Insolvency Guardian Media Centre
South Koreas financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firms default on payments due for bonds.
The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7 percent of all bonds issued by CERCG Overseas Capital, a Hong Kong subsidiary of China Energy Reserve & Chemicals Group.
ABCPs refer to short-term money-market securities collateralized by other financial assets.
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| (Yonhap) |
The securities have attracted investments from nine Korean institutions — Hyundai Motor Securities, BNK Securities, KB Securities, KTB Asset Management, Busan Bank, Yuanta Securities Korea, Shinyoung Securities, Gol…
Read the full article at: http://www.koreaherald.com/view.php?ud=20181109000637
A financial adviser from Winnipeg has been put under police investigation after facing allegations of manipulating 78-year-old client of his, who has been suffering from cognitive impairment, into lending him CA$200,000 to pay gambling debts.
According to documents filed in court, the 50-year-old Aime Edmond Grenier is facing accusations of using his relationship with his client in order to borrow a massive amount of money from him, with the lawns dating back to 2009. Mr. Grenier has not repaid any of the loans which he had taken in order to pay some debts he made as a result of his compulsive gambling. On the other hand, the court documents describe the 78-year-old man as extremely wealthy and gener…
Read the full article at: http://www.casinoreports.ca/2018/11/09/winnipeg-financial-adviser-takes-advantage-of-cognitively-impaired-client-to-pay-off-gambling-debt/
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The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7 percent of all bonds issued by CERCG Overseas Capital, a Hong Kong subsidiary of China Energy Reserve & Chemicals Group.
ABCPs refer to short-term money-market securities collateralized by other financial assets.
(Yonhap)
Read the full article at: http://m.koreaherald.com/view.php?ud=20181109000637
Where housing debt moves, home prices tend to follow.
The chart below from the Commonwealth Bank demonstrates the relationship between the two.
The percentage change in housing finance is presented as a three-month moving average to help smooth out volatility in seasonally-adjusted data, providing a better indication of the broader trend.
With the value of home loan lending continuing to slide in September, falling to the lowest level in over four years due to weakness in both investor and owner-occupier lending, it helps explain why Australian home prices have fallen for 13 consecutive months.
Based on current lending trends, and the leading relationship it has to valuations, Gareth Aird, Senior Economist at the …
Read the full article at: https://www.businessinsider.com.au/australia-housing-debt-house-prices-2018-11
Overloaded with outstanding loans for education, car and credit cards? You might have received several calls from agencies that have talked about overcoming these debts after payment of monthly instalments failed over a period of time.
So debt consolidation is the next obvious move that you want to make. But before that, you should be familiar and updated with the nuances of debt consolidation. Let us take a step-by-step approach.
What is debt consolidation?
By the very meaning of it, debt consolidation is the combination of several unsecured debts like loans, credit cards, medical bills and alike into one composite unit with the promise of lower interest rate. The promise also has elements such as lower monthly payments and a simplified d…
Read the full article at: https://www.globalbankingandfinance.com/the-truth-about-debt-consolidation/
The Company hereby informs that the Resolution Professional with the approval of Committee of Creditors of the Company had filed an application before the Honble NCLT, Mumbai seeking an extension of the period of Corporate Insolvency Resolution Process (CIRP) of the Company by Ninety (90) days in terms of Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The said application was heard on 30th October 2018 and Honble NCLT, Mumbai has granted an extension of the CIRP period of the Company by further Ninety (90) days. Copy of the said Order dated 30th October 2018 is awaited.
Source : BSE – www.bsei…
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/article25453029.ece
Simply put these terms amount to the same thing the inability of a business to pay their debts but its important to understand the differences between liquidation and insolvency.
Insolvency can be considered a financial state of being, when a company is unable to pay its debts or when it has more liabilities than assets on its balance sheet, this being legally referred to as technical insolvency.
Liquidation is the legal ending of a limited company. It will stop a company from doing business, or employ staff.
