Insolvency Guardian Media Centre
Greek jewelry maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday, after announcing details of its restructuring following lengthy discussions with advisers.
This concerned a group of unsecured creditors who represent about 27 percent of almost 250 million euros of bonds due next year, as well as holders of 51 million euros of bonds governed by German law and due in 2021.
The restructuring plan as well as the resignation of chief executive Tzortzis Koutsolioutsos comes after a hedge fund report in May sent Folli Follies shares into a tailspin, prompted a legal investigation, a fine from the Greek securities watchdog and the resignation of the companys founders.
Folli has admitted big d…
Read the full article at: http://www.ekathimerini.com/235865/article/ekathimerini/business/folli-follie-to-seek-nod-for-restructuring-plan
Th…
Read the full article at: https://www.actionnewsjax.com/news/local/former-owner-of-arlington-pizzeria-charged-with-defrauding-dozens-of-customers/891282565
This is to inform you that 8th Meeting of Committee of Creditors (CoC) was held on 17.12.2018.
In the said meeting, the Resolution Applicants presented their plans before the COC.
The next meeting of COC is scheduled to be held on 26/12/2018 for further consideration of Resolution Plans.
Kindly take the above on your records.
Source : BSE – www.bseindia.com
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/article25781171.ece
Paul James Manley (63), from Wembley, North-West London, was disqualified for 12 years on 11 December 2018 and his ban is effective from 1 January 2019.
Incorporated in 1994, County West Commercial Services Ltd was an accountancy firm based in Hammersmith. Paul Manley was a director of the company and 13 years later, County West Commercial Services entered into creditors voluntary liquidation in August 2017, triggering an investigation by the Insolvency Service.
One of County West Commercial Services clients was Inn Take (UK) Ltd, a company which ran pubs on a short-term basis before it went into liquidation in December 2011. Two of its directors, William Dene Lyall and Joseph Harthen, have subsequently been banned from running compan…
Read the full article at: https://www.gov.uk/government/news/accountant-banned-for-assisting-client-to-defraud-creditors
The Sofia city court declared Bulgarian operator Max Telecom insolvent in a case opened at the request of local M Sat Cable over a BGN 116.2 million debt, writes SeeNews.com citing documents filed with the commercial register. Max Telecom failed to make two payments worth BGN 67.6 million to M Sat Cable as agreed in a January 2017 deal and subsequently accumulated further debt, according to the court.
The court also confirmed that Max Telecom has an unpaid debt of BGN 2.3 million toNokia Solutions and Networksdating from 2016.
Max Telecom is owned by private investor Daniel Kupsin and local company MT Management. MT Management is a wholly-owned unit of Luxembourg-registered Luxtech Capital.
Read the full article at: https://www.telecompaper.com/news/sofia-court-declares-max-telecom-insolvent–1273920
Gurit has announced a revaluation of its operating profit potential for fiscal year 2018. Operating profit margin for the full year 2018 is now expected to come in at 6.5-7.5 % of net sales.
Based on the recent business performance with continued losses in the Composite Components business, the Company revises its operating profit guidance down from the previously communicated mid-level of the 8-10% target range to an expected 6.5-7.5% operating profit margin range for the full year 2018. This is caused by higher losses and restructuring expenses in Composite Components compared to what was expected at half year 2018.
Without the losses in Composite Components, Gurit would have exceeded the margin guidance range of 8-…
Read the full article at: https://netcomposites.com/news/2019/january/08/gurit-adjusts-operating-profit-guidance-for-fy-2018-and-announces-both-restructuring-and-divestment-of-composite-components-business-in-2019/
Christmas travel plans for people who booked holidays with online travel agent Bestjet are in tatters after the company collapsed.
The Australian Federation of Travel Agents issued a statement on Wednesday saying that the Brisbane-based company had gone into liquidation.
Its website bestjet.com appears to have been taken offline, with a This page isnt working error message appearing instead, while its Facebook page was not available.
Bestjet was not accredited through the AFTA Travel Accreditation Scheme.
AFTA CEO Jayson Westbury said people should be careful when choosing a travel agency to book holidays.
It is with a heavy heart that, at this special time of year, consumers are facing such a difficult situation, he said.
