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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.
New Delhi: Madras High Court has granted interim reprieve to two private power companies by staying insolvency proceedings against their stressed assets.
Several other firms, meanwhile, are likely to approach the Supreme Court on Tuesday, seeking more time to resolve their bad loans and save themselves from insolvency as a Reserve Bank of India circular has mandated. These companies include GMR Energy, Essar Power and RattanIndia Power, which withdrew their applications from the Allahabad High Court where they had sought extension of the RBI-mandated deadline to refer their projects to the National Company Law tribunal (NCLT), sources said.
The deadline for lenders to refer unresolved stressed projects to the NCLT, as per the RBI circu…
Read the full article at: https://economictimes.indiatimes.com/industry/energy/power/relief-for-2-power-projects-madras-hc-stays-insolvency-proceedings/articleshow/65762177.cms
MORE than a quarter of a century ago, media mogul and fraudster Robert Maxwell died under bizarre circumstances.
The body of the publishing baron and British MP was found floating in the ocean naked after he vanished from his luxury yacht in the Canary Islands.
But while an inquest ruled his death was the result of a heart attack and accidental drowning, conspiracy theories swirled, with many believing Mr Maxwell met with foul play.
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That theory was all the more convincing as three pathologists couldnt agree on the cause of his death at the inquest.
It has also emerged the 68-year-old was due to meet high-profile Bank of England figures on the day…
Read the full article at: https://www.news.com.au/finance/money/wealth/sons-speak-out-about-fraudster-dads-death-for-the-first-time-in-27-years/news-story/21dcc91f69e7bda7441a25c85c3ac2d2
NEW DELHI: Oriental Bank of Commerce has approached the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against debt-ridden Simbhaoli Sugars.
The sugar company informed the OBC has filed an application with the NCLT, Allahabad seeking initiation of the corporate insolvency resolution process under section 7 of the Insolvency and Bankruptcy Code, 2016, it said in a regulatory filing.
SBI, PNB, Bank of Baroda, ICICI Bank, Exim Bank are among 12 other bankers of the company.
The company had posted a net loss of Rs 180.39 crore during the 2017-18 fiscal. During the April-June quarter of the current fiscal, the net loss was Rs 1.44 crore.
Simbhaoli Sugars Limited, one of the largest sugar mills in the country, has …
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/obc-approaches-nclt-to-initiate-insolvency-proceedings-against-simbhaoli-sugars/articleshow/65758919.cms
New Delhi: Leading private sector lender NCL has filed insolvency petition against Jaiprakash Associates before the National Company Law Tribunal (NCLT).
The Allahabad bench of NCLT has asked ICICI bank to serve notice to its corporate debtor Jaiprakash Associates within three days and directed Jaypee group firm to file reply by September 17.
If NCLT allows the plea of the ICICI bank, then this will be the second company of the crisis hit Jaypee group facing insolvency.
“Financial creditor is directed to serve notice on the corporate debtor and file affidavit of service within three days. Reply, if any, may be filed within seven days,” said NCLT in its order Monday.
The tribunal has directed to list the ma…
Read the full article at: https://www.firstpost.com/business/icici-bank-files-insolvency-plea-against-jaiprakash-associates-in-nclt-matter-to-be-heard-on-17-september-5157841.html
A bankruptcy court judge in Delaware has approved the sale of the bankrupt Bon-Ton department store for just under a million dollars.
CSC Generation Holdings bid $900,000 for the Bon-Ton’s brand names, websites, and 25 million customer names and addresses.
A company spokesman tells WGAL News 8 that is does plan on re-opening some stores, but is not being specific about where those stores would be.
Bon-Ton was operating about 250 stores in five states when it declared bankruptcy in February.
Read the full article at: https://www.wgal.com/article/sale-of-bankrupt-bon-ton-chain-approved/23072569
Victorias largest independent butcher, Tasman Market Fresh Meats Pty Ltd, has fallen into voluntary administration.
The company, which traded as Tasman Butchers, appointed administrators David McEvoy and Martin Ford of PricewaterhouseCoopers Australia last Friday.
An urgent sale process is now underway, while the companys network of 17 stores in Melbourne and regional Victoria will continue to trade in the interim.
The butcher, known for its big box formats, has been operating for more than 30 years and employs around 150 full-time staff as well as a similar number of casual employees.
