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Campaign Against Impunity (CAI), a civil society group has called on regulators in the oil, gas, and maritime sectors, to wade into the forced liquidation of Sea Trucks Group (STG), an indigenous company, by some expatriates.
The group made the call in a series of letters addressed to the Nigerian National Petroleum Corporation (NNPC), the National Petroleum Investment Management Services (NAPIMS), the Nigerian Content and Development Monitoring Board (NCDMB), and the Nigerian Maritime Administration and Safety Agency (NIMASA).
TheCable had reported the alleged takeover of STG owned by Jacques Roomans, a Dutch-Nigerian.
Insider information revealed that expatriates led by Fraser Moore, owner of Telford Offshore, allegedly coo…
Read the full article at: https://www.thecable.ng/289636-2
THE owners of Wiggins Island Coal Export Terminal have received an eight-year respite on debt repayments, which some feared would lead to the facility’s demise.
A New South Wales Court has given the go-ahead to a $3.5billion refinancing plan, hoped to help the miner owners handle its senior debt.
The deal comes ahead of the September 30 deadline when Glencore, Aquila Resources, New Hope Group, Coronado Curragh and Yancoal had to begin repayments or refinance the debt.
The group will now have the maturity of $3.5billion in senior debt extended until September, 2026.
Allens partner Nick Adkins, who has been involved in the legal representation of the 23 senior lenders since 2010, said the result showed there was su…
Read the full article at: https://www.news-mail.com.au/news/court-approves-wicets-35b-debt-lifeline/3525851/
THE owners of Wiggins Island Coal Export Terminal have received an eight-year respite on debt repayments, which some feared would lead to the facility’s demise.
A New South Wales Court has given the go-ahead to a $3.5billion refinancing plan, hoped to help the miner owners handle its senior debt.
The deal comes ahead of the September 30 deadline when Glencore, Aquila Resources, New Hope Group, Coronado Curragh and Yancoal had to begin repayments or refinance the debt.
The group will now have the maturity of $3.5billion in senior debt extended until September, 2026.
Allens partner Nick Adkins, who has been involved in the legal representation of the 23 senior lenders since 2010, said the result showed there was su…
Read the full article at: https://www.gladstoneobserver.com.au/news/court-approves-wicets-35b-debt-lifeline/3525851/
Labour would ban the use of credit cards to place bets, affecting billions of pounds of transactions a year, as part of a crackdown on the gambling industry designed to tackle an epidemic of addiction.
Deputy leader Tom Watson will this week publish the conclusions of the partys year-long review of gambling regulations, which were liberalised under Tony Blairs government in 2007.
The full list of proposals will not be revealed until Thursday, but they include a blanket ban on the use of credit cards to bet, a practice that campaigners have said risks miring gamblers in ever greater debt.
Companies in the online gambling sector have indicated that 10%-20% of their £43bn in annual deposits, or up to £8.6bn, are made using credit cards…
Read the full article at: https://www.theguardian.com/society/2018/sep/19/tom-watson-labour-would-ban-gambling-with-credit-cards
Orla Kiely, the brand known for its 1970s-inspired prints, has closed its stores and website in the UK and Ireland after its parent company, Kiely Rowan, called in administrators.
The company, owned by Irish designer Kiely known as the queen of prints and her husband, Dermott Rowan, said it was entering voluntary liquidation following various challenges that have faced the company over the past few years, both in the UK and abroad.
David Ruben & Partners have been appointed as administrators to handle the winding down of the handbag and fashion business, which includes stores on Kings Road and Seven Dials in London and one in Kild…
Read the full article at: https://www.theguardian.com/business/2018/sep/19/orla-kiely-queen-of-prints-designer-goes-into-administration
As financially stressed bookmakers contemplate company voluntary administrations (CVAs) in the face of a £2 staking limit on fixed-odds betting terminals (FOBTs), the UK Gambling Commission will be looking to “key event” clauses in its licence conditions to remain in the loop.
