Insolvency Guardian Media Centre
By Gary L. Smith
GateHouse Media Illinois
HENNEPIN A Putnam County man accused of murdering a sister-in-law and burying her in a shallow grave nearly two years ago had been using her as a traveling bank to help support a gambling habit that had driven him into debt, prosecutors alleged Monday.
That contention, coming at a pre-trial hearing, provided the clearest indication yet of the motive that prosecutors hope to establish when Clifford Andersen Jr. of Standard goes on trial July 9 on charges of murdering and concealing the homicidal death of Deborah Dewey of Ladd.
Andersen, 68, is accused of beating Dewey to death on Aug. 22, 2016, in a Standard home to which he had acce…
Read the full article at: http://www.starcourier.com/news/20180507/hennepin-murder-suspects-gambling-debt-brought-up-as-possible-motive
The UKs Department of International Trade organised an outward mission to the UK in March, led by U Kyaw Myo, deputy transport and communications minister. The delegation included a dozen officials and 27 business representatives, who met with over 150 British businesses to explore potential commercial opportunities.
In a wide-ranging interview, U Aung Naing Oo, director general of the Directorate of Investment and Company Administration (DICA), spoke to The Myanmar Times about bilateral trade and investment opportunities between the two countries and the governments latest priorities. He also responded to criticisms and concerns among the private sector regarding the slow pace of reforms.
British expertise supporting PPP and …
Read the full article at: https://www.mmtimes.com/news/amid-political-challenges-myanmar-prizes-uk-investment-economic-renewal.html
Retailer Baby Bunting is the latest brand to highlight incredibly tough sales conditions in the lead-up to the end of financial year, confirming the collapse of two other baby goods providers this year has had an impact on its sales.
In May the brand warned shareholders that things may not pan out as expected this year after competitors Baby Bounce and Baby Savings collapsed into voluntary administration, sparking fire sales of baby goods across the country.
This morning, the company informed the ASX that while it had previously anticipated it would book around $23 million in earnings in the 2018 financial year, this was now expected to be between $18 and $20 million.
The companys chief executive Matt Spencer said that the marke…
Read the full article at: https://www.smartcompany.com.au/industries/retail/baby-bunting-says-tough-conditions-and-collapses-will-hit-sales/
The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. Thats because creditors are afraid to take decisions.
Current and former top bankers from at least four state-run lenders are under investigation for alleged impropriety over their lending decisions, while the Central Bureau of Investigation has started a preliminary inquiry into an alleged nexus between Videocon Chairman Venugopal Dhoot and the spouse of ICICI Bank Ltd. CEO Chanda Kochhar after ICICI extended credit to the conglomerate.
Indecisiveness among bankers is pushing insolvent companies toward liquidation, which erodes the value of the assets, said Hemant Kanoria, chairman of SREI Infrastructu…
Read the full article at: https://www.bloomberg.com/news/articles/2018-05-07/fear-is-biggest-obstacle-for-investors-in-bankrupt-indian-firms
FORMER treasurer Peter Costello says most of us will be dead before Australias national debt is paid off.
On the eve of Scott Morrisons third budget, Mr Costello told ABCs 7.30 the Turnbull government had not done enough to control debt.
Weve now had ten years of deficit. Cumulatively, that means to cover that weve had to borrow about $370 billion. We went from having no net debt to borrowing about $370 billion.
That money doesnt go away. Its going to be there, were going to be paying interest on it until somebody pays it back.
When asked by host Leigh Sales if the Turnbull government should pay it back with the revenue windfall theyve just had, Mr Costello said the issue would take decades to fix.
Well, we wont pay it back in one year, he sa…
Read the full article at: http://www.news.com.au/national/federal-budget-2018-peter-costello-says-turnbull-government-has-failed-to-control-debt/news-story/4a1257d7d1de0ffeac8bccbc712aaff3
Xi
Jinping
Reuters
-
Tightened credit conditions have one Chinese
manufacturer with $7 billion in debt begging for help. It won’t
be the last one to do so. -
Beijing will have to start deciding who lives and who
dies in China’s corporate sector. -
Investors shouldn’t just worry about who gets bailed
out, they should also worry about how. In China, healthy
companies can easily be conscripted to save sick ones.