Administrator David McEvoy said he is confident a buyer will be found for the business.
We intend to continue trading the majority of the store…
Read the full article at: https://www.smartcompany.com.au/industries/retail/victoria-largest-independent-butcher-tasman-butchers-voluntary-administration/
In my many years as a tax writer, Ive come across many stories like this. It is the story of the unsuspecting wives/partners who end up in a world of pain, simply because they chose the wrong partner in life.
When their partner is wanted by authorities like the police and the Australian Taxation Office, these women, tragically, also become targets.
When money moves offshore
Sally says the Tax Office alleged her husbands company was set up as an asset-stripping arrangement, by which the assets of the company were removed overseas so that the directors of the company, including Sally, could avoid paying tax.
Sally says she was told by her ex-husband that this arrangement was designed to protect her assets and that she was unaware there was a p…
Read the full article at: https://www.smh.com.au/money/tax/love-hurts-unsuspecting-partners-get-caught-up-in-tax-nightmares-20180907-p502hk.html
Celebrity Big Brother winner Ryan Thomas ‘set to make MILLIONS’… after being declared bankrupt five years ago
Ryan Thomas was crowned the winner of Celebrity Big Brother 2018 on Monday night.
And now, it’s been claimed that the former Corrie star, 34, has been inundated with TV offers, which could see him rake in millions – five years after he was declared bankrupt.
According to The Sun, Ryan – who played Jason Grimshaw in Coronation Street between 2000 and 2016 – will be a busy man, with the many…
Read the full article at: https://www.dailymail.co.uk/tvshowbiz/article-6153443/Celebrity-Big-Brother-winner-Ryan-Thomas-make-MILLIONS-five-years-declared-bankrupt.html
Singapore
AN omnibus Bill that consolidates personal and corporate insolvency and debt restructuring laws into a single piece of legislation was tabled for first reading in Parliament on Monday.
The Insolvency, Restructuring and Dissolution Bill introduced by Senior Minister of
Read the full article at: https://www.businesstimes.com.sg/government-economy/bill-tabled-to-integrate-insolvency-bankrupty-and-debt-revamp-laws
New legislation to consolidate Singapore’s personal and corporate insolvency regimes and restructuring laws was introduced yesterday to augment its position as a global financial centre.
The Insolvency, Restructuring and Dissolution Bill was tabled for first reading in Parliament, and will consolidate the provisions currently in two separate statutes – the Bankruptcy Act and Companies Act – into a single Act.
When the Bill comes into force, the Bankruptcy Act will be repealed and the provisions in the Companies Act relating to corporate insolvency and restructuring will be deleted. The provisions on personal bankruptcy in the Bill largely follow the provisions in the Bankruptcy Act, following the last amendment in 2015.
The mos…
Read the full article at: https://www.straitstimes.com/singapore/bill-introduced-to-streamline-insolvency-framework
NEW YORK–(BUSINESS WIRE)–American Capital Senior Floating, Ltd. (ACSF or the Company)
announced today that, in connection with the Plan of Complete
Liquidation and Dissolution of the Company (the Plan), the Companys
Board of Directors (the Board) has approved a final liquidating
distribution of $3.69 per share (such distribution, the Final
Liquidating Distribution). The Final Liquidating Distribution will be
payable on or about September 18, 2018 to the Companys stockholders of
record as of the close of business on September 11, 2018 (the Record
Date). The Company does not expect to make any further distributions
beyond the Final Liquidating Distribution….
Read the full article at: https://www.businesswire.com/news/home/20180910005828/en/American-Capital-Senior-Floating-Ltd.-Announces-Final
Struggling department store chain Debenhams has called in advisers from accountancy firm KPMG to help it investigate a range of options for its future that are said to include a company voluntary arrangement (CVA).
f it were to go down the route of a CVA, Debenhams would be declared insolvent but continue to trade to pay back creditors over a fixed period, subject to their agreement. This could entail store closures and renegotiations of rent but would only be entered into as a last resort, with very few of its 170 stores actually loss making.
House of Fraser entered into a CVA earlier this year.
Other options on the table include the sale of its Scandinavian department store chain Magasin du Nord, which could generate around £250m and a s…
Read the full article at: http://www.thedrum.com/news/2018/09/10/debenhams-turns-kpmg-secure-its-future