Insolvency Guardian Media Centre
The Treasury committee has published the full unredacted report into Royal Bank of Scotlands disgraceful treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis.
The influential group of MPs, chaired by Nicky Morgan, released the report after a long-running stand-off with City watchdog the Financial Conduct Authority, which had refused to publish it.
Commissioned by the FCA in 2014 after allegations made by former RBS clients, the 350-page document details widespread inappropriate treatment of small businesses by the banks Global Restructuring Group, resulting in material financial distress
The findings in the report are disgraceful, said Morgan, speaking as she announced…
Read the full article at: https://www.theguardian.com/business/2018/feb/20/mps-publish-full-unredacted-report-into-rbs-small-business-scandal
As any budding start-up will tell you, the amount of information detailing the average lifespan for a new business is startling.
A common statistic is that just 20 per cent of new businesses are able to progress and stay in business for five years and this is a pretty scary issue for those who are looking to take the plunge.
All of the above means that liquidation is something that happens far-too-often. Its something that affects a lot of businesses, and this means that there is a lot of information out there about the subject.
Unfortunately, not all of this information is accurate. Its for this reason that todays post is going to debunk some of the biggest myths about limited company liquidations, to paint a somewhat better p…
Read the full article at: http://www.bmmagazine.co.uk/in-business/advice/debunking-common-myths-limited-company-liquidations/
London The Republic of the Congo is set to become the latest African country to start debt-relief talks with trading houses after borrowing $2bn from merchants, such as Trafigura and Glencore, but now find its debt levels unsustainable, sources familiar with the matter said.
Trading houses regularly lend money to resource-rich clients in financial distress be it countries such as the Congo, Chad, Morocco or Iraqs Kurdistan region when other lenders walk away. But traders often charge heavy interest on loans and require access to resources.
The Congo has recently appointed investment bank Lazard as an advisor to help it renegotiate debts with the traders, three banking and oil industry so…
Read the full article at: https://www.businesslive.co.za/bd/world/africa/2018-02-20-the-congo-to-start-debt-relief-talks-after-borrowing-2bn/
WASHINGTON, Feb. 20, 2018 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE:FCN) today announced the appointment of Keith McGregor as a Senior Managing Director in the Corporate Finance & Restructuring segment, continuing to deepen the firms global company-side restructuring capabilities.
Mr. McGregor, who joins FTI Consulting from EY, will be based in New York. In his role, he will focus on working with distressed companies, their stakeholders and prospective alternative capital providers across multiple sectors globally. He brings more than 25 years of experience in restructuring as a financial advisor, restructuring banker and chief restructuring officer (CRO) in multinational and domestic situations across the United States, Europ…
Read the full article at: https://globenewswire.com/news-release/2018/02/20/1361768/0/en/FTI-Consulting-Enhances-Company-Side-Restructuring-Presence-with-the-Appointment-of-Global-Restructuring-Expert-Keith-McGregor.html
(Refiles to add lenders in final paragraph)
* IMF pushing Congo to renegotiate debt
* Loans primarily came from Trafigura, Glencore
* Many African countries have borrowed from traders
By Julia Payne and Dmitry Zhdannikov
LONDON, Feb 20 (Reuters) – Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said.
Trading houses regularly lend money to resource-rich clients in financial distress – be it countries such as Congo, Chad, Morocco or Iraqs Kurdistan region – when other lenders walk away. But traders often charge heavy interest on loa…
Read the full article at: https://www.reuters.com/article/congorepublic-imf-glencore-trafigura/refile-congo-seeks-relief-talks-with-oil-traders-over-2-bln-debt-idUSL8N1Q923X
* IMF pushing Congo to renegotiate debt
* Loans primarily came from Trafigura, Glencore
* Many African countries have borrowed from traders
By Julia Payne and Dmitry Zhdannikov
LONDON, Feb 20 (Reuters) – Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said.
Trading houses regularly lend money to resource-rich clients in financial distress – be it countries such as Congo, Chad, Morocco or Iraqs Kurdistan region – when other lenders walk away. But traders often charge heavy interest on loans and require access to resources.
Congo ha…
Read the full article at: https://www.reuters.com/article/congorepublic-imf-glencore-trafigura/congo-seeks-relief-talks-with-oil-traders-over-2-bln-debt-idUSL8N1Q923X
Tribunal justice system is now a recognised trend globally, but India’s experiment with this has nothing to boast about.
