The company also wrote down the value of its international business by $120 million.

Mr Boeghetti said the accounting adjustments were non-cash and did not affect the fundamentals of Virgins underlying business.

We are confident in the performance of the Groups underlying business and that long-term benefits from our growth plans will be delivered, he said.

Mr Borghetti said the company expected to be profitable at both an underlying and statutory level in the current half-year, even with fuel costs set to be $85 million higher.

Virgins fleet simplification and other business restructuring costs ran at $148.5 million in 2018, meaning the company would have ran at a net loss even without the accounting impairments.

Domestic growth

Virgin said i…

Read the full article at: https://www.brisbanetimes.com.au/business/companies/virgin-australia-falls-deeper-into-red-with-653-million-loss-20180828-p500bz.html

Virgin Australia has reported its sixth consecutive full-year loss, falling deeper into the red with a $653 million after-tax loss in 2018 compared to a $185 million loss a year ago.

On an underlying level, which strips out the impact of Virgin’s three-year business restructuring and turnaround plan,  the airline reported a $109 million profit, up from a $3.7 million loss in 2017.

Virgin chief executive John Borghetti said it was the group’s strongest underlying result in a decade, and was driven by record-high earnings in its domestic business.

“Todays financial results show that the business is in a good position to achieve sustainable profitability g…

Read the full article at: https://www.smh.com.au/business/companies/virgin-australia-falls-deeper-into-red-with-653-million-loss-20180828-p500bz.html

Popular Moseley pubs the Prince of Wales and the Dark Horse were run by the company, in addition to the British Oak, in Stirchley.

The operation of these pubs has not been affected by the liquidation.

A wine bar Cheval Blanc traded for just 16 months, a short-lived operation that caused financial problems for the pubco.

The company went into creditors’ voluntary liquidation on 7 June, after owing £364,177 in tax.

HM Revenue and Customs had asked the Insolvency and Companies List to have the pubco wound up.

Judge Catherine Addy ordered the petition to be dismissed without cost after HMRC counsel asked following the voluntary liquidation.

Keith Marsden ran the pub company before retiring to focus on recovery from illness and handing the busines…

Read the full article at: https://www.morningadvertiser.co.uk/Article/2018/08/28/Birmingham-Humble-Pub-Company-liquidated-after-more-than-360-000-tax-debts

Tally Advisor, which launched in August 2018, is an automated debt manager that determines the fastest way to pay down your debt and takes action for you. Brown compares it to a robo-advisor but, instead of managing your investment portfolio, it manages your debt.

“Robo-advisors have become increasingly popular for the ease and simplicity they bring to managing your investment portfolio through automation,” Brown writes in a press release. “When we started Tally, we wanted to bring a similar value to a broader range of people who are dealing with the most widespread financial issue today: credit card debt.”

…

Read the full article at: https://www.cnbc.com/2018/08/28/robo-advisor-for-the-99-percent-aims-to-help-you-pay-off-debt-faster.html

Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) has confirmed, he once worked with Global Haulage Company Limited from which the GNPC bought a property worth $7.5 million.

Despite his past association with the transport entity, Dr. Kofi Koduah Sarpong says that relationship did not influence the negotiation and purchase of the multimillion-dollar property in a gated community at Chapel Hill in the Western Region capital, Takoradi.

I had been connected with Global Haulage, but I must tell you that the transaction is above board, all valuation reports by relevant agencies went through the board of directors [and…

Read the full article at: https://www.ghanaweb.com/GhanaHomePage/NewsArchive/GNPC-boss-admits-links-with-a-company-that-sold-7-5m-property-to-GNPC-680231

Even after the sanction of Rs 20,000 crore to GSPC, no oil or gas has been extracted, Mr Ramesh claimed

New Delhi: 

Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5 pm.

The Congress leader said, On February 12, 2018, RBI issued a circular stating any company that owes more than Rs 20,000 crore to banks, should be declared bankrupt within 180 days.

“GSPC’s highest debt is from SBI. According to RBI’s notification, SBI should declare GSPC as bankrupt by 5 pm today (Monday),” said Mr Ramesh.

During Prime Minister Narendra Modi’s term as Gujarat Chief Minister, the GSPC was cited as one…

Read the full article at: https://www.ndtv.com/india-news/sbi-should-declare-gujarat-state-petroleum-corporation-bankrupt-jairam-ramesh-1907340

Government plans to clamp down on directors who dissolve companies to avoid paying workers or pensions have been welcomed by insolvency practitioners in the North West.

