Insolvency Guardian Media Centre
Retail operator Marka reported a total profit of AED 2.8 million in Q2 2018 – compared from an operational loss of AED 48.6 million in the same time period in 2017 as the company continues with its restructuring plan, it announced on Wednesday.
The results mark the second consecutive operationally profitable quarter for the company.
The positive results of this quarter and for 2018 so far reflect the progress the company is making on its restructuring programme, in light of these challenges over the past two years, said Marka chairman Khaled bin Kalban.
The efforts of the Marka management team have put the company in a stronger position ahead of the capital restructuring that has been proposed for later this yea…
Read the full article at: https://www.arabianbusiness.com/retail/402865-dubai-retailer-marka-announces-q2-profit-amid-restructuring
About 100 would-be homeowners have had their dreams crushed after an estimated total of $3 million in housing deposits went missing.
Winning Post Officer allegedly took the deposits before the families were told the company had gone into liquidation.
The company linked to the project, RIC Homes, does not even own the land the buyers were depositing on, according to Luke Whiffen from Shine Lawyers.
“The short answer is, if they don’t own the land, they can’t sell the land,” Mr Whiffen said.
The liquidators allege that about $1.6 million of the money was paid to RIC homes, with no legitimate explanation as to why, an…
Read the full article at: https://www.9news.com.au/national/2018/08/15/17/08/home-deposits-3-million-dollars-lost-after-winning-post-officer-liquidation
Dear Sir / Madam,
We would like to inform you that 2nd meeting of Committee of Creditors of Sterling Biotech Limited was held on Friday, 10th August 2018 at 12.00 Noon IST at IMC Bldg., IMC Marg, Churchgate, Mumbai – 400 020, Maharashtra, India.
The voting period for list of resolutions to be voted at the 2nd meeting of Committee of Creditors of Sterling Biotech Limited held on Friday, 10th August 2018 had concluded on 14th August 2018 at 5.00 P.M. IST.
The Committee of Creditors had approved the Appointment of M/s. GMGS & Associates or its affiliate CA Audit firm as the Statutory Auditor of Sterling Biotech Limited for the Financial Year 2017-18 and 2018-19.
You are requested to take the same on record.
Pdf Link:
Sterling Biotech L…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article24695900.ece
German online gambling operator Mybet has announced its intention to file for insolvency after failing to come to terms with a would-be financial savior.
On Tuesday, Mybet issued a statement indicating that its board of directors was preparing an application to open insolvency proceedings after talks with a strategic investor failed to produce an agreement. The company expects to file its application on Friday.
In July, Mybet announced that it planned to sell its customer-facing online gambling operations to an unidentified strategic investor so that the company could focus on its B2B business. Mybet said Tuesday that these talks had closed due to conditions set by the investors which could not be fulfilled.
Added pressure came after the Fr…
Read the full article at: https://calvinayre.com/2018/08/14/business/mybet-insolvency-investor-talks-fail/
KUALA LUMPUR: Some 64,632 Malaysians aged between 18 to 44 years old have been declared bankrupt over the last five years, the Parliament was told.
Minister in the Prime Minister’s Department Liew Vui Keong said in a written reply that the highest cases of bankruptcy among the youth were recorded in 2014 with a total of 13,098 cases, followed by 13,036 cases in 2013, based on the statistics from the Insolvency Department.
“In 2015, a total of 11,277 were declared bankrupt, increasing slightly to 11,875 in 2016.
“However, we can see a decline from a total of 11,106 people declared bankrupt recorded in 2017 to 4,240 cases until April this year,” he told Mohd Shahar Abdullah (BN-Abdullah), who asked the government to reveal the lates…
Read the full article at: https://www.thestar.com.my/news/nation/2018/08/15/almost-65k-malaysian-youth-declared-bankrupt-since-2013/
LUXEMBOURG–(BUSINESS WIRE)–Pacific Drilling S.A. (OTC: PACDQ) today reported results for the second
quarter of 2018. Net loss for the second-quarter 2018 was $103.7 million
or $4.86 per diluted share, compared to net loss of $96.1 million or
$4.50 per diluted share for the first-quarter 2018, and net loss of
$138.1 million or $6.48 per diluted share for second-quarter 2017.
Pacific Drilling CEO Paul Reese commented, This quarter we continued to
provide outstanding operational services to our clients, delivering
revenue efficiency of 98.7 percent. Our strong operating results have
been recognized by clients as we successfully secure new work for our
…
Read the full article at: https://www.businesswire.com/news/home/20180814005746/en/Pacific-Drilling-Announces-Second-Quarter-2018-Results
Fairfax Media has swung to a full-year loss, hurt by its regional and New Zealand operations plus restructuring and redundancy costs, in what may be its last financial results as an independent company.
