corporate Insolvency Resolution Process (CIRP) and the significant rise in the number of applications being moved against defaulting corporations, are a burden on the existing infrastructure of the National Company Law Tribunal (NCLT), an Icra report has stated. the growing number of applications has already challenged the infrastructure of the NCLT, …
Read the full article at: https://www.business-standard.com/article/economy-policy/delays-in-top-12-corporate-insolvency-cases-cost-lenders-rs-40-billion-118111301734_1.html
- Angela Gonzalez-Rodriguez
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German online fashion and lifestyle products startup Lesara has filed
for insolvency at its headquarters in Berlin.
The companys co-founder for insolvency proceedings in
self-administration for Lesara AG and logistics subsidiary Lesara Logistics
at the district court of Berlin-Charlottenburg. All major expenditures and
decisions must now be approved first by Potsdam attorney Christian Graf
Brockdorff, the trustee appointed by the court, explains the
Handelsblatt.
Founded in 2013, the fashion retailer raised a total of circa 85 million
euros in funding. Earlier this year, Lesara secured 30 million euros from
existing investors like Northzone, Mangrove Capital Partners a…
Read the full article at: https://fashionunited.uk/news/business/german-fashion-startup-lesara-files-for-insolvency/2018111439949
A decision to cease federal funding to two key groups operating Australias national debt helpline could have put the entire service in jeopardy, consumer advocates say.
But questions to the social services minister, Paul Fletcher, appear to have prompted an intervention his second such intervention in recent days that has given advocates confidence the looming crisis will be prevented.
The national debt helpline last year took 170,000 calls from those in serious financial trouble, linking them with independent counsellors to help them out of crippling debt.
In NSW and Victoria the service is run by the Financial Rights Legal Centre and Consumer Action Law Centre respectively, with the majority of funding (roughly 70-75%) coming from s…
Read the full article at: https://www.theguardian.com/australia-news/2018/nov/14/national-debt-helpline-threat-government-pulls-funding
While high household debt remains a risk to economic stability, consumer spending is also a source of stability, according to a major bank economist.
The Commonwealth Bank of Australias chief economist, Michael Blythe, has said that while high levels of household debt, especially at a time of subdued income growth, is a risk to economic activity, consumer spending is a source of stability and one of the least variable components of GDP growth.
The chief economist added that the decline in the household savings rate which is down to just 1 per cent of disposable income has allowed consumer spending to defy the poor income growth.
A recent analysis of the transactions of 2.5 million households by the Commonwealth Bank has found that spendin…
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/12850-consumer-spending-could-help-offset-debt-risks
Kellogg Company is making two major changes to its North American business as part of a recently announced growth strategy.
The Battle Creek-based food maker announced two changes yesterday as part of its Deploy for Growth plan that are designed to ensure it has the right operating model and portfolio to deliver profitable growth in the future.
First, beginning on Jan. 1, the Kellogg North America, or KNA, organizational structure will be re-designed.
The organizational changes are expected to impact about 30 employees in Battle Creek, according to Kris Bahner, SVP of global corporate affairs, Kellogg Company. She said there will be no impact to its operations or employees working in the Grand Rapids area.
Second, Kellogg is explorin…
Read the full article at: https://www.grbj.com/articles/91998-kellogg-restructuring-north-american-business
A report for the Government has found that vulture funds are engaging with borrowers in arrears.
Its publication prompted Finance Minister Paschal Donohoe to dismiss fears of an avalanche of repossession ca…
Read the full article at: https://www.independent.ie/business/personal-finance/property-mortgages/vulture-funds-are-engaging-with-borrowers-in-arrears-government-report-finds-37524790.html
By Tendai Kamhungira
State-owned enterprises and parastatals continue to incur shocking financial losses, with high chances of ceasing operations, Auditor-General Mildred Chiri has warned.
State-owned enterprises and parastatals are losing millions of dollars, according to Chiris latest 2017 report, with fears that some might be declared insolvent due to the losses.
Among the companies experiencing dreadful losses are Zimbabwe Consolidated Diamond Company (ZCDC), Zesa Enterprises (Private) Limited (Zent), Zimbabwe Electricity Transmission and Distribution Company (ZETDC) and Small to Medium Enterprises and Development Corporation (Smedco).
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Read the full article at: http://nehandaradio.com/2018/11/13/government-books-in-total-shambles-auditor-general/
Executive Summary
A small percentage of U.S. companies including PwC, Fidelity, and Aetna have stepped up to help their employees cope with the education loans weighing them down by offering them cash to help them reduce their debts. One downside of their approach is simply giving their workers cash raises their income taxes, diminishing the impact of their efforts. To address this dilemma, Abbott, took a different approach. It introduced a program last August to contribute 5% of pay to a tax-deferred 401(k) plan for full- and part-time workers who direct at least 2% of their pay toward paying down their student loans. The Internal Revenue Service reviewed and ruled favorably on the 401(k) plan structure to make this possibl…
Read the full article at: https://hbr.org/2018/11/how-we-help-employees-pay-down-student-loans-and-save-for-retirement-at-the-same-time
M/s. SKE Projects Private Limited, one of the Financial Creditor had filed an application with Honble National Company Law Tribunal (NCLT), Ahmedabad for initiation of Corporate lnsolvency Resolution Process (CIRP) against Jaihind Projects Limited u/s 9 of the lnsolvency and Bankruptcy Code (IBC).
The Honble NCLT after hearing the application vide its Order dated 02-11-2018 admitted the application of the Financial Creditor for initiation of Corporate lnsolvency Resolution Process (CIRP) and has appointed Mr. Premnarayan Ramanand Tripathi (Registration No. IBBI/IPA-002/IP-N00554/2017-2018/11693) as lnterim Resolution Professional.
Please note that with the appointment of lnterim Resolution Professional, the power of the Board of Directors…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/jaihind-projects-ltd-corporate-insolvency-resolution-process-cirp-appointment-of-interim-resolution-professional-irp/article25484802.ece
Romanian state-own fertilizers producer Oltchim posted a net profit of RON 84 million (EUR 18 million) for the first nine months of this year, a record level since the opening of insolvency procedure, on higher turnover, according to financial data released on Tuesday.
In January-September 2017, the company registered a net profit of RON 39.9 million.
The turnover of Oltchim increased by 16.4 percent year-on-year in the first nine months up to RON 855.6 million.
The results are on a rising trend but the market conditions are decisive for production and margins. These are good numbers considering that in August the production was stopped for annual maintenance, special administrator Bogdan Stanescu told Business Review.
The company …
Read the full article at: http://business-review.eu/business/oltchim-posts-record-profit-in-insolvency-just-before-the-end-of-privatization-190682