The proposals, which were announced on Sunday and represent the biggest changes to the corporate insolvency regime in almost 20 years, will also give struggling companies more time to rescue the business and help safeguard jobs.

Paul Barber, North West chair of the R3, the trade body for insolvency and restructuring professionals, said: “We welcome the governments long-awaited announcement that it is moving forward with its corporate insolvency reforms.

“As the UK’s exit from the EU approaches, ensuring that our insolvency and restructuring regime remains world class w…

Read the full article at: https://www.manchestereveningnews.co.uk/business/business-news/insolvency-r3-government-clamp-down-15081901

Fuels supplier Caltex Australia has revealed a restructuring of its property assets with the potential to unlock $1.5 billion of proceeds but the long-term nature of the strategy has underwhelmed some investors hoping for a “big bang” move that would provide more immediate returns.

Caltex shares sank 7.9 per cent on news of the plans, which were revealed with first-half results that were broadly within expectations. They include an initial possible sale and leaseback of a $300 million-$500 million portfolio of retail sites into a partnership with an experienced retail property investor. Caltex would keep a 25-50 per cent interest.

Talks are understood to have been held with a number of potential partners in Australia and As…

Read the full article at: https://www.afr.com/business/retail/caltex-to-sell-500m-stake-in-convenience-retailing-business-20180827-h14lfn

WONGA is on the brink of collapse after being inundated with compensations claims.

Here’s what we know about the situation the payday loan giant’s current predicament.

PA:Press Association

Will Wonga collapse?

The company was kept afloat three weeks ago thanks to a £10million emergency cash injection from shareholders.

But sources say it merely encouraged a new wave of compensation claims for alleged unfair debt collection practices.

Wonga has been accused of targeting vulnerable customers and charging sky-high interest.

Administrators are understood to be on stand-by to take over the loans giant if it is declared insolvent.

Insiders say news of the lifeline only spurred fresh legal…

Read the full article at: https://www.thesun.co.uk/news/7114820/wonga-collapse-founded-compensation-payday-loans/

Shardul S. Shroff                                                   Ambarish
[email protected]                    [email protected]
+91 98101 94303                                                 +91 99586 96900
 
India did not have an effective legislation for revival of an insolvent company until the Insolvency and Bankruptcy Code, 2016 (Code).
The Code presents an exciting new opportunity for acquisition of stressed companies in India. The acquisition process is similar to a bidding process and the bid (referred in the Code as the resolution plan) is finally approved by a special tribunal called the National Company Law Tribunal (NCLT). A judicial approval (by the NCLT) ensures that the acquirer is able to effic…

Read the full article at: https://www.legalbusinessonline.com/news/insolvency-new-way-acquire-indian-company-–-not-everyone-welcome-brought-you-shardul-amarchand

NEW DELHI: Congress on Monday alleged that government-run Gujarat State Petroleum Corporation (GSPC) owed over Rs 12,000 crore in loans to various banks, and accused the Narendra Modi-led BJP government of trying to prevent the company from being declared bankrupt.

Congress MP and spokesperson Jairam Ramesh alleged that a Rs 20,000 crore scam had been unearthed in GSPC 13 years after Modi, then the Gujarat CM had announced the discovery of a natural gas block in the Krishna-Godavari basin in 2005.

Ramesh cited two CAG reports which noted that GSPC took loans of Rs 20,000 core from 15 banks and gave contracts for drilling to four-five companies. Money was spent but gas was not found and today GSPC is in a financial condition where it…

Read the full article at: https://timesofindia.indiatimes.com/india/congress-alleges-pm-modi-not-allowing-gspc-to-be-declared-bankrupt/articleshow/65573792.cms

Wyndham recorded the highest number of debtors entering personal insolvency within the greater Melbourne area in the June quarter this year.

There were 93 personal insolvencies recorded in Wyndham between April and June, according to the Australian Financial Security Authority. That compares with 80 personal insolvencies between January and March.

Elsewhere in the west, Melton recorded 50 personal insolvencies in the June quarter (56 previously), Brimbank 40 (48 previously), Hobsons Bay 22 (20 previously) and Maribyrnong 14 (20).

A partner in insolvency firm Jirsch Sutherland, Malcolm Howell, said increased levels of personal insolvency were due to a varie…

Read the full article at: http://www.starweekly.com.au/news/debt-distress-for-wyndham/