Insolvency Guardian Media Centre
Malaysians have contribute more than 150 million ringgit (37 million dollars) to help pay off its staggering national debt, the countrys Finance Ministry said Tuesday.
Tabung Harapan Malaysia, also known as the Malaysia Hope Fund, surpassed the 150-million-ringgit mark less
than two months after it was launched on May 30.
The fund was set up after members of the public said they would donate money to alleviating national debt, which is estimated to have surpassed 247 billion dollars, or 80 per cent of the countrys Gross Domestic Product.
READ ALSO: CUPP will achieve its objective PDP chieftain
The current government has accused the previous ruling coalition Barisan Nasional (BN) led by scandal-plagued
former prime minister …
Read the full article at: http://punchng.com/malaysians-contribute-37m-to-help-pay-off-countrys-debt/
Irelands top judge has warned major developments are being held up due to unclear and unduly complex environmental legislation.
The comments by C…
Read the full article at: https://www.independent.ie/irish-news/unduly-complex-laws-threatening-major-developments-in-ireland-chief-justice-37127544.html
DUESSELDORF (Reuters) – Thyssenkrupp (TKAG.DE) shares bounced 8 percent on Tuesday, lifted by hopes of a deeper restructuring of the German submarines-to-elevators conglomerate after the chairman resigned, leaving the company in a leadership crisis.
Ulrich Lehner quit on Monday following a clash with the main shareholders, saying he was no longer able to safeguard the interests of key stakeholders, days after Chief Executive Heinrich Hiesinger quit.
Thyssenkrupp shares were trading at 22.12 euros, making it the leading stock on Germany’s 30-share DAX index .GDAXI which was little changed ov…
Read the full article at: https://www.reuters.com/article/us-thyssenkrupp-chairman/thyssenkrupp-leadership-vacuum-fuels-restructuring-hopes-idUSKBN1K70JU
Stating that an insolvent company cannot place a bid for another insolvent company, as many as nine associations of Jaypee homebuyers representing about 5,000 people, have opposed Jaiprakash Associates (JAL) proposal to reacquire Jaypee Infratech Ltd (JIL).
The counsel for homebuyers argued before the Supreme Court on July 17 that JAL does not have the financial capacity to deliver flats to owners and that a new promoter needs to be inducted for the resolution of JIL. The counsel added that the proposal submitted by JAL on July 16 should be rejected as it is “flawed”.
Homebuyers sought an extension of the insolvency resolution period by 45 to 60 days for the induction of a new promoter, lawyers present at the hearing…
Read the full article at: https://www.moneycontrol.com/news/business/real-estate/an-insolvent-company-cannot-place-a-bid-for-another-insolvent-company-homebuyers-to-sc-2724581.html
Chartwell Trustee Pension Solutions Ltd (Chartwell), was the sole trustee of the Pinnacle Pension Scheme and was incorporated on 14 December 2007. Its registered office was Kingfisher House, Bromley, Kent.
The Insolvency Service launched an investigation into the companys activities following complaints received by it and Action Fraud.
The investigation found:
- the company was entrusted with in excess of £4.8m of members pension funds following an apparent cold-calling telesales operation. Members were told that they could expect a guaranteed 8% return into their pension for the first two years and that further returns may follow
- members were told their pensions would be invested in storage products. However, records provide…
Read the full article at: https://www.gov.uk/government/news/kent-pension-company-shut-down-in-the-interest-of-investors
FORMER Celtic and Hibernian midfielder Liam Hendersons future has been plunged into uncertainty after Bari were relegated to the fourth tier of Italian football.
The Galletti missed out on promotion to Serie A last season in the play-offs but have failed to register for next seasons championship after being declared bankrupt.
Call Now ButtonAn effort from local entrepreneur Ferdinando Napoli and Leeds United owner Andrea Radrizzani to save the club with a takeover failed, as a purchase could not be completed before the 6pm registration deadline on Monday.