We encourage consume…
Read the full article at: https://www.perthnow.com.au/news/travel/online-travel-agent-bestjet-collapses-leaving-christmas-holidays-in-tatters-ng-b881055610z
My wife and I both work for reputed companies in Dubai, earning Dh8,000 each. However, we have debts of Dh285,000 between us; my debt burden ratio is higher as I owe about Dh160,000, while my wife owes about Dh120,000.
My debts are:
Card 1: Dh7,450
Credit card 2: Dh4,500
Credit card 3: Dh10,100
Loan 1: Dh67,000 (monthly payment of Dh2,510)
Loan 2: Dh56,000 (monthly payment of Dh2,084)
Loan 3: Dh17,700 (monthly payment of Dh950)
Total: Dh162,750
My wifes debts are:
Card 1: Dh4,500
Card 2: Dh2,500
Loan 1: Dh63,000
Loan 2: Dh7,700 (monthly payment of Dh750)
Car loan: Dh45,000 (monthly payment of Dh950)
Total: Dh122,700
We accept our mistakes. I took out the first loan to get m…
Read the full article at: https://www.thenational.ae/business/money/the-debt-panel-dubai-couple-want-to-consolidate-their-dh285-000-liabilities-into-one-payment-1.804064
By ON Ravi
Last week, the principal bench of National Company Law Tribunal (NCLT), Delhi, dismissed a corporate insolvency application under the Insolvency and Bankruptcy Code, 2016 filed by HDFC against RHC Holding, on the ground that RHC Holding is a financial service provider and as such would not come within the ambit of the Code. In September 2018, in a similar case, the National Company Law Appellate Tribunal, Delhi disposed of an appeal.
(Randhiraj Thakur vs Jindal Saxena Financial Services) ruling that a corporate insolvency resolution process cannot be initiated against a financial service provider (FSP). Both the rulings went by the definition of corporate person mentioned in the Code. The definition of a corporate person under…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/view-need-a-separate-legal-framework-for-resolution-of-financial-service-providers/articleshow/67155265.cms
Budget airfare website Bestjet has collapsed just six weeks after it changed hands, sparking fears Australian travellers may be left stranded over Christmas.
The Queensland-based companys website is currently offline, with the Australian Securities and Investments Commission (ASIC) listing its status as under external administration.
9News understands Bestjet Travel Pty Ltd was yesterday put under the administration of Pilot Partners, a chartered accounting firm in Brisbane.
9News has contacted Pilot Partners for comment.
Have you been affected? Contact the reporter at [email protected] or on Twitter@rosielentini.
Bestjet was sold to McVicker Investment Group just six weeks ago, according to Travel Bulletin.
We have a global vision an…
Read the full article at: https://finance.nine.com.au/2018/12/19/16/19/bestjet-budget-airfare-website-collapses
Transport, postal and warehousing fifth-most likely sector to experience financial difficulty
The Australian Securities and Investments Commission (ASIC) has released its insolvency statistics for the 2017-18 financial year, with the transport, postal and warehousing category recording 379 insolvencies for the period equating to 5 per cent of the 7,613 cases across 24 industries.
Insolvency statistics: External administrators reports (July 2017 to June 2018) shows the transport, postal and warehousing sector was the fifth-most insolvent sector, behind only: retail trade (7.8 per cent), accommodation and food services (14 per cent), construction (21.6 per cent) and oth…
Read the full article at: https://www.fullyloaded.com.au/industry-news/1812/transport-insolvencies-highlighted-in-asic-report
Miniso Canada (various locations),a discount retailer thats like a Uniqlo-meets-Muji hybrid, is allegedly facing bankruptcy.
According to a Miniso Group press release issued yesterday (December 17),the Chinese parent companies of the global chain have filed an applicationin the B.C. Supreme Court to begin bankruptcy proceedings for its Canadian division of variety stores that carry low-cost consumer goods and household items.
The news release further states that Minisos Guangzhou, China, headquarters wants to have its Canadian licensee declared bankrupt so a court officer can operate the 50 Miniso stores selling Miniso brand items in Canada.
Miniso Groups court petition claims that its operations in Canada have been misusing the Miniso trad…
Read the full article at: https://www.straight.com/news/1178426/miniso-canada-reaches-preliminary-agreement-chinese-parent-company-amid-news-bankruptcy