Esor Construction, a subsidiary of Esor [JSE:ESR], has applied for business rescue.
On Monday, it said in a note to shareholders that it was in financial distress and owed creditors about R130m.
The main causes were significant losses incurred on certain construction contracts in the current and prior financial years, the challenging economic environment in the construction sector, and an inability to secure short- and medium-term funding.
Various strategies had been implemented to mitigate the company’s negative position, it said.
These included expediting completion of legacy loss-making contracts to minimise further losses; disposing of idle and non-core assets; and renegotiating payment terms with suppliers and subcontractor…
Read the full article at: https://www.fin24.com/Companies/Property/esor-construction-files-for-business-rescue-20180813
With reference to the subject matter this is to inform you that the Ninth Meeting of Committee of Creditors of the Corporate Debtor was held on Tuesday, 24th July, 2018 at 11:00 A.M at Grant Thornton India LLP, 16th Foor, Tower II , India Bulls Finance Centre, Senapati Baapat Marg, Elphinstone (W), Mumbai 400013.
The outcome of the meeting is summarised as herein below:
1. The CoC approved the extension of the last date for submission of Resolution Plan to 7th August, 2018, upto 6:00 P.M
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/ramsarup-industries-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article24687019.ece
The majority of companies going for liquidation under the Insolvency and Bankruptcy Code (IBC) have been non-operational for almost over a decade. With assets depreciating over time, experts say, the demand from buyers will be muted, leading to large haircuts for lenders and creditors. These companies have not been doing well for a considerably long period and efforts have been made in the past to revive them, but these failed, said Anil Gupta, vice-president at ratings and research firm ICRA. In an email response, ICRA told Business Standard of the 87 firms identified in March this year for liquidation, 74 were under the purview of the Board for Industrial and Financial Reconstruction (…
Read the full article at: https://www.business-standard.com/article/companies/ibc-process-137-firms-set-for-liquidation-but-buyer-interest-is-muted-118081301492_1.html
BRAMPTON, Ontario–(BUSINESS WIRE)–DATA Communications Management Corp. (TSX:DCM) (DCM or the “Company”),
a leading provider of business communication solutions to companies
across North America, announced its consolidated financial results for
three and six months ended June 30, 2018.
Our revenue continued to demonstrate year over year growth, thanks to
contributions from our recent acquisitions and a second consecutive
quarter of growth in our core DCM business. Our sales pipeline continues
to be robust, strengthened by recent wins in the licensed cannabis
industry in which we have recently been awarded multi-year contracts
with several …
Read the full article at: https://www.businesswire.com/news/home/20180813005712/en/Data-Communications-Management-Corp.-Announces-Quarter-Financial
August 14, 2018 12:29
Shoo of the defunct millennial girl band SES is accused of fraud for failing to repay a W600 million gambling debt (US$1=W1,134).
She is being sued by two creditors who loaned her W350 million and W250 million at a casino in Seoul in June.
But Shoo’s attorney argues the ex-singer is under no obligation to repay the money since lending someone money to gamble with is illegal in Korea.
If a loan is considered to fall in the category of “paying money for an illegal cause,” the person who lent the money enjoys no legal protection. Other examples are bribes and payment for prostitutes.
But there may be a …
Read the full article at: http://english.chosun.com/site/data/html_dir/2018/08/14/2018081401209.html
Theres a common link between the many things that have promoted insecurity at work: the growth of franchising; labour hire; contracting out; spin-off firms; outsourcing; global supply chains; the gig economy; and so on. Its money.
At first, that seems too obvious to say. But Im talking about the way financial concerns have taken control of seemingly every aspect of organisational decision-making.
And behind that lies the rise and rise of finance capital.
Read more:
Who owns the world? Tracing half the corporate giants’ shares to 30 owners
Over the past three decades there has been a shift in resources from the rest of the economy to finance. Specifically, to finance capital.
One w…
Read the full article at: http://theconversation.com/finance-drives-everything-including-your-insecurity-at-work-101107
Thames Coromandel CAP Debt Help Centre manager Eleanor Birrell, with Equippers Church Pastor Ryan Sims.
A free budget service has been launched to help fight poverty in the Thames-Coromandel and Hauraki districts.
The Thames Coromandel CAP Debt Help Centre will be launched on August 16, with support from Thames Equippers Church and Christians Against Poverty (CAP).
Manager Eleanor Birrell said she wanted to establish the service because she wanted to help people who were struggling financially.
“I just felt there’s an opportunity for us to help people who are strugg…
Read the full article at: https://www.stuff.co.nz/waikato-times/life-style/106245352/debt-centre-launched-to-combat-poverty
A company that was set up to improve the services of Vanuatu’s public broadcaster has been put into liquidation.
Photo: 123RF
Vanuamadia Digital was set up in 2015 by a joint-venture between the VBTC and a Chinese digital service provider.
The company promised to deliver an improved digital offering, but the then-chair of the VBTC, Johnety Jerety, later said it had failed to serve its intended purpose.
He said it had become a liability, and eventually allegations of misappropriation and threats of deportation deportation in 2016, and the VBTC filing proceedings against Vanuamadia this year.
Vanuamadia said it would counter-sue.
Read the full article at: https://www.radionz.co.nz/international/pacific-news/364060/vanuatu-broadcasting-joint-venture-company-in-liquidation
Q: My husband and I recently divorced. Im having a hard time adjusting to the single life. When we were together, we had more money coming in, but now Im renting a one-bedroom apartment, which costs me $1600, not including my hydro and internet. Ive also got car expenses and my cellphone bill. I only make $45,000 a year. Needless to say, its been hard to adjust to all these expenses and Ive racked up about $4,000 in credit card debt. I make the minimum payments to keep a decent credit score, but I dont think Ill ever be debt free at this rate. What do I do?
A: It can be a challenge adjusting to a single income, post-divorce because suddenly you become responsible for the entirety of your living expenses. Youre not alone, however.
You a…
Read the full article at: https://www.moneysense.ca/save/debt/how-to-get-out-of-debt-single-income-divorce/
The head of Citigroups US credit card business, Jud Linville, is leaving the bank as part of a restructuring to unify the business with other parts of the retail banking operation.
Anand Selva, head of consumer banking in Asia, would become the head of US consumer banking, the company said on Monday, taking responsibility for the retail bank, including wealth management, and the US card business.
In markets outside of the US, a single Citi executive is responsible for both retail banking and cards, something the company says makes it easier to sell multiple products to its customers.
In the US, Mr Linville had responsibility for the card business alone. In appointing Mr Silva, the bank noted his experience in Asia with the integrated c…
Read the full article at: https://www.ft.com/content/6559501c-9f23-11e8-85da-eeb7a9ce36e4