Insolvency Guardian Media Centre
A Yankton-based bank is demanding that ReliaMax Holding Co. turn over office furniture and other equipment that was collateral in exchange for millions of dollars in loans.
First Dakota National Bank could be out as much as $6.1 million that it had in a loan and a line of credit with Sioux Falls-based ReliaMax, according to a lawsuit filed in Minnehaha County.
In June, the South Dakota Division of Insurance petitioned a judge to liquidate ReliaMax Surety Co. The company provided insurance to banks and other lenders who make private student loans. ReliaMax Holding Co. owned ReliaMax Surety.
More: South Dakota of…
Read the full article at: https://www.argusleader.com/story/news/2018/08/21/first-dakota-national-bank-out-millions-reliamax-insolvency/1050988002/
New Delhi, Aug 21 () The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation of debt-ridden real estate firm Jyoti Structures and barred any sale of its assets till further orders.
The appellate tribunal has directed the Mumbai bench of the National Company Law Tribunal (NCLT) and the resolution professional of the company not to take any steps in this regard.
“Until further order, the Adjudicating Authority (NCLT) will not pass any order under Section 33, neither the Resolution Professional or the Adjudicating Authority will take steps to sell any movable or immovable assets of the Corporate Debtor.
“Resolution Professional will also ensure that the company remains ongoing concern,” said a NCLAT bench.
A two me…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/nclat-stays-jyoti-structures-liquidation/articleshow/65491153.cms
Ryan Thomas inside the Celebrity Big Brother house during series 22 [Channel 5]
Former Coronation Street star Ryan Thomas entered Celebrity Big Brothers Eye of the Storm series alongside the likes of Dan Osb…
Read the full article at: https://www.ok.co.uk/celebrity-feature/1447658/ryan-thomas-bankrupt-celebrity-big-brother-bankruptcy-how-why-money
We are hereby enclosed list of Creditors updated as on 11th August 2018 of Gemini Communication Limited as required
to be displayed under Regulation 13(2)(c) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The said list of creditors so being conveyed to you has been prepared basis the claims received by the undersigned.
This intimation is being given to you in compliance with sub – clause 13 of clause A of Schedule III of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
Pdf Link:
Gemini Communication Ltd. – Corporate Insolvency Resolution Process (CIRP)-List of Creditors
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/gemini-communication-ltd-corporate-insolvency-resolution-process-cirp-list-of-creditors/article24745178.ece
HOUSEHOLDS have fallen behind on essential bills such as council tax and utilities by an estimated £18.9 billion, according to Citizens Advice.
The charity made the calculation as it said it received a cry for help with bailiff issues once every three minutes last year typically. It is calling for stronger regulation of bailiffs and said it has seen a 24% rise in related problems since 2014.
Alamy
Citizens Advice said it is concerned that aggressive tactics are leading to further debt and mental health problems. It said falling behind with household bills can have particularly severe consequences – such as having essential services cut off or losing a home.
Th…
Read the full article at: https://www.thesun.co.uk/news/7061028/uk-household-debt-hits-18billion/
A rise in high-profile banking frauds led to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The ordinance, effective from 6 June, presses for greater transparency in the corporate insolvency resolution process (CIRP), to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
Managing partner
Deepak Sabharwal & Associates
The ordinance brings in some major changes, mainly in the real estate and financial sectors, and seeks to encourage sustainable growth of the credit market in India. Anyone with banking interests in India needs to evaluate and analyse the current insolvency law.
Key highlights of the ordinance are:
Applicabi…
Read the full article at: https://www.vantageasia.com/changes-aim-halt-abuse-insolvency-proceedings/
CSG has more than tripled its losses after making the decision to exit its enterprise business earlier this year forced the company to write down its assets by $116 million.
The company racked up a statutory net loss after tax of $150.1 million for the 2018 financial year ending 30 June, compared to a $43.7 million loss in 2017.
EBITDA also took a massive hit, dropping from a $32.6 million loss last year to a $151 million loss in 2018, while revenue dipped eight percent to $225.7 million.
