Insolvency Guardian Media Centre
Sir Philip Green has escaped a ban from serving as a company director by the Insolvency Service over the deal to sell BHS for £1 in 2015, a year before the retailer collapsed.
However, Dominic Chappell, who led the consortium that bought BHS, faces a lengthy boardroom ban after a government inquiry into the collapse of the retailer in 2016, which led to the loss of 11,000 jobs.
Chappell and three other former BHS directors have been told by the government agency that they could face bans of up to 15 years, the maximum ban the service can impose.
Confirming the decision, the Insolvency Service said: The Insolvency Service has written to Dominic Chappell and three other former directors of BHS and connected companies informing them th…
Read the full article at: https://www.theguardian.com/business/2018/mar/27/philip-green-escapes-company-director-ban-for-bhs-1-deal
A former Managing Director of the GCB Bank, Mr Simon Dornoo, is to lead a team of experts from accounting and auditing firm, KPMG to revive and stabilise uniBank Ghana Limited.
The revival is to help bring the bank, which was declared insolvent by the Bank of Ghana on March 20, back to regulatory compliance.
Related: Bank of Ghana takes over uniBank
KPM, the official administrator of the troubled uniBank, said in a press statement that Mr Dornoo had been engaged as an executive representative to lead the management team to stabilise and bring the bank back to regulatory compliance.
He will act in that capacity over the next six months, within which he and the team will be expected to audit the operations of the bank…
Read the full article at: http://www.businessghana.com/site/news/business/162012/Simon-Dornoo-leads-team-to-revive-uniBank
Futures markets have been tossed around by weather concerns for the US Hard Red Winter wheat crop, and the South American corn and soybean crops, for some weeks now. Last week we added uncertainty about a trade war between China and the US into the mix, as well as speculation about longer term interest rate moves in the US.
On a day to day basis there is little warning as to what will drive the market. Will it be a forecast for rain/no rain, or will it be an escalation of trade issues between China and the US? In turn there is the impact on the value of the US dollar from trade war speculation, and speculation interest rates.
On Friday night we saw a sharp selloff in US futures markets, only for that to be reversed, particularly for cor…
Read the full article at: http://www.queenslandcountrylife.com.au/story/5307155/grain-market-can-turn-on-a-dime/
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The Gambling Commission is considering banning the use of credit cards in online betting.
The regulator’s report into how to make online gambling safer said consumers “should not gamble with money that they do not have”.
Betting operators have suggested credit cards are used for between 10% and 20% of deposits online.
Before taking action the regulator will explore whether a ban would instead force people to use “payday” loans.
Other proposed changes include improving age verification processes, banning operators from providing “free-to-play” games to children and tackling “unacceptable marketing a…
Read the full article at: http://www.bbc.com/news/uk-43554055
In a move that could change the relationship between real estate developers and homebuyers, the Insolvency Law Committee has called for treating realty customers as financial creditors and the money raised from such people for housing projects as financial debt. This is significant as the status of financial creditors to homebuyers – if given – will make them a part of the committee that passes an insolvency resolution plan.
The Economic Times today reported that the committee has made a recommendation to give the homebuyers the status of financial creditors. Banks are treated as financial creditors under the new code. The Committee feels that due to the titles banks are in a more favourable position now and that home buyers should also …
Read the full article at: https://www.businesstoday.in/current/policy/ibc-insolvency-law-committee-financial-creditor-status-homebuyers/story/273461.html
As SEG announced on March 15, 2018, SEG entered into an RSA with a group of creditors collectively holding 80% of its 8.625%/9.375% Senior PIK Toggle Notes due September 2018 and its private equity sponsor regarding the terms of a comprehensive financial restructuring that will position SEG for long-term financial health. SEG will continue operating throughout this process, and its associates remain focused on exceeding the needs of customers and consistently delivering great service, quality and value in SEG’s stores.
Anthony Hucker, President and Chief Executive Officer of SEG, said, “Today, with the support of our key stakeholde…
Read the full article at: https://www.prnewswire.com/news-releases/southeastern-grocers-commences-previously-announced-restructuring-with-100-support-of-creditors-and-interest-holders-that-have-voted-300619970.html
The much awaited hearing at the NCLT‘s Ahmedabad bench over the rejection of bids of ArcelorMittal and Numetal in the Essar Steel insolvency resolution process has been deferred till April 4, ET Now reported.
