Insolvency Guardian Media Centre
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
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 challenges of …
Read the full article at: http://www.tradearabia.com/news/BANK_344927.html
Many people bury their head in the sand, choosing to ignore mounting bills and missed payments this can be incredibly stressful and have a significant impact on happiness, health and wellbeing.
That being said, its important to do something about it before it gets out of hand. From my own personal experience, figuring out a solid way to pay back what you owe and getting yourself out of this situation (for good) is extremely liberating and freeing.
Here are my tips for ending the cycle:
1. Consolidate your debt
If you have more than one credit card or loan, the first step is to roll them into one. This way, you just have one debt to pay off each month, rather than having to juggle multiple deadlines. You may also be able to recei…
Read the full article at: https://www.menshealth.com.au/how-to-get-out-of-debt-quick
A single homebuyer can proceed with filing an application under Section 7 of I&B Code 2016 against the developer. Photo: Aniruddha Chowdhury/Mint
After much deliberations in June 2018 by way of ordinance, an amendment was made in the Insolvency and Bankruptcy Code 2016 (I&B Code 2016) wherein apart from other changes, homebuyers were recognised as financial creditors. In simple terms, homebuyers got a seat in the Committee of Creditors formed under the I&B Code 2016.
The effect of which is that homebuyers will have a say in approval or rejection of the resolution plan submitted by any resolution applicant or to restrict the decision of the committee of creditors to go for the liquidation of the corporate debtor.
A single homebuyer can proc…
Read the full article at: https://www.livemint.com/Money/gRnDVB63l0Rf9PxBo8C9RL/Opinion–Homebuyers-as-creditors-does-not-make-sense.html
MUMBAI: Realty developers cannot use the force majeure clause for financial crisis and lack of approvals in any project, ruled the Maharashtra Real Estate Regulatory Authority in a recent order against Hindustan Construction Companys subsidiary Lavasa Corporation.
In a matter related to a homebuyer Mudhit Guptas complaint against Lavasa seeking refund and compensation for failing to deliver his apartment, the company had taken a stand that it failed to complete the project owing to status-quo order on the construction by the Ministry of Environment and Forest (MoEF), and is now facing difficulties to meet the liabilities to complete the project due to swelling financial obligations. The aforesaid stand as has been taken by the responde…
Read the full article at: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/realtors-cant-use-force-majeure-clause-for-lack-of-approvals-financial-woes-maharashtra-rera/articleshow/65747410.cms
The UK insolvency service is investigating scandal-hit public relations firm Bell Pottinger, including its influential co-founder Lord Tim Bell, for work in South Africa that led to the companys collapse last year.
According to letters seen by the Financial Times, two senior partners have been told the UK government agency is examining potential breaches of duties or other misconduct relating to their controversial work for the Gupta familys Oakbay investment vehicle.
The London PR group went into administration after a financial collapse, when it was exposed running a campaign allegedly stoking racial tensions in South Africa. The campaign was run on behalf of the Indian-born Gupta brothers, business patrons of then-president Jacob…
Read the full article at: https://www.ft.com/content/767e3e62-b449-11e8-b3ef-799c8613f4a1
Debenhams, the department store chain, has asked advisers to explore restructuring plans that could lead to store closures, as the downturn engulfing the UK high street continues to spread.
KPMG is investigating turnround options that may also include it asking creditors to accept a compulsory voluntary arrangement, said a person with knowledge of the matter.
A CVA is a type of insolvency that allows ailing businesses to restructure their debt payments. Landlords often suffer rent reductions or store closures but other parties that do business with the company involved, such as stock suppliers and banks, do not automatically lose money.
The move by Debenhams comes just one month after House of Fraser, another stalwart UK department …
Read the full article at: https://www.ft.com/content/f0479334-b43e-11e8-b3ef-799c8613f4a1
Reported by Bikebiz, news has broken over the weekend of the voluntary liquidation of Factory Media Ltd, owners of multiple sports media brands including Total womens Cycling, Dirt, RCUK and RideUK.
Accountants, Chamberlain & Co, have been appointed to oversee the liquidation.
While the Factory Media company itself was sold to Forward Internet Holdings in 2012 it continued to operate as a separate company.
The accounts for Factory media have painted a picture of a company struggling to survive for the last few years with auditors Ernst & Young LLP posting notes to the companies accounts as long ago as 2015 of their concern over the viability of the company. The official auditors line on the accounts states, The audit report states that ther…
Read the full article at: https://singletrackworld.com/2018/09/dirt-total-womens-cycling-rideuk-owners-file-for-voluntary-liquidation-factory-media-rcuk/