Insolvency Guardian Media Centre
* CBL insurance is largest division of CBL Corp
* Central banks in NZ, Ireland probing CBLs French unit
* CBL shares in trading halt since Feb. 5 (Adds CBL statement)
SYDNEY, Feb 23 (Reuters) – New Zealands High Court placed insurance firm CBL Insurance Ltd, the main subsidiary of CBL Corporation Ltd, in interim liquidation on Friday after a request from the countrys central bank.
The Reserve Bank of New Zealand regulates the countrys insurance sector and CBL disclosed earlier this month that the bank was reviewing the adequacy of the companys reserves in its French construction insurance business.
Irelands central bank had opened a similar review, the company said earlier in the month, and on Monday it directed CBLs Irish-registered CBL…
Read the full article at: https://uk.reuters.com/article/cbl-corp-liquidation/update-2-nz-high-court-places-cbl-insurance-in-interim-liquidation-idUKL4N1QD369
Veritas Technologies has hired a corporate restructuring specialist in the face of business difficulties.
El Reg was told by Veritas insiders that CEO Greg Hughes has engaged Alix Partners to look at the company structure. He discussed cost pressures, initiatives and possible actions being considered at a 15 February all-hands meeting that was beamed direct to employees.
Ross Camp, Veritas senior director for global corporate comms, who was asked about these specific points, said:
As is the case with any organisation when there is a change of leadership, Veritas new CEO, Greg Hughes is evaluating all aspects of the business to maximise the companys…
Read the full article at: https://www.theregister.co.uk/2018/02/23/veritas_facing_restructuring/
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South Beds News Agency
Bedfordshire Police detective Gareth Suffling was jailed for three years for blackmailing a prostitute’s customer
The Police Federation has seen an increase in officers seeking help with debt after a documentary showed a detective being arrested for blackmail.
Bedfordshire officer Gareth Suffling, 36, was jailed for three years for blackmailing a prostitute’s customer.
His arrest was seen on Channel 4’s 24 Hours In Police Custody on Monday.
The Bedfordshire Police Federation branch said it has s…
Read the full article at: http://www.bbc.com/news/uk-england-beds-bucks-herts-43168334
AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as “fake news”.
Chinese businessman Li – who purchased the Italian club for $911 million in April 2017 – was responding to reports that he has been ordered to auction off his assets to repay loans from two banks.
Italian daily Corriere della Sera reported on Tuesday that the 48-year-old entrepreneur was already insolvent when he purchased the club from Italian media tycoon and former prime minister Silvio Berlusconi.
“I have seen that over the past 48 hours some media have irresponsibly reported fake news that has damaged the club, my companies, my family and myself,” Li said in a statement on AC Milan’s website.
“We do not understand the purpo…
Read the full article at: http://www.china.org.cn/sports/2018-02/23/content_50587839.htm
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Reuters
Wu Xiaohui was considered one of China’s most politically connected men
Beijing has cracked down on insurance and financial giant Anbang, taking control of the conglomerate and prosecuting the firm’s head.
Wu Xiaohui, who was already detained by authorities last June, is to face prosecution for “economic crimes”.
In an unusual move, Anbang Insurance Group will now be taken over by China’s insurance regulator for one year.
The firm is known for its aggressive international acquisitions, including New York’s W…
Read the full article at: http://www.bbc.com/news/business-43164788
Do you have outstanding medical debt and need some help figuring out what to do?
Our NBC 5 Responds team has culled together the following list of resources that may be able to help.
Additionally, NBC 5 will be hosting two phone banks Friday where people with outstanding medical debt can call for assistance about dealing with debt collectors and also get information on local organizations that may be able to offer assistance.
Call 817-654-6303 with your questions Friday morning from 7 a.m. to 9 a.m. and Friday afternoon from 4 p.m. to 6:30 p.m.
Resources to Help With Medical Debt
If you have a bill you can’t pay for:
- Transformance is offering a FREE debt management help session. Call 1-800-249-2227
- NCCB offers debt management plan, bankruptcy…
Read the full article at: https://www.nbcdfw.com/news/local/Have-Outstanding-Medical-Debt-Find-Help-Here-474883163.html
If youve ever been to the emergency room, you know the cost of a single visit can leave you feeling worse than before you got there.
