Riga Regional Court is hearing the appeal case which follows a case brought by the bank’s administrators, KPMG Baltic, against former members of the board of Latvijas Krjbanka.

It is alleged that the board approved the issuing of large loans to several offshore companies believed to be controlled by bank owner Vladimir Antonov as a way of moving assets out of the bank, and with no reasonable expectation that the loans would ever be repaid. Last year the court of first instance agreed with that allegation but now the defendants are exercising th…

Read the full article at: https://eng.lsm.lv/article/economy/banks/latvijas-krajbanka-appeal-case-gets-underway.a276201/

In many ways, it makes so much sense for Digit to enter this territory. The app has had great success in helping its users save: In the three years since it rolled out, Digit has helped users save a collective $1 billion. This interest in alleviating credit card debt is unique to Digit Pay and is, notably, one that banks and credit card companies do not share.

Read the full article at: https://www.refinery29.com/2018/04/197238/saving-app-digit-pay-credit-card-debt

Soon there may be a provision to withdraw the application for initiating Corporate Insolvency Resolution Process (CIRP), post admission. This is part of the proposed changes that the government is contemplating for the Insolvency and Bankruptcy Code (IBC) through the Ordinance route.

The Union Cabinet will most likely consider an Ordinance for this purpose at its meeting slated for Wednesday, official sources said.

The amendment to IBC will, however, stipulate that an application for initiating CIRP could be withdrawn only if the Committee of Creditors (COC) is to allow this action with a vote share of 90 per cent.

Currently, there is no provision for withdrawal of an application under insolvency process once it has been admitted. If wit…

Read the full article at: https://www.thehindubusinessline.com/economy/policy/proposed-changes-in-ibc-may-allow-withdrawal-of-insolvency-application/article23661464.ece

The Kolkata Bench of National Company Law Tribunal (NCLT) on Tuesday reserved its order in the ongoing corporate insolvency resolution process of Binani Cement.

The Division Bench completed hearing all petitions excepting the one filed by the Resolution Professional (RP) alleging fraudulent transactions involving the promoters of Binani Cement. A total of 14 petitions were filed with the NCLT.

The 270-day moratorium period for Binani Cement ended on April 21, so the Division Bench had on April 20, passed an interim order asking the RP to continue taking care of the management of the company until further order.

As per the Insolvency and Bankruptcy Code (IBC), a resolution plan has to be approved by the NCLT within the stipulated morator…

Read the full article at: https://www.thehindubusinessline.com/news/nclt-reserves-order-in-binani-cements-insolvency-resolution-process/article23661768.ece

JAMIE Oliver’s business woes have deepened with his Australian restaurant group falling into voluntary administration.

The celebrity chef’s UK restaurants have been in financial strife amid rising costs and consumer caution, partly as a result of the Brexit vote, and his Canberra venue has now been closed.

The Jamie Oliver Restaurant Group Australia, which operated six Jamie’s Italian restaurants in Australia, slipped into voluntary administration on Monday.

The Canberra restaurant was closed down, while Brisbane-based Hallmark Group will take over the management of Jamie’s Italian restaurants in Sydney, Brisbane, Perth, Parramatta and Adelaide.

A statement by his restaurant group…

Read the full article at: https://www.perthnow.com.au/business/finance/jamie-olivers-australian-restaurant-group-in-voluntary-administration-ng-b88809228z

NorthCapital Holding ApS is an international investment company with its registered office in Copenhagen, Denmark. It is primarily active in the fields of gemstones, oil and gas. However, the company also invests in companies of the financial and production sector. Thus, within the scope of its merger & acquisition strategy, the company today acquired Starz Group with its registered office in Großräschen, in Brandenburg, Germany, including its foreign companies in Europe, North Africa and China. The group of companies that ran into financial difficulties manufactures and develops cable harnesses, control electronics and control panels for special vehicles, in particular for construction, agricultural and forestr…

Read the full article at: https://www.prnewswire.com/news-releases/insolvency-administrator-schmudde-white–case-accepts-northcapital-holdings-bid-for-starz-group-680702481.html

Controversial property developer Salim Mehajer has been found guilty of intimidating his ex-wife when he emailed and messaged her in 2017.

Magistrate Jacqueline Trad on Tuesday rejected Mehajer’s “confusing” and “self- serving” evidence that he hadn’t sent certain emails and an Instagram message to ex-wife Aysha Learmonth.

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Read the full article at: http://www.canberratimes.com.au/nsw/salim-mehajer-found-guilty-of-intimidating-estranged-wife-aysha-learmonth-20180424-p4zbf3.html

The Kolkata bench of National Company Law Tribunal (NCLT) on Tuesday reserved its order in the ongoing corporate insolvency resolution process of Binani Cement.

The Division Bench completed hearing all petitions excepting the one filed by the Resolution Professional (RP) alleging fraudulent transactions involving the promoters of Binani Cement.

The 270-days moratorium period for Binani Cement ended on April 21 and the Division Bench had on April 20, passed an interim order asking the Resolution Professional (RP) of Binani Cement to continue taking care of the management of the company until further order.

As per the Insolvency and Bankruptcy Code (IBC), a resolution plan has to be approved by the NCLT within the stipulated moratorium per…

Read the full article at: https://www.thehindubusinessline.com/companies/nclt-reserves-order-in-binani-cement-hearing/article23658770.ece

Expressions of interest (EoI) for the assets of bankrupt Moser Baer Solar are likely to be invited this week, resolution professional Arvind Garg announced. The company owes over Rs 1,000 crore to a number of lenders.

April 24, 2018pv magazine

In November 2017, the Indian manufacturer and EPC contractor was taken to the New Delhi bench of National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code by the state-run Central Bank of India, after it defaulted on an over Rs 114-crore loan.

Speaking to pv magazine, Garg expressed hope that Indias 10 to 12 large solar manufacturers will show interest in Moser Baer Solar Limited (MBSL), which has a state-of-the-art manufacturing facility in Noidas Special Economic Zone (SEZ).

Indi…

Read the full article at: https://www.pv-magazine-india.com/2018/04/24/bids-for-bankrupt-moser-baer-solar-expected-this-week/

International law firm Hogan Lovells announced that bankruptcy lawyers Richard Wynne, Bennett Spiegel, and Erin Brady have joined the firms Business Restructuring and Insolvency (BRI) practice as partners in Los Angeles.
 
All three are recognized leaders in their practice, with significant experience advising debtors, creditors, creditors’ committees, bondholders, trustees, and buyers across a wide range of industries. They frequently handle complex restructuring matters, Chapter 11 cases, and out-of-court workouts in jurisdictions across the nation.  Practicing together for over 15 years, the three have had leading roles in many of the largest and most complex Chapter 11 restructuring cases.
 
We have been looking to expand the…

Read the full article at: http://www.abladvisor.com/press-releases/13905/hogan-lovells-bolsters-business-restructuring-insolvency-practice-l-a

ROHNERT PARK, Calif., April 24, 2018 /PRNewswire/ — Columbia University’s medical school announced recently that the school is implementing a new scholarship program that would replace loans with scholarship funds for students who qualify for financial aid. This new effort to reduce loans will likely be welcome by many medical students attending Columbia since medical students are known to have notoriously high loan balances upon leaving school. Student loan borrowers who already have their debt may be wondering about their options, though. Ameritech Financial, a document preparation company which assists student loan borrowers in apply…

Read the full article at: https://www.prnewswire.com/news-releases/ameritech-financial-treating-medical-school-debt-with-repayment-options-may-help-federal-student-borrowers-300634941.html

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