Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
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…
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.
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…
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…
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…
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 …
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…
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 …
Optus has reporteda 20 per cent fall in net profit for the first half of the financial year, blaming lower NBN migration charges and workforce restructuring costs.
In the six months endedSeptember, Optus reported a net profit of $259 million, down from $325 million in the previous corresponding period.
The fall for the September quarter alone was even more dramatic, with net profit for the three months plunging 36.6 per cent on the 2017 September quarter, to $105 million.
Optus said the reduction in migration charges that is, payments by NBN Co to telcos when new customers migrate onto the NBN were due to thetemporary suspension of the NBN hybrid fibre coaxial (HFC) rol…
Israel is often referred to as the Startup Nation, with many technology companies being acquired by foreign multinationals. As such, the transfer pricing aspects of such exits and other restructurings, including implementation thereof, has become very much on the radar of the Israeli tax authorities.
To address this matter, the Israeli tax authorities on November 1 published new guidance, Circular 15/2018,Business Restructuring within a Multinational Group, clarifying the governments stance on the tax and transfer pricing aspects of such changes in business models.
In Circular 15/2018, the Israeli tax authorities outline techniques for identification and characteri…
Imperial Pacific, the contentious company that hopes to one day, maybe, possibly, complete the Imperial Palace integrated resort (IR) in Saipan, wants $38.3 million. In a filing with the Hong Kong Stock Exchange this past Monday, the company has announced that it will launch a bond placement to raise the funds, with the money, minus commissions and other expenses, being used for general corporate purposes.
The bond placement will be managed by Run Investment Services, Ltd., who has sole discretion over the project. The company expects the bond to be placed to not less than six independent third parties.
The bond would probably not have been necessary of the company held its patrons accountable for their gambling habits or if Imperial Pacif…
On Nov 6, we issued an updated research report on Pentair plc (PNR – Free Report) . The company will gain from launch of new products, acquisitions and investments in sync with its growth initiatives of advancing pool growth, and accelerating residential and commercial water treatment.
Sound Q3 Results
Pentair delivered third-quarter 2018 adjusted earnings of 54 cents per share, up around 10% from the year-ago quarters tally. Further, the figure beat managements previous guidance and the Zacks Consensus Estimate of 52 cents.
Upbeat Fiscal 2018 Guidance
Pentair revised 2018 adjusted earnings per share guidance to around $2.33 from the previous expectation of roughly $2.31 driven by improved operating performance in the …
Saipan, wants $38.3 million. In a filing with the Hong Kong Stock Exchange this past Monday, the company has announced that it will launch a bond placement to raise the funds, with the money, minus commissions and other expenses, being used for general corporate purposes.