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3 December 2018
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.
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has changed the Financial Strength Rating (FSR)
to a Non-Rating Designation of F (In Liquidation) from A- (Excellent)
and the Long-Term Issuer Credit Rating (Long-Term ICR) to f from a-
of Merced Property & Casualty Company (Merced) (Atwater, CA),
following the announcement on Nov. 30, 2018, that the California
Insurance Commissioner filed a petition to place Merced into
liquidation. On Dec. 3, 2018, the Superior Court of the State of
California, County of Merced, is expected to enter an Order Appointing
Liquidator.
Merceds impending Order of Liquidation resulted from significant claims
from the Camp Fire in N…
Read the full article at: https://www.businesswire.com/news/home/20181203006018/en/A.M.-Credit-Ratings-Merced-Property-Casualty-Company
Recently, the FTC stopped several student debt relief companies from operating after it found the companies were making false claims that they could reduce loan payments and even eliminate student loan debts entirely. Impetus Enterprise, Inc. and two related corporations charged customers upfront fees for debt relief, which is illegal, to the tune of at least $499 per person, and in many cases, didnt actually render any services. People struggling with debt are a favorite target for scammers and unethical businesses, and with the average American carrying about $38,000 of personal debt, theres no shortage of potential prey. Organizations that assist people with debt relief are out there, but finding them requires knowledge …
Read the full article at: https://www.nextadvisor.com/blog/ftc-cracks-down-on-debt-relief-scheme/
Christchurch company Corbel Construction has gone into liquidation.
Corbel Construction, established in Christchurch in 2000, opened an Auckland office in 2015 and said it specialised in commercial and industrial projects, and had upgraded four schools in Christchurch and worked with district health boards in Auckland and Christchurch.
The Companies Office said Andrew Oorschot of Ashton Wheelanswas appointed the liquidatorof Corbel Construction on Monday.
Oorschot said it would take at least a week for him to come togrips with what the creditors were owed but understood there were about 14 projects, three of which were under way in Auckland.
He was appointed byresolutionof shareholders. The main security-holder isunderstoodto be one of t…
Read the full article at: https://www.stuff.co.nz/business/109064682/Christchurch-company-Corbel-Construction-reportedly-in-liquidation
The former world No 1 tennis player Boris Becker has dropped his claim to have diplomatic immunity from bankruptcy.
The three-time Wimbledon champion had argued his appointment by the Central African Republic as a sporting, cultural and humanitarian attache to the European Union meant he could not be subjected to legal proceedings.
But, after being told on Monday that Becker was no longer pursuing that claim, a judge made a court order extending his bankruptcy indefinitely. As a result, a planned auction of his trophies and memorabilia previously put on hold will go ahead.
The 50-year-old German was declared bankrupt in June 2017 by registrar Christine Derrett. The bankruptcy was due to be discharged in June, which would have released…
Read the full article at: https://www.theguardian.com/law/2018/dec/03/boris-becker-ends-diplomatic-immunity-defence-from-bankruptcy
Christchurch company Corbel Construction has gone into liquidation.
Corbel Construction, established in Christchurch in 2000, opened an Auckland office in 2015 and said it specialised in commercial and industrial projects and upgraded four schools in Christchurch.
The Companies Office said Andrew Oorschot of Ashton Wheelans was appointed the liquidator of Corbel Construction on Monday.
A contractor, who said he is owed $700,000, told Stuff he received a letter from the liquidator on Monday.
“I received a letter from a liquidator saying a company Corbel Construction which used me to build and building [sic] for them from start to finish did not pay me $1, I was contracted to complete the entire build they also used my labour to speed ot…
Read the full article at: https://www.stuff.co.nz/business/109064682/Christchurch-building-company-Corbel-Construction-in-liquidation
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PA
Ex-tennis champion Boris Becker has dropped his claim to have diplomatic immunity from bankruptcy.
The three-time Wimbledon winner had said his appointment as a Central African Republic (CAR) diplomat gave him protection from any legal claims.
