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.
HEXHAM company Total Fabrication Services has gone into liquidation, leaving more than 60 employees owed more than $1.5 million in entitlements.
Although the employees should receive some entitlements through the federal governments Fair Entitlements Guarantee scheme, the Australian Manufacturing Workers Union says the company was three months behind with its superannuation deductions, leaving the workforce almost $100,000 behind.
Assistant state secretary Cory Wright said that unless the liquidator could find money for the employees superannuation, they would lose their deductions because they were not covered by the government scheme.
Home buyers should be treated as financial creditors for the Insolvency process, the MCA-appointed Insolvency Law Committee (ILC) has suggested.
They should be treated as financial creditors owing to the unique nature of financing in real estate projects and the treatment of home buyers by Supreme Court in ongoing cases, said the ILC report made public on Tuesday.
Needs amendments
The insolvency law should be amended to clarify that amounts raised under a real estate project will qualify as a financial debt, according to the report.
The report, prepared by a 14-member panel headed by Corporate Affairs Secretary Injeti Srinivas, said that any move to classify home buyers as financial creditors would enable them to participate equitably in t…
Pinterest has confirmed that its head of ad products, Jon Alferness, has left the company and that it has made a change to its product organization team. According to a Pinterest spokesperson, the companys consumer product and ads product teams are now combined into one group an integrated product team led by SVP of Product Lawrence Ripsher.
Alferness had been with Pinterest for less than a year, joining the company in July 2017. By December, he was promoted to head of Pinterests ad business when it was announced that Tim Kendall, Pinterests former head of ads, was leaving the company. At the time, Alferness was given the title SVP of Ads and Commerce and reported directly to Pinterest CEO Ben Silberma…
Throwing another lifeline to banks, the Reserve Bank of India has reduced the provisioning requirement for large accounts referred to the National Company Law Tribunal (NCLT) up to March 31, 2018.
This comes on fears that banks may be worse off due to bad loans provisioning when they declare their financial results for FY2018,
Provisioning for the secured portion of the large accounts (from the RBIs first and second list), which are currently undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC) has been brought down from 50 per cent to 40 per cent.
This is expected to shore up the bottomline as the provisions made over the last couple of quarters get released (write-back), say bankers….
Irish drinks company C&C has bought the wholesale business of Conviviality, after the ailing alcoholic drinks retailer and supplier appointed administrators on Wednesday.
Following advanced discussions with Conviviality, which owns brands such as Wine Rack and Bargain Booze, C&C said it had agreed to buy Conviviality brands Matthew Clark, Bibendum, Catalyst, Peppermint, Elastic and Walker & Wodehouse for a nominal sum. C&C brands include Magners cider and Tennents lager.
The deal, which C&C said was backed by a major customer global drinks group AB InBev confers control of the UKs largest independent trade distributor in the sector and Convivialitys most valuable assets. The retail business, including off-licence chain Ba…
Section 29 (A) of the Insolvency and Bankruptcy Code bars defaulting promoters from participating in the corporate insolvency process, and the IRP had last month disqualified bids by ArcelorMittal India and Numetal Mauritius for Essar Steel.
Ahmedabad: The battle for Indias biggest asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel Ltd, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal (NCLT).
Each company, while challenging its disqualification in the first round of Essar Steel bidding by the interim resolution professional appointed by the committee of creditors (CoC) of the steelmaker, has challenged the …
The Insolvency and Bankruptcy Code (IBC), which was introduced in 2016 to help financially-troubled corporates, is in fact giving banks a run for their money when it comes to subversion of processes.
In June 2017, the Reserve Bank of India (RBI) identified 12 non-performing accounts or assets (NPAs), totaling 25 percent of India’s gross NPAs, which could be immediately taken up under the Insolvency and Bankruptcy Code (IBC).
Following this, companies like Essar Steel and Educomp Solutions had filed for insolvency resolution under provisions of the Code.
But the matter may not be as black and white as it looks. Senior officials from large accounting firms that Moneycontrol spoke to, said that a few companies have been t…
Ailing Fletcher Building is adamant its banking syndicate and US-based private noteholders owed a combined NZ$2.4 billion ($2.27 billion) aren’t being given any special insights into the future plans of the company, ahead of normal shareholders.
Some of the US-based private noteholders are battle-scarred in the construction sector and demanded extra due diligence before signing off on a temporary two-month waiver after a breach of financial covenants because they face big losses elsewhere following the collapse of the United Kingdom’s second largest construction firm.
Carillion, which employed more than 43,000 people in the UK on a broad range of construction projects, went bust in January and PwC is part-way through a liquid…
HONEOYE FALLS, N.Y., April 4, 2018 /PRNewswire/ — KJT Group is pleased to announce the appointment of four new members to its Board of Directors. KJT Group’s CFO, Kimberly DeYoung, Mark Armbruster, Matt Cannuli, and Lynn Sullivan are the four new Directors, joining CEO and President Kenneth Tomaszewski, COO Michaela Gascon, and President, Global Research Lynn Clement. Each new member brings a wealth of business experience, particularly in the market research and healthcare industries.
New Delhi/Mumbai: In a battle for taking over insolvent Essar Steel, Sajjan Jindal-led JSW with Nu Metal submitted its bid for the beleaguered steel firm while L.N. Mittals ArcelorMittal, which teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) for the acquisition, said its India subsidiary submitted an offer in the re-bidding process on Monday.
ArcelorMittals subsidiary ArcelorMittal India Private Ltd (AMIPL) has today (Monday) submitted an offer in the re-bidding process for Essar Steel India Ltgd (Essar Steel) in connection with the joint venture between ArcelorMittal and NSSMC to jointly acquire and manage it, the company said in a statement.
Leading steel company JSW Steel, which is expandi…
Bucharest Film Studios, the former Media Pro Studios, a company that operates an important film studio at Buftea, near Bucharest, has filed for insolvency.
The company filed its request to the Ilfov Court on March 28 and the court will analyze it on April 5, local Paginedemedia.ro reported.
The companys request came after a creditor also asked for the companys insolvency at the end of last year. The company also has over 30 lawsuits filed this year by former employees who havent been paid.
A group of American and Romanian investors bought the studios in 2015 from Central European Media Enterprises (CME), the media group that owns PRO TV, the biggest local TV station. The group was represented by Bobby Paunescu, who a…
THE group behind Junk, The Chelsea Bar, The Office have called in liquidators to carve up their assets.
Worldwide Hospitality Group flagged the end of its southeast Queensland food empire with the recent sale of its three thriving Toowoomba restaurants.
The latest move comes as its Brisbane and Gold Coast Junk restaurants were closed down last week.
Liquidators were called in as directors raised concerns about the profitability of one of the city’s biggest food empires, according to the firm handling the process.
The firm said Sunshine Coast duo Scott Hoskins’ and Tony Kelly’s runaway success Worldwide Hospitality Group recently sold Junk, The Office, speakeasy The Chelsea Bar.