The 177 year-old media group – in the process of being taken over by Nine Entertainment – reported a net loss of $63.8 million after booking significant items totalling $188.7 million for the year ended June 30, mainly from impairment charges at its regional unit Australian Community Media (ACM), and New Zealand division Stuff.
Fairfax had booked a net profit of $83.9 million in 2016/17.
Underlying annual earnings – which excludes significant items – rose 1.2 per cent to $274.2 million, driven by growth at property listings group Domain and …
Read the full article at: https://www.news.com.au/finance/business/breaking-news/fairfax-swings-to-638m-fy-net-loss/news-story/fc9b537dead5f8dd58558d46982b3c25
Good morning, this is Richard Parkin bringing you the main stories and must-reads on Wednesday 15 August.
Top stories
At least 23 people have been killed in the Italian city of Genoa after a bridge collapsed, with the debris from an 80m section of the Morandi Bridge being described by eyewitnesses as an apocalypse. A violent and sudden storm is believed to have caused the collapse, with about 30 vehicles on the bridge as it fell roughly 100m on to rail tracks below. Italys president, Sergio Mattarella, has expressed his condolences to families of victims and said: A serious investigation into the cause of what happened must follow. No authority can evade an exercise of full responsibility.
The disaster occurred on a major artery to…
Read the full article at: https://www.theguardian.com/australia-news/2018/aug/15/morning-mail-bridge-disaster-in-italy-robo-debt-anger-and-outrage-at-senate-speech
Centrelink is for the first time trialling a version of its automated debt recovery system on the nations most vulnerable welfare recipients, bypassing previous safeguards designed to protect those with severe mental illness, intellectual impairment or drug addiction.
Welfare recipients whose files are marked with a vulnerability indicator have so far been exempt from Centrelinks controversial methods of clawing back overpayments, which have received widespread criticism for their inaccuracy and unfairness since a raft of changes introduced in mid-2016.
But several weeks ago, Centrelink began sending letters to a small number of people marked as vulnerable in its systems.
Vulnerability indicators are used for individuals with a seri…
Read the full article at: https://www.theguardian.com/australia-news/2018/aug/15/centrelinks-new-robodebt-trial-bypasses-previous-safeguard-for-mentally-ill
MORE people across south and west Dorset are becoming unable to pay their debts, new figures show.
Figures released by the according to Insolvency Service show that the rate of personal insolvencies in Weymouth and Portland has increased by almost a third over the last two years with West Dorset also showing similar trends.
Weymouth and Portland had a personal insolvency rate of 28.9 people in every 10,000, a 30.8 per cent increase on 2015 when 22.1 in every 10,000 were declared insolvent.
Meanwhile, West Dorset had a rate of 26 pet 10,000, an increase of 19.9 pet cent on 2015 when the figure was 21.7 per 10,000.
The England and Wales average is 21.4, with Stoke, in Staffordshire, having the highest insolv…
Read the full article at: http://www.dorsetecho.co.uk/news/16416138.hundreds-more-people-in-weymouth-are-unable-to-pay-their-debts/
Request for Type A meeting was granted by the U.S. Food and Drug Administration to discuss the Complete Response Letter received in June 2018
Balance sheet remains strong with over $100 million in cash
BURLINGTON, Mass., Aug. 14, 2018 (GLOBE NEWSWIRE) — scPharmaceuticals Inc. (Nasdaq: SCPH), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize the delivery of infused therapies, advance patient care and reduce healthcare costs, today announced financial results for the second quarter ended June 30, 2018 and provided a business update.
Since receiving the Complete Response Letter for FUROSCIX® from the U.S. Food and Drug Administration in June, we have been working…
Read the full article at: https://markets.businessinsider.com/news/stocks/scpharmaceuticals-inc-reports-second-quarter-2018-financial-results-and-provides-business-update-1027456934
The Courts of Justice, in partnership with the Registrar of Companies, has acquired an EU grant to develop an integrated National Insolvency Register that will in future be interconnected to the European e-Justice Portal.
This electronic register aims to provide information to the public about entities and traders that are facing insolvency and provides information that is relevant to creditors such as the case reference, date registered, court name, termination date, type of proceedings, article, insolvency practitioner, time limit for lodging a claim, court of appeal and time limit for appeal.
EU Insolvency Regulation 2015/848 states that member states shall establish and maintain in their territory one or several r…
Read the full article at: https://www.timesofmalta.com/articles/view/20180814/business/online-tool-now-helps-creditors-identify-those-facing-insolvency.686787