Insolvency Guardian Media Centre
Leading private sector lender ICICI Bank 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 matter on September 17 for next hearing….
Read the full article at: https://www.businesstoday.in/current/corporate/icici-banks-files-insolvency-plea-against-jaiprakash-associates/story/282220.html
R&Q Investment Holdings will undergo a corporate restructuring to create a newly named division, Accredited, which will contain its US and European programme management business.
Accredited aims to provide high quality and fully licensed capacity for managing general agents and other counterparties in the US and Europe.
According to R&Q, Accrediteds new name reflects the importance of its core business and provide a simplified, single brand that provides services to customers on both sides of the Atlantic.
Accredited will be run by Todd Campbell and Colin Johnson, CEOs of its US business and European division, respectively.
Both Campbell and Johnson will report to Alan Quilter, co-founder of R&Q and group CFO.
In…
Read the full article at: http://www.captiveinsurancetimes.com/captiveinsurancenews/article.php?article_id=5987
New Government plans to introduce reforms to the UKs corporate insolvency regime have been broadly welcomed by a regional industry expert.
Alexandra Withers, North East vice chair of insolvency and restructuring trade body R3, was speaking after the Department for Business, Energy and Industrial Strategy (BEIS) revealed the initial results of its wide-ranging consultation on insolvency and corporate governance.
The announcement outlined plans to give the Insolvency Service greater powers to investigate directors of dissolved companies when they are suspected of having acted in breach of their legal obligations around pay, pension schemes and other matters.
Measures which will ensure greater accountability of directors in group companies whe…
Read the full article at: https://www.businessupnorth.co.uk/broad-welcome-for-governments-corporate-insolvency-reforms-from-r3-north-east/
But its been a tough road for the franchised salad business, which put two leasing entities for its store sites into voluntary administration in June last year as the company fought to renegotiate lease agreements with Westfield shopping centres.
That process helped Sumo Salad negotiate with landlords, but one year later it called in the administrators for its 85-store network.
Business is an incredible volatile game, Baylis says.
He believes there is a sense in Australian business that calling in administrators is disastrous, but it shouldnt be viewed this way.
A lot of businesses will have to restructure at some point, voluntary administration or not. But there is a sense of fear and failure, which doesnt exist in reality.
Luke Baylis said …
Read the full article at: https://www.smh.com.au/business/small-business/keep-fighting-luke-baylis-on-taking-back-control-of-sumo-salad-20180910-p502tb.html
SINGAPORE – A new Bill that consolidates Singapore’s personal and corporate insolvency regimes and restructuring laws was introduced on Monday (Sept 10) to augment its position as a global financial centre.
The Insolvency, Restructuring and Dissolution Bill, which was submitted by Marine Parade GRC MP and Senior Minister of State for Law and Health Edwin Tong for first reading in Parliament, will consolidate the provisions, currently in two separate statutes (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 th…
Read the full article at: https://www.straitstimes.com/politics/parliament-bill-to-streamline-insolvency-framework-introduced
A German court in Munich has ruled that German gamblers using credit cards to make deposits with unlicensed online gambling operators are not obligated to pay back the balance of their debt to financial institutions in Germany as long as the institution is actually aware that the transaction itself was a deposit to an unlicensed online casino operator.
Landesbank Berlin brought a case before the District Court in Munich in which it claimed a Visa card holder refused to honor his debts because they had been acquired by playing at an unlicensed online casino in Germany. The court dismissed the case, effectively stating that the player had no obligation to repay his debts as the bank had known the payments were made to an illegal online gamb…
Read the full article at: https://www.usaonlinecasino.com/casino-news/german-court-rules-illegal-online-gambler-need-not-repay-credit-card-debt/
A German courts ruling that a gambler could have his debts written off due to the operator not being licensed in the country could have global repercussions.
Landesbank Berlin took legal action after the consumer refused to pay off a credit card debt through Visa accrued while playing on an unnamed online casino site.
However, the gambler argued in the District Court of Munich that the bank had no right to collect due to online casino gambling being illegal in Germany.
The court ruled that the bank had the capability to identify the transaction as gambling and had an obligation to prevent it taking place. It ultimately sided with the defendant and dismissed the claim, leaving Landesbank out of pocket and many wondering what the wider …
Read the full article at: http://www.igamingbusiness.com/news/german-debt-ruling-could-affect-global-payments
R&Q Investment Holdings will undergo a corporate restructuring to create a newly named division, Accredited, which will contain its US and European programme management business.
Accredited aims to provide high quality and fully licensed capacity for managing general agents and other counterparties in the US and Europe.
According to R&Q, Accrediteds new name reflects the importance of its core business and provide a simplified, single brand that provides services to customers on both sides of the Atlantic.
Accredited will be run by Todd Campbell and Colin Johnson, CEOs of its US business and European division, respectively.
Both Campbell and Johnson will report to Alan Quilter, co-founder of R&Q and group CFO.
In…
Read the full article at: http://www.captiveinsurancetimes.com/captiveinsurancenews/industryarticle.php?article_id=5987
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: https://www.thedrum.com/news/2018/09/10/debenhams-turns-kpmg-secure-its-future
Over 200 industry leaders from prominent banks and corporates converged at the recently held inaugural edition of the Corporate Restructuring Summit in Dubai, UAE aiming to embracing new perspectives to tackle corporate credit challenges.
Convened by Middle East Global Advisors, a leading financial intelligence platform spearheading the development of knowledge-based economies in the MENASEA markets, The Corporate Restructuring Summit (CRS) 2018 -the GCC regions first Debt Restructuring and NPL-focused Summit, was held at the Sheraton Grand Hotel.
Addressing the theme of Optimal Management of Financial Restructuring & Non-Performing Loans, the summit aimed to facilitate an enabling environment to address the key challe…
Read the full article at: http://www.gdnonline.com/Details/390631/200-experts-for-Corporate-Restructuring-Summit
Vivid Lifestyle Ltd (Vivid) was incorporated in July 2013 and its registered office was in Hounslow, West London.
The company started business in 2014, selling nutritional supplement tablets wholly to UK customers before broadening its operations to international markets. By 2017, the majority of its sales were to customers in Australia and New Zealand.
Vivid enjoyed significant turnover, reaching over £1 million in 2017, with a gross profit margin of 91.4%, and sat in the centre of a multi-national trading operation, co-ordinating the activities of a telesales centre in India and a distribution centre in Reading.
Following complaints, however, the Insolvency Service launched an investigation into the Vivids activities and p…
Read the full article at: https://www.gov.uk/government/news/health-supplement-company-closed-for-taking-advantage-of-customers
Mon, Sep 10, 2018 – 3:29 PM
AN omnibus bill to update various aspects of Singapore’s insolvency and debt restructuring laws was introduced in Parliament on Monday. One of the main objectives of the Insolvency, Restructuring and Dissolution Bill is to consolidate the personal and corporate insolvency and restructuring laws, which are in two separate statues: the Bankruptcy Act and Companies Act. When the new bill comes into force, the Bankruptcy Act will be repealed, and provisions in the Companies Act relating to corporate insolvency and restructuring will be deleted.
The bill will also establish a regulatory regime for insolvency practitioners, introducing minimum qualifications, conditions for the grant and renewal of licences, …
Read the full article at: https://www.businesstimes.com.sg/government-economy/parliament-singapore-introduces-omnibus-bill-to-update-insolvency-debt