Tue, Sep 18, 2018 – 5:50 AM

Singapore

THE board of the “New Noble” – a fresh company which will emerge on the Singapore Exchange out of a complex US$3.5 billion debt revamp of troubled commodities trader Noble Group – will begin with a clean slate of eight or nine directors, mostly based in the Asia-Pacific, said Noble’s outgoing chairman.

“Our marching orders to the head hunters (Spencer Stuart) is that we are looking for some ASPAC representation on the board with both deep sector skills and board level experience ” Noble’s chairman Paul Brough told The Business Times. He added that the company was at an “advanced stage” of identifying a chairman for New Noble. Mr Brough, a British-born turnaround expert who replaced Nob…

Read the full article at: https://www.businesstimes.com.sg/companies-markets/new-nobles-board-to-have-up-to-5-ids

Corporate restructuring can be a hard but necessary part of a corporation’s evolution. Once a company gets to a certain size or age, it can be easy for the employees to forget that the point of the business is ultimately to make money. As a company ages and evolves, the need for restructuring is essential to its very future. However, in order to make any kind of significant change to a multinational which will stick long-term, the key often lies in changing the fundamental culture of the organization.

This is the exact struggle Declan Guerin faced when he was hired as group chief restructuring officer at Rolls-Royce. Speaking at this year’s CFO Rising Europe Summit, he explored the inherent difficulties that arise when try…

Read the full article at: https://channels.theinnovationenterprise.com/articles/rolls-royce-restructuring-a-national-institution

Multinational pharmaceutical company Daiichi Sankyo and HDFC Bank are at logger heads with each other to ensure that they are not denied their rightful money by erstwhile Fortis promoters, the Singh brothers. In the latest twist of the tale, Daiichi has moved the National Company Law Tribunal (NCLT) to stay insolvency proceedings of RHC Holdings, initiated by HDFC bank. 

HDFC had earlier moved NCLT for recovery of dues from RHC Holdings. Daiichi in its plea to NCLT has stated, “Insolvency proceedings should not carry on matter pending with the high court.”

Daiichi has filed an intervention application in HDFC’s insolvency plea, saying they have the decree to recover dues from RHC Holdings.

Daiichi moved the Delhi High Court earlier in …

Read the full article at: https://www.thehindubusinessline.com/companies/daiichi-sankyo-moves-nclt-to-stay-insolvency-plea-against-rhc-holding/article24976452.ece

Craig Levy has said he’s sorry for killing his Airbnb visitor over a $210 debt, but Ramis Jonuzi’s sister has told a Melbourne court she’ll never forgive him.

Naime Balla struggles to remember the good times with her brother – her last memory is his body lying on a slab in a coroner’s office.

Levy, a 37-year-old former chef, will be sentenced in the Supreme Court next week after pleading guilty to manslaughter for his role in Mr Jonuzi’s death on October 25 last year at Brighton East.

The charge was downgraded from murder.

Mr Jonuzi had been asked to leave the room he rented from Levy the day he died, after falling behind on payments.

He had packed his belongings and was re…

Read the full article at: https://www.9news.com.au/national/2018/09/18/06/31/craig-levy-who-killed-air-bnb-guest-court-for-pre-sentencing-hearing

Following a joint investigation by the Insolvency Service and the Metropolitan Police, Sarkis Agop Kouyoumdjian (55), of Kensington High Street, West London, appeared at Southwark Crown Court on Friday 14 September where he also received a nine year directorship disqualification.

The court heard that in November 2011, Sarkis Kouyoumdjian voluntarily accepted a disqualification undertaking in connection with the failure of a company that he was a director of which ran a restaurant and owed unpaid taxes. The disqualification meant that he was banned from running companies for four years without the permission of the courts.

However, Sarkis Kouyoumdjian ignored the ban which he had personally accepted and in direct contravention of …

Read the full article at: https://www.gov.uk/government/news/restaurateur-jailed-for-running-companies-while-disqualified

By James Forsyth

The UKs corporate insolvency and restructuring landscape will be changing dramatically, following the Governments announcement on 26 August 2018.

The Government proposes to introduce a wide range of reforms including:
1. A standalone restructuring moratorium for companies which are in financial distress
2. A statutory restructuring process which will potentially bind dissenting creditors; and
3. A prohibition on the termination of contracts on the grounds of the insolvency or restructuring of one of the parties.

Read the full article at: https://www.thelawyer.com/knowledge-bank/white-paper/changing-horizon-of-uks-corporate-insolvency-and-restructuring-landscape/

Trent Devine, a partner at Jirsch Sutherland, suggested that the huge boom in values particularly on Australias east coast has helped many businesses stay afloat by dipping into equity. But this strategy may now come back to bite them, amid a backdrop of falling property prices and banks hiking interest rates.

Any business that has used personal finances for business borrowings is at risk, said Mr Devine.

In the past, when times were tough, struggling businesses have been able to lean on the equity of their home. Now, with falling house prices and other …

Read the full article at: https://www.mybusiness.com.au/finance/4952-house-price-falls-leave-sme-leaders-exposed

In the world of corporate insolvency, the list of industries at the highest risk of insolvency has changed very little over the last ten years. According to ASICs Insolvency Statistics, of the over 11,000 corporate insolvencies in Australia annually, 76% come from five industries: Construction (19%), Accommodation and food services (10%), Retail trade (7%), Transport (5%) and Other (business and personal) services (35%). The Other services is largely made up of small contractor type businesses largely associated with the construction industry.

If you break this data down by state, New South Wales, Victoria and Queensland share the same top five industry profiles and ranking, while the Northern Territory, Tasmania and Western Australia s…

Read the full article at: https://www.theceomagazine.com/business/finance/corporate-insolvency-risk-industries/