It is also possible to be technically solvent and unable to repay debt. This occurs when a company is cash insolvent and with assets that exceed its liabilities, but unable to source additional funds. A liquidator is appointed…
Read the full article at: https://www.bmmagazine.co.uk/in-business/advice/what-is-the-difference-between-liquidation-and-insolvency/
Empee Distilleries, one of the popular Indian made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India claiming dues of Rs 10.18 crore.The Chennai bench of National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against Empee Distilleries and appointed V Venkata Siva Kumar as interim resolution professional (IRP).
Empee Distilleries, one of the popular Indian made foreign spirits manufacturers in Tamil Nadu, was dragged to NCLT by Union Bank of India claiming dues of Rs 10.18 crore. The company had offered to settle the matter at NCLT and offered Rs 50 lakh, apart from the Rs 50 lakh paid on an earlier date, while undertaking to place a pro…
Read the full article at: https://www.financialexpress.com/industry/nclt-orders-insolvency-process-against-empee-distilleries/1376620/
A Division Bench of the National Company Law Tribunal (NCLT), Chennai, has ordered starting of Corporate Insolvency Resolution Process against liquor manufacturing company Empee Distilleries.
The Bench has also appointed V Venkata Siva Kumar as the Interim Resolution Professional to take charge of the companys affairs immediately.
The Bench passed the order based on a petition filed by Union Bank of India (UBI), according to a communication issued by Empee Distelleries to the Bombay Stock Exchange.
UBI claimed a default of 10 crore from the company as on December 31, 2015. The financing was done through a multi-banking arrangement with 60 per cent from Andhra Bank and the rest by UBI. The financing was mainly for the companys alcohol plant…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-orders-insolvency-proceedings-against-empee-distilleries/article25446852.ece
Debt is always the hardest to manage, and you can easily find that there are so many companies which are trying hard to get rid of it. Maintaining debt is always the biggest issue; even most of the large companies also stay strategic and do not mess with it. But, if you have debt and you want to pay it on time, then you have to stay selective.
In case, you are not capable of paying off the debt amount then you can focus on alternatives. There are many methods which can work for you but if you are not sure that which one is right then you can consider the advantage and disadvantage of those methods. Debt consolidation is a widely used method or service that is offered by many companies. It is easy to find that most of the money …
Read the full article at: http://baltimorepostexaminer.com/top-advantages-and-disadvantages-of-debt-consolidation/2018/11/08
Canadian plane and train makerBombardier, announced today that it will slash 5,000 jobs in a sweeping corporate restructuring plan over the next 12 to 18 months.
The Montreal-based company also announced the sale of what it called a number of non-core assets.
The company will sell itsQ Series aircraft program andde Havillandaerospace trademark to a subsidiary of Longview Aviation Capital Corp. for approximately $300 million along with its Business Aircrafts flight and technical training program to CAE for $800 million.
According to the press release, the changes comes as Bombardier reported a profit of US$149 million (or four cents per share) in its latest quarter, compared with a loss of US$100 million or four cents per share in the sa…
Read the full article at: http://dailyhive.com/montreal/bombardier-job-cut-restructuring-plan
Third man admits guilt in gambling, kidnapping plot; victim worked with officials
A Dorchester man who was indicted for his role in the kidnapping and beating of another man over a gambling debt in 2016 pled guilty last week in federal court.
Kim Nguyen is one of four Dorchester men who allegedly participated in the plot. He is the first to be convicted and will be sentenced in January, according to a statement from the US Attorneys office last week.
Nguyen, 25, admitted guilt on kidnapping, conspiracy to collect extensions of credit by extortionate means, and operating an illegal gambling business charges.
His co-defendants are Vinh Huynh, 35; Quang PT Le, 27; and Ban Bo Tran, 26, all of Dorchester. Tran is only charged with running an …
Read the full article at: https://www.dotnews.com/2018/third-man-admits-guilt-gambling-kidnapping-plot-victim-worked