Medical debt is a huge problem — one in five Americans have it and its the most frequent cause of bankruptcy in the United States. Experts with RIP Medical Debt said Texans have an estimated $4.7 billion in unpaid medical debt currently in collections. What’s even more shocking is that Texans may actually owe 10 times that amount, or roughly $50 billion, when you include debts that are not in the hands of collection agents.
Thats why NBC 5 has decided to do something about medical debt — by making a donation that will help forgive some of the outstanding debt owed by North Texans.
NBC 5 a…
Read the full article at: https://www.nbcdfw.com/news/local/Donate-Here-to-Help-Forgive-Medical-Debt-474877463.html
By Jarrett Renshaw
Exclusive: Trump calls meeting on biofuels policy blamed by bankrupt refiner
NEW YORK (Reuters) – U.S. President Donald Trump has called a cabinet-level meeting early next week to discuss potential changes to biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy, according to three sources familiar with the matter.
The meeting comes as the oil industry and corn lobby powerful forces in Washington clash over the future of the Renewable Fuel Standard (RFS), a decade-old regulation that requires refiners to cover the cost of mixing biofuels such as corn-based ethanol into t…
Read the full article at: https://au.news.yahoo.com/a/39298967/exclusive-trump-calls-meeting-on-biofuels-policy-blamed-by-bankrupt-refiner/
The administrator of collapsed snack business Johns Nuts says franchisees have been left in a very challenging condition after the company entered voluntary administration at the end of January.
On January 30, Michael Caspaney of Menzies Advisory was appointed to the five companies that operate the Johns Nuts business, a kiosk-style snack food operator that had seven sites across Victorian shopping centres.
On Thursday, administrators locked in a second creditors meeting for next March 1, with Caspaney awaiting claims from creditors, including retail landlords, to establish the overall liabilities of the company.
He says the total amount owed could end up being multiples of $100,000.
The exact start date of the business is uncl…
Read the full article at: https://www.smartcompany.com.au/industries/retail/johns-nuts-administration-could-hurt-franchisees/
Anglo American has changed almost beyond recognition since a restructuring and sales programme was started in 2013 to address enormous debt, with the company on Thursday posting its highest dividend in a decade and slashing debt.
Anglo CEO Mark Cutifani made the point several times during the diversified miners annual results presentation that the company was a fundamentally different business and that there was still more to do despite the stellar performance for 2017.
Anglo has cut the number of its mines to 37 from 68, with those in SA falling to 17 from 31.
Cutifani said that despite the reduction, Anglo was generating 9% more product, with productivity per worker improving 80% since 2…
Read the full article at: https://www.businesslive.co.za/bd/companies/management/2018-02-22-anglo-american-reaps-benefits-of-restructuring-with-solid-results/
Introduction
Illiquidity
Bow wave theory
Decision
Consequences for practiceGerman regulations obliging managing directors to monitor the liquidity of a company during crisis situations are typically rather strict and give rise to the risk of personal liability in cases of non-compliance. Legislation requires company management to file for insolvency proceedings without undue delay in the case of illiquidity or over-indebtedness. Continued trading where the company is considered to be materially insolvent can have serious consequences for managing directors and leave them exposed to considerable damage claims. Therefore, in the context of a financial crisis or restructuring process, it is crucial that…
Read the full article at: http://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Germany/Clifford-Chance-Deutschland-LLP/Increased-liability-for-managing-directors-bow-wave-theory-rejected-by-court
It sounds like a far-fetched concept from a movie – an ecological project which sees a remote country trade some of its unspoiled “terrain” for a financial aid package that is backed by four of the planet’s most significant economies and a world-famous film star.
But the plan which is currently taking shape in the Seychelles – an ambitious environmental scheme that, if successful, will safeguard an enormous swathe of the Indian Ocean, as well as the teeming life within it – is anything but silver-screen fiction.
This archipelago nation, which sits just under 1,000 miles east of Tanzania, is better known as a holiday haven for honeymooners and celebrities who want to escape the spotlight.
But its announcement that it will create…
Read the full article at: http://www.telegraph.co.uk/travel/destinations/africa/seychelles/articles/seychelles-protected-marine-parks-debt-relief/
