Japanese brewer Kirin will attempt to recoup some of the $2 billion it has blown on Australian dairy and drinks investments over the past 11 years by selling leading brands such as KIng Island cheese, Dairy Farmers milk and Farmers Union yoghurt.
Kirin has kicked off a formal sale process for its $1.8 billion Australian dairy and juice business, Lion Dairy & Drinks (LDD) after completing a strategic review earlier this week.
Lion, which is 100 per cent owned by Kirin, launched the strategic review last month and considered options including selling the business, selling individual assets and further restructuring.
Rather than persist with restructuring and inject further capital into the business, Kirin has decided to pull the …
Read the full article at: https://www.afr.com/business/retail/kirin-to-sell-lion-dairy–drinks-receives-approaches-20181010-h16fqv
Columnists
Tuesday, October 9, 2018 19:25
By BASTON WOODLAND |
Capitalism without insolvency is like Christianity without hell. Even if a company spends itself into insolvency until it doesnt recover, creditors would still suppose the company wouldve recovered if their debts were paid.
The United Kingdom on August 28, 2018 through its Minister for Small Business, Consumers and Corporate Responsibility, Kelly Tolhurst, published new proposals designed to introduce a pre-insolvency moratorium.
The reforms if fully implemented will ensure that financially distressed companies first seek a debt restructurin…
Read the full article at: https://www.businessdailyafrica.com/analysis/columnists/UK-companies-debt-restructuring-proposals/4259356-4798896-sf6ftt/index.html
The Thirteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 27 September 2018 at 11:00 AM at Orion Room, The Learning Galaxy. 8 th Floor, Iconic Wing, Urmi Estate, 95, Lower Parel (West), Mumbai 400013, India.
The outcome is enclosed in the letter.
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/article25170368.ece
Norton Rose Fulbright (NRF) was the legal adviser of an Australian-founded medicinal cannabis company on its IPO and listing on the ASX.
Althea Group raised $19.65m in its fully subscribed IPO, which NRF said had strong participation from institutional and professional investors from around the world. It was also supported by Toronto-listed Aphria, which is one of Canadas largest medicinal cannabis companies and a cornerstone investor in Althea even before the IPO.
NRF fielded a cross-practice team led by corporate partner Chris Mitchell. The team advised on all aspects of its IPO and admission to the official list of ASX, including pre-IPO fundraising initiatives, prospectus preparation, due diligence…
Read the full article at: https://www.australasianlawyer.com.au/news/nrf-helps-medicinal-cannabis-company-on-asx-float-255881.aspx
The National Company Law Tribunal, Hyderabad bench, has admitted a petition to initiate corporate insolvency proceedings against Madhucon Projects Limited and appointed an interim Resolution Professional (RP).
On a petition moved by Shri Srikrishna Rail Engineers, a Mumbai-based company, seeking initiation of insolvency resolution process under the Bankruptcy and Insolvency Code, 2016, the Judicial Member appointed Rakesh Rathi as the Insolvency Resolution Professional.
The case relates to dues of 4.17 crore the petitoner sought for having taken up works for the Hyderabad-based construction and infrastructure company.
Judicial Member Ratakonda Murali, after hearing the petitoners pleas and responses by the debtor which challenged the move …
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-directs-insolvency-proceedings-against-madhucon-projects/article25172061.ece
The insolvency regulator is training its guns on personal guarantors to recover bad loans. Nudging the new breed of insolvency professionals to attach assets of guarantors is not a good idea. It goes against the grain of limited liability. The reason is simple.
At risk, is only the risk capital that the promoter has invested in the enterprise. For an entrepreneur to risk her familys future to get a loan is absurd. There should be no personal liability on the promoter beyond risk capital that she has invested in.
Personal guarantees are mostly given by directors who are in the management of companies, and banks insist on these guarantees ostensibly to check the tendency of promoters to exploit legal delays. More likely, bankers are abdi…
Read the full article at: https://economictimes.indiatimes.com/opinion/et-view/et-view-insolvency-regulator-must-change-track/articleshow/66137634.cms
The Twelfth meeting of the CoC of the Corporate Debtor was held on 20 September 2018 at 03:30 PM at 16t Floor, Tower 2, Grant Thornton India LLP, Indiabulls Finance Center, SB Marg, Elphinstone (W), 400013.
