Insolvency Guardian Media Centre
17:14
17.12.2018
Ukrainian banks with Russian state capital currently have a sufficient level of liquidity for timely settlement with depositors in the event of possible court decisions about the seizure of their assets, First Deputy Head of the National Bank of Ukraine(NBU) Yekateryna Rozhkova has said.
“We have two large banks with Russian state capital – Sberbank and Prominvestbank. Today they have enough liquidity, therefore we still hope that the exit of these banks from the market will happen in a different way [different from VTB, which was declared insolvent],” she said at a press conference in Kyiv.
At the same time, Rozhkova urges courts to be cauti…
Read the full article at: https://en.interfax.com.ua/news/economic/553963.html
In July, when Purplebricks reported its full-year result, Purplebricks chairman Paul Pindar said the Australian business “continued to track the UK performance at the same time in its development” and was expected to “reach monthly profitability within 12 months”.
In its latest interim accounts filed to the London Stock Exchange, Purplebricks said the underlying performance in Australia had been “held back by market conditions and some operational issues”.
The company attributed the 10.2 million loss to “one-off costs in connection with the recent restructuring and re-positioning the business which we have taken steps to correct”.
“Some further one-off restructuring costs are also expected in the second half of the year,” the company said. …
Read the full article at: https://www.afr.com/real-estate/residential/restructuring-costs-purplebricks-interim-losses-blow-out-to-18m-20181217-h196u5
It started early with the collapse of womenswear label Maggie T in early January and the bloodbath affecting Aussie retailers has been relentless ever since.
While 2017 saw the demise of huge labels such as Topshop and Topman Australia, Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Pumpkin Patch and Payless Shoes, it seems 2018 has been no kinder to retail companies.
Mistakes behind Meghans fall from grace
Angry parents unleash over Little Shop
How to bag a $500k property bargain
Heres a roundup of some of the most iconic brands lost in 2018.
MAGGIE T:
The plus-size womenswear brand was the first high-profile Australian retailer to enter administration in 2018 after announcing it would close in early January.
The label, which was fou…
Read the full article at: https://www.news.com.au/finance/business/retail/the-australian-retailers-that-closed-their-doors-for-good-in-2018/news-story/181e9fbb5e76de58e8cb7afa29f09328
Laura Ashley is closing its doors for good in Australia, after a buyer failed to materialise during the administration process, despite several expressions of interest.
The fashion and homewares retailer will close 16 stores in all states and the ACT by the end of this month, and 100 employees will be out of a job. The retailer closed its online store and a store in Brisbane after entering voluntary administration on December 3.
Administrator Craig Shepard of KordaMentha Restructuring said the focus is now on an orderly closure of the remaining stores over the next two weeks. All stock will be priced to clear.
Laura Ashley customers are invited to shop for a Christmas bargain. We thank all the loyal staff for their support of the bra…
Read the full article at: https://www.insideretail.com.au/news/laura-ashley-stores-closing-this-month-201812
On January 29, 2015, the Bangladesh Bank issued a new large loan restructuring policy to stand by big borrowers in trouble.
The policy, which was taken under political pressure from influential debtors, offered a repayment period of up to 12 years, discounted interest rates and down payment as well as repayment in quarterly instalments.
Eleven large business groups got their loans of nearly Tk 15,000 crore restructured, taking advantage of the relaxed policy. Beximco Group alone accounted for a third of the total loans restructured.
After one year of grace period, these loans were due in September 2016. But most of the borrowers have failed to pay their first instalment and three of them even applied to have their loans restructure…
Read the full article at: https://www.thedailystar.net/business/banking/news/large-loan-restructuring-favour-proves-futile-1674622
A new campaign by the charity, The Money and Mental Health Policy Institute, which I am proud to have founded in 2016, and still chair, is campaigning to change the law.
Its not only money
Finance is a wellbeing issue. Debt and mental health are a marriage made in hell.You are four times more likely to be in debt crisis if you have a mental health problem than everyone else, and the recovery rate for people in debt receiving some type of mental health treatment is less than half of that for those who arent in debt.
The new research weve done, based on analysis of the NHSs Adult Psychiatric Morbidity survey, reveals that 100,000 people in debt attempt suicide each year and those in debt are three times more likely to have considered suicide …
Read the full article at: https://www.express.co.uk/life-style/life/1059043/martin-lewis-money-saving-expert-debt-management-advice
Caffeine and napping have something in common. Both make you feel alert and can enhance your performance, whether thats driving, working, or studying. But some people are convinced that drinking a coffee before a nap gives you an extra zap of energy when you wake up.
