The future of dockless share bikes in Australia is in doubt, with at least one company announcing it is ceasing operations here, and the future of two more is under a cloud.
Several companies have faced a backlash from local residents and councils in several capital cities.
The bright yellow and red bikes of dockless bike hire companies have been seen around the streets of Sydney, Melbourne and Adelaide since they began operations in Australia about a year ago.
The schemes were controversial as many of the bikes were left abandoned on footpaths, up trees and dumped in waterways.
One Sydney council impounded dozens of them.
oBike has already pulled o…
Read the full article at: http://www.abc.net.au/news/2018-07-10/ofo-share-bikes-cycle-out-of-australia-other-operators-in-doubt/9962236
In an ongoing dispute between distraught homebuyers and Gayatri Hospitality & Realcon Ltd, a realty firm in Noida, the former claim that the latter has not so much as laid a brick in Gayatri Aura, a project it launched way back in 2011. The company has been booked for cheating, fraud, and forgery following a complaint by the flat owners.
Sunil Kumar, who represents a few buyers, told Business Standard that the realty firm was to build 1,500 homes for which it was 17.5 acres in Sector-1 of Noida Extension. “Each buyer has so far paid Rs 1.6 million (Rs 16 lakh). It’s been over seven years, and despite repeated meetings and promises by the developer, no construction has commenced…
Read the full article at: https://www.business-standard.com/article/companies/soon-it-will-be-easier-to-get-a-refund-if-your-builder-goes-bankrupt-118071000146_1.html
The long wait is finally over. More than a month after classifying home buyers as financial creditors, the insolvency regulator IBBI has now spelt out the mechanism, albeit indirectly, through which these home buyers voice would be heard in the committee of creditors.
The Insolvency and Bankruptcy Board of India (IBBI) has made changes to the Corporate Insolvency Resolution Process (CIRP) regulations to provide this new mechanism.
With instances of several hundreds of home buyers getting aggrieved over non delivery of flats by developers within stipulated time coming to the fore, a mechanism was needed for their representation in CoC under the corporate insolvency process. This problem now stands resolved.
The new mechanism without direc…
Read the full article at: https://www.thehindubusinessline.com/news/insolvency-mechanism-specified-for-home-buyers-representation-in-coc/article24373827.ece
AMERICAS newest game show is causing a stir, with a number of people labelling it dystopian.
The show pits recent university graduates against each other in a traditional trivia game show format and the winner gets their student debt paid off kind of like a financial Hunger Games for struggling anthropology graduates.
The level of student debt in the US is at runaway levels, reaching a staggering $2 trillion ($US1.5 trillion) in value recently. The average graduate now carries a debt burden of $49,560.
Contestants who are mostly in their late 20s or early 30s, must be carrying university debt to appear on the show.
As the first episode is about to go to air, the reaction has been mixed. But thats kind of the point.
According to the shows ho…
Read the full article at: https://www.news.com.au/technology/online/social/americas-intentionally-absurd-new-game-show-labelled-as-dystopian/news-story/15739fb709c783a47fcce838ce9c5ac3
Less than one in 10 (6%) of respondents state that their employer provides debt consolidation via workplace lending and counselling services as part of their employee benefits package, according to research by Thomsons Online Benefits.
It surveyed 2,000 UK employees working in private sector organisations with more than 500 staff, and also found that 10% of respondents currently seek financial help and information from their employer.
The research also found:
- 88% of respondents are open to using financial education and products delivered via their employer.
- 25% of respondents have little or no confidence in their financial future, and a further 25% believe they have little or no chance of saving adequately for their retirement.
…
Read the full article at: https://www.employeebenefits.co.uk/issues/july-2018/6-debt-consolidation-benefits/
Eight years after it took over regulation of consumer credit, the Australian Securities and Investments Commission last week announced it had discovered some people have problems handling credit cards. That tells you more about ASIC than credit cards.
Having finally stumbled over what everyone with a vague interest in consumer finance already knew, our dopiest regulator is proposing a raft of radical changes that could upend a large part of capitalism as we know it.
If ASICs responsible lending rules are used as precedents for responsible dealings in general and at the sharper end of business in particular, major industries would be massively blunted.
The watchpuppy with a little pressure from a Senate inquiry and a government that is no l…
Read the full article at: https://thenewdaily.com.au/money/finance-news/2018/07/09/asic-credit-cards/
Village Roadshow has a mountain of debt which it needs to pay down as quickly as possible.
In a statement to the market, the entertainment company said its shares were currently in a trading halt to allow it to “provide information about a potential capital raising”.
Its temporary suspension from trading is expected to lift on Wednesday, or earlier if the company makes its announcement before then.
The company is expected to issue more shares to help reduce its $305.3 million worth of debt, as at December 31.
To highlight the magnitude of that figur…
Read the full article at: http://www.abc.net.au/news/2018-07-09/village-roadshow-trading-halt-debt/9958514?section=business
The Fourth meeting of the Committee of Creditors of the Corporate Debtor was held on Friday, 4 May, 2018 at 2:00 PM at Conference Hall, Asset Reconstruction Company (India) Ltd, The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai, 400 028.
The outcome of the meeting is summarized as herein below:
l . The last date of submission of Expression of Interest (EOI) which was extended to 30 April 201 8 as decided in the 3 rd COC meeting, is now extended till 31 May 2018.
2.Appointment of Alliance Law as the Legal Advisor to the COC.
3.Appointment of M/S. M.N. Dastur & Co (P) Ltd. as the professional to conduct Technical Due Diligence over the assets of the corporate debtor.
Pdf Link:
Ramsarup Industries Ltd. – Corporate Insolve…
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/article24370700.ece
Baby paraphernalia retailer Mothercare is seeking to raise £32.5m from existing shareholders in the latest stage of its battle to adjust to a challenging UK high street.
The capital raising will be at 19p per share, well below Fridays closing level of 28.6p. Mothercares shares fell 9 per cent in early London trade to 26p.
Almost two months after striking a lifeline deal with creditors and announcing plans to shut 50 stores, the shop chain raised the number of planned store closures to 60.
Some of that increase comes from the decision to put its Childrens World business, a subsidiary that houses 22 of its stores, into administration. Mothercare will transfer 13 of the Childrens World outlets into other parts of its business….
Read the full article at: https://www.ft.com/content/6201265c-833e-11e8-96dd-fa565ec55929
The Seventh meeting of the Committee of Creditors of the Corporate Debtor was held on Friday, 15 June 2018 at 3:30 PM at Grant Thornton India LLP, 16th Floor, Tower Il, India bulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013.
The outcome of the meeting is summarized as herein below:
l. Reviewed and discussed the process and structure to be followed for inviting bids. Based on the same the process advisor, RP and the legal counsel of the RP shall revise the Process Memorandum and present it the coc.
2. Approved the reduction in the data access fee for resolution applicants.
3.Approved the appointment of SKP Business Consulting LLP as the Special Auditor of the Corporate Debtor
Pdf Link:
Ramsarup Industries Ltd. – …
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/article24370699.ece