Insolvency Guardian Media Centre
Melbourne-based online technology retailer, Warehouse1, has been placed into liquidation.
The company, which claims a physical retail outlet in Melbournes Docklands along with an online store, made a name for itself selling equipment from a number of vendors, including Acer, Dell, Apple, HP and Seagate, among others.
Warehouse 1 sold tech items across a number of categories, including PCs, displays, networking, printers, software and more.
According to documents lodged with the corporate regulator on 21 February, Michael Carrafa and David Stimpson from SV Partners were appointed jointed liquidators of Ware…
Read the full article at: https://www.arnnet.com.au/article/633695/melbourne-tech-retailer-enters-liquidation/
Creditors of capsized Sydney analytics software vendor Veriluma have accepted a $660,000 acquisition proposal from wholesale investor Canary Capital.
Canary was one of several potential suitors for Verilumas two entities, Veriluma Limited and Veriluma Software. Administrators had been sizing up their rival bids to recapitalise ASX-listed Veriluma, which fell over in late 2017 after ongoing cash-flow difficulties and millions in losses.
Veriluma revealed it had received proposals to recapitalise the company through a deed of company arrangement (DOCA) from Bennelong Capital, Canary Capital, CPS Capital, Panorama Technology Services and IT Capital.
The proposals had different and somewhat complicated stru…
Read the full article at: https://www.crn.com.au/news/failed-sydney-predictive-analytics-vendor-veriluma-gets-660000-lifeline-485631
Feb 21 (Reuters) – British contractor Interserve, which is in talks with its bankers to secure funding after issuing two profit warnings last year, has decided to close its power business as part of an operational restructuring of its industrial unit.
Outsourcers such as Interserve have been the focus of investor attention since competitor Carillion entered liquidation in January, putting 43,000 jobs at risk.
Interserve, which employs about 80,000 people worldwide, is a major player in the outsourcing industry, managing facilities including washrooms and waste management at most of Britains busiest rail stations and some government departments.
Interserve said it had decided to exit its small power business, which performs tasks such as …
Read the full article at: https://www.reuters.com/article/interserve-restructuring/britains-interserve-exits-power-business-as-part-of-restructuring-idUSL8N1QB5O3
In the three years since its launch, micro-savings app Digit has helped its customers set aside over $1 billion for emergency funds, travel, and more, the company said today. The average Digit customer earns around $50,000 per year and is saving around $2,500 per year.
Founder and CEO Ethan Bloch attributes the companys success to its reframing of savings as a tool for specific life events, rather than an abstract financial instrument. I dont need a savings account,’ he says. I need a thousand dollars when my car breaks down or someone in my family gets sick or Im going on this trip.
Like Acorns, its primary competitor, Digit orchestrates the creation of customer savings by operating in the background. The company plugs into customers che…
Read the full article at: https://www.fastcompany.com/40533914/digit-with-1-billion-saved-turns-attention-to-consumer-debt
By Esha Vaish
(Reuters) British contractor Interserve <IRV.L>, which is in talks with its bankers to secure funding after issuing two profit warnings last year, has decided to close its power business as part of an operational restructuring of its industrial unit.
Outsourcers such as Interserve have been the focus of investor attention since competitor Carillion <CLLN.L> entered liquidation in January, putting 43,000 jobs at risk.
Interserve, which employs about 80,000 people worldwide, is a major player in the outsourcing industry, managing facilities including washrooms and waste management at most of Britains busiest rail stations and some government departments.
Interserve said it had decided to exit its …
Read the full article at: http://www.euronews.com/2018/02/21/britains-interserve-exits-power-business-as-part-of-restructuring
South Africas new president, Cyril Ramaphosa, risks alienating voters in the run-up to next years elections after his administration announced plans to raise sales tax and curb spending as it seeks to stabilize debt and prevent a third junk credit rating.
The value-added tax rate will be raised to 15 percent from 14 percent, the first time since the end of apartheid that the government has targeted a charge seen as hitting the poor hardest. Levies on fuel and luxury goods will also go up, while planned spending will be cut over the next three years, according to Finance Minister Malusi Gigaba. The rand and government bonds gained.