The NCLT bench has asked the parties to file submissions by April 2. The next hearing will take place on April 4.
Both ArcelorMittal and Numetal have moved the NCLT challenging the rejection of their bids for Essar Steel.
While ArcelorMittal’s bid was rejected as it held promoter stake in the defaulting firm Uttam Galva, the company has sold its entire stake in Uttam Galva and received a nod from the bourses declassifying it as Uttam Galva’s promoter.
The newly introduced section 29(A) in the Insolvency and Bankruptcy code ba…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/nclt-defers-hearing-in-arcelormittal-numetal-plea-over-essar-steel-bid-rejection/articleshow/63478929.cms
JACKSONVILLE, Fla., March 27, 2018 /PRNewswire/ — Southeastern Grocers (“SEG” or “the Company”) today announced that, as contemplated under its previously announced Restructuring Support Agreement (“RSA”), it has commenced voluntary cases under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware to implement the pre-packaged plan of reorganization.
As SEG announced on March 15, 2018, SEG entered into an RSA with a group of creditors collectively holding 80% of its 8.625%/9.375% Senior PIK Toggle Notes due September 2018 and its private equity sponsor regarding the terms of a comprehensive financial restructuring that will position SEG for long-term financial…
Read the full article at: http://markets.businessinsider.com/news/stocks/southeastern-grocers-commences-previously-announced-restructuring-with-100percent-support-of-creditors-and-interest-holders-that-have-voted-519242
Indias Insolvency and Bankruptcy Code has been operational for more than a year but how does it stand up to critical analysis? Shardul S Shroff offers an assessment
In May 2016, India enacted the Insolvency and Bankruptcy Code, 2016 as a major legal reform. The code is not fully effective. The sections of the code that deal with insolvency of companies were notified on 1 December 2016, but the sections of the code that deal with the bankruptcy of individuals are yet to be made effective.
One year is not adequate time to examine the efficacy of a legislation. Nevertheless, the past year has been eventful, specifically because:
- The banks suffering from a huge cache of non-performing assets did not initiate proceedings on their…
Read the full article at: https://www.vantageasia.com/analyzing-the-code/
Company administration is a hotly discussed topic in the industry. Recent reports have suggested the number of corporations facing administration has increased over the years. With the news of Toys R Us and Maplin entering administration, the insolvency procedure has been under the spotlight. Similarly, New Look and, most recently, Carpetright have requested company voluntary arrangements (CVA) to aid with their financial issues. The likes of Moss Bros and B&Q have experienced stark falls in profits, and even Claires Accessories has filed for bankruptcy in the US, with worries in place for the UK stores. Due to the reports, Business Rescue Expert leading UK insolvency practitioners are sharing their employment rights for company admini…
Read the full article at: https://www.globalbankingandfinance.com/what-to-expect-as-an-employee-if-your-company-closes/
Futures markets have been tossed around by weather concerns for the US Hard Red Winter wheat crop, and the South American corn and soybean crops, for some weeks now. Last week we added uncertainty about a trade war between China and the US into the mix, as well as speculation about longer term interest rate moves in the US.
On a day to day basis there is little warning as to what will drive the market. Will it be a forecast for rain/no rain, or will it be an escalation of trade issues between China and the US? In turn there is the impact on the value of the US dollar from trade war speculation, and speculation interest rates.
On Friday night we saw a sharp selloff in US futures markets, only for that to be reversed, particularly for cor…
Read the full article at: http://www.queenslandcountrylife.com.au/story/5307155/grain-market-can-turn-on-a-dime/?cs=4714
- | Monday | 26th March, 2018
In january, 46,556 marginal farmers of Mansa, Bathinda, Faridkot, Muktsar and Moga districts had been provided relief of Rs 167.39 crore.
This data would then be verified by the department of revenue for identifying farmers as small or marginal, the spokesperson added.Debt relief would be given to marginal farmers in the first phase, and small farmers would be cov…Read the full article at: https://www.nyoooz.com/news/chandigarh/1066963/rs-200cr-debt-relief-for-50k-farmers-in-april/
