Insolvency Guardian Media Centre
Disgraced Sydney businessman Salim Mehajer has launched a legal bid to overturn his bankruptcy, stating “only God” has the power to declare him insolvent.
A Federal Circuit Court judge declared the property developer bankrupt in March while he was in prison, having been refused bail over claims he staged a car crash and defrauded an insurance company.
But the former Auburn deputy mayor is expected to ask Justice Michael Lee to annul the decision on Monday.
The 31-year-old this week announced on social media platform Snapchat he’d lodged an application to “set aside this joke”, claiming “only God can bankrupt me”.
Mehajer successfully mounted a fourth bid for bail in early April following a two-month stint in jail. Last week he was fou…
Read the full article at: https://www.9news.com.au/national/2018/04/20/16/45/only-god-can-bankrupt-me-salim-mehajer
National Australia Bank has flagged $755 million of pre-tax restructuring costs, putting the hit close to the upper end of its first-half guidance.
NAB previously outlined a cost of between $500 million and $800 million, largely related to redundancies.
The lender in November announced it will slash 4,000 jobs over the next three years as it simplifies its business and increases its use of digital and automated banking products.
NAB will halve the number of products it sells and retire between 15 and 20 per cent of its IT applications.
Read the full article at: http://www.afr.com/business/banking-and-finance/financial-services/national-australia-bank-flags-755m-of-restructuring-costs-20180420-h0z1iv
MUMBAI: With Alok Industries heading into likely liquidation, about 12,000 permanent employees of the company are set to lose jobs in what could be the biggest labour casualty since the implementation of the bankruptcy code.
These employees earned an average salary of Rs 1.45 lakh a year, show data compiled by Corporate Professionals that used the financials reported by the company for 2016-17. Alok Industries was subsequently referred for insolvency proceedings.
While considering the resolution plans, lenders are looking at only the recovery aspect, said Manoj Kumar, partner & head M&A and Insolvency Service at Corporate Professionals, a Delhi-based firm. If they feel that an offer does not meet their expectations, they refuse to app…
Read the full article at: https://economictimes.indiatimes.com/jobs/12000-employees-of-bankrupt-alok-industries-to-lose-jobs/articleshow/63839267.cms
Controversial property developer Salim Mehajer has launched a Federal Court bid to overturn his bankruptcy while he awaits a court ruling on whether he will be jailed for electoral fraud.
At an urgent hearing on Monday, the former deputy mayor of the now-defunct Auburn Council is expected to ask Justice Michael Lee to annul the bankruptcy declaration.
Salim Mehajer arrives at Sydney’s Central Local Court on April 11.
Photo: AAP
Mehajer, 31, was declared bankrupt by the Federal Circuit Court on March 20 while he was in prison awaiting trial on charges of perverting the course of justice and conspiring to cheat or defraud for allegedly staging a car crash that prevented him from attending an assault trial last year.
After two months behind bar…
Read the full article at: https://www.smh.com.au/national/nsw/salim-mehajer-launches-court-bid-to-overturn-bankruptcy-20180420-p4zaqn.html
Today’s City Moves cover the insolvency sector, insurance and legal eagles. Take a look at these movers and shakers:
R3
Stuart Frith, a Partner at Stephenson Harwood LLP, is taking over as the new president of R3, the insolvency and restructuring trade body. His year-long term starts today. With over 30 years experience in the insolvency and restructuring profession, Stuart has expertise covering both corporate and personal insolvency work. A partner in Stephenson Harwood since 2009, he is also a deputy judge dealing with cases in the insolvency and companies list in the Business and Prope…
Read the full article at: http://www.cityam.com/284354/city-moves-20-april-2018-whos-switching-jobs-r3-legal
Image Source: baltictimes
The Baltic Times reported that British Steel consortium has repeatedly voiced a wish to purchase Latvias insolvent KVV Liepajas Metalurgs steelworks as a whole, according to a letter written by British Steel at the disposal of LETA. A consortium that includes British companies British Steel and Greybull Capital and Estonian company Baltic Metal Holding in a letter dated with April 17 to KVV Liepajas Metalurgs insolvency administrator Vi…
Read the full article at: https://steelguru.com/steel/british-steel-consortium-to-acquire-kvv-liepajas-metalurgs-in-latvia-report/507473
ArcelorMittal and Nu Metal will get another chance to prove their credentials to take over Essar Steel, facing insolvency proceedings in bankruptcy court.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday declared invitation of the second round of bids for Essar Steel as invalid, brightening the chances for these two companies to another chance to acquire the bankrupt steel maker.