The outcome of the meeting is summarized as herein below:
1. The RP and his legal advisors apprised the COC about the status of ongoing legal cases pending before the NCLT Kolkata and NCLAT Delhi.(Details in letter enclosed).
2. The COC concluded that since the composite plan was also received, all 5 Resolution plans be shared with the members by 25 Sept 2018 post ascertaining compliance with the provisions of the Insolvency and Bankruptcy Code, 2016″) and The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for C…
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/article25170142.ece
The rate of personal insolvencies in North Lincolnshire has increased by almost a third over the last two years, official data has revealed.
In 2015, 21.6 adults per 10,000 were declared insolvent in North Lincolnshire, according to Insolvency Service figures.
However by 2017 that figure had risen to 27.9, an increase of 29.2 per cent.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with an o…
Read the full article at: https://www.doncasterfreepress.co.uk/news/personal-insolvency-rate-in-north-lincolnshire-has-increased-by-almost-a-third-since-2015-figures-show-1-9387824
Restructuring may get a little easier, again
Law that permits 75% creditor approval could come back next month
Oct 09,2018
The government agreed on Monday during a cabinet meeting to the reimplementation of the Corporate Restructuring Promotion Act that ended at the end of June this year.
The law allows companies facing bankruptcy to proceed with corporate restructuring when 75 percent of financial creditors agree, a more relaxed rule than the current voluntary agreement where…
Read the full article at: http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3054020
WORD ON THE STREET
Charity fun runs across the country have been cancelled without warning after the company behind it went into liquidation, leaving hundreds of women who purchased tickets fuming.
The Miss Muddy events, run by Events Move, is described as Australias most popular female muddy fun run with a range of fun obstacles designed to suit all levels of fitness.
In a Facebook post today, managing director of Events Move Enterprise, Allan Turner, apologised to those who had purchased tickets.
He admitted he had made mistakes.
Unfortunately the upcoming Miss Muddy events have been cancelled, and there are no funds available to enable refunds for the upcoming events, he wrote.
We sincerely apologise for this outcome.
Doz…
Read the full article at: https://www.3aw.com.au/first-on-3aw-fun-runners-furious-after-company-goes-into-liquidation/
HANNAH Quinn, the 23-year-old charged with her actor boyfriend over the alleged samurai sword murder of Aussie rapper Jett McKee has appeared in court with a new bleached blonde hairstyle.
Ms Quinn, who has been on bail since soon after Mr McKees August 10 death in an inner suburban Sydney street, appeared in court accompanied by her mother Megan, father Dean Hintz and brothers Dominic and Elliot.
She wore her long blonde hair out over a white embroidered shirt and a dark pants suit with high suede stiletto shoes.
Her co-accused Blake Davis, 28, who is on remand in Silverwater prison in western Sydney, did not appear in Central Local Court via video link from jail on Tuesday.
The pair are charged with the murder of Mr McKee, a 30-year-old hi…
Read the full article at: https://www.news.com.au/national/nsw-act/courts-law/sword-murder-accused-hannah-quinn-23-in-court/news-story/483434fff5d28078596059009965b865
Founder and CEO of LendStreet, Jerry Nemorin.LendStreet
Americans are sinking in debt. Over 70% of Americans die in debt with credit card and mortgage balances being at the top of the list. A number reasons and choices can cause anyone to fall into debt. Unexpected life moments like the death of a spouse, lost of a job or even a disability could cause things to financially fall apart.
Jerry Nemorin, founder and CEO of LendStreet, learned about financial distress at an early age as he watched his Haitian-born parents create a life here in the United States. His passion to help those who have had a financial setback led the former Wall Street banker to launch LendStreet, a financial technology company that offer…
Read the full article at: https://www.forbes.com/sites/joresablount/2018/10/09/this-company-could-be-a-solution-to-your-debt/