These fiscal proposals will cause economic discomf…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-21/ramaphosa-takes-tax-gamble-as-south-africa-targets-debt-ratings
By Jarrett Renshaw
Senator Cruz heads to bankrupt PA refinery for rally against biofuels policy
Philadelphia (Reuters) – Republican Senator Ted Cruz of Texas will speak at a rally against the U.S. Renewable Fuel Standard (RFS) on Wednesday hosted by bankrupt refiner Philadelphia Energy Solutions Inc – a company that blames the controversial biofuels policy for its financial demise.
The rally comes as the oil industry and the corn lobby clash over the causes of the Philadelphia-area refiner’s insolvency, which has become a touchstone in the debate over whether the RFS needs to be rewritten or replaced.
The decade-old regulation requires U.S. refiners to blend biofue…
Read the full article at: https://au.news.yahoo.com/a/39253617/senator-cruz-heads-to-bankrupt-pa-refinery-for-rally-against-biofuels-policy/
I would get letters from the banks which made me feel so sick Id hide them in the wardrobe and ignore them, says Beth Rees, who lives with borderline personality disorder. I couldnt sleep for days at a time because I was worrying about what I was going to do.
Rees, from Cardiff, is one of many people juggling mental illness and debt. To escap…
Read the full article at: http://www.huffingtonpost.co.uk/entry/mental-health-and-debt_uk_5a8c022fe4b09fc01e0357de?utm_hp_ref=uk-lifestyle
MUMBAI: Four years after Jatin Mehta of Winsome Diamonds and Jewellery duped banks of Rs 7,000 crore, lenders have now initiated corporate insolvency process against the firm. The Ahmedabad NCLT gave a green light to initiate bankruptcy on 13th February and Sunit Shah has been named the interim resolution professional.
Creditors have been asked to submit their claims by February 27. Under the insolvency process the board of Winsome Diamonds was suspended and the IRP vested with the powers of the board.
Winsome Diamonds had raised Rs 4617 crore from 14 different banks by 2012. The credit was given to three group companies, Winsome Diamond & Jewellers, Forever Precious Diamond and Jewellery and Suraj Diamonds. By 2013 these com…
Read the full article at: https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/lenders-initiate-insolvency-proceedings-against-winsome-diamonds-and-jewellery/articleshow/63018015.cms
I would get letters from the banks which made me feel so sick Id hide them in the wardrobe and ignore them, says Beth Rees, who lives with borderline personality disorder. I couldnt sleep for days at a time because I was worrying about what I was going to do.
Rees, from Cardiff, is one of many people juggling mental illness and debt. To escap…
Read the full article at: http://www.huffingtonpost.co.uk/entry/mental-health-and-debt_uk_5a8c022fe4b09fc01e0357de
Bulgarian President Roumen Radev vetoed on February 21 a bill amending the Bank Insolvency Act, arguing that some of the provisions had retroactive effect, which breached the principle of the rule of law.
The president supports the efforts of the National Assembly for greater efficiency in defending the public interest in bank insolvency, but that must be achieved using constitutional means. In that regard, the head of state has objections to some of the transitional and final provisions of the law, which retroactively re-regulate the legal effects of acquired rights and debts repaid, in breach of the rule of law, the presidencys media office said in a statement.
The bills authors are Movement for Rights and Freedoms MPs Yordan…
Read the full article at: https://sofiaglobe.com/2018/02/21/bulgarian-president-radev-vetoes-amendments-to-bank-insolvency-law/
Milan (AFP) – AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as “fake news”.
AC Milan owner Li dismisses bankrupt reports as ‘fake news’
Chinese businessman Li — who purchased the Italian club for 740 million euros ($911 million) in April 2017 — was responding to reports that he has been ordered to auction off his assets to repay unpaid loans to two banks.
Italian daily Corriere della Sera claimed that the 48-year-old entrepreneur was already insolvent at the time 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 i…
Read the full article at: https://au.news.yahoo.com/world/a/39252286/ac-milan-owner-li-dismisses-bankrupt-reports-as-fake-news/