Dubai developer is restructuring to narrow losses incurred since 2014
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.
Last month, 13 economists, including IMF chief economist Gita Gopinath and former RBI governor Raghuram Rajan, praised Indias bankruptcy law while charting an economic strategy for the country heading for general elections later this year. Their policy advice for the financial sector covered reviving projects when bank balance sheets are cleaned up, improving governance in state-owned banks, and strengthening the corporate bond market.
The two-year-old Insolvency and Bankruptcy Code (IBC) is panning out okay. But it needs to work better to realise maximum value from the sale of assets of bankrupt companies. This will reduce both haircuts that banks have to take and the load on taxpayers to recapitalise banks.
The Committee of Creditors (…
Read the full article at: https://economictimes.indiatimes.com/blogs/Exchequer/insolvency-bankruptcy-code-less-delay-more-reform/
Organic food retailer About Life has fallen into voluntary administration after a series of legal disputes with suppliers over the last 18 months.
The independent grocer is understood to have closed all of its eight stores recently and on Wednesday morning had shut down various social media accounts and sections of its website.
It is now under the control of administrators from Farnsworth Shepard, who were not available for comment onWednesday morning.
About Life is backed by Melbourne-based investment firm Green Capital Partners, the same company that backed food retailer THR1VE before it fell into administration and was bought by SumoSalad earlier this month.
It is just the latest in a long line of retail businesses to go under in 2…
Read the full article at: https://www.smartcompany.com.au/industries/retail/about-life-collapses/
NEW YORK, Dec. 31, 2018 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. reminds investors that it is investigating potential claims on behalf of stockholders of Yangtze River Port and Logistics Limited (NASDAQ: YRIV), Net 1 UEPS Technologies, Inc. (NSADAQ: UEPS), and Belden Inc. (NYSE: BDC). Additional information about each potential action can be found at the link provided.
Yangtze River Port and Logistics Limited (NASDAQ: YRIV)
On December 6, 2018, Hindenburg Research published a report entitled Yangtze River Port & Logistics: Total Zero. On-the-Ground Research Shows Assets Appear to be Largely Fabricated. The Hindenburg report described Yangtze as a scheme run by its Chairman & controlling shareholder to siphon money away from U….
Henderson Constable Earl Mitchell was under extreme financial pressure.
It was 2015, and Clark County officials had taken control of Mitchells office revenues. The elected lawman had a six-figure IRS debt and liked gambling, upscale restaurants and bars.
His solution, according to prosecutors, was to overstate the costs of his deputies salaries, expenses and income tax withholding amounts so he could keep the money for himself.
Three months after the county increased oversight of the constables account, Steven Kilgore, Mitchells chief deputy and friend of 30 years, warned him that ignoring the countys financial controls would put him in the crosshairs. But Mitchells annual salary of $103,000 and a nearly $60,000 pension apparently we…
Read the full article at: https://www.reviewjournal.com/investigations/records-shed-light-on-henderson-constables-gambling-lifestyle-1562438/
Its Christmas time, and the period immediately after, that is a cause of concern for many when it comes to spending and paying back amounts owed.
According to a recent study produced by Moneysupermarket.com, anxiety over debts remains high in the UK, with over half of us believing it will take three years or more to pay our debts.
Another 12%, the study said, dont believe they ever will.
But why did they conduct this study?Well, its in response to a growing issue in the UK household debts rose to their worst rates to date in 2018.
Evidence points to reckless festive spending
More Britons are entering each New Year in debt. National Debtline, in late 2017, claimed 16% equivalent to around 7.9 million people were likely to fall be…
Read the full article at: https://realbusiness.co.uk/consumer-debts-smes-must-help/
On Dec 31, we issued an updated research report on United Technologies Corporation (UTX – Free Report) . This Zacks Rank #3 (Hold) stock is poised to grow on the back of ongoing portfolio restructuring moves and stronger end-market sales. However, rising costs are a major concern.
Lets delve into the aspects that are influencing the stocks performance.
Favorable Factors
United Technologies expects that ramp up in military programs, increased global air traffic and high passenger load factor will boost upcoming quarterly results of the Aerospace business. Meanwhile, increased construction activity in the United States, higher infrastructure spending in China and greater urbanization rate in Asia is expected to enhance …
Read the full article at: https://www.zacks.com/stock/news/345150/united-technologies-gains-on-restructuring-moves-costs-high
Tis the season to contemplate New Years resolutions. With 44.5 million student loan borrowers in the U.S. owing a total of $1.5 trillion, student loans are certain to be a factor in most financial wellness resolutions.
Not only are more people in debt, but people are deeper in debt because of higher education. Average debt at graduation is currently around $35,000 up from $10,000 in the early 1990s. The effects on the individual are clear. Beyond straining budgets, student loan debt is preventing individuals from saving and building net worth. Research by the Federal Reserve found a strong correlation between the decline in American home ownership and increasing student loan debt. Studies by the National Associ…
Read the full article at: https://www.baltimoresun.com/news/opinion/oped/bs-ed-op-0101-debt-resolutions-20181220-story.html
Outcome of 14th Committee of Creditors Meeting
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
With reference to the subject cited above, I would like to bring to your kind notice that the 14th Meeting of the Committee of Creditors (COC) of the Company held on Monday, 31st December, 2018, at the registered office of the Company situated at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
The agenda of the 14th Meeting of the CoC is discussed and the outcome is put to vote in e-voting, the results of which will be intimated in due course.
This is for your information and records.
Pdf Link:
Viceroy Hotels Lt…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article25871359.ece
Overspending over Black Friday, Cyber Monday and the Christmas holidays will have “severely negative consequences” for overly indebted consumers, a debt counselling expert has said.
Acknowledging the brief relief brought from the decrease in fuel prices in December and now January, CEO of Debt Rescue Neil Roets also pointed out that consumers are not yet out of the woods.
“The rest of the picture for 2019 looks gloomy, to say the least,” he said.
Roets says that the period between January and March will be the busiest for the debt counselling company.
“There is a certain kind of madness that grips consumers over the holidays where spending becomes totally irrational and this is not helped by the massive advertising campaigns that retailers l…
Read the full article at: https://www.fin24.com/Money/reality-bites-gloomy-2019-for-over-indebted-consumers-struggling-to-make-ends-meet-20181230
Turkey is facing a mounting number of applications for bankruptcy protection as a slump in economic growth takes its toll on business.
Requests forkonkordato, a court-sanctioned agreement that allows struggling companies to try and avoid full bankruptcy by restructuring their debt payments in a bid to avoid full bankruptcy, have soared in recent months.
The surge follows a currency crisis over the summer that has triggered a sharp slowdown in the economy and piled pressure on Turkeys indebted corporate sector.
Turkeys trade minster, Ruhsar Pekcan, said this month that the number of companies that had sought bankruptcy protection had reached 846, although many analysts believe that the true figure may be several times higher.
Companies…
Read the full article at: https://www.ft.com/content/0e27734a-0392-11e9-99df-6183d3002ee1
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…Read the full article at: https://www.timesunion.com/news/article/Sears-Kmart-could-be-liquidated-with-no-bid-to-13494172.php
Union Properties approved a 10% share buy-back as part of an ongoing financial restructuring. Pawan Singh / The National Go to TopDecember 30, 2018
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Read the full article at: https://www.thenational.ae/business/property/union-properties-approves-share-buy-back-amid-restructuring-1.807648
