Insolvency Guardian Media Centre
PARADISE, Calif. The Latest on a Northern California wildfire (all times local):
5:30 p.m.
State regulators are taking over an insurance company that cant pay out all expected claims after a massive Northern California wildfire.
Insurance Commissioner Dave Jones said Friday that destruction from the fire has pushed Merced Property & Casualty Company to insolvency. A judge is expected to approve liquidation proceedings Monday.
The company could not immediately be reached for comment.
Insurance department spokeswoman Nancy Kincaid says the department doesnt know how many people affected by the Camp Fire held insurance from the company or the total amount of claims.
The fire that sparked Nov. 8 destroyed more than 13,000 singl…
Read the full article at: https://www.660citynews.com/2018/11/30/the-latest-california-fire-forces-insurer-into-insolvency/
Serious concerns are also being raised about potential health risks for firefighters at the Tottenham incident after they were inadvertently exposed to a stockpile of dangerous chemicals that had been stashed in the warehouse in the weeks before the fire.
I dont think its a long bow to say some of our people will get sick in the future from attending this fire, a source said.
This was an illegal dump site – something were seeing all over the city now – and were having to send our people into dangerous, toxic fires that never should have happened.
There have been reports of firefighters experiencing nose bleedsin the week after the fire.
The remains of 420 Somerville Road in TottenhamCredit:Justin McManus
The coroner opened an investigation in…
Read the full article at: https://www.theage.com.au/politics/victoria/concerns-toxic-blaze-lit-to-conceal-chemical-stores-20181201-p50jm1.html
Paul Elliott has resigned as a trustee of the Professional Footballers Association (PFA) Charity in a sudden move that raises further questions over the governance of the crisis-ridden union. The former Chelsea defender terminated his involvement in the charity yesterday evening as a result of a personal financial matter, which he feared placed him in breach of Charity Commission regulations.
Elliott, who is an advisor to the FA and attends board meetings, is understood to have an individual voluntary arrangement (IVA) with a creditor over debt repayment, which is one of the grounds for disqualification as a charity trustee. According to the Individ…
Read the full article at: https://www.thetimes.co.uk/article/paul-elliott-stands-down-from-pfa-charity-due-to-personal-finances-j9g6t3bc9
Bayer AG (BAYRY – Free Report) announced a restructuring plan to streamline business and improve efficiency.
The company plans to exit its Animal Health business, and management is currently assessing various options for this business. The decision to exit this business comes as part of the companys plan to focus on its core businesses of Pharmaceuticals, Consumer Health and Crop Science.
The company is making efforts to revive its Consumer Health division to target market growth in the coming years and improve profitability. The measures include a planned exit from product categories, which were not suiting the companys business model. In addition to the previously announced divestment of prescription dermatology p…
Read the full article at: https://www.zacks.com/stock/news/340344/Bayer-BAYRY-to-Restructure-Business-amp-Reduce-Headcount
SACRAMENTO, Calif. (AP) California regulators moved Friday to take over an insurance company that cant pay out all claims following a massive wildfire that destroyed more than 13,000 homes.
Merced Property & Casualty Company was pushed to insolvency by the fire that sparked Nov. 8 and nearly destroyed Paradise and surrounding towns, state Insurance Commissioner Dave Jones said.
The department doesnt know how many people the company insured or the total amount of claims following the fire, spokeswoman Nancy Kincaid said. But people will still have their claims paid through the California Insurance Guarantee Association.
Protecting Camp Fi…
Read the full article at: https://www.wbay.com/content/news/California-takes-over-insurance-company-unable-to-pay-claims-after-wildfire-501681481.html
Serious concerns are also being raised about potential health risks for firefighters at the Tottenham incident after they were inadvertently exposed to a stockpile of dangerous chemicals that had been stashed in the warehouse in the weeks before the fire.
I dont think its a long bow to say some of our people will get sick in the future from attending this fire, a source said.
This was an illegal dump site – something were seeing all over the city now – and were having to send our people into dangerous, toxic fires that never should have happened.
There have been reports of firefighters experiencing nose bleedsin the week after the fire.
