Insolvency Guardian Media Centre

Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
High-profile barrister Charles Waterstreet has declared bankruptcy, casting doubt on his ability to continue practising at the Sydney Bar.The 68-year-old
Anticipating a difficult resolution for the Assam Company India Ltd, which is facing insolvency proceedings in the
Dalmia Cement is confident that its Rs 6,350 crore offer to buy Binani Cements Ltd (BCL) will be approved by
Dalmia Cement is confident that its Rs 6,350-crore offer to buy Binani Cements Ltd (BCL) will be approved by the
Image copyright Getty Images Schools should be given free textbooks so they can teach children about personal finance.The Scottish Conservatives
Is east Cork the new Cork? Pearse Flynn, tech veteran, football club owner and now top insolvency adviser, must hope
Binani Cement is likely to move the Supreme Court on Monday to end insolvency proceedings against it.
A former all-pro running back cant run from a gambling debt. After more than seven years of legal wrangling, NFL
Is east Cork the new Cork? Pearse Flynn, tech veteran, football club owner and now top insolvency adviser, must hope
The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation
Industrialists, Lawyers and Chartered Accountants who gathered for a book launch by Sridhanya Foundation called the National Company Law Tribunal
Chennai: A mammoth money-laundering case, hitherto discussed in hushed voices, has now come out into the open, with the Madras

High-profile barrister Charles Waterstreet has declared bankruptcy, casting doubt on his ability to continue practising at the Sydney Bar.

The 68-year-old lodged documents with the Australian Financial Security Authority on March 13 and is now listed as an undischarged bankrupt on the national personal insolvency index.

Mr Waterstreet has been at the centre of a series of controversies in recent months, including allegations of sexual harassment made against him by a number of female paralegals.

The allegations, vehemently denied by Mr Waterstreet, led the University of Sydney to ban him last year …

Read the full article at: http://www.canberratimes.com.au/nsw/charles-waterstreet-s-future-as-barrister-in-doubt-as-he-declares-bankruptcy-20180406-p4z888.html



Anticipating a difficult resolution for the India Ltd, which is facing insolvency proceedings in the Guwahati bench of NCLT, the companys resolution professional, has asked for an extension till July 23 from the tribunal to complete the process.


The problem is on account of the debt structure of the company. Sources suggest that the maximum debt has been taken by the company for the oil business whose currently have negligible liquidation value. On the other hand, its only are the 14 tea gardens which can fetch a liquidation value of Rs 2.8-3.5 billion but then the debt is minimal for the tea business.



This will put the bidders under dil…

Read the full article at: http://www.business-standard.com/article/companies/assam-company-resolution-process-likely-to-be-difficult-rp-seeks-extension-118040800398_1.html

Dalmia Cement is confident that its Rs 6,350 crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official.

Last week, the committee of creditors (CoC) of Binani Cement had decided to stick with the offer from Dalmia Bharat Cement for the debt-ridden firm’s sale under the Insolvency and Bankruptcy Code (IBC).

Moreover, the National Company Law Appellate Tribunal (NCLAT) had also asked the adjudicating authority, which is National Company Law Tribunal (NCLT), to proceed with the resolution process of Binani Cement as per the IBC.

“As far as we are concerned, we have a clear cut direction from NCLAT to do the p…

Read the full article at: https://www.businesstoday.in/current/corporate/dalmia-cement-confident-of-getting-nclt-nod-to-buy-binani-cement/story/274375.html

Dalmia Cement is confident that its Rs 6,350-crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official.

Last week, the Committee of Creditors (CoC) of Binani Cement had decided to stick with the offer from Dalmia Bharat Cement for the debt-ridden firm’s sale under the Insolvency and Bankruptcy Code (IBC).

Moreover, the National Company Law Appellate Tribunal (NCLAT) had also asked the adjudicating authority, which is National Company Law Tribunal (NCLT), to proceed with the resolution process of Binani Cement as per the IBC.

“As far as we are concerned, we have a clear cut direction from NCLAT to do…

Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/cement/dalmia-cement-confident-of-getting-nod-for-binani-cement/articleshow/63665024.cms

Child making a budget listImage copyright
Getty Images

Schools should be given free textbooks so they can teach children about personal finance.

The Scottish Conservatives want to see a recently-launched English initiative to help pupils learn about savings and debt rolled out in Scotland.

The party said the Scottish government could look at offering funding for the scheme alongside businesses.

But the government said there are “a range of resources available” to teach financial education.

Tory economy spokesman Dean Lockhart said: “It’s essential our young people learn about all aspects of personal finance.

“It will improve their own education,…

Read the full article at: http://www.bbc.com/news/uk-scotland-43681481

Is east Cork the new Cork? Pearse Flynn, tech veteran, football club owner and now top insolvency adviser, must hope so, given his ever-rising commitment to his home town of Ballycotton.

Flynn has built an architectural gem of a home in the town, on the cliffs overlooking Ballycottons brooding island lighthouse. Local reports say he has also snapped up the Inn by the Harbour and the former Church of Ireland church.

