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.
Go to ASIC
Resolvly Encourages Consumers to Study Debt Relief Options – GlobeNewswire (press release)
Miami, Florida, Aug. 17, 2018 (GLOBE NEWSWIRE) -- ) Getting out of debt problem is easy if you have a
Director liability ‘should only apply when insolvent company evaded tax’ – Out-Law.com
The proposals were set out in a consultation document designed to seek views on how to tackle "those who own
Uzbek refrigerator-making plant declared bankrupt – AzerNews
17 August 2018 17:11 (UTC+04:00) 345 By  Trend Sino plant producing refrigerators in Uzbekistans Samarkand city was declared bankrupt upon the
Greek bailout ends, but Europe’s debt problem goes on – Washington Post
By David McHugh|AP, FRANKFURT, Germany Greece officially completes its bailout program on Monday, after eight years of
Campbell taps Goldman to examine sales of business units to pay down debt – CNBC
Campbell Soup has tapped investment bank Goldman Sachs to look at the possibility of selling off some of its businesses
Serbia offers for sale assets of insolvent FAP Livnica – SeeNews
Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic. BELGRADE (Serbia), August 17 (SeeNews) - Serbia's Bankruptcy Supervision Agency is
China orders bad debt managers to help failing P2P lenders – Financial Times
Chinas banking regulator has instructed the countrys four state-owned bad loan managers to deal with failing peer-to-peer lending platforms, a
‘Essential breathing space’: Foodora Australia in administration – Brisbane Times
Food delivery company Foodora has gone into voluntary administration in a move it says will put legal action against it
McorpCX, Inc. Reports Second Quarter 2018 and Improved Year … – Markets Insider
SAN FRANCISCO, Aug. 16, 2018 /CNW/ - Customer experience solutions and software company McorpCX, Inc. (TSXV: MCX, OTCQB: MCCX) ("McorpCX" or
‘Essential breathing space’: Foodora Australia in administration – The Sydney Morning Herald
Food delivery company Foodora has gone into voluntary administration in a move it says will put legal action against it
Foodora placed in voluntary administration – Australian Hospitality Magazine
Food delivery company Foodora Australia has entered voluntary administration just two weeks after announcing it will cease Australian operations on 20 August. The
Foodora enters voluntary administration – The Australian Financial Review
Foodora has gone into voluntary administration over concerns it cannot exit Australia solvent, suspending a potentially precedent-setting sham contracting case

Miami, Florida, Aug. 17, 2018 (GLOBE NEWSWIRE) — ) Getting out of debt problem is easy if you have a clue about what you should do and what consumer rights are there to protect you. And that is what Resolvly LLC wants consumers to do – study the options to clear the debt problem immediately.

Resolvly LLC, a company that offers debt solutions to debt-ridden consumers, stresses the importance of consumers knowing the differences between debt consolidation, debt settlement, and debt validation.

What Happens When You Take Desperate Measures

Consumers are often wondering about the best option he or she could take. However, the lack of knowledge may lead to a ballooning problem on debt management, says Resolvly LLC. 

People…

Read the full article at: https://globenewswire.com/news-release/2018/08/17/1553568/0/en/Resolvly-Encourages-Consumers-to-Study-Debt-Relief-Options.html

The proposals were set out in a consultation document designed to seek views on how to tackle “those who own or manage” companies who cause the companies to engage in “tax avoidance, evasion or repeated non payment of taxes” and then use the insolvency process so that the company avoids paying the tax. In some cases the business may continue to be operated through another company. This is referred to as ‘phoenixism’.

The consultation period closed in June, but the government is expected to publish a consultation response and draft legislation in the autumn.

HM Revenue & Customs (HMRC) already has power to make directors liable for company tax liabilities in certain situations. In addition insolvency law allows assets which hav…

Read the full article at: https://www.out-law.com/en/articles/2018/august/director-liability-tax-debts-uk/

17 August 2018 17:11 (UTC+04:00)

345

By  Trend

Sino plant producing refrigerators in Uzbekistans Samarkand city was declared bankrupt upon the court decision, the Uzbek media reported citing the Uzbek plant.

The plant with the capacity of 250,000 refrigerators per year opened in 1973. During the times of the Soviet Union, the plant produced “Pamir”, “Samarkand”, “SINO” refrigerators.

On December 20, 1991 the plant was transformed into Sino joint-stock company. The plant was reconstructed several times during 45 years.

