Insolvency Guardian Media Centre
Whenever a business, whether it be here on the Isle of Man or on the adjacent island, hits the headlines for going into liquidation, directors and officers of all types of companies would be well advised to take note.
Whatever the size of your company, its liquidation is governed by the same legislation, and the laws relating to directors duties and responsibilities are equally applicable to any person who is either named or is deemed to have acted as a director of that company, whether they are a director of a large multinational company, a professional director working within the islands regulated industries, or the director of a small family firm.
What should you know?
There are many reasons why a…
Read the full article at: http://www.iomtoday.co.im/article.cfm?id=39433&headline=Paid-for content: Should directors and company officers fear liquidation?§ionIs=NEWS&searchyear=2018
An attempt to sell insolvent KVV Liepajas Metalurgs companys electric steel casting plant along with its equipment failed today as the auction drew no bidders, the companys insolvency administrator Vita Dika told LETA.
 |
|---|
At two other auctions selling the steel companys property, EUR 82,000 were
raised by selling a property in Liepaja at 100B Brivibas Street and EUR 116,000
by selling a property in Liepaja at 94A Brivibas Street, the insolvency
administrator informed.
The results of the auctions have yet to be approved by court.
Asked if she might cancel the auctions of KVV Liepajas Metalurgs assets announced by the companys previous
insolvency administrator Guntars Koris, Dika said she could not yet comment on
this as she had not ye…
Read the full article at: http://www.baltic-course.com/eng/markets_and_companies/?doc=138898
Keith M. Phaneuf / CTMirror.org file photo
House Minority Leader Themis Klarides and Senate Republican leader Len Fasano
A new state plan to pay off nearly $550 million of Hartfords bonded debt led some legislators Wednesday to consider reducing other forms of aid to the capital city.
Asserting the plan never was properly authorized by legislators, House and Senate Republicans pledged Wednesday to try to reduce grants to the capital city to offset disputed debt assistance.
The GOP caucuses also called on Gov. Dannel P. Malloys administration and state Treasurer Denise L. Nappier, a Hartford Democrat, not to implement the new arrangement. But both offices signed it Wednesday. The deal also has been approved by the City Council.
…
Read the full article at: https://ctmirror.org/2018/03/28/debt-assistance-cost-hartford-state-aid/
Get into the habit of budgeting early. Students can start tracking their spending patterns with an app (such as Mint.com) or through a spreadsheet.
“College is a transition from a sheltered existence to the real world,” Kantrowitz said. “It’s a good time to learn how to manage money.”
The Department of Education pays the interest on certain federal loans as long as your child is in school at least half-time, is in the six-month grace period after graduation or has a deferment.
However, interest accrues during college for private l…
Read the full article at: https://www.cnbc.com/2018/03/28/three-tips-to-keep-your-college-student-from-drowning-in-debt.html
Patricia Simpson (left), Heidi Campbell, two of the team who set up a stall at Glen Innes court to offer advice to those who may have fallen foul of the court previously.
Lawyers have been touring New England offering free advice to people in financial trouble.
They set up stall on the steps of the Court House in Glen Innes on Wednesday and talked to people about how they could cope with fines or other debts which were drowning them in money troubles.
The team from Legal Aid NSW said people had been coming to them on their trestle table on the veranda of the court. Glen Innes is part of a national tour by Legal Aid NSW.
What to do with serious debt.
The main advice they gave was that all is not lost when and if the nasty l…
Read the full article at: http://www.armidaleexpress.com.au/story/5311757/debt-all-is-not-lost-video/?cs=12
In a slew of decisions, Sebi on Wednesday changed the way Indian companies will do business. From accepting most of the Kotal Panel recommendations to slashing charges for mutual funds schemes, here is the list of all the decisions taken at the Sebi board meet.
The Sebi Board met in Mumbai on Wednesday and took the following decisions:
1.
Decision on the Recommendations of Kotak Committee on Corporate Governance
1.1. The Board considered the Kotak Committee recommendations and the public comments thereon.
1.2. The Board decided to accept several recommendations of the Committee without any modifications including the following:
I.Reduction in the maximum number of listed entity directorships from 10 to 8 by April 01, 2019 and to 7 …
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/full-text-of-key-decisions-at-sebis-board-meet/articleshow/63516953.cms
The court appointed Vita Dika as the new insolvency administrator for the insolvent Latvian steel company KVV Liepajas Metalurgs, the Kurzeme Regional Court reported. Dika, a certified lawyer, is currently serving as an insolvency administrator of a number of other companies.
