Insolvency Guardian Media Centre
The New Zealand Shareholders Association (NZSA) wants CBL Corporation to be liquidated and for the Financial Markets Authority (FMA) to step in and back investors.
The organisation says shareholders will have more options to secure residual value from the NZX and ASX-listed company if it is liquidated.
If litigation is found to be necessary the liquidators would have greater powers to pursue a variety of potential claims, NZSA CEO, Michael Midgley, says.
CBL Corporation was placed in voluntary administration on February 23 – the same day the High Court placed its subsidiary, CBL Insurance, in interim liquidation following an application by the Reserve Bank.
CBL Corporations voluntary administrators – Brendon Gibson and Neale …
Read the full article at: https://www.interest.co.nz/insurance/93676/new-zealand-shareholders-association-calls-cbl-corporation-be-liquidated-and-fma
THE government is about to get tough on serial fine dodgers as part of a controversial new Centrelink crackdown.
From March 2019, people claiming new welfare payments will first have to undergo police checks.
Under the strict measures, people found to have an outstanding arrest warrant on their record will have their welfare payments frozen until they turn themselves in to police.
Fugitives with kids will have their payments halved to encourage co-operation with the police, but if the warrant is cleared within a month, the benefits will be reinstated.
And Centrelink payments will be cancelled altogether for people who fail to turn themselves in to authorities.
Why this family farm sold for an incredible $200m
Read the full article at: http://www.news.com.au/finance/money/costs/centrelink-crackdown-government-announces-bold-plans-to-reclaim-debt/news-story/1543f9bb20701dfd3df02981ecc74811
Australian fashion brand Metalicus has become the latest victim of the tough retail environment and has fallen into voluntary administration.
In an email sent to customers on Wednesday evening, the brand announced it has entered into voluntary administration and will be launching a nationwide sales campaign to get rid of stock.
The business, owned by General Pants Co., appointed administrator Petr Vrsecky from PKF last week.
The company’s 12 retail stores and 15 Myer concessions are currently being wound down. The group will be liquidating stock over the next two months via significant discounts nationally.
The group thanked its customers for their loyalty to the brand over the years.
“Me…
Read the full article at: https://www.businessnewsaus.com.au/articles/metalicus-enters-voluntary-administration.html
The founder of Nashelle jewelery says her Bend-based company is on the verge of insolvency, and her Old Mill District store is behind on rent because of her business partners mismanagement and sham financial transactions.
Nashelle is my lifes work and I stand to lose everything that I put into the company without the Courts immediate assistance, Heather Collard stated in a declaration to Deschutes County Circuit Court, where she and her husband, Ryan Collard, are suing their business partner, Skye Guina.
…
Read the full article at: http://www.bendbulletin.com/business/6226833-151/bend-jewelery-company-verges-on-insolvency
Debt-laden IVRCL, which is undergoing insolvency process, said that its resolution professional (RP) has invited expression of interest (EoI) from potential resolution applicants. (Website)Debt-laden IVRCL, which is undergoing insolvency process, said that its resolution professional (RP) has invited expression of interest (EoI) from potential resolution applicants. The company is facing insolvency proceedings after it was taken up for a Corporate Insolvency Resolution Process under the provisions of the Insolvency and Bankruptcy Code, 2016.
The last date for submission of expression of interest is May 24, 2018, RP Sutanu Sinha said in a BSE filing.
The Corporate Insolvency Resolution Process has been initiated against IV…
Read the full article at: https://www.financialexpress.com/industry/ivrcl-rp-seeks-eoi-from-potential-applicants/1161824/
Against the report by a national daily (not LEADERSHIP) that solvency ratio of five, out of 12 Nigerian insurers companies have fallen below regulatory threshold, the National Insurance Commission (NAICOM) has described the report as false and misleading.
According to the refuted report, the five insurers whose solvency ratio are below the threshold are Aiico Insurance Nigeria Plc with solvency ratio of 55 per cent, First Bank Insurance Plc who ratio is said to be at 59.10, per cent, Lead way Assurance Limited: 76 per cent, NEM Insurance Plc, 93 per cent and Continental Nigeria Plc which the report also said currently stands 90 per cent.
The report noted that any insurance firm whose insolvency ratio is below the minimum level automati…
Read the full article at: https://leadership.ng/2018/05/09/no-insurance-company-has-insolvency-ratio-problem-naicom/
Australian fashion brand Metalicus has entered voluntary administration and will today begin a major sale across all of its outlets.
In an email to customers on Wednesday evening, the company acknowledged the difficult period for our staff and customers, as it explained plans to launch a sale event at all of its flagship stores, Myer concession outlets and online, starting Friday.
