A food firm boss spent £976,055 in company funds on