Insolvency Guardian Media Centre
In a nod to his idol, Mr Wilson renamed several of his previous failed ventures after fictional businesses in the movie Wall Street and its sequel Money Never Sleeps just days before they were put into external administration in 2015.
Poster for the hit 1987 film.
Two of the collapsing companies in his Mider property group were named after Anacott Steel and Teldar Paper, stocks that Michael Douglas’ character manipulated as part of an insider-trading scam and hostile takeover in the hit 1987 film.
Others were rebranded Churchill Scwartz [sic] and Keller Zabel, the investment banks portrayed in the sequel.
This apparent mimicking of Gekko was raised in the Supreme Court during a lawsuit relating to the businesses, where Mr Wilson’s actions …
Read the full article at: https://www.theage.com.au/national/victoria/bankrupt-gordon-gekko-scores-development-on-government-land-20180825-p4zzr4.html
Directors who have dissolved companies to avoid paying workers or pensions could be disqualified or fined by authorities for the first time. The move is part of a government initiative to safeguard workers, pensions and small suppliers when a company goes bust.
The Observer reported in January that the government was preparing to crack down on irresponsible company bosses in the wake of the collapse of Carillion. The construction and outsourcing giant went into liquidation with a deficit in its pension scheme of £900m.
Other major company collapses that have forced the government to action include the demise in 2016 of the BHS chain formerly owned by Sir Philip Green which had a pensions deficit of more than £500m.
Theresa May said …
Read the full article at: https://www.theguardian.com/business/2018/aug/26/crackdown-to-safeguard-staff-pensions-when-firms-go-bust-bosses-fined
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There have been several high-profile company insolvencies in 2018 so far
Company bosses who dissolve their firms to avoid paying off staff or meeting pension commitments will risk being hit with fines, under new government plans.
Ministers want tougher insolvency laws, after recent high-profile collapses devastated workers and pension schemes.
The Insolvency Service could also make companies prove they can afford to pay salaries and pension payments if they are also paying dividends to investors.
The TUC says…
Read the full article at: https://www.bbc.com/news/business-45302629
Reuters/Singapore
Singapore-listed Noble Group Ltd faces a make-or-break shareholders meeting tomorrow as investors vote on a $3.5bn debt restructuring plan that its creditors and board say is vital to prevent insolvency.
The company, once a global commodity trader with ambitions to rival Glencore or Vitol, has shrunk to an Asian-centric business focused on coal and freight trading after it slashed hundreds of jobs and sold prized assets to cut debt.
Noble, whose market value has been nearly wiped out from $6bn in February 2015, is expected to win the required simple majority of voters in attendance at the meeting, said multiple sources familiar with the matter.
Equity owners include China Investment Corp and Abu Dhabi fund Goldilocks Inv…
Read the full article at: https://www2.gulf-times.com/story/603918/Noble-Group-s-fate-hangs-on-investors-restructuring-vote
Directors who have dissolved companies to avoid paying staff or pensions could be fined or disqualified for the first time, the government has announced.
In a package of reforms announced today, struggling companies will be given more time to explore rescue options while shareholders will be given more powers to hold boardrooms to account.
Greg Clark, business secretary, launched a consultation into corporate governance and insolvency in March, in the wake of what it called recent corporate governance failures.
That was widely seen as a reference to the failures of high street retailer BHS and Carillion, the construction and outsourcing group.
BHS went into administration in April 2016 and its stores shut soon afterwards, throwing 11,00…
Read the full article at: https://www.ft.com/content/635ab314-a874-11e8-89a1-e5de165fa619
US President Donald Trump promised to help Italy finance its public debt, which is the largest in Europe, the daily Corriere della Sera reported Friday.
The paper quoted Italian Prime Minister Giuseppe Conte, who visited Washington at the end of last month, as saying: “Donald Trump offered Italy help from the United States to finance its debt next year.”
The newspaper did not provide any more deta…
Read the full article at: https://www.france24.com/en/20180824-trump-promised-help-italy-with-debt-report
MILAN (Reuters) – U.S. President Donald Trump told the Italian Prime Minister Giuseppe Conte in a recent meeting in Washington the United States was ready to offer Italy help in funding its public debt next year, Il Corriere della Sera reported on Friday.