Metalicus has long been recognised as an iconic Australian fashion brand and we would like to take this opportunity to thank our customers for their ongoing loyalty and support over the years, the company said.
Metalicus said the sale event will involve significant savings on all pieces. We hope that you will take advantage of the opportunity to enjoy …
Read the full article at: https://www.smartcompany.com.au/industries/retail/clothing-brand-metalicus-enters-voluntary-administration/
WILMINGTON, Del., May 9 (Reuters) – The founder of corporate restructuring firm AlixPartners sued competitor McKinsey & Co on Wednesday, claiming the strategic consulting giant ran a criminal enterprise that concealed potential conflicts of interest from U.S. bankruptcy judges in order to land valuable advisory assignments.
McKinsey and its affiliates committed bankruptcy fraud, mail fraud, wire fraud and engaged in a pattern of racketeering, according to Jay Alix, who filed his lawsuit in federal court in Manhattan.
Lawyers and financial advisers who seek a judges approval to work for a bankrupt company must disclose their links to other parties in the case, such as investors, professionals and creditors, that could present conflicts of…
Read the full article at: https://www.reuters.com/article/mckinseyco-lawsuit/restructuring-pioneer-jay-alix-sues-mckinsey-for-racketeering-idUSL1N1SG1JK
Image credit: Shopify Burst
Clif Bar & Company attributes its success to not selling out when the owners walked away from a $120 million buyout offer in 2000. Instead, they kept the company private and invented their five-bottom-line business model focused on sustaining the business, its brands, its people, the community and the planet. Now, Clif Bar wants to help college seniors pursue meaningful post-graduate experiences instead of deciding based on the pressure of paying down their debt.
The company has launched a new Business with Purpose Scholarship intended to remove financial roadb…
Read the full article at: http://www.sustainablebrands.com/news_and_views/leadership/sustainable_brands/new_clif_bar_scholarship_alleviates_debt_college_senior
May 9 (Reuters) – Greif Nigeria PLC:
* IN CONSULTATION WITH LARGER GREIF SUB-SAHARA AFRICA AND EMEA MANAGEMENT TEAM HAVE APPROVED TOTAL BUSINESS RESTRUCTURING PLAN FOR LOCAL OPERATION
* STRATEGIC CONSOLIDATION OF ALL VOLUMES AND PRODUCTION CAPACITY IN APAPA, LAGOS FACTORY SITE ONLY AND SUPPLY QUALITY PRODUCTS OUT OF FACTORY TO CUSTOMERS IN NIGERIA
* CLOSURE OF THE FACTORY BRANCH NETWORK IN BOTH KOKO, DELTA STATE AND KADUNA, KADUNA STATE
* EMBARK ON APAPA FACTORY SITE IMPROVEMENT, CAPITAL EXPENDITURE AND OVERHAUL TO MEET MINIMUM STANDARD OF GREIF OPERATION WORLDWIDE Source: bit.ly/2IbaffF Further company coverage: ([email protected])
Read the full article at: https://af.reuters.com/article/commoditiesNews/idAFFWN1SG1HO
A top restructuring and insolvency lawyer has traded a global firm for another in Singapore.
Wither KhattarWong (WKW), the Singapore Alliance firm of Withers, has appointed Justin Yip as a partner in its dispute resolution team. Yip came from Morgan Lewis Stamford, the alliance firm of Morgan, Lewis & Bockius in the city-state.
As Singapore develops into an international hub for debt restructuring and dispute resolution, the firm looks to position itself as a leader in advising such matters. Justins wealth of experience and commercial approach in restructuring and commercial litigation is in line with Withers KhattarWongs development of our restructuring and insolvency practice, said Deborah Bark…
Read the full article at: https://www.australasianlawyer.com.au/news/restructuring-pro-trades-global-firms-in-singapore-249715.aspx
Thousand of drivers were informed by text that they had no insurance after the company that covered them went bust.
Alpha – which ran UK brands Cover My Cab and Protector – was declared insolvent in Denmark, meaning people’s cover ended on May 8.
The company insured 700 taxi drivers and 10,000 private hire vehicles in London alone, the Licensed Taxi Drivers Association said.
General Secretary of the LTDA, Steve McNamara said: “We have notified all of our members about this change, to ensure that no-one is unintentionally driving without insurance.
“We will be supporting any of our members that may have been affected.”
The Danish firm also had motor fleet policies in Britain through Cardiff-based managing general agent Lima.
People ha…
Read the full article at: https://www.mirror.co.uk/money/breaking-insurance-brand-alpha-goes-12507411