In 2012, a contract was signed with Chinas Guangzhou Kinte Electric Industrial Co., Ltd to develop two new models of refrigerators.

Howe…

Read the full article at: https://www.azernews.az/region/136377.html


By David McHugh|AP,

FRANKFURT, Germany Greece officially completes its bailout program on Monday, after eight years of cutbacks enforced in return for massive loans and following an economic collapse on the scale of the Great Depression.

The exit is a welcome milestone. But it offers little assurance that the 19-country euro currency union has left behind its problems with debt. The huge debt pile in Greece and an even bigger one in Italy will remain a lurking financial threat to Europe that could take a generation to defuse.

Europes debt problems have repeatedly raised fears over the past decade of a break-up in the euro, a worst-case scenario that would cause severe economic damage in the region and shake wor…

Read the full article at: https://www.washingtonpost.com/world/europe/greek-bailout-ends-but-europes-debt-problem-goes-on/2018/08/17/21fa6ee2-a21a-11e8-a3dd-2a1991f075d5_story.html

Campbell Soup has tapped investment bank Goldman Sachs to look at the possibility of selling off some of its businesses to help pay down debt left in the wake of its $6.1 billion acquisition of pretzel maker Snyder’s Lance earlier this year, people familiar with the review tell CNBC.

The company’s shares tumbled as much as 3.8 percent in Friday’s premarket trading shortly after CNBC’s story was published at 9 a.m. ET. It regained some of the losses in early trading.

Goldman joins a coterie of other advisers, including management consulting firm Deloitte and investment bank Centerview Partners, t…

Read the full article at: https://www.cnbc.com/2018/08/17/campbell-taps-goldman-to-examine-sales-of-business-units-to-pay-down-debt.html

Serbia offers for sale assets of insolvent FAP Livnica
Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

BELGRADE (Serbia), August 17 (SeeNews) – Serbia’s Bankruptcy Supervision Agency is inviting bids for the purchase of assets of insolvent iron casting company FAP Livnica, the agency said on Friday.

The estimated value of the assets of FAP Livnica for sale stands 461.1 million dinars ($4.5 million/3.9 million euro), the Bankruptcy Supervision Agency said in a notice.

The deadline for the submission of bids is September 20.

A deposit of 92.2 million dinars is required for participation in the tender.

FAP Livnica was declared insolven…

Read the full article at: https://seenews.com/news/serbia-offers-for-sale-assets-of-insolvent-fap-livnica-623849

Chinas banking regulator has instructed the countrys four state-owned bad loan managers to deal with failing peer-to-peer lending platforms, a sign of Beijings concern about possible financial and social instability from the shadow banking sector.

Hundreds of P2P platforms have collapsed in recent months due to borrower defaults and fraud by platform operators. The defaults have sparked panic among investors, some of whom have sought early redemption of their investments. 

Last week, police locked down Beijings financial district to prevent protesters from approaching the headquarters of the China Banking and Insurance Regulatory Commission. 

On Wednesday, the agency convened a meeting with senior executives from Huarong, Cinda, Orien…

Read the full article at: https://www.ft.com/content/aa5ef0b0-a1e7-11e8-85da-eeb7a9ce36e4

Food delivery company Foodora has gone into voluntary administration in a move it says will put legal action against it on hold.

Foodora Australia, which is fighting a landmark test case on the rights of workers, said voluntary administration would give it “essential breathing space”, including a suspension of claims against it.

Foodora has announced it is going into voluntary administration in Australia.

Foodora has announced it is going into voluntary administration in Australia.

Photo: Jason South

Foodora said it had planned to wind down its affairs in Australia “in an orderly fashion and with the support of its parent company to meet all known liabilities”. However, the company faced “significant external challenges”, which had impeded its ability to implement a solvent wind-down.

“The voluntary administrati…

Read the full article at: https://www.brisbanetimes.com.au/business/workplace/foodora-australia-goes-into-administration-while-facing-legal-action-20180817-p4zy5b.html

SAN FRANCISCO, Aug. 16, 2018 /CNW/ – Customer experience solutions and software company McorpCX, Inc. (TSXV: MCX, OTCQB: MCCX) (“McorpCX” or the “Company“) today announced second quarter ended June 30, 2018 results, as well as management changes and a corporate restructuring.

SECOND QUARTER 2018 FINANCIAL RESULTS

Select financial highlights for the three and six months ended June 30, 2018 include: