Finding resolution in bankrupt companies through insolvency proceedings is becoming murkier after the estranged promoters and the rivaling bidders take the legal routes to put spanner in the process. When the UK-based Liberty House questioned the rejection of its bid for Bhushan Power and Steel, the promoter holding firm of Binani Cement challenged the liquidation value set by Interim Resolution Professional (IRP). Videocon Industries challenged the lender’s move to invoke insolvency proceedings in the company.
 
It was in mid-June last year that the Reserve Bank of India (RBI) first told the banks to file cases against 12 big loan defaulters in a month’s time. When…

Read the full article at: https://www.businesstoday.in/current/corporate/ibc-in-legal-tangle-rival-bidders-take-legal-routes-to-put-spanner/story/271534.html

LITTLE ROCK, Ark.–(BUSINESS WIRE)–Stephens Inc., an independent financial services firm, today announced
that Dallas-based Blackhill Partners (Blackhill) has joined the firm to
lead its new North American restructuring advisory business.

We have experienced a strong appetite for restructuring expertise in
our Stephens Europe Limited operation, and the addition of Blackhill
better positions us to service the growing opportunity in the domestic
market. With Blackhills highly-talented and proven team, this enhanced
capability ensures that we are able to bring our clients an even broader
set of advisory services, said Brad Eichler, Executive Vice-Presiden…

Read the full article at: https://www.businesswire.com/news/home/20180226005319/en/Stephens-Acquires-Restructuring-Advisory-Business-Blackhill-Partners

All the happy talk about impending debt relief and a clean exit from Greeces third bailout obscures an uglier truth: the countrys debt bondage is being extended to 2060. Worse, by ossifying Greeces insolvency, while pretending to have overcome it, Europes establishment is demonstrating its refusal to fix the eurozones flaws.

ATHENS Greeces never-ending public-debt saga has come to signify the European Unions inept handling of its inevitable eurozone crisis. Eight years after its bankruptcy, the Greek states persistent insolvency remains an embarrassment for Europes officialdom. That seems to be why, after having declared the euro crisis over in the rest of Europe, the authorities seem determined to declare final victor…

Read the full article at: https://www.project-syndicate.org/commentary/greece-debt-relief-enhanced-surveillance-by-yanis-varoufakis-2018-02

Laura Noonan, Investment Banking Correspondent

February 26, 2018

Europes top four investment banks have begun to increase staff numbers for the first time since 2015 to capitalise on improving market conditions after years of restructuring.

Credit Suisse, Deutsche Bank and UBS increased staff numbers in the second half of 2017, their full-year results show. Barclays, which reports staff numbers only annually, also increased headcount in 2017, excluding the impact of the sale of its Africa business, after restructuring in which jobs were cut.

The increase shows the tide is turning for Europes top investment banks, which cut about 12,000 jobs in 2016. Credit Suisse, …

Read the full article at: https://www.ft.com/content/6df8e92a-18ab-11e8-9376-4a6390addb44

The Weinstein Companys sales talks failed, and now the one-time revered studio says they are going to pursue bankruptcy. The film industry is currently in a state of turmoil following numerous sexual assault allegations levied against producer Harvey Weinstein, one of the co-founders of The Weinstein Company. As a result, the studio opted either to delay its projects, shelve them, or sell them off to competing studios, perhaps with the hope of recovering at least some of their production costs.

Paul Kings Paddington 2 one of the most critically-acclaimed films of all-time was sold to Warner Bros. Pictures along with The Six Billion Dollar Man (which may begin production in summer 2018). On the other hand, Tim Hills The War With Grandp…

Read the full article at: https://screenrant.com/weinstein-company-bankruptcy-buyout/

By Simbarashe Zishiri

After three dark years, Zimbabwe’s biggest agricultural implements maker, Zimplow is back in the black, leaner and more efficient after taking the pain of restructuring and cost cuts.

The company, which is also among the largest manufacturers and distributors of farming implements in sub-Saharan Africa region, operates through four divisions, namely, Barzem, Mealie Brand, CT Bolts and Farmec.

All these business units achieved profitability in 2017 as the group recovered from a loss of $2,5 million in the previous year to a net income of $3,4 million for the year ended December, 2017.

The results complete a remarkable turnaround for the agriculture implements manufacturer which changed management in January 2016 a…

Read the full article at: http://allafrica.com/stories/201802260141.html

Alex Ralph

The finance boss of Provident Financials consumer credit division has left the troubled company.

An internal memo announcing the exit of Phillip McLelland was sent to managers a fortnight ago and was obtained by The Times. The nature of his departure remains unclear, with Provident declining to comment and a spokesman refusing to clarify whether investors had been informed.

Chris Gillespie, the head of the division, who in August was parachuted in to turn the business around, wrote in the email that Mr McLelland, 51, had left the business with our very best wishes and grateful thanks for everything he has done.

It is the latest s…

Read the full article at: https://www.thetimes.co.uk/article/finance-chief-departs-from-provident-gv8tws2km

NZX and ASX-listed insurer CBL Corp is in voluntary administration and has appointed KordaMentha “to preserve value in the interest of all stakeholders” after regulatory issues linked to its European businesses escalated.

The New Zealand High Court made orders appointing McGrath Nicol  interim liquidator of CBL Insurance following an application made by the Reserve Bank of New Zealand, the insurance industry regulator.

“The High Court has also issued confidentiality orders relating to the matter,” the RBNZ said in a statement on Friday. The regulator had been assessing the adequacy of reserves in CBL’s French construction business, according to an update to the market made on February 7.

On Monday, KordaMentha confirmed it …

Read the full article at: http://www.afr.com/business/banking-and-finance/financial-services/kordamentha-places-insurer-cbl-corp-in-voluntary-administration-20180225-h0wmzv

A Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate.

It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so far affected at least 33,700 customers.

John and Christine Foye of Milltown, Co Galway, were overcharged by the Belgian-owned bank on loa…

Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/galway-couple-overcharged-by-1-23m-in-tracker-scandal-1.3405365

A Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate.

It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so far affected at least 33,700 customers.

John and Christine Foye of Milltown, Co Galway, were overcharged by the Belgian-owned bank on loa…

Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/galway-couple-overcharged-by-1-23m-in-tracker-scandal-1.3405365?localLinksEnabled=false

1/52

25 February 2018

Victims of the Northern Ireland Troubles come together to take part in the Time for truth march through Belfast city centre against the stalled efforts in dealing with Northern Ireland’s legacy issues.

Rex

2/52

24 February 2018

Oxford University Boat Club race in preparation for The Cancer Research UK Boat Race 2018, Oxford University Boat Club race Oxford Brookes University in London, England.

Getty

…

Read the full article at: http://www.independent.co.uk/news/uk/home-news/carillion-collapse-liquidation-audit-share-price-privatisation-nationalisation-richard-adam-a8227766.html

Embattled insurance company CBL Corporation has put itself into voluntary administration to protect itself from the fallout of its troubled European business.

(file photo)
Photo: 123rf

The company, which provides specialist insurance for the construction industry, said KordaMentha had been appointed as voluntary administrators for the New Zealand parts of the CBL group.

“The directors considered these appointments necessary to preserve value in the interest of all stakeholders,” the company said in a statement.

Voluntary administration puts a legal cocoon around a business under stress and allows it to keep working as it looks for solutions.

“We are working closely with CBL’s management and its directors to ex…

Read the full article at: https://www.radionz.co.nz/news/business/351282/insurance-company-cbl-goes-into-voluntary-administration