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

  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.

  Pdf Link:
  Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors

  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