Insolvency Guardian Media Centre
Nkechi Chima, Abuja
The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for illegally revoking its operating licence.
The microfinance bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent.
The Government, Central Bank of NIgeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) were joined in the suit as the defendants.
BFL, among other things, sought a declaration that the plaintiff was not in default of any of the provisions of the Banks and Other Financial Institutions Act 2004 to warrant a revocation of its licence.
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Read the full article at: http://sunnewsonline.com/mfb-sues-cbn-for-5m-over-revocation-of-license/
A would-be rapist was today jailed for more than three years after he turned to heroin dealing because he ran up a massive poker debt.
William Bannon who has two previous convictions for attempted rape served a 12-year jail sentence for an horrific sex attack on a teenage girl.
He was released more than 10 years ago and returned to his home in Dundee.
But last year he ran up a massive gambling debt playing poker and found himself owing cash to drug dealers.
His lawyer said that led to him being threatened with violence before allowing his house to be used for drug dealing.
Fiscal depute Saima Rasheed told Dundee Sheriff Court that police raided the property in Dundees Strathmartine Road on December 27 last year.
She said: Officers sear…
Read the full article at: https://www.pressandjournal.co.uk/fp/news/scotland/1587711/would-be-rapist-turned-to-dealing-drugs-after-running-up-a-huge-gambling-debt/
17 October 2018 | By GCR Staff
The former chairman of Scottish construction company Muirfield, John Stodart, has been disqualified as a director after he was found to have siphoned off more than 880,000 from the company as it was going into administration.
The Dundee-based company employed more than 280 workers when it declared insolvency in 2015, reports Dundee newspaper, The Courier.
A two-year investigation by the UKs The Insolvency Service found that Stodart caused Muirfield to make payments totalling 883,281 to a holding company of which he was sole director, when he should have been aware Muir…
Read the full article at: http://www.globalconstructionreview.com/news/scottish-boss-siphoned-900000-failing-company-spen/
Simply Corporate, a business rescue and recovery specialst, has launched with the opening of a new office at Ribble Court, Padiham.
The practice has been founded by Natalie Hughes, Alison Butler and Andy Platt.
Natalie and Andy have worked together for the past ten years establishing a successful insolvency practice in the Greater Manchester area.
Prior to qualifying as an insolvency practitioner, Alison was an experienced corporate and personal insolvency solicitor and for the last 18 years has provided advice to company directors and business owners amongst others.
Natalie said: For too long insolvency practitioners have been considered the last resort, the end of the line, ass…
Read the full article at: https://www.lancashirebusinessview.co.uk/simply-corporate-launches-padiham-107813/
A Perth-based startup that received over $65 million from investors has been placed into liquidation with just $50,000 left in the bank, with a Federal Court judge haranguing the company for having an app that does not work.
The startup, Bux Global, was launched in 2016 and spruiked itself as a mobile app which allowed users to easily transfer money internationally via their Bux accounts. According to evidence provided to the Court, the startup had raised upwards of $65 million from investors throughout its tenure.
The West Australian reports shareholders in the company include Aussie sports stars Danny Green and Greg Matthews, and other reports also name former editor of The Australian Chris Mitchell and current AMP chairman David Murr…
Read the full article at: https://www.smartcompany.com.au/startupsmart/news-analysis/perth-startup-bux-global-raised-65-million-collapses/
This is in reference to the captioned subject.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 2nd Meeting of the Committee of Creditors (the CoC) of Uttam Value Steels Limited (the Company) was held on 11th October, 2018 to discuss the agenda items stated in the notice of the meeting.
The e-voting on the resolutions put to vote at the second meeting of the CoC of the Company commenced on Monday, October 15, 2018, at 02:00 p.m. and concluded on Tuesday, October 16, 2018 at 05:00 pm including extension of e-voting window.
The Resolution Professional (RP) has sought the approval of the members of the CoC on the extension of timelines for submission…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article25245937.ece
Lenders of insolvent Bhushan Power & Steel (BPSL) have chosen the Rs 197-billion bid of JSW Steel. The committee of creditors (CoC) voted by a 66.6 per cent majority in its favour.
Tata Steel and Liberty House were also in the race to acquire the company after the National Company Law Appellate Tribunal (NCLAT) on August 6 permitted the three to file additional unconditional resolution plans.
The Tatas had bid about Rs 170 billion. (They have already won the race of Bhushan Steel.) Liberty House offered to enter the race at a late stage, but this was challenged by Tata Steel.
Since JSW Steels bid got the bare minimum number of votes, now the National Company Law Tribunal will …
Read the full article at: https://www.business-standard.com/article/companies/lenders-of-insolvent-bhushan-power-pick-rs-197-billion-bid-of-jsw-steel-118101700026_1.html
Coimbatore: In a ruling that would benefit workers seeking initiation of insolvency against their employer for pending wages, the National Company Law Appellate Tribunal (NCLAT) has said that eligible employees can be represented through a single application.
With this, the NCLAT has overturned the order by the National Company Law Tribunals (NCLT), Kolkata bench that rejected an application for commencement of Corporate Insolvency Resolution Process on the ground that there must have been individual applications by workers.
In all, 284 employees of Tayo Rolls, a subsidiary of Tata Steel, were represented by one applicant in the NCLT. The NCLT rejected the application for commencement of Corporate Insolvency Resolution Process under the …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/in-insolvency-cases-staff-can-file-single-application-for-dues/articleshow/66251728.cms
There has been a significant increase in calls to debt assistance services by seniors this year, including those struggling with their mortgage repayments.
According to recent statistics from the National Debt Helpline, a free independent service launched in 2011 for Australians experiencing financial difficulty, the helpline received more than 120,000 calls from January to August this year, up from 115,000 calls during the same eight-month period in 2017 and the highest ever for this period historically.
A representative from the National Debt Helpline, operated by the Financial Rights Legal Centre, confirmed that the helpline has been particularly busy this year, with an increasing number of senior Australians reaching out for assistance…
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/12765-p-i-switch-could-worsen-senior-debt-stress
Ian Berry/CNNMoney
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Read the full article at: https://www.keyt.com/news/education/judge-unblocks-obama-rule-on-student-debt-relief/807888198
(CNN) – An Obama-era rule designed to help students cheated by for-profit colleges get relief on their education debt finally took effect Tuesday after efforts by the Trump administration to block it.
A federal judge ordered immediate implementation of the rule, delayed last year by Education Secretary Betsy DeVos, while a challenge from the for-profit college industry proceeds.
The Depa…
Read the full article at: https://www.clickorlando.com/education/judge-unblocks-obama-rule-on-student-debt-relief
HOFFMAN ESTATES, Ill. Sears Holdings Corporation (Holdings, we, our, or the Company) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District ofNew York(the Court).
The Company expects to move through the restructuring process as expeditiously as possible and is co…
Read the full article at: http://americajr.com/news/2018/10/16/sears-holdings-files-chapter-11-bankruptcy-ceo-eddie-lampert-steps-down/