Insolvency Guardian Media Centre
Bloomberg reported on Thursday that Toys “R” Us is making preparations for a liquidation of its bankrupt U.S. operations. The company has struggled to find a buyer or reach a debt-restructuring deal with lenders, leaving it with few options. It has insisted its Australian operations will not be affected by the insolvency.
Claire’s Stores Inc., another chain that sells some toys, also is said to be nearing bankruptcy — though it’s not at the point of being shut down.
Toys “R” Us’s demise would hit a toy industry that’s already faltering. The business grew just 1 per cent in 2017 and fell during the holiday season, according to NPD Group.
Some chalked that up to the struggles at Toys “R” Us, which entered bankruptcy in September. B…
Read the full article at: https://www.smh.com.au/business/companies/toys-r-us-collapse-will-hurt-toy-makers-everywhere-20180311-p4z3v1.html
British lawmakers released documents that show law firms and consultants got millions of pounds from Carillion Plc, a day before the failing companys chairman asked for an emergency government loan in a letter that one committee head called a ransom note.
Carillions board requested 10 million pounds ($13.9 million) after paying more than 6 million pounds to companies including Ernst & Young LLP, FTI Consulting LLP and law firm, Slaughter and May, according to letters and a statement released Sunday by…
Read the full article at: https://www.bloomberg.com/news/articles/2018-03-11/u-k-lawmakers-angry-after-carillion-paid-millions-to-advisers
Letter to the editor
WITH 1190 SCHOOL SUSPENSIONS PER YEAR, IT IS BLEEDINGLY OBVIOUS THE SYSTEM NO LONGER WORKS
IT WAS with a great degree of sadness and concern I read the headline story in The Gympie Times (Saturday, March 3) .
YOUR SAY: Suspensions catch bullying victims in crossfire
Sad for the lost opportunity that it would appear many students are experiencing, sad for the unnecessary and awful mental load so many teachers are being burdened with and sad for a community that cannot identify and embrace the rewards that can only come from effort.
With 1190 school suspensions per year, it is bleedingly obvious the system no longer works.
In 1966, I had the very great privilege of taking up my first teaching appointment at Gympie Central …
Read the full article at: https://www.gympietimes.com.au/news/1190-school-suspensions-a-year-clearly-not-working/3356704/
QUEENSLAND’s new mandatory farm debt mediation program has seen 33 cases initiated in the first six months of the programs operation.
The cases represent a broad cross section of farming industries and 18 local government areas.
Administered by the Queensland Rural and Industry Development Authority (QRIDA), the program aims to protect the interests of both primary producers and their lenders, by requiring them to undergo a formal, impartial mediation process to resolve disputes before foreclosure can take place.
Agriculture Minister Mark Furner said the mandatory scheme had captured a broader range of lenders with almost a third of the cases involving specialist equipment finance providers.
The previous voluntary scheme captured only 11 si…
Read the full article at: http://www.queenslandcountrylife.com.au/story/5276449/mandatory-farm-debt-mediation-program-up-and-running/
Updated 1 hour ago
Chad Godfroy has saved every email from the U.S. Department of Education since submitting an application to have his federal student loans cancelled in 2015.
Despite the continued wait, Godfroy, 38, took comfort in knowing his payments would be postponed as long as his claim was under consideration.
He was elated to learn on Feb. 17, 2017, that the Education Department agreed to forgive the $33,000 he borrowed to pursue a criminal justice degree at the now-defunct Everest College in Wisconsin. In an email reviewed by the Washington Post, the agency assured Godfroy that his federal loans would be discharged within the next four months.
That never happened. Ins…
Read the full article at: http://triblive.com/business/headlines/13395457-74/education-departments-mishandling-of-student-debt-relief-claims-creating-headaches-for-applicants
Lenders, reeling under the pressure of recovering dues from insolvent companies, have run into another wall. The National Company Law Appellate Tribunal has ruled that lenders cannot invoke guarantees given by promoters while the borrower is facing insolvency proceedings.
State Bank of India was amongst the many lenders that initiated proceedings against guarantors to recover its dues. But the introduction of the Insolvency and Bankruptcy Code put a spoke in the wheels. In one such case, after the insolvency proceedings had started against Veesons Energy Systems, the promoter and director of the company V Ramakrishnan approached the Chennai bench of the National Company Law Tribunal to halt SBIs proceedings initiated against him in …
Read the full article at: https://www.bloombergquint.com/law-and-policy/2018/03/10/guarantees-under-insolvency-law-good-news-for-promoters-bad-news-for-lenders
CREDITORS to former Hunter Sports Group chief executive Troy Palmer have declined to accept his offer of a personal insolvency agreement, insolvency trustee Chad Rapsey said on Friday.