Declared bankrupt in 2017 over money owed to bank Arbuthnot Latham, he was being pressed for “further assets”.
After a hearing in London, Mr Becker abandoned his c…
Read the full article at: https://www.bbc.co.uk/news/uk-46429054
LONDON: Hopes of a solution have risen after the Abraaj group founder Arif Naqvi made last-ditch efforts to rescue the remaining business of his emerging markets empire and the Cayman Islands agreed to an extension for Abraajs joint provisional liquidators to devise a restructuring proposal over the next three months.
The Grand Court of the Cayman Islands has agreed to an extension for Abraajs joint provisional liquidators, led by PwC and Deloitte, to devise a restructuring proposal which will save Abraaj investors from years of lawsuits and advisor fees.
It has been learnt that Arif Naqvi, the Karachi born emerging markets business leader who has worked from Dubai for more than 25 years, met limited partners and …
Read the full article at: https://www.geo.tv/latest/220568-arif-naqvi-makes-efforts-to-save-abraaj-business-court-allows-restructuring
According to a recent report released by Moore Stephens, there has been a 58% jump in the value of mortgages written off by UK banks in the last year. This rapid rise could be an early sign of distress in the housing market, the firm has stated.
This jump in the value of residential mortgages written off by UK banks and building societies from 77m to 122m in the year ending 30 June 2018 marks the first increase in the value of write-offs since 2013-14.
In recent months, house price growth has stalled across the UK; Moore Stephens has also warned that further interest rate rises could increase write-off…
Read the full article at: https://www.accountancyage.com/early-signs-of-distress-in-housing-market/
Dear Sir / Madam,
We would like to inform you that meeting of 18th Committee of Creditors of ABG Shipyard Limited is scheduled to be held on Thursday, 06th December 2018 at 02:30 P.M. IST at BDO India LLP, Level 9, The Ruby, North West Wing, Senapati Bapat Road, Dadar (W), Mumbai 400028, INDIA.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/abg-shipyard-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article25655584.ece
PITTSBURGH–(BUSINESS WIRE)–Today Dollar
Bank completed its reorganization from a mutual savings bank to a
mutual holding company. From this point forward, Dollar Bank operates
under a mutual holding company structure with Dollar Mutual Bancorp (a
mutual entity without shareholders) owning 100% of the common stock of
Dollar Bank, Federal Savings Bank.
The reorganization will not cause any change to the full complement of
the services provided to Dollar Banks personal and business banking
customers nor any changes to any customer deposit accounts, loans,
personnel, locations or operations in general.
Dollar Banks primary goal in restructuring…
Read the full article at: https://www.businesswire.com/news/home/20181203005096/en/Dollar-Bank-Completes-Holding-Company-Reorganization
A company that was found to have misled customers to invest in fine wines has been wound up in the High Court.
Intercontinental Wines Limited was wound up in the public interest at the High Court on November 23, after the court heardthe company, which had claimed to be a wine broker, had used client funds forpersonal expenditure.
According to the Insolvency Service, a government-sponsored executive agency, Intercontinental Wines had used high-pressure cold calling to target members of the public.
Customers were toldinvestments in wine were secure and resulted in profitable returns andthe cases would be stored in bonded warehouses under personal accounts.
However, an investigation bythe Insolvency Service foundonly about 10 per centof custome…
Read the full article at: https://www.ftadviser.com/investments/2018/12/03/fine-wine-investment-scheme-shut-down-by-courts/
Dear Sir / Madam,
We would like to inform you that the Honble National Company Law Tribunal (Mumbai Bench) vide its order dated 28th November 2018 in the matter MA 1367/2018 in C.P. No.(IB) 490 (MB)/2018, granted an extension of 90 days from 08th December 2018 for completion of Corporate Insolvency Resolution Process of Sterling Biotech Limited. The copy of the said order dated 28th November 2018 is enclosed as Annexure A.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25653849.ece