As reported, the Kurzeme Regional Court on March 21 removed Guntars Koris as the insolvency administrator of KVV Liepaja Metalurgs because the man has lost his insolvency administrator’s license after flunking a re-certification exam at the beginning of March. The court also requested the Insolve…
The article you requested can be accessed only by subscribing to the online version of The Baltic Times. If you are already subscribed to The Baltic Times, please …
Read the full article at: https://www.baltictimes.com/new_insolvency_administrator_appointed_for_troubled_latvian_steel_company_kvv_liepajas_metalurgs/
Its been another volatile trading day with investors adopting a cautious approach in contrast to yesterdays strong rebound.
Europe
The focus continues to be on the US tech story and this is weighing on any attempt to push higher for European stocks, which have remained under pressure albeit above their recent lows.
The FTSE 100 has managed to set itself apart from the wider weaker tone in Europe but that has largely been down to another M&A story, this time involving Shire, which has once again found itself in the crosshairs of an overseas suitor.
There had been some whispers in early trading that a bid might be in the offing, and this was confirmed by a mid-morning announcement from Japans Takeda that they were looking at the possibility of…
Read the full article at: https://www.cmcmarkets.com/en-au/news-and-analysis/ftse-gets-a-boost-from-the-shire
Deccan Chronicle Holdings has received an additional 87 days to wrap up its insolvency resolution process beyond the 270-day initial deadline, on account of litigation. The Hyderabad bench of the National Company Law Tribunal (NCLT) has extended the time for this till July 10. The Hyderabad Bench of the National Company Law Board, without extending the 270-day period, has ordered exclusion of 87 days from 270 days, on account of the time consumed by litigation. According to Insolvency and Bankruptcy Code (IBC) norms, restructuring a company has to conclude within 180 days after NCLT admits an insolvency case. This deadline can be extended by 90 days, after which extensions are not permitt…
Read the full article at: http://www.business-standard.com/article/companies/deccan-chronicle-holdings-gets-87-days-more-for-insolvency-resolution-118032801310_1.html
Mumbai, Mar 28 () Markets regulator Sebi today said it plans to amend norms pertaining to minimum public shareholding and other provisions as well as put in place additional disclosure requirements for listed corporates undergoing insolvency resolution process.
After approval from its board today, Sebi has come out with a discussion paper on compliance with Sebi Regulations by listed entities undergoing corporate insolvency resolution process under the IBC.
The proposal comes at a time when there are increasing number of cases coming up under the Insolvency and Bankruptcy Code (IBC) as entities look to address issues of stressed assets in a time-bound manner.
“Various issues flagged in the discussion paper include aspects relating to di…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/sebi-plans-revised-norms-for-cos-undergoing-insolvency-proceedings/articleshow/63519972.cms
One of the main issues with the erstwhile Board for Industrial and Financial reconstruction (BIFR) was that the cases were taking ages to be resolved. During its life of 29 years, BIFR has managed to turn around some companies but a significant number of sick companies managed to turn only sicker.
The Government dissolved it in 2016 and replaced it with the National Company Law Tribunal (NCLT). The NCLT needed an Act to commence its work; after some delay, the Government gave it the freshly minted Insolvency and Bankruptcy Code (IBC).
The IBCs preamble states it has been enacted to consolidate and amend the laws on reorganisation and insolvency resolution of corporates, partnership firms and individuals in a time-bound manner for maxim…
Read the full article at: https://www.thehindubusinessline.com/opinion/insolvency-and-bankruptcy-code-benefits-and-problems/article23375019.ece
SEOUL (Reuters) – South Koreas auto-to-steel giant Hyundai Motor Group will streamline its complex ownership structure, as it responds to calls from the government and investors to reform the countrys powerful family-controlled conglomerates or chaebol.
Hyundai Mobis Co Ltd (012330.KS), a key affiliate, will spin off its module and after-service parts businesses and merge them with another group affiliate, Hyundai Glovis (086280.KS).
Parent Hyundai Motor Groups Chairman Chung Mong-koo and his son Chung Eui-sun, who is vice chairman, will then buy stakes in Mobis held by other affiliates Kia Motors (0002…
Read the full article at: https://www.reuters.com/article/us-hyundai-mobis-board/hyundai-group-to-streamline-ownership-structure-in-reform-push-idUSKBN1H41AZ