Insolvency Guardian Media Centre
This is to inform that in response to the second Expression of Interest (EOI) published on 19th July, 2018, as per the decision of the Committee of Creditors (CoC) in their meeting held on 13th July, 2018, one more entity namely, M/s. GHV (India) Pvt. Ltd., Mumbai, has submitted its EOI as on the last date of receipt of EOI i.e. 2nd August, 2018. Further, the CoC have discussed the Evaluation Matrix and Request for Resolution Plan (RFRP) in their meeting held on 2nd August, 2018 and the same is being voted in the e-voting scheduled on 6th / 7th August, 2018 as one CoC member was not present in the meeting. All the three prospective Resolution Applicants will be provided Evaluation Matrix and RFRP on 7th August, 2018 and the last date f…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/petron-engineering-construction-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article24591865.ece
Smile fellow Finance Magnates readers, for its a great day in the retail trading industry. Why? Because the British governments Insolvency Service has shut down Global Fin Services Ltd (GFS).
As informed as most of you Finance Magnates readers are, I appreciate that this name will likely be unfamiliar to most of you. Many visitors to this site may, however, be familiar with Trade12 a retail broker.
GFS is the company that, for the past few years, has been operating Trade12. If you have had the misfortune of dealing with Trade12s less than scrupulous sales team and shoddy business operations, the following will make for pleasant reading.
The Insolvency Service has decided to shut the company down. Like many other unregulated brokers, the fi…
Read the full article at: https://www.financemagnates.com/forex/fca-shuts-down-owner-of-unregulated-broker-trade12/
Dubbo has the equal second highest number of personal bankruptcies in NSW and the equal eighth highest in Australia.
The Personal Bankruptcy Analysis by data analyst company Illion shows the number of bankruptcies in Dubbo are the second highest in the state, equal ranked with Orange.
It found 77 people in Orange were declared bankrupt in the 2018 financial year, the highest in three years.
The number equalled Dubbo and was only behind Port Macquarie (82) for the highest in NSW.
The West Australian area of Baldivis was the worst in the country with 105 people declaring bankruptcy.
St Vincent de Paul Society executive officer for the Bathurst Central Council, Bruce Buchanan, said the high number of bankruptcies was due to a number of factors….
Read the full article at: https://www.dailyliberal.com.au/story/5565021/bankruptcy-were-the-second-highest-in-the-state-as-tough-times-hit/?cs=122
A former girl group member has been sued for allegedly not repaying her gambling debts.
On August 2, Kyunghyang Newspaper reported that a celebrity who debuted as a member of a famous girl group had been sued by two acquaintances. According to the plaintiffs, the star in question borrowed two separate sums of 350 million won (approximately $309,839) and 250 million won (approximately $221,280) from them for the purpose of gambling, and she has yet to pay them back.
The two individuals reportedly filed a lawsuit against the former girl group member on July 12. The case is currently drawing special attention for the…
Read the full article at: https://www.soompi.com/2018/08/02/former-girl-group-member-sued-not-paying-gambling-debts/
(Reuters) – American International Group Inc (AIG.N) on Thursday reported a 17 percent fall in quarterly profit as its general insurance business failed to show improvement, missing analysts expectations.
FILE PHOTO: A banner for American International Group Inc (AIG) hangs on the facade of the New York Stock Exchange, in New York, U.S., on October 16, 2012. REUTERS/Brendan McDermid/File Photo
AIG shares fell more than 5.5 percent to $52.15 after hours.
Chief Executive Brian Duperreault, who took charge more than a year ago, has been trying to turn around the company and its commercial insurance business, including by sharpening underwriting practices.
The second-quarter results included a $200 million restructuring charge related to effi…
Read the full article at: https://www.reuters.com/article/us-aig-results/aig-quarterly-profit-falls-17-percent-as-general-insurance-business-weighs-idUSKBN1KN2U1
The Mumbai bench of the National Company Law Tribunal admitted Provogue (India) Ltd for insolvency resolution on Thursday, making it the fourth company from the textile and garment sector to attempt loan resolution in bankruptcy courts.
Reid & Taylor India Ltd, Mandhana Industries and Alok Industries Ltd are already in various stages of insolvency resolution.
State-run Andhra Bank, which filed the insolvency petition before the Mumbai bench of the National Company Law Tribunal (NCLT), has claimed dues of 90 crore.
Its total debt to all lenders add up to 228 crore.