FILE PHOTO: U.S. President Donald Trump reaches out to Italy’s Prime Minister Giuseppe Conte during a joint news conference in the East Room of the White House in Washington, U.S., July 30, 2018. REUTERS/Carlos Barria
Citing three unnamed Italian senior officials, the newspaper said Trump made the offer to Conte during their meeting in Washington at the end of July.
The paper said the premier spoke of the offer to officials upon his return from Washington but did not explained what fo…
Read the full article at: https://www.reuters.com/article/us-italy-us-debt/trump-offered-italy-help-to-fund-public-debt-next-year-newspaper-idUSKCN1L90KC
Advertising Feature
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If you are facing severe money-troubles, in no way are you alone.
In fact, according to The Australian Financial Security Authority, there were 2,403 debtors who entered a new personal insolvency in NSW in the June quarter 2018.
Debt is about so much more than money.
Financial distress can lead to a number of emotional and psychological issues; including depression and even suicide.
One of the reasons people stall seeking financial help is the fear of the unknown, but according to Charles Bosse from the Bankruptcy Experts declaring bankruptcy is no…
Read the full article at: https://www.theherald.com.au/community/business-feature/5600440/busting-the-big-myths/
SINGAPORE (Reuters) – Singapore-listed Noble Group Ltd (NOBG.SI) faces a make-or-break shareholders meeting on Monday as investors vote on a $3.5 billion debt restructuring plan that its creditors and board say is vital to prevent insolvency.
FILE PHOTO: Noble Group founder Richard Elman at the company’s Hong Kong offices/File Photo
The company, once a global commodity trader with ambitions to rival Glencore (GLEN.L) or Vitol, has shrunk to an Asian-centric business focused on coal and freight trading after it slashed hundreds of jobs and sold prized assets to cut debt.
Noble, whose market value has been nearly wiped out from $6 billion in February 2015, is expected to win the required simple majority of voters in attendance at the meeti…
Read the full article at: https://www.reuters.com/article/us-noble-group-debt/fighting-to-survive-noble-groups-fate-hangs-on-investors-restructuring-vote-idUSKCN1L90J0
Dear Sir/Madam,
This is to inform you that Metalyst Forgings Limited (“MFL”) is undergoing the Corporate Insolvency Resolution Process under the provisions of the Insolvency and Bankruptcy Code, 2016 (“Code”), in terms of order passed by the Honble National Company Law Tribunal (“NCLT”), Mumbai Bench, with effect from 15.12.2017. Mr. Dinkar T. Venkatasubramanian was initially appointed as Interim Resolution Professional of MFL and subsequently confirmed as Resolution Professional by the Committee of Creditors in its meeting held on 12th January, 2018 under the provisions of the Code.
Further, we wish to inform you that pursuant to the provisions of the Code, the Committee of Creditors of MFL has approved the resolution plan submitt…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/metalyst-forgings-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article24779504.ece
As the Reserve Bank of Indias (RBI) deadline to resolve large stressed assets ends on Monday, as many as 60 stressed loan accounts worth over Rs 3 lakh crore stare at insolvency proceedings.
This is a direct impact of the central banks circular released on February 12.
Bankers are attempting to resolve the non-performing assets (NPAs) and other stressed loan accounts outside of the insolvency process in order to avoid large haircuts or loan losses.
In the circular, RBI had told banks that they must initiate the plan for resolution of stressed assets as soon as they witness a delay or default in payments starting March 1. The banking regulator gave banks 180 days to resolve accounts above Rs 2,000 crore, failing which th…
Read the full article at: https://www.moneycontrol.com/news/business/economy/as-rbis-aug-27-deadline-looms-over-60-large-stressed-loans-worth-over-rs-3-lakh-cr-stare-at-insolvency-process-2880101.html
The National Company Law Tribunal (NCLT), Hyderabad has extended the duration of the corporate insolvency resolution process period for IVRCL Ltd by an additional 90 days beyond the original 180 days.
The decision follows a resolution passed in a meeting of the Committee of Creditors (CoC) of the Hyderabad-based construction and infrastructure company. The companys Insolvency Resolution Professional (IRP) had filed an application with the NCLT on August 21 and the Tribunal allowed the extension of the deadline.
The CoC sought additional time as the resolution applicants are in the process of doing due diligence of the corporate debtor and submitting resolution plans.
In another petition related to the company, the Income-Tax…
Read the full article at: https://www.thehindubusinessline.com/companies/ivrcls-insolvency-resolution-period-extended-by-90-days/article24773494.ece