It was the sort of day that the Commonwealth Bank chief executive Matt Comyn and Westpac boss Brian Hartzer would have liked to be holed up at head office.

With global equity markets reverberating from a sell-off in the US bond market and ever-escalating trade wars, Australian shares copped the flow-on effect, with the ASX down 2.7 per cent,with $50 billion wiped off the value of local stocks.

No doubt the bank CEOs would have liked to have been taking the temperature off their traders and treasury staff, watching funding costs and currency markets, and generally rallying the troops.

Instead, Comyn and Hartzer found themselves in Canberra to submit to a grilling at the hands of the House of Representatives standing committee on economi…

Read the full article at: https://www.afr.com/brand/chanticleer/hearings-show-running-a-bank-is-no-longer-about-banking-20181011-h16j5g

The Council today agreed its position on the business insolvency directive. The directive aims at providing access by viable enterprises in financial difficulties to preventive restructuring frameworks to enable them to restructure at an early stage, and so prevent insolvency. It also gives reputable bankrupt entrepreneurs a …

Read the full article at: https://www.consilium.europa.eu/en/press/press-releases/2018/10/11/directive-on-business-insolvency-council-agrees-its-position/

• In a move influenced by a company-wide restructuring effort, Ford plans to cut jobs from its global salaried workforce, which the company told Business Insider consists of about 70,000 workers.
• Ford officials told The Detroit News that the cuts were expected to come by the second quarter of 2019 but that they didnt know which regions would see the largest cuts and didnt expect the work reduction to affect hourly employees.
• Last month, CEO Jim Hackett told a Bloomberg business forum conference that metal tariffs from President Donald Trumps trade war were costing the carmaker $US1 billion.
• According to The Detroit News, Ford employs 86,000 workers in the US and 202,000 people globally.
  …

  Read the full article at: https://www.businessinsider.com/ford-to-cut-jobs-as-part-of-global-restructuring-effort-2018-10

  By Amitabh Kant & Richa Roy

  The Insolvency and Bankruptcy Code (IBC), 2016, is among the most crucial structural reforms undertaken by this government. Yet, for IBC to be effective, the principles at the heart of the legislation must be respected.

  First, there has to be timely outcomes within 180 days (270 days for rare, complex cases), failing which there will be the credible threat of liquidation. Second, commercial decisions regarding resolution and viability should be taken by the Committee of Creditors (CoCs), whose money is at stake.

  Third, the National Company Law Tribunals (NCLT) role should be adjudicating critical issues of justice, such as compliance with procedural requirements, overseeing the Insolvency Professional (IP), an…

  Read the full article at: https://blogs.economictimes.indiatimes.com/et-commentary/insolvency-bankruptcy-code-wasting-precious-code-time/

  The move follows an investigation by the Insolvency Service.

  The company operated a website www.bluethornetrading.com.

  The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petitions. The provisional liquidator also has the power to investigate the affairs of the companies insofar as it is necessary to protect assets, including any third party or trust money or assets in the possession of or under the control of the company.

  The case is now subject to High Court action and no further information will be made available until the petition to wind up the company is heard in the High Court on 20 November 2018.

  Notes to editors

  The registered of…

  Read the full article at: https://www.gov.uk/government/news/bluethorne-trading-limited-placed-into-provisional-liquidation

  
  

  

  During 2014-2016 refinancing policy pursued by the NBU was aimed at maintenance of banking system from financial collapse. Along with the change in environmental conditions shifted the emphasis and priorities in the aims and objectives of monetary policy.

  Features of the external environment in which the banking system, require from the National Bank of Ukraine informed decisions to achieve the main goal according to the current legislation, which entrusted to the national Bank as Central Bank, namely promoting stability of Ukraines currency and financial stability, including the stability of the banking system.

  Talking about the further steps which have already been considered in the context of the procedure of compulso…

  Read the full article at: https://koztimes.com/refinancing-loans-are-returned-to-nbu/2307/

  Intimation of liquidation process and appointment of Liquidator in the matter of M/S Jinprabhu Infrastructure Developments Limited (Formerly CRB Share Custodian Services Limited)

  This is to inform you that Pursuant under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015, in respect of application for liquidation under Section 33(l)(a) of the Insolvency and Bankruptcy Code/ 2016 filed by Resolution Professional with Honble National Company Law Tribunal (“NCLT”)/ Kolkata Bench..

  Hence, it is hereby intimate that the Honble NCLT, Kolkata Bench, Kolkata passed an Order on October 08, 2018 appointing Ms Sonu Jain,, Resolution Professional as Liquidator and directed to initiate liquidation process of Jinpr…

  Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/crb-share-custodian-services-ltd-corporate-insolvency-resolution-process-cirp-liquidation-corporate-insolvency-resolution-process-cirp/article25180314.ece