Flynn was a top figure in the wiring of the internet, selling Canadian company Newbridge Networks to Alcatel for $7bn (5.7bn) in the dotcom boom. He set up Damovo, a systems integrator, then rescued call-centre firm Contact4 before setting up Creditfix, one of the UKs largest personal insolvency advisers. He also found time to

Read the full article at: https://www.thetimes.co.uk/article/insolvency-boss-is-in-like-flynn-in-ballycotton-ssz0c9220



is likely to move the on Monday to end against it. The companys lenders have asked it obtain the necessary permission before consenting to an out-of-court settlement.


The lenders met on Saturday. After the meeting some of them confirmed the meeting was held to consider the cement makers revised proposal to pay back the entire sum it owed, along with interest.


A banker said they were happy with the proposal. It is an excellent proposal, but we need the Supreme Courts approval to go ahead with this. told us it is going to move the on Monday, he added. A source close to Binani also confirmed the pla…

Read the full article at: http://www.business-standard.com/article/companies/binani-likely-to-move-sc-on-ultratech-plan-118040800027_1.html

A former all-pro running back cant run from a gambling debt. After more than seven years of legal wrangling, NFL star Clinton Portis has agreed to a payment plan with the Borgata casino in Atlantic City to repay $190,000 he borrowed in 2011 and lost.

Clinton Portis Borgata

Former NFL star Clinton Portis has agreed to pay off a 2011 debt to Borgata. (Image: denverpost.com)

During the 2011 gambling session in question, the Borgata had extended the Washington Redskins star a $200,000 line of credit. He paid back $30,000, but since then has been unwilling or unable to pay off the remaining balance, which has grown to $190,000 due to interest.

Portis reached an agreement with the Borgata, an MGM Resorts-owned property, in Florida bankruptcy court this past week.

Pay Of…

Read the full article at: https://www.cardschat.com/news/retired-nfl-rusher-clinton-portis-agrees-to-pay-borgata-190k-debt-61125

Is east Cork the new Cork? Pearse Flynn, tech veteran, football club owner and now top insolvency adviser, must hope so, given his ever-rising commitment to his home town of Ballycotton.

Flynn has built an architectural gem of a home in the town, on the cliffs overlooking Ballycottons brooding island lighthouse. Local reports say he has also snapped up the Inn by the Harbour and the former Church of Ireland church.

Flynn was a top figure in the wiring of the internet, selling Canadian company Newbridge Networks to Alcatel for $7bn (5.7bn) in the dotcom boom. He set up Damovo, a systems integrator, then rescued call-centre firm Contact4 before setting up Creditfix, one of the UKs largest personal insolvency advisers. He also found time to

Read the full article at: https://www.thetimes.co.uk/edition/ireland/insolvency-boss-is-in-like-flynn-in-ballycotton-ssz0c9220

The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of the NCLT failed to evince any interest from bidders.

The liquidator for Nicco Corporation, Vinod Kothari, in an e-mailed response, said since the slump sale did not incite interest, the assets would now be sold on a piecemeal basis.

Mr. Kothari said that the process would be initiated by putting up another invitation for expression of interest from eligible, potential bidders and then through an e-auction of assets.

After the failure of the resolution process at NCLT, the quasi-judicial body ordered the liquidation of the company.

The assets of the company, as listed by the liquidator, compr…

Read the full article at: http://www.thehindu.com/business/Industry/nclt-orders-the-liquidation-of-nicco/article23468293.ece

Industrialists, Lawyers and Chartered Accountants who gathered for a book launch by Sridhanya Foundation called the National Company Law Tribunal (NCLT) a powerful tool.

The Centre has constituted NCLT under Section 408 of the Companies Act, 2013 (18 of 2013) from June 2016. The NCLT is a powerful tribunal, Justice N. Kirubakaran, judge, Madras High Court, said after releasing the book Guide to National Company Law Tribunal and Appellate Tribunal authored by CS S. Dhanapal, practising company secretary and insolvency professional. He also appreciated Mr. Dhanapals efforts to bring this book out.

N. Ram, Chairman, The Hindu Publishing Group, said the book was comprehensive, clear and done with professional expertise. Insolvency of indi…

Read the full article at: http://www.thehindu.com/news/national/tamil-nadu/guide-to-insolvency-code-launched/article23469297.ece

Chennai: A mammoth money-laundering case, hitherto discussed in hushed voices, has now come out into the open, with the Madras high court handing it over to the CBI.

Arjunlal Sunderdas will ring a bell in the top echelons of industry, judiciary and politics, because scores of VVIPs had parked their money with the man with at least four companies. For several years he was able to pay an interest of 24% a year, till he defaulted in 2014. It took another three years for the economic offences wing to register a case, that too after the high courts intervention and order.

On April 21, 2014, Arjunlal was declared insolvent on a plea from a Mumbai-based creditor, Chitra Desai. On March 3, 217, the Madras high court directed its official ass…

Read the full article at: https://timesofindia.indiatimes.com/city/chennai/hc-sends-money-laundering-case-with-vvip-victims-to-cbi/articleshow/63661633.cms