Given diverse judicial functions it performs, the National Company Law Tribunal (NCLT) is burdened with the workload of enormous magnitude and, in the process, it might lose focus on revival and rehabilitation of sick entities.
In the fast-changing scenario of growing cross-border investment, trade and commerce, cross-border insolvency cases are bound to increase and a comprehensive bankruptcy code alone can address such issues, taking into consideration international practices.
Sonam Chandwani, Partner at KS Legal, in an email interview with Zee Business (Digital) delved into various matters related to Insolven…
Read the full article at: http://www.zeebiz.com/india/news-implementation-gap-may-hit-insolvency-and-bankruptcy-code-37535
Advisers evaluating the offers for Essar Steel India Ltd. are recommending that both bids for the insolvent company be disqualified, according to people with knowledge of the matter.
Legal and accounting advisers expressed concerns to the interim resolution professional, which is overseeing the Essar Steel sale process, about the eligibility of ArcelorMittals offer as well as a separate bid from a consortium led by Russias VTB Group, the people said. A lenders committee will meet later this week to discuss the eligibility of the bids, according to the people, who asked not to be identified because the information is private.
ArcelorMittal submitted a higher offer than the VTB consortium, the people said. The advisers opinion …
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-20/essar-sale-advisers-are-said-to-recommend-disqualifying-all-bids
Nathan Schmidt / Bethlehem
Israeli gas fields in the Mediterranean will soon be providing gas exports to Egypt as a part of a 10-year, $15 billion deal announced on Monday.
Israeli gas excavation companies Delek Drilling and Noble Energy will export roughly seven-billion cubic-meters of gas annually from drilling platforms in the Mediterranean, namely the Leviathan and Tamar gas fields, to Egyptian Company Dolphin Energy for the duration of the deal.
In a public statement posted online, Israeli Prime Minister Benjamin Netanyahu praised the deal, adding that it would strengthen security, economy, and regional relationships.
Some have criticised the deal as being merely symbolic. As of yet, there are no plans for means of exportatio…
Read the full article at: http://english.pnn.ps/2018/02/20/egypt-israel-sign-gas-export-deal-for-15-billion/
Retailer Steinhoff’s local unit has secured a new $300 million loan from its existing banking syndicate.
Steinhoff Asia Pacific announced on Tuesday morning that the new loan was struck on normal commercial terms and was based on the operating performance of its local business.
Six banks, including domestic and offshore names, tipped into the offer. King & Wood Mallesons was advising the domestic lenders on the financing, while Steinhoff Asia Pacific appointed law firm Minter Ellison and corporate restructuring firm Ferrier Hodgson “to provide strategic advice in relation to legal, financial and corporate matters”.
Steinhoff Asia Pacific chief executive officer Michael Ford said the new loan came without any “unplanned” asset sales o…
Read the full article at: http://www.afr.com/street-talk/steinhoff-asia-pacific-secures-300m-debt-deal-20180219-h0wccy
IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT, IRP assume power of managing the affairs of the debtor. After formation of creditor committee role of RP gets widened as RP has to co-ordinate a meeting of CoC and discharge responsibilities for the entity beside controlling its assets.
RP is also responsible for providing information to CoC/prospective resolution applicant for inviting and collecting proposals. RP has the power to appoint resources that may be requi…
Read the full article at: http://www.livelaw.in/evolution-law-corporate-insolvency-part-iv-dimension-role-resolution-professionals-final-balance-sheet-progress/
Turnaround of a large steel company of Tata Steel’s size is a tough job to do in a year’s time. But still, N Chandrasekaran’s one year at the helm of Tata group – on February 21, he completes one year of his chairmanship – has changed the fate of the steel maker quite dramatically. The company gets rid of the European pangs and quite bullishly postured itself in the bids for Bhushan companies, which is up for sale as part of the insolvency proceedings.
In the third quarter, Tata Steel posted an almost five-fold jump in consolidated net profit to Rs 1,136 crore, thanks to higher production and sales volume in India and the surging steel prices. Revenues shot up 15 per cent to Rs 33,446 crore. The consolidated quarterly Ebidta at Rs 5,8…
Read the full article at: https://www.businesstoday.in/buzztop/buzztop-corporate/with-bhushan-steel-bid-chandrasekaran-regain-lost-glory-tata-steel/story/271051.html