The Newcastle Herald reported in February that Mr Palmer was offering $120,000 to be paid by his wife, Emma to settle debts of more than $27 million, an offer of less than half a cent in the dollar.
The debts relate to Mr Palmers time as director of various companies owned by fallen tycoon Nathan Tinkler.
Mr Rapsey, of Hunter Street, Newcastle, firm Rapsey Griffiths said Mr Palmers offer was put to a meeting of creditors at his office on Friday afternoon.
He said none of the creditors were present in person the voting was all by proxy or telephone and the …
Read the full article at: http://www.theherald.com.au/story/5275798/creditors-reject-palmer-offer/?cs=12
Retailers can survive the retail apocalypse if they control their intellectual property, said Gerald Storch, CEO of Storch Advisors, a retail advisory firm.
“If [a company] is vertical, the margin is much richer,” Storch told CNBC, referring to a company that owns its own supply chain. “You can afford to play on the internet, which in and of itself is more expensive, believe it or not, than operating stores, in terms of delivering the bottom line.”
A company that is vertical, Storch said, can control “that price transparency aspect where you see the product everywhere on the internet. The pric…
Read the full article at: https://www.cnbc.com/2018/03/09/owning-intellectual-property-can-help-retailers-survive-former-toys-r-us-ceo.html
LOUISVILLE, Ky., March 09, 2018 (GLOBE NEWSWIRE) — CafePress Inc. (NASDAQ:PRSS) a leading retailer of personalized products offering a wide variety of expressive gifts and accessories, (“CafePress” or the “Company”), today announced changes to its executive leadership team and Board of Directors.
The Company is undertaking another restructuring initiative and is revising its previously announced estimated reductions in normalized, annual fixed costs and software development spending to $7 million from the previously announced $4 million. The Company indicated that this further 7% reduction in headcount is tailored to unify and simplify its organization and improve business …
Read the full article at: https://www.nasdaq.com/press-release/cafepress-inc-announces-additional-restructuring-and-changes-to-its-leadership-team-and-board-of-20180309-00784
NEW DELHI: The government will review the issue of the bar on liquidating the assets of those who have given personal guarantees against loans when it comes to companies undergoing insolvency resolution, officials said. There is already arestriction on similar seizures with regard to guarantees made by corporates.
This stems from a recent ruling of the National Company Law Appellate Tribunal (NCLAT) that the personal assets of guarantors cannot be seized during the moratorium on the disposal of assets thats in place while the insolvency process is underway.
A 14-member law committee chaired by corporate affairs secretary Injeti Srinivas is currently engaged in identifying changes that need to be made in the Insolvency and Bankruptcy Co…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/insolvency-law-government-to-review-sale-ban-on-guarantors-personal-assets/articleshow/63241298.cms
LOUISVILLE, Ky., March 09, 2018 (GLOBE NEWSWIRE) — CafePress Inc. (NASDAQ:PRSS) a leading retailer of personalized products offering a wide variety of expressive gifts and accessories, (CafePress or the Company), today announced changes to its executive leadership team and Board of Directors.
The Company is undertaking another restructuring initiative and is revising its previously announced estimated reductions in normalized, annual fixed costs and software development spending to $7 million from the previously announced $4 million. The Company indicated that this further 7% reduction in headcount is tailored to unify and simplify its organization and improve business performance, profitability, cash flow generation and producti…
Read the full article at: https://globenewswire.com/news-release/2018/03/09/1420119/0/en/CafePress-Inc-Announces-Additional-Restructuring-and-Changes-to-its-Leadership-Team-and-Board-of-Directors.html
MICHELLE OSullivan didnt hesitate when she was offered the chance to reduce her HECS debt and stay in the country town she calls home.
The director at Mathoura Preschool was the recipient of an incentive scholarship that gives $9000 to early childhood educators to help with education costs.
Originally from Geelong, Michelle has worked at Mathoura for three years and said she was loving life by the Murray.
I feel very lucky and supported by the people of Mathoura and Im extremely thankful to get the scholarship, she said.
Reducing the HECS debt helps to take the pressure off, especially when youre studying and have a family.
Michelle encouraged others to apply for the scholarship and remain in country towns.
It…
Read the full article at: https://www.riverineherald.com.au/2018/03/10/12726/michelle-receives-9000-to-reduce-her-hecs-debt