CSG blamed the mounting losses on the $116 million non-cash impairment, as well as the $39.3 million charge for provisions relating to the enterprise solutions business. Meanwhile crumbling revenue was pinned on lower pri…
Read the full article at: https://www.crn.com.au/news/csgs-losses-triple-to-150-million-after-exiting-enterprise-business-500579
Greece reached an important milestone yesterday: After nearly nine years of crisis, brutal austerity and political turmoil, it exited what was supposed to be the last of three bailout programmes.
If only it weren’t doing so with Europe’s largest debt burden.
Europe’s leaders are understandably eager to be done with an embarrassing episode. The debt crisis that began in 2010 highlighted not only Greece’s financial mismanagement, but also how Germany, France and other core countries allowed their banks to enable it. Bailing out Greece was an act of political sleight of hand: It indirectly saved the banks, while putting the onus on the Greeks.
Miraculously, Greece survived. The federal budget is in surplus, and the economy is g…
Read the full article at: https://www.straitstimes.com/business/economy/greece-needs-genuine-debt-relief-to-avert-another-crisis
The late Mark Boscariol’s three restaurants were closed abruptly because the company operating them was insolvent, says his family.
In a release sent to CBC News Monday, the family of the entrepreneur says that decision was made while administering Boscariol’s estate.
“As common in small businesses, the founder is the glue that keeps the business together through good and tough times,” the statement reads, “Mark was that glue.”
People in the restaurant industry are echoing those statements, commending Boscariol for his ability to guide three separate locations with new ideas.
“There’s some great people out there doing some really good things on a smaller scale,” said Chris Ryan, who has worked in the food scene for years and often c…
Read the full article at: https://www.cbc.ca/news/canada/windsor/mark-boscariol-restaurants-closed-family-statement-1.4791378
The National Company Law Appellate Tribunal (NCLAT) on Monday granted an interim stay on the liquidation of Jyoti Structures Ltd.
The National Company Law Tribunal (NCLT) had earlier approved bankruptcy proceedings against the company, in response to a plea by lenders, led by State Bank of India. However, after several attempts to find a buyer through the insolvency proceedings failed, the NCLT agreed to put the company up for liquidation.
NCLATs decision came after a group of investors, led by Sharad Sanghi and 800 employees of the corporate debtor, appealed against the liquidation. Sanghi, who sold his company Netmagic to Japanese telecom major NTT Communication five years ago, had bid for Jyoti Structures along with a clutch of other…
Read the full article at: https://www.thehindubusinessline.com/companies/nclat-stays-liquidation-of-jyoti-structures-ltd/article24739215.ece
Major leisure infrastructure projects in Hong Kong, including the West Kowloon Cultural District and Ocean Parks new hotel and waterpark – are experiencing significant overruns as a result of construction delays and contractural issues.
At the end of last week, the West Kowloon Cultural District Authority (WKCDA) fired its main contractor following a protracted financial settlement controversy, raising uncertainty over further delays and cost overruns at the multibillion-dollar arts hub.
On Friday the WKCDA said it had terminated the HK$5.9 billion (US$750 million) contract for the M+ visual culture museum, the centrepiece of the arts precinct, with Hsin Chong Construction due to the companys insolvency.
The Authority sai…
Read the full article at: https://www.ausleisure.com.au/news/hong-kong-leisure-projects-hit-by-building-delays/
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled.
The Herald can reveal that retail giant Gerry Harvey has bailed the former mine electrician from Muswellbrook out for a second time, loaning him more money late last year.
Mr Harvey who famously loaned Mr Tinkler $50 million, and got it back confirmed on Friday that he had loaned him more money, but said he had no idea what Nathan has done with it.
Property searches reveal Mr Harveys company, MSJG Pty Ltd, has taken mortgages over five rural properties, near Port Macquarie, owned by Serene Lodge…
Read the full article at: http://www.muswellbrookchronicle.com.au/story/5593121/nathan-tinkler-emerges-from-bankruptcy-with-help-from-retail-giant-gerry-harvey/