Cape Town Telkom [JSE:TKG] announced on Monday that it would be cutting ties with Nkonki Inc as its joint auditors following developments that have led the latter to undergo voluntary liquidation.
The company said, as per its announcement in August 2017 it was prepared to procure from Nkonki Inc as its external audit services to assist with financial reporting for the period ending in March 2019.
However the company is undergoing voluntary liquidation, following misgivings from the office of the Auditor General Kimi Makwetu on a lack of clarity in their ownership.
In line with the AGs concerns, Sibanye Stillwater [JSE:SGL], ABSA Bank of Barclays Group Africa [JSE:BGA] and Redefine Properties [JSE:RDF] also announced that it woul…
Read the full article at: https://www.fin24.com/Companies/ICT/telkom-cuts-ties-with-nkonki-inc-as-voluntary-liquidation-continues-20180507
11:32 07/05/2018
MOSCOW, May 7 (RAPSI) The Commercial Court of Moscow Region has declared one of the former Trust Bank owners Nikolay Fetisov bankrupt, RAPSI learnt in the court.
In November, the court initiated the procedure of debt restructuring on the request of Trust Bank against Fetisov. The banks demands seeking 3.59 million euros and about 101 million rubles (about $1.7 million) were included in the creditors demands list.
In April 2017, the Ninth Commercial Court of Appeals dismissed Fetisovs appeal over transfer of the bankruptcy case to the Moscow Regional Court. On January 10, the court of appeals found Trust banks lawsuit legal.
In late December 2014, the Central Bank of Russia said it would provide Trust Bank with up to …
Read the full article at: http://www.rapsinews.com/judicial_news/20180507/282655138.html
New reforms, enhanced data analysis and co-operation between agencies are set to clamp down on directors trying to re-birth phoenix companies and clip the wings of unscrupulous pre-insolvency advisers.
The Australian economy loses about A$3.2 billion a year through illegal phoenixing activity, and much of this is facilitated by unscrupulous pre-insolvency advisers.
In many cases, these advisers hold no professional qualifications and their only expertise is that they have operated their own failed companies, joining the 9000 or so which go to the wall each year in Australia.
These advisers assist businesses faced with significant unpaid taxes, employee liabilities and debts t…
Read the full article at: https://www.intheblack.com/articles/2018/05/04/regulators-disrupt-phoenix-companies
- Troubled asset manager Blue Sky has withdrawn profit guidance and flagged changes to its board.
- Shares fell by as much as 10% in morning trade.
- The company said it will provide additional information on its assets at half-year and full-year reporting intervals.
Asset manager Blue Sky Alternative Investments has notified the market that its withdrawing profit guidance for the 2018 and 2019 financial years.
The company also announced chief investment officer Alexander McNab will step down immediately. Current Chairman John Kain will also step down once a suitable replacement has been found.
Shares in the company initially slumped by almost 10%. A short time ago, BLA shares were tra…
Read the full article at: https://www.businessinsider.com.au/blue-sky-tumbles-again-chairman-to-go-cio-out-profit-guidance-pulled-2018-5
The definition of relatives would be added to the IBC alongside that of related party under Section 5(24) of the IBC.The government is set to define the term relatives in the context of persons considered related parties who will be ineligible to bid for stressed assets under the Insolvency and Bankruptcy Code (IBC), sources told FE. Analysts said any such move could make the disqualification of family members of defaulting promoters more explicit, and will likely impact cases like Essar Steel in which Rewant Ruia, son of the companys co-promoter Ravi Ruia, is said to be one of the beneficiaries, and owners of a shareholder of Numetal that has bid for the stressed steel firm.
While IBC has already defined related party of…
Read the full article at: https://www.financialexpress.com/industry/insolvency-and-bankruptcy-code-alert-explicit-bar-likely-on-bids-by-promoters-relatives/1157841/
Image: Michelle – Ranson Media
Perth Fringe World has taken legal action against independent promoter JumpClimb Pty Ltd, which staged shows under the festivals banner, and then collapsed leaving artists and contractors unpaid to the tune of an estimated $200,000.
Fringe World is moving to put JumpClimb in administration to try and claw back the $200,000.
According to festival CEO Marcus Canning, JumpClimb was paid in March for sales for its shows in various venues through the Fringe World ticketing system.
But none of the money seems to have been used to pay artists and contractors, who signed contracts directly with JumpClimb than the Fringe.