How could that be? Is there any evidence to back the power of these so-called coffee naps? Or are we better off getting a good nights sleep?
Feeling Sleepy?
If you dont get enough sleep, you incur what researchers call a sleep debt. You can build up a sleep debt without realizing it, on purpose or when you feel you have no other option, like to meet work or other deadlines.
See also: Scientists Finally Understand the Link Between Depression and Bad Sleep
Taking a nap is a common …
Read the full article at: https://www.inverse.com/article/51803-coffee-naps-can-help-you-power-through-the-day
The recent amendment in the Insolvency and Bankruptcy Code 2016 (IBC) has created a special status for the homebuyers as financial creditors with effect from 6 June 2018. The amendment was brought into force at a pivotal junction when the ongoing litigations in projects by Jaypee Infratech and Unitech brought to limelight the hapless situation of homebuyers and the lack of effective remedies available to them.
Associate
Vidhii Partners
Pre-amendment scenario: The Real Estate (Regulation and Development) Act, 2016 (RERA), was not in existence when the IBC was brought into force and although there were certain civil remedies available for homebuyers both under central and state laws, they were not adequate in provid…
Read the full article at: https://www.vantageasia.com/ibc-amendment-gives-voice-beleaguered-homebuyers/
Palmali, one of the biggest players in Russias river-to-sea cargo market, plans to appeal against a court decision declaring its Russian business bankrupt and effectively handing its fleet over to Sberbank, the shipping firms owner said.
Last month, a court in Rostov-on-Don in southern Russia declared the Palmali unit bankrupt. The unit owes $180 million to Sberbank, with almost all of its roughly 50 ships held as collateral with Russias largest bank.
Palmali also owes 1.6 billion roubles ($24 million) to Russias tax authorities.
Palmalis owner, Mubariz Mansimov, told Reuters the company, which is headquartered in Istanbul and also operates in the Black and Mediterranean Seas, planned to challenge the…
Read the full article at: https://www.hellenicshippingnews.com/palmali-to-fight-court-ruling-on-bankruptcy-of-russian-arm/
NEW YORK Embattled commodity trader Noble Group is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process.
In a brief court hearing last Friday, the judge called the company insolvent and allowed a court-appointed officer to oversee the restructuring.
The green light from the Bermuda court will allow Noble to avoid liquidation after its preferred restructuring plan was scuppered at the last moment by a probe from Singapore regulators. It means that Noble could emerge from restructuring as soon as this week after more than a year of hard-fought negotiations over its US$3.5 billion (S$4.8 billion) debt pile.
The Bermuda court process …
Read the full article at: https://www.straitstimes.com/business/companies-markets/noble-restructuring-on-track-after-nod-from-bermuda-court
The Indian beer, airline and Formula One boss known as the king of good times faces bankruptcy proceedings in a London court and a separate attempt to force the sale of his sons luxury yacht.
The State Bank of India and other lenders that extended more than 1bn to Vijay Mallyas Kingfisher Airlines before it went bust in 2012 have lodged a petition to have the tycoon declared bankrupt in an effort to seize his assets.
Chairman of the company that owns Kingfisher beer and co-owned the Force India F1 team before it collapsed in July, Mallya fled to Britain two years ago, shortly before an arrest warrant was issued in India. He is on…
Read the full article at: https://www.thetimes.co.uk/article/fugitive-indian-beer-tycoon-vijay-mallya-threatened-with-bankruptcy-fm5x5xztw
(The Company is under Corporate Insolvency Resolution Process vide order of NCLT dated 31st August, 2017)
BSE LISTING CENTRE
Dear Sir,
Sub : Liquidation approved by Committee of Creditors
As already informed you that Corporate Debtor i.e. ANG Industries is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) vide order dated 31st August, 2017 passed by the Honble National Company Law Tribunal (NCLT), Delhi Bench. Mr. Ilam Chand Kamboj, has been confirmed as Resolution Professional (RP) of the Company on 28th September, 2017 by Committee of Creditors (CoC) constituted in terms of the IBC.
Further it is to inform you that CoC vide their meeting approved Liquidation for the Corporate D…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ang-industries-limited-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25757159.ece