The Fourteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 25 October 2018 at 1:00 PM at Orion Room, The Learning Galaxy, 8th Floor, Iconic Wing, Urmi Estate, 95, Lower Parel (West), Mumbai 400013, India.
The outcome of the meeting is attached herein.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article25484671.ece
With real threats of such enterprises going under, there is renewed desire that they be shielded against possible liquidation or being declared insolvent.
Gideon Badagawa, the Executive Director at the Private Sector Foundation maintains that economic recovery remains hinged on job security and market access.
Read the full article at: http://www.ntv.co.ug/news/national/Low-demand–high-cost-of-production-blamed-for-insolvency/4522324-4849690-lblaqo/index.html
CBL Insurance will be wound up after the High Court in Auckland approved an application by the Reserve Bank of New Zealand to liquidate the business.
The business has been in court-imposed interim liquidation and its parent company CBL Corporation in voluntary administration since February.
The courts decision looks set to hasten the demise of CBL Corporation, one of the few New Zealand insurers that made a name for itself globally with businesses in Europe and Australia.
The Reserve Bank, which had pushed for the interim liquidation, says the winding up of the company is in the best interests of the public.
It says CBL Insurance failed to meet solvency conditions, breached regulations and misreported its business to the regulator…
Read the full article at: https://www.insurancenews.com.au/daily/cbl-high-flying-insurer-to-be-liquidated
Adhunik Metaliks, the Calcutta-based beleaguered steel maker, may face liquidation after Liberty House of the UK failed to make an upfront payment to the creditors within the stipulated time.
The National Company Law Tribunal (NCLT) suggested that the committee of creditors (CoC) may consider moving an application seeking the liquidation of Adhunik. Liberty has sought more time to make the payment.
Sanjeev Guptas Liberty had to make an upfront cash payment of Rs 410 crore to the secured financial creditors, who collectively have a Rs 5,371.23-crore claim on Adhunik, by September 12. However, the UK-based company had filed an application on October 10 seeking extension of the deadline to make the payment.
Shardul Amarchand Mangaldas & Co, …
Read the full article at: https://www.telegraphindia.com/business/adhunik-metaliks-faces-liquidation/cid/1675030
CBL Insurance will be wound up after the High Court in Auckland approved an application by the Reserve Bank of New Zealand to liquidate the business.
The business has been in court-imposed interim liquidation and its parent company CBL Corporation in voluntary administration since February.
The courts decision looks set to hasten the demise of CBL Corporation, one of the few New Zealand insurers that made a name for itself globally with businesses in Europe and Australia.
The Reserve Bank, which had pushed for the interim liquidation, says the winding up of the company is in the best interests of the public.
It says CBL Insurance failed to meet solvency conditions, breached regulations and misreported its business to the regulator…
Read the full article at: http://www.insurancenews.com.au/daily/cbl-high-flying-insurer-to-be-liquidated
BRAMPTON, Ontario–(BUSINESS WIRE)–DATA Communications Management Corp.:
HIGHLIGHTS
THIRD QUARTER 2018
…
Read the full article at: https://www.businesswire.com/news/home/20181112005783/en/DATA-Communications-Management-Corp.-Announces-Quarter-Financial
Nearly a third of workers say theyre distracted on the job by financial headaches
and, for 44 million Americans, one burden is near the top of the debt heap. Consumers are facing over 1.5 trillion dollars in student loan debt. Thats a trillion with a T.
Now, more employers are realizing they need to jump in and help by offering a benefit that many consider more of a necessity.
Student loan debt is one of the largest costs that an individual has to absorb in their lifetime,Chatrane Birbal, director of congressional affairs for health and employee benefits policy for the Society for Human Resource Management, said.
Birbal says with unemployment low and competition high, employers know they need to attract an…
Read the full article at: http://www.winknews.com/2018/11/12/student-loan-repayment-assistance-increases-among-employers/
The numberof African countries whose public debt is above 50 per cent of Gross Domestic Product (GDP) has increased from 10 in 2013 to 22 in 2016
According to the International Monetary Fund (IMF), debt levels for some African countries are unsustainable, meaning that the scheduled debt service exceeds the capacity of the member to service it.
This is more pronounced in oil producing countries from the Sub-Saharan African region, where the IMF warned in its latest regional economic outlook for the year that the cost of debt servicing costs were becoming a burden.
Among these are Angola, Gabon and Nigeria.
According to the Brookings Institution, Cape Verde, Gambia, Congo, Mozambique, Mauritania, Sao Tome, Togo, Zimbabwe, Ghana and Sudan a…
Read the full article at: https://www.newtimes.co.rw/business/debt-saddled-africa-now-seeks-imf-help
Banks have lost an additional income of 4,000 crore due to the delay in resolution of the initial 12 large insolvency cases referred by the RBI last June.
Of the 12 large insolvency cases, only four have been resolved so far. The other cases remain unresolved even after over 450 days of their being admitted by the NCLT.
Of the 816 on-going Corporate Insolvency Resolution Process, about 30 per cent have exceeded the 270-day timeline, which was supposed to be the maximum time allowed for the resolution process under Insolvency and Bankruptcy Code. Another 20 per cent cases have crossed the 180-day timeline, said an ICRA study.
The growing number of applications from creditors is not only challenging the existing infrastructure of the NCLT b…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/banks-lose-4000-cr-income-over-insolvency-delay/article25478481.ece
McClatchy announced last week an initiative that aims to help erase the medical debt of veterans, servicemembers and their families in partnership with the nonprofit RIP Medical Debt.
To kick off the campaign, the McClatchy Foundation has approved a donation that will enable RIP Medical Debt to abolish $1 million in medical debt for military families.
…
Read the full article at: https://www.miamiherald.com/news/nation-world/national/article221534585.html
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Read the full article at: https://www.cbs.nl/en-gb/news/2018/46/more-bankruptcies-in-october
PUBLISHED: 09:30 12 November 2018 | UPDATED: 12:54 12 November 2018
Sam Shutlar (Samuel David Construction)
Archant
Read the full article at: https://www.ipswichstar.co.uk/news/business/sam-shutlar-director-of-sdc-in-suffolk-is-bankrupt-1-5774741