JumpClimb dire…
Read the full article at: https://themusicnetwork.com/perth-fringe-world-takes-legal-action-on-independent-promoter-over-unpaid-artists/
A woman accused of hiding her twin girls from their father for four years understands the trouble she’s in but wants to salvage her relationship with them, a Brisbane court has heard.
The 45-year-old, who can’t be named for legal reasons, will remain in custody until later this month after being refused bail in Brisbane Magistrates Court on Monday.
The woman is accused of taking her seven-year-old daughters from Townsville in 2014, following the collapse of her marriage and around the time she was declared bankrupt.
Police finally found her on Friday, living with her daughters, now 11, in the regional NSW town of Taree.
She faces two counts of child stealing that could see her jailed for up to seven years.
Defence barrister Tony Kimmins tol…
Read the full article at: https://www.9news.com.au/national/2018/05/07/09/33/qld-mum-accused-of-taking-kids-denied-bail
Australias leader Malcolm Turnbull will use Tuesdays budget to try and woo back disaffected voters before Donald Trump and Xi Jinpings trade tensions undermine the most China-dependent developed economy.
Malcolm Turnbull
Photographer: Brendon Thorne/Bloomberg
A sudden surge in revenue is allowing Turnbull to offer tax relief instead of paying down the countrys budget deficit early. Hes gambling that workers saddled with record household debt and stagnant wage growth will vote with their wallets in an Australian general election thats due within a year.
Theres two big risks to his strategy. Reserve Bank Governor Philip Lowe last week said while Australias economy was in generally good shape, it had a lot resting on U.S. protecti…
Read the full article at: https://www.bloomberg.com/news/articles/2018-05-06/australia-gambles-trump-xi-tensions-won-t-derail-budget-recovery
Talk about fortuitous timing. There’s an election looming and a budget situation long portrayed as a disaster suddenly on the mend.
But what to do with this sudden bounty? Repair the finances and bolster the balance sheet in case the global economics winds turn nasty? Or give way to temptation and indulge the punters?
No prizes for guessing which way the Government will bend and what’s in store in this year’s Federal Budget on Tuesday night. For those who appreciate a liberal application of cliches, prepare to be swamped by a watery array of he…
Read the full article at: http://www.abc.net.au/news/2018-05-07/turnbulls-choice-debt-and-deficit-or-defeat/9733142
When a company becomes insolvent, numerous issues arise. Insolvency law is meant to address some of them, but not all. Photo: iStockphoto
When a company becomes insolvent, numerous issues arise. Insolvency law is meant to address some of them, but not all. For the others, the solution must be found in non-insolvency laws. This distinction has been overlooked by Indian policymakers in their attempts to reform the Insolvency and Bankruptcy Code, 2016 (IBC). The recently submitted report of the insolvency law committee (ILC) also reflects this oversight. This may hamper the desired outcomes of the IBC.
The proper purpose
In the absence of an insolvency law, if a company defaults on a loan to a creditor (i.e. becomes cash flow insolvent), every…
Read the full article at: https://www.livemint.com/Opinion/sSwYmQLzmnpT4MsHV1lFpM/The-proper-purpose-of-insolvency-law.html
In an interview with Fairfax Media, Treasurer Scott Morrison said infrastructure spending would qualify as good debt in Tuesday night’s budget but that he was bringing spending under control to prevent the use of bad debt to cover ongoing expenses.
I will be reducing net debt. I will be ensuring debt is under control, he said.
The Commonwealths total borrowings are on track to reach $684 billion over the next decade, incurring interest payments exceeding $20 billion a year, but this gross debt will be offset by assets like the Future Fund to produce lower net debt figures.
Budgets should never been seen as a weapon or a means to winning elections
The affordability of the tax cuts will be a central issue in the Senate, with Labor insisting t…
Read the full article at: https://www.smh.com.au/politics/federal/senate-push-to-amend-the-turnbull-government-s-budget-tax-cuts-20180506-p4zdpr.html
Mark
Turnbull, Managing Director of SCL Elections/Cambridge Analytica
arrives at the offices of Cambridge Analytica in central
London.
REUTERS/Henry
Nicholls
-
Britain is backing an American professor’s effort to
obtain personal data from Cambridge Analytica’s
parent. -
SCL Elections will face criminal action if it does not
hand over the data within 30 days. -
The ruling could set a precedent for millions of
other American voters to request their information back from
Cambridge Analytica under British data protection
laws.
(Reuters) – Britain’s data privacy watchdog is backing an
American professor’s …
Read the full article at: http://www.businessinsider.com/r-uk-watchdog-orders-cambridge-analytica-to-hand-over-americans-personal-data-2018-5