Insolvency Guardian Media Centre

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.
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Tips to help you manage festive season debt – Germiston City News
Dont wait for the New Year to tackle debt, manage your festive season spending and start 2019 financially fit. Every
NCLT orders insolvency resolution process against CIL subsidiary – The Financial Express
NCLT orders insolvency resolution process against CIL subsidiary In a setback to Coal India (CIL), the Kolkata bench of the
Elanco plans job cuts, $37M restructuring charge – Greenfield Daily Reporter
Pictured: Elanco Animal Health, 2500 Innovation Way, Greenfield (Tom Russo | Daily Reporter)Indianapolis Business JournalGREENFIELD Newly public Elanco Animal Health
Paul Brough to remain Noble chairman as $3.5bn debt restructuring ends – Financial Times
Paul Brough is to remain chairman of Noble Group after the crisis-hit commodity trader completed its emergency $3.5bn debt restructuring.
Broke app bosses go to ground over debts – The West Australian
The bosses of the broke money-moving app Bux Global are proving hard to find as dudded investors continue to pursue
Higher interest rates pushing more Canadians to seek debt relief as business booms for insolvency trustees – Financial Post
People who make a living guiding others through bankruptcy in Canada say theyve never been busier.Record debt burdens, rising borrowing
Barristers and solicitors reappointed to insolvency practitioners complaints panel – Irish Legal News
Published 20 December 2018 Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel
Abg Shipyard Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP) – The Hindu BusinessLine
Dear Sir / Madam, We would like to inform you that 20th meeting of Committee of Creditors of ABG Shipyard
EXCLUSIVE: Standard Bank manager accused of collusion in bitter liquidation dispute – IOL
Businessman Gary van der Merwe says Andrion Gouws appears to have abused his authority in a manner that was contrary
Local student loan debt relief company victims speak out – KGO-TV
SAN FRANCISCO (KGO) -- Nakeia Warren and Andre Archibald are just two of more than 2,000 consumers who contacted the
Bestjet: Queensland-based budget airfare company collapses – NEWS.com.au
Australian travellers may be left stranded over Christmas after budget airfare company Bestjet collapsed. The Queensland-based companys website collapsed just
Nova teetering on the verge of insolvency – Moneyweb.co.za
The latest financial statements of the Nova PropGrow Group, the rescue vehicle of the failed Sharemax investment scheme, show the

Dont wait for the New Year to tackle debt, manage your festive season spending and start 2019 financially fit.

Every year we see an increase of about 28 per cent on credit card spending over the December period, but, with careful planning and clever management of this inevitable increase in spending, you can enjoy your festive season without adding to your debt responsibilities, encouraged Chris Labuschagne, CEO of FNB credit card.

Here are a few tips to help you manage your holiday season spend:

Understand your debt responsibilities now:

Dont sweep your debt responsibilities under the carpet until the New Year, take time to plan your finances.

Make a note of all your repayment responsibilities, such as car, home loan and credit card r…

Read the full article at: https://germistoncitynews.co.za/193121/tips-to-help-you-manage-festive-season-debt-4/

NCLT orders insolvency resolution process against CIL subsidiary

In a setback to Coal India (CIL), the Kolkata bench of the National Company Law Tribunal (NCLT) has ordered commencement of the corporate insolvency resolution process against its subsidiary Eastern Coalfields (ECL).

The tribunal has admitted the insolvency petition, filed by Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ESL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner refused to pay the interest amount on the original debt towards goods supplied.

Although ECL had already paid the principal sum of around `84.71 lakh to GOLIL, one of its operational creditors, the former did not pay the amount of interest at the …

Read the full article at: https://www.financialexpress.com/industry/nclt-orders-insolvency-resolution-process-against-cil-subsidiary/1420557/

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Pictured: Elanco Animal Health, 2500 Innovation Way, Greenfield (Tom Russo | Daily Reporter)

Indianapolis Business Journal

GREENFIELD Newly public Elanco Animal Health said in a regulatory filing that it plans a restructuring of its international operations that will result in a $37 million charge in the fourth quarter, including $19 million in severance costs.

The Greenfield-based company which employs about 5,880 workers, including 3,430 outside the United Statesdid not say how many jobs would be eliminated or where. An Elanco spokeswoman wouldnt provide specifics but said the announcement is largely focused on our international business. The firm has about 800 workers in Greenfield and plans to keep its global headquarters here, the s…

Read the full article at: http://www.greenfieldreporter.com/2018/12/20/elanco-plans-job-cuts-37m-restructuring-charge/

Paul Brough is to remain chairman of Noble Group after the crisis-hit commodity trader completed its emergency $3.5bn debt restructuring.

The Hong Kong-based group had been set to name Ian Potter, a former Morgan Stanley commodities banker, as its new chairman but that was before authorities in Singapore launched a criminal investigation into false and misleading statements it claims the company made.

Nobles proposed debt-for-equity swap, announced in January, was then thrown into doubt after regulators in the city-state said Noble could not relist its shares on the Singapore exchange.

That meant Noble had to fall back on an alternative plan and push through the restructuring in Bermuda, leaving its beleaguered investors with stakes …

Read the full article at: https://www.ft.com/content/cd196304-0404-11e9-99df-6183d3002ee1

The bosses of the broke money-moving app Bux Global are proving hard to find as dudded investors continue to pursue them for more than $500,000 in legal costs.

As revealed by The West Australian, more than 300 WA investors sank $100 million into the dud mobile phone application the brainchild of founder Raymond Webber and his sons Chris and Andrew.

But the money is all but gone. Court documents reveal just thousands in cash left among the companys assets, with millions spent on fine dining, business-class flights, five-star hotels and leasing luxury cars.

The disgruntled investor whose court action eventually led to Bux being declared insolvent by the Federal Court is chasing the Webber family for $535,016 in court costs.

In a new ruling by…

Read the full article at: https://thewest.com.au/news/court-justice/broke-app-bosses-go-to-ground-over-debts-ng-b881056229z

People who make a living guiding others through bankruptcy in Canada say theyve never been busier.

Record debt burdens, rising borrowing costs and, in some cases, bigger payday loans are driving many Canadians to seek relief, according to several licensed insolvency trustees who spoke to Bloomberg. They say November was their busiest on record, and December typically a slow time of year in the insolvency trade hasnt let up.

Im essentially trying to add capacity every day to get people seen, Blair Mantin, a Vancouver-based licensed insolvency trustee at Sands & Associates, said by phone. Usually things slow down around Christmas, but we havent seen the demand slow down this year.

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