This has, however, put a question mark on Anil Agarwal-led Vedanta Resources prospects of taking over the steel firm. Vedanta had bid for Essar Steel in the second round.
ArcelorMittal, the worlds largest steel maker, and Nu Metal, a Russian consortium led by VTB Capital, were the only companies that had submitted bids for Ess…
Read the full article at: http://mydigitalfc.com/companies-and-markets/nclt-declares-rebid-essar-steel-invalid
Copyright 2018 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
MILWAUKEE (AP) – The Bon-Ton Stores, which operates 260 department stores in the U.S. including Carson’s, is expected to go out of business after two liquidation firms became the highest bidders at an auction for the bankrupt company’s assets Tuesday.
A bankruptcy court hearing was scheduled Wednesday to approve the sale and liquidation details, but a statement from the company’s CEO suggested the end for The Bon-Ton Stores Inc. is certain.
“While we are disappointed by this outcome and tried very hard to …
Read the full article at: http://www.wane.com/news/local-news/liquidation-firms-buys-carsons-parent-company-closings-imminent/1130031165
Loading
A horror story is coming
The IMF does not take into account the near certainty of a global downturn at some point over the next five years. A deep recession would push the deficit into double digits, and send the debt ratio spiralling towards 140 per cent in short order.
There is no justification for Trump’s stimulus. The output gap has already closed. The fiscal “multiplier” is less than one. The US unemployment rate is approaching a 48-year low. The New York Fed’s “underlying inflation gauge” surged to 3.14 per cent in March, the highest since 2005.
As an aside, the IMF’s Fiscal Monitor noted that the lion’s share of Trump’s tax cuts go to the rich. The poorest two quintiles enjoy crumbs at first, but are ultimately left w…
Read the full article at: https://www.smh.com.au/business/the-economy/how-trump-s-hair-raising-level-of-debt-could-bring-us-all-crashing-down-20180420-p4zank.html
The Tata groups plan to exit the hydrocarbon sector as part of its business restructuring plan, and has thus put up Tata Petrodyne assets for sale. Photo: Bloomberg
Mumbai: Tata Petrodyne Ltd, which has put up its six oil and gas blocks for sale, is yet to find interest from buyers, two people aware of the matter said.
As part of a group restructuring, Tata plans to exit the hydrocarbon sector. Tata Petrodyne has participating interest in four oil and gas blocks in India and one each in Indonesia and Tanzania.
According to the first of the two persons cited above, who said he was approached by Tata Petrodyne, the company hasnt been able to generate interest in its blocks as it does not hold a majority stake in any of them.
Besides, it has cl…
Read the full article at: https://www.livemint.com/Companies/dQOBR4lN9OIWv3LeNVZPJL/Tata-Groups-business-restructuring-plan-hits-a-hydrocarbon.html
ArcelorMittal and Nu Metal will get another chance to prove their credentials to take over Essar Steel, facing insolvency proceedings in bankruptcy court.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday declared invitation of the second round of bids for Essar Steel as invalid, brightening the chances for these two companies to another chance to acquire the bankrupt steel maker.
This has, however, put a question mark on Anil Agarwal-led Vedanta Resources prospects of taking over the steel firm. Vedanta had bid for Essar Steel in the second round.
ArcelorMittal, the worlds largest steel maker, and Nu Metal, a Russian consortium led by VTB Capital, were the only companies that had submitted bids for Ess…
Read the full article at: http://www.mydigitalfc.com/companies-and-markets/nclt-declares-rebid-essar-steel-invalid
The Republic of Congos plan to restructure its debt wont affect holders of its Eurobonds, Prime Minister Clement Mouamba said. Yields on the notes fell for the first time in four days.
The oil-producing central African nation owes creditors at least $9.14 billion and sought support from the International Monetary Fund last year. A three-year program to help stabilize the countrys unsustainable external debt is expected to be agreed soon, Mouamba said in a statement emailed from the capital, Brazzaville.
The restructuring of Congos debt will be carried out according to the principles commonly accepted in this field by the international community and will exclude creditors who have a privileged creditor status, Mouamba said. No…
Read the full article at: https://www.bloomberg.com/news/articles/2018-04-19/congo-premier-says-debt-restructuring-will-exclude-eurobonds