The remains of 420 Somerville Road in TottenhamCredit:Justin McManus
The coroner opened an investigation in…
Read the full article at: https://www.canberratimes.com.au/politics/victoria/concerns-toxic-blaze-lit-to-conceal-chemical-stores-20181201-p50jm1.html
This is to inform that the Application was filed under Section 12(2) of the IBC seeking extension of CIRP period for further 90 days as unanimously decided in the 6th meeting of the Committee of Creditors held on 19/11/2018.
The Jaipur Bench after hearing allowed the application and extended the period of 180 days by further 90 days as provided under Section 12(3) of the Code on 29/11/2018.
Accordingly, the period of 180 days as expiring on 09.12.2018 has been extended by 90 days. Application stands allowed.
Copy of the order is attached herewith.
Kindly take the above on your records.
Source …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/mount-shivalik-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25634700.ece
Bayer said today it will eliminate about 12,000 jobs worldwide by the end of 2021approximately 10% of its total workforcein a restructuring designed to cut costs, streamline operations, and shift pharmaceutical R&D toward external collaborations.
Of the planned job cuts, 1250 will be in Bayers core business of Pharmaceuticals. They consist of approximately 900 R&D jobs and about 350 positions at the companys factor VIII facility in Wuppertal, Germanywhich Bayer said it will shut dow…
Read the full article at: https://www.genengnews.com/news/bayer-axing-12000-jobs-closing-factor-viii-plant-in-restructuring/
In South Florida this weekend on a book tour with author James Patterson, former President Bill Clinton will take a brief detour to Miami Beach to help Donna Shalala recoup all that money she lent her winning congressional campaign.
Clinton is slated to appear during a small, intimate gathering with Shalala on Saturday at the Miami Beach home of Abigail Pollak, the widow of form…
Read the full article at: https://www.miamiherald.com/news/politics-government/election/article222360150.html
KOLKATA | MUMBAI: The National Company Law Tribunals Kolkata bench has admitted the insolvency plea against power transmission company EMC, which has defaulted on payments to the tune of Rs 6,500 crore to banks and other creditors, two people familiar with the matter said.
NCLT took action following a petition filed by operational creditors to the company and appointed an interim resolution professional, prompting the financial creditors led by State Bank of India to swing into action. Banks were initially not keen in going for insolvency proceedings, perhaps because the speed of resolution under the bankruptcy law has slowed.
Banks were not initially keen to go for insolvency proceedings but later, they found potential in the companys r…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/nclt-admits-insolvency-plea-against-power-company-emc/articleshow/66874621.cms
AGL chief executive Brett Redman said these cuts should help consumers but more work needed to be done on energy affordability.
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Weve listened to the concerns of our customers. Businesses, governments and regulators are taking action to bring prices down, despite many input costs going up, Mr Redman said.
Clearly, theres more work that needs to be done and we will continue our efforts to improve energy affordability and help vulnerable customers.
EnergyAustralia has announced it will keep power prices flat in Victoria next year, just days after flagging plans for 15 per cent discounts for its concession-card holding customers on default offers.
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From January 1, these customers who include pensioners, veterans and healthcare-card…
Read the full article at: https://www.smh.com.au/business/consumer-affairs/power-bills-cut-for-victorians-and-at-risk-households-20181130-p50jbl.html
Gionee, a little-known smartphone maker in China, is on the verge of bankruptcy, and if media reports are to be believed, the chairmans gambling habit may have played a role in pushing the company towardbankruptcy.
Gionee chairman admits to gambling
The Chinese-language website Jiemian claimed recently that Gionee Chairman and founder Liu Lirong lost more than 10 billion yuan ($1.4 billion) while gambling at a Hong Kong-listed casino in Saipan. Earlier this year, a Chinese court reportedly froze the founders 41.4% stake in the company due to his unpaid gambling debts.
Although Liu admits he lost money gambling, he says the amount is actually only about 1 billion yuan ($144 million).
I did participate i…
Read the full article at: https://www.valuewalk.com/2018/11/gionee-bankrupt-chairman-gambling/