Other lenders include IndusInd Bank, Corporation Bank, Punjab National Bank an…
Read the full article at: https://www.dealstreetasia.com/stories/india-nclt-admits-insolvency-petition-against-apparel-brand-provogue-103944/
After reports of a former girl group member being sued for not paying back her gambling debt of 600 million won (approximately $530,000), S.E.S.s Shoo admitted that she was the celebrity in question, while Eugene firmly denied it.
On August 3, Eugenes agency C9 Entertainment stated, There have been continuous inquiries towards Eugene herself and the company since the morning. Currently, Eugene, who is pregnant in her full-term, is very shocked. It is not true. Eugene does not play any games in general.
With only a month remaining in her pregnancy and in need of rest, Eugene asked her agency to take strong action against these baseless rumors.
Although …
Read the full article at: https://www.soompi.com/2018/08/02/eugene-denies-shoo-admits-involvement-gambling-debt-scandal/
Symantec said it plans to take a series of cost reduction actions over the next nine months to address residual costs that remain after the platform security vendor’s divestitures last year.
The company said that its board of directors has approved US$50 million in restructuring expenses in connection with a plan to reduce Symantec’s global headcount by up to approximately 8 percent.
Symantec employs more than 11,000 people, according to the company’s website, meaning as many as 880 employees could be affected by the cost-cutting efforts.
“We’re still not extremely happy with the enterprise segment margins,” Symantec CEO Greg Clark said during the company’s earnings call Thursday. “This is just now…
Read the full article at: https://www.crn.com.au/news/symantec-to-cut-up-to-880-staff-with-us50-million-restructure-499578
Overseas assistance
Representation of the Viscount
Comment
As a jurisdiction, Jersey is at the heart of cross-border insolvency and restructuring. Inevitably, situations arise where insolvent companies’ assets or important evidence are located overseas, or an overseas liquidation regime would be best for creditors. Conversely, there will be situations where a foreign insolvency process requires steps to be taken in Jersey.
The Bankruptcy (Désastre) (Jersey) Law 1990 contains an assistance provision which gives the Royal Court discretion to assist the courts of prescribed jurisdictions (ie, British Isles jurisdictions, Western Australia and Finland). Further, as a matter of comity, the cou…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Jersey/Ogier/Cross-border-insolvency-and-restructuring
The Mumbai bench of the National Company Law Tribunal admitted Provogue (India) Ltd for insolvency resolution on Thursday, making it the fourth company from the textile and garment sector to attempt loan resolution in bankruptcy courts.
Reid & Taylor India Ltd, Mandhana Industries and Alok Industries Ltd are already in various stages of insolvency resolution.
State-run Andhra Bank, which filed the insolvency petition before the Mumbai bench of the National Company Law Tribunal (NCLT), has claimed dues of 90 crore.
Its total debt to all lenders add up to 228 crore.
Other lenders include IndusInd Bank, Corporation Bank, Punjab National Bank an…
Read the full article at: https://www.dealstreetasia.com/stories/india-nclt-insolvency-provogue-103944/
Dubbo has the equal second highest number of personal bankruptcies in NSW and the equal eighth highest in Australia.
The Personal Bankruptcy Analysis by data analyst company Illion shows the number of bankruptcies in Dubbo are the second highest in the state, equal ranked with Orange.
It found 77 people in Orange were declared bankrupt in the 2018 financial year, the highest in three years.
The number equalled Dubbo and was only behind Port Macquarie (82) for the highest in NSW.
The West Australian area of Baldivis was the worst in the country with 105 people declaring bankruptcy.
St Vincent de Paul Society executive officer for the Bathurst Central Council, Bruce Buchanan, said the high number of bankruptcies was due to a number of factors….
Read the full article at: http://www.dailyliberal.com.au/story/5565021/bankruptcy-were-the-second-highest-in-the-state-as-tough-times-hit/
Symantec said it plans to take a series of cost reduction actions over the next nine months to address residual costs that remain after the platform security vendor’s divestitures last year.
The company said that its board of directors has approved US$50 million in restructuring expenses in connection with a plan to reduce Symantec’s global headcount by up to approximately 8 percent.
Symantec employs more than 11,000 people, according to the company’s website, meaning as many as 880 employees could be affected by the cost-cutting efforts.
“We’re still not extremely happy with the enterprise segment margins,” Symantec CEO Greg Clark said during the company’s earnings call Thursday. “This is just now refin…
Read the full article at: https://www.crn.com.au/news/symantec-to-cut-800-staff-with-us50-million-restructure-499578