Read more: Hibernian’s John McGinn keen on Celtic move as more negotiations expected
Bari will now have to start over from Serie D, Italys highest amateur league, with I…
Read the full article at: http://www.heraldscotland.com/sport/16358940.liam-henderson-faces-uncertain-future-as-bari-are-declared-bankrupt/
FILE
PHOTO: Thyssenkrupp’s logo is seen close to the elevator test
tower in Rottweil
Thomson
Reuters
FRANKFURT (Reuters) – Thyssenkrupp shares were indicated 3.4
percent higher early on Tuesday as analysts expect a deeper
restructuring of the German submarines-to-elevators conglomerate
after the resignation of its chairman.Ulrich Lehner resigned on Monday saying he was no longer able to
safeguard the interests of employees and shareholders, deepening
a leadership crisis after Chief Executive Heinrich Hiesinger
resigned earlier this month. [nL8N1U91S5]“A sharply worded resignation announcement from Dr. Lehner makes
clear that aggressive …Read the full article at: http://www.businessinsider.com/r-thyssenkrupp-leadership-vacuum-revives-restructuring-hopes-2018-7
Tue, Jul 17, 2018 – 10:17 AM
Go to TopOFFSHORE and marine group Ezra Holdings on Tuesday said that its binding proposal with financial consultancy specialist Asia Fund Space (HK) Ltd (AFS) has fallen through on July 16 due to AFS not meeting certain requirements of the deal.
In particular, this relates to the non-submission of a request for listing a trust or newly formed entity comprising of existing assets of Ezra, such as Emas Offshore and Emas Chiyoda Subsea, on the Catalist board.
On March 1, Ezra entered into the binding proposal with AFS which would have seen Ezra’s existing assets spun off under a separate trust and the possible injection of one or more new businesses into the Singapore-listed company. The proposal also called for…
Read the full article at: https://www.businesstimes.com.sg/companies-markets/ezras-restructuring-proposal-with-asia-fund-space-falls-through
ANNAPOLIS, Md. (AP) Gov. Larry Hogan is announcing some initiatives aimed at making college more affordable and easing student debt.
Hogan made the announcement Monday at the Universities at Shady Grove campus in Rockville.
Hogan says he will again introduce legislation that would allow Maryland residents to deduct 100 percent of the interest paid on their student loans from their income tax return.
He also wants to expand the Maryland Community College Promise Scholarship Program to include four-year Maryland public institutions.
Hogan announced that the administration will double the deduction for families participating in Maryland 529 savings plans from $2,500 to $5,000.
The Hogan administration estimates the initiatives would a…
Read the full article at: https://baltimore.cbslocal.com/2018/07/16/maryland-student-debt-relief-initiatives/
Senior Advocate Mukul Rohatgi appearing for Numetal submitted that although ArcelorMittal has disposed of share before submitting its resolution plan in February, but it was a promotor of Uttam Galva till March 21 on NSE and March 23 on BSE records.
“They (ArcelorMittal) continued as a promotor of the company notwithstanding of selling of their share,” he said, adding the “tag of promotor was removed in March not in February when bids were submitted”.
Arcelor Mittal was the promoter of Uttam Galva for almost nine years, even when these account got classified as an NPA.
The Insolvency and Bankruptcy Code bars participation by promoters of delinquent companies in bidding for assets being auctioned.
Later, issuing a statement, Arcelor…
Read the full article at: https://www.bloombergquint.com/insolvency/2018/07/16/ibc-nclat-asks-rewant-to-file-affidavit-over-association-with-ravi-ruia-in-essar-steel-insolvency-case
ANNAPOLIS, Md. (AP) Gov. Larry Hogan is announcing some initiatives aimed at making college more affordable and easing student debt.
Hogan made the announcement Monday at the Universities at Shady Grove campus in Rockville.
Hogan says he will again introduce legislation that would allow Maryland residents to deduct 100 percent of the interest paid on their student loans from their income tax return.
He also wants to expand the Maryland Community College Promise Scholarship Program to include four-year Maryland public institutions.
Hogan announced that the administration will double the deduction for families participating in Maryland 529 savings plans from $2,500 to $5,000.
The Hogan administration estimates the initiativ…
Read the full article at: https://wtop.com/maryland/2018/07/maryland-gov-hogan-announces-student-debt-relief-initiatives/
Marks & Spencer has plans for a new wave of job cuts, with more than 300 posts to go in stores around the country, according to documents seen by the Guardian.
The high street chain, which last week warned that its decision to close 100 stores would not necessarily be the end of its attempts to restructure, has been consulting on redundancies among managers in a bid to streamline its business.
Retailers that have gone bust 2017-18
Toys R Us: 180 stores employing 3,000 staff, collapsed 28 February. Owes £15m in VAT, due by 1 March.
Maplin: 200 electronics and gadget stores, founded 1972, also failed on 28 February.
Warren Evans: bedmaker went into administration earlier in February.
East: fashion brand with nearly 50 outle…
Read the full article at: https://www.theguardian.com/business/2018/jul/16/marks-spencer-to-cut-another-300-jobs-to-reel-in-management-costs
