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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.
A slew of recent reports have confirmed what debt advice charities already know: more people are getting into debt to utilities providers and local government, not just to retail credit lenders. But what should you do if you can feel yourself sliding into difficulty?
If youre struggling to keep up with the regular payments on your debts, your borrowing is going up each month, or you feel your debts are getting too large and difficult to manage, dont panic. Debt is stressful, but help is available.
Ask for help
Sometimes the hardest step is the first one recognising that you need to take action. After that, the actions set out below will help. You may feel you can do the following things yourself, or you may find you need as…
Read the full article at: https://inews.co.uk/opinion/comment/in-debt-help-step-by-step-guide-financial-advice/
The Debenhams chairman has confirmed the ailing retailer will close stores but denied that the company is actively planning to do so through an insolvency process.
Sir Ian Cheshires comments come after weekend reports that Debenhams was working with advisory firm KPMG on a company voluntary arrangement (CVA), a form of insolvency that enables a business to exit unwanted properties and negotiate rent cuts across groups of stores.
Debenhams would would have been the 31st retail and restaurant chain to have launched a CVA since last year, as high street businesses wrangle with the switch to online shopping, combined with rising business rates and other costs.
2017
Store 21 76 stores
Jaeger 46
Multi York* 50
Feather & Black* 20
Handm…
Read the full article at: https://www.theguardian.com/business/2018/sep/11/debenhams-store-closures-insolvency-cva
Laurie Campbell
Laurie Campbell, CEO Credit Canada
Credit Canada
Credit Canada Debt Consolidation
42% of Canadians are “freaked out” by their debt, via Credit Canada’s Debt Awareness Survey
Credit Canada
Credit Can…
Read the full article at: https://globenewswire.com/news-release/2018/09/11/1569187/0/en/Psychology-of-debt-Young-Canadians-freaked-out-by-principal-seniors-more-concerned-about-interest-survey.html
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by Xinhua writer Shi Xiaomeng
BEIJING, Sept. 11 (Xinhua) — It used to take more than 10 hours to travel from the Kenyan capital of Nairobi to the African country’s major port city of Mombasa, whether by train on a colonial-era railway or by bus on the potholed highways.
Now with the China-built Madaraka Express, a 472-km standard gauge railway (SGR) put into operation in May last year, it is a breezy five-hour train ride between the pair of Kenyan hubs.
It is not just the commuters and tourists who are reaping the benefits. More importantly, the China-funded project, which epitomizes the Asian country’s win-win partnership with Africa, is helping lay the track for Kenya — and the broader continen…
Read the full article at: http://www.xinhuanet.com/english/2018-09/11/c_137460552.htm
updated
The chairman of Debenhams has hit back at suggestions that the retail chain may be looking into an insolvency process, saying it is simply not true.
Sir Ian Cheshire spoke out after the department store published a trading statement yesterday following speculation over the retailers health after it was revealed that Debenhams has brought in restructuring experts at KPMG to compile a list of options for the chain. This could include plans to hand back excess store space to landlords and a company voluntary arrangement (CVA), an insolvency process that allows retailers to close shops and reduce rents to cut c…
Read the full article at: https://www.thetimes.co.uk/article/debenhams-chairman-denies-insolvency-rumours-sdktzkj7t
A Munich district court has held that an online casino credit card debt was not enforceable, a decision which could lead to chargebacks and further complicate online gambling in Germany.
A February ruling, which became final last week, held that Landesbank Berlin could not hold a Visa credit card holder responsible for a gambling debt because online casino is not legal in Germany.
The court said the payment was marked with a specific merchant memory code which identified the transaction as gambling, and the bank could have easily determined whether the online operators were on a white list of approved operators.
The player was also charged as much as 30 extra for a transaction, according to the ruling.
Read the full article at: https://gamblingcompliance.com/premium-content/insights_analysis/german-court-says-online-casino-debt-not-enforceable
It proposes a new regulatory regime for said schemes.
The Ministry of Law submitted a bill to update insolvency and debt restructuring laws for first reading in the Parliament, an announcement revealed.
Upon the bills passage, the Bankruptcy Act will be repealed whilst the provisions in the Companies Act relating to corporate insolvency and restructuring will be removed.
The proposed bill will also launch a new regulatory regime for practitioners acting as officeholders in the various types of restructuring and insolvency proceedings that will impose minimum qualifications and conditions for the grant and renewal of licences.
Set to be under the MinLaws Insolvency and Public Trustees Office, the regulatory regime will administe…
Read the full article at: https://sbr.com.sg/economy/news/minlaw-unveils-bill-update-insolvency-and-debt-restructuring-laws
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.
Kmart hack solves annoying problem
Jobs scoring biggest tax refunds
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