Japanese brewer Kirin will attempt to recoup some of the $2 billion it has blown on Australian dairy and drinks investments over the past 11 years by selling leading brands such as KIng Island cheese, Dairy Farmers milk and Farmers Union yoghurt.
Kirin has kicked off a formal sale process for its $1.8 billion Australian dairy and juice business, Lion Dairy & Drinks (LDD) after completing a strategic review earlier this week.
Lion, which is 100 per cent owned by Kirin, launched the strategic review last month and considered options including selling the business, selling individual assets and further restructuring.
Rather than persist with restructuring and inject further capital into the business, Kirin has decided to pull the …
Read the full article at: https://www.afr.com/business/retail/kirin-to-sell-lion-dairy–drinks-receives-approaches-20181010-h16fqv
Columnists
Tuesday, October 9, 2018 19:25
By BASTON WOODLAND |
Capitalism without insolvency is like Christianity without hell. Even if a company spends itself into insolvency until it doesnt recover, creditors would still suppose the company wouldve recovered if their debts were paid.
The United Kingdom on August 28, 2018 through its Minister for Small Business, Consumers and Corporate Responsibility, Kelly Tolhurst, published new proposals designed to introduce a pre-insolvency moratorium.
The reforms if fully implemented will ensure that financially distressed companies first seek a debt restructurin…
Read the full article at: https://www.businessdailyafrica.com/analysis/columnists/UK-companies-debt-restructuring-proposals/4259356-4798896-sf6ftt/index.html
The Thirteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 27 September 2018 at 11:00 AM at Orion Room, The Learning Galaxy. 8 th Floor, Iconic Wing, Urmi Estate, 95, Lower Parel (West), Mumbai 400013, India.
The outcome is enclosed in the letter.
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-outcome-of-meeting-of-committee-of-creditors/article25170368.ece
Norton Rose Fulbright (NRF) was the legal adviser of an Australian-founded medicinal cannabis company on its IPO and listing on the ASX.
Althea Group raised $19.65m in its fully subscribed IPO, which NRF said had strong participation from institutional and professional investors from around the world. It was also supported by Toronto-listed Aphria, which is one of Canadas largest medicinal cannabis companies and a cornerstone investor in Althea even before the IPO.
NRF fielded a cross-practice team led by corporate partner Chris Mitchell. The team advised on all aspects of its IPO and admission to the official list of ASX, including pre-IPO fundraising initiatives, prospectus preparation, due diligence…
Read the full article at: https://www.australasianlawyer.com.au/news/nrf-helps-medicinal-cannabis-company-on-asx-float-255881.aspx
The National Company Law Tribunal, Hyderabad bench, has admitted a petition to initiate corporate insolvency proceedings against Madhucon Projects Limited and appointed an interim Resolution Professional (RP).
On a petition moved by Shri Srikrishna Rail Engineers, a Mumbai-based company, seeking initiation of insolvency resolution process under the Bankruptcy and Insolvency Code, 2016, the Judicial Member appointed Rakesh Rathi as the Insolvency Resolution Professional.
The case relates to dues of 4.17 crore the petitoner sought for having taken up works for the Hyderabad-based construction and infrastructure company.
Judicial Member Ratakonda Murali, after hearing the petitoners pleas and responses by the debtor which challenged the move …
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-directs-insolvency-proceedings-against-madhucon-projects/article25172061.ece
The insolvency regulator is training its guns on personal guarantors to recover bad loans. Nudging the new breed of insolvency professionals to attach assets of guarantors is not a good idea. It goes against the grain of limited liability. The reason is simple.
At risk, is only the risk capital that the promoter has invested in the enterprise. For an entrepreneur to risk her familys future to get a loan is absurd. There should be no personal liability on the promoter beyond risk capital that she has invested in.
Personal guarantees are mostly given by directors who are in the management of companies, and banks insist on these guarantees ostensibly to check the tendency of promoters to exploit legal delays. More likely, bankers are abdi…
Read the full article at: https://economictimes.indiatimes.com/opinion/et-view/et-view-insolvency-regulator-must-change-track/articleshow/66137634.cms
The Twelfth meeting of the CoC of the Corporate Debtor was held on 20 September 2018 at 03:30 PM at 16t Floor, Tower 2, Grant Thornton India LLP, Indiabulls Finance Center, SB Marg, Elphinstone (W), 400013.
The outcome of the meeting is summarized as herein below:
1. The RP and his legal advisors apprised the COC about the status of ongoing legal cases pending before the NCLT Kolkata and NCLAT Delhi.(Details in letter enclosed).
2. The COC concluded that since the composite plan was also received, all 5 Resolution plans be shared with the members by 25 Sept 2018 post ascertaining compliance with the provisions of the Insolvency and Bankruptcy Code, 2016″) and The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for C…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article25170142.ece
The rate of personal insolvencies in North Lincolnshire has increased by almost a third over the last two years, official data has revealed.
In 2015, 21.6 adults per 10,000 were declared insolvent in North Lincolnshire, according to Insolvency Service figures.
However by 2017 that figure had risen to 27.9, an increase of 29.2 per cent.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with an o…
Read the full article at: https://www.doncasterfreepress.co.uk/news/personal-insolvency-rate-in-north-lincolnshire-has-increased-by-almost-a-third-since-2015-figures-show-1-9387824