A private Chinese manufacturer, DunAn Group, has
sent a letter begging the Chinese government to help it out
with its $7 billion of debt.
Expect to hear more companies cry for help as the government
…
Read the full article at: http://www.businessinsider.com/corporate-debt-forces-beijing-to-pick-winners-and-losers-2018-5
Guwahati: A proposal to make direct payment to vendors and sub-contractors to accelerate work on Guwahati water supply project has been made.
The insolvency resolution professional appointed by the National Company Law Tribunal (NCLT) for Iragavarapu Venkata Reddy Construction Limited (IVRCL), the company hired to set up water distribution system under the project, recently wrote to the managing director-cum-project director of the project implementation unit (PIU) of the Guwahati water supply project to consider the option.
The letter by the insolvency resolution professional was issued after the PIU warned termination of the IVRCL’s bid if it could not accelerate work on the project on account of being unde…
Read the full article at: https://www.telegraphindia.com/states/north-east/proposal-to-speed-up-water-supply-project-228881
We seem to have lost sight of the laudable objective of reviving an entity. Photo: iStockphoto
The Insolvency and Bankruptcy Code (IBC) of 2016 was meant to signal a break from the past. While there were larger macroeconomic objectives at play, such as solving the twin balance-sheet problem, developing a robust corporate bond market, improving the credit environment and, consequently, providing a fillip to Indias competitiveness as a business destination, the new code was designed to introduce a streamlined, two-step corporate insolvency process which, among other things, prevented value destruction in corporate distress.
The Banking Law Reforms Committee (BLRC) consciously conceived two phases in the resolution process. Phase I being a c…
Read the full article at: https://www.livemint.com/Opinion/x46sbHdgcWvdM1DA8t7hMP/Preserving-the-rescue-culture-within-the-IBC.html
NEW DELHI: Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted.
The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect of the procedure. A 14-member law committee on the Insolvency and Bankruptcy Code had recommended allowing retraction of applications if 90% of the creditors voted in favour of withdrawal. However, the panel had not specified a time limit for withdrawal of such cases. The government now wants to set a clear cut-off time, after which a reference under the code cannot be withdrawn.
After a resolution plan has been accepted, no such withdrawal…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/government-considers-time-limit-for-withdrawal-of-cases-under-ibc/articleshow/64070274.cms
The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some light touch regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP).
The regulations will seek to improve transparency (disclosures) and promote best practices in the area of compensation for IPs services commensurate with their qualification, experience and responsibilities, official sources said.
This is significant as concerns have been expressed in some CIRP cases that IPs in India are charging high fees that may not be reasonable and commensurate with the work being handled by them.
There have also been instances of abnormally low fees charged b…
Read the full article at: https://www.thehindubusinessline.com/economy/fee-regulations-for-insolvency-professionals-soon/article23805158.ece
FILE
PHOTO: A general view of the lobby outside of the Carlyle Group
offices in Washington
Thomson
Reuters
By Sumeet Chatterjee and Kane Wu
HONG KONG (Reuters) – Carlyle Group is set to close its
biggest-ever Asia private equity fund at $6.5 billion, people
with direct knowledge of matter said, in a deal that adds to the
record levels of funds seeking deals in the region.
The private equity giant had initially targeted a fund of $5
billion but raised its expectations following a strong response
from its investors, known as limited partners, said the people.
The fundraising could be completed as early as this month-end,
one of them said, alt…
Read the full article at: http://uk.businessinsider.com/r-carlyle-set-to-close-new-asia-fund-at-65-billion-sources-2018-5
FILE
PHOTO: A general view of the lobby outside of the Carlyle Group
offices in Washington
Thomson
Reuters
By Sumeet Chatterjee and Kane Wu
HONG KONG (Reuters) – Carlyle Group is set to close its
biggest-ever Asia private equity fund at $6.5 billion, people
with direct knowledge of matter said, in a deal that adds to the
record levels of funds seeking deals in the region.
The private equity giant had initially targeted a fund of $5
billion but raised its expectations following a strong response
from its investors, known as limited partners, said the people.
The fundraising could be completed as early as this month-end,
one of them said, alt…
Read the full article at: http://www.businessinsider.com/r-carlyle-set-to-close-new-asia-fund-at-65-billion-sources-2018-5