Dubbed landlord-only administration by its critics, a CVA is an insolvency process whereby an operator can close down a portion of its estate but leave the rest to carry on trading.
Read the full article at: https://gamblingcompliance.com/premium-content/insights_analysis/fear-uk-bookmaker-voluntary-administration-raises-licensing
With reference to the subject matter this is to inform you that Mr. Kshitiz Chhawchharia, Registration No. IBBI/IPA-001/IP P00358/2017-18/10616 has been appointed as Resolution Professional (RP) in place of Mr. Nilesh Sharma in the meeting of Committee of Creditors (CoC) held on 7th February, 2018 and which is further recorded by Honble NCLT, Kolkata vide its order dated 2nd May, 2018 on the receipt of approval for the same by IBBI on 2nd April, 2018.
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-replacement-of-interim-resolution-professional-irp/article24986755.ece
By
Fiona Morrow
If a companys assets consist primarily of ideas, securing funding to keep the development of that idea going forward through an insolvency process can be a real challenge.
Thats because everything that is exciting about new technology becomes part of the problem when an IT company goes into receivership before its product has been fully developed. How do you value an asset that doesnt exist yet, is highly sensitive to competition, international in scope, a…
Read the full article at: http://nationalmagazine.ca/Articles/September-2018/The-challenges-of-managing-insolvency-in-the-IT-se.aspx
Dionne Warwick has a warning for her audience. I hope you came prepared for what Dionne has prepared, she offers, before singing a note. Youre going to be sitting there a long time.
Shes right: at 78, her live show lasts nearly two hours, without an interval. Initially, at least, youre gripped by the fear that however long it is, it might be entirely taken up with her opening monologue, which goes on and on like the Yangtze, while a pianist plays gentle chords beneath it. Eventually, however, the chords coalesce into an introductory song that appears to have been specially written for her, thanking her fans for buying her records and gently alluding to the turbulence of her more recent past: after years of financial mismanagement, she…
Read the full article at: https://www.theguardian.com/music/2018/sep/19/dionne-warwick-review-royal-albert-hall-london
Pursuant to Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Public Announcement (made in Form A) made by Ramsarup Industries Limited giving notice of the commencement of Corporate Insolvency Resolution Process by NCLT vide its order dated 8th January, 2018 and calling upon the creditors to submit their proof of claims on or before 22.01.2018.
Pdf Link:
Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Public Announcement
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-public-announcement/article24986607.ece
This is to inform you that on implementation of Insolvency and Bankruptcy Code, 2016, (IBC) the Company, Ramsarup Industries Limited (Corporate Debtor) had applied to National Company Law Tribunal (NCLT) for admission of Company under IBC as previous applications were made with the Honble Board for Industrial & Financial Reconstruction (BIFR), in terms of proviso of Section 15(1) of the Sick Industrial Companies (special provisions) Act, 1985.
The Honble NCLT, Kolkata had admitted the application of Corporate Debtor for initiation of Corporate Insolvency Resolution Process vide order dated 8th January, 2018.
Sourc…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-admission-of-application-by-tribunal/article24986426.ece
The Co. had applied to (BIFR) Ministry of Finance, Govt. of India, Jawahar Vyapaar Bhawan, 1-Tolstoy Marg, New Delhi, Pin-110001 for reg u/s 15(1) of SICA, 1985. The aforesaid reference has been regtd by the Board as case no.67/2012. After several hearings by the Ld. BIFR the application was not accepted on 19.02.2014.Then Co. filed an appeal No. 78/14 against the order of BIFR dt. 19.02.2014 before Appellate Authority for Industrial & Financial Reconstruction & the said authority on 03.12.2014 set aside the impugned order of BIFR & remand the matter back to BIFR for reconsideration of submission of all the parties and pass order afresh after giving specific finding via reasoned order. SICA has been repealed w.e.f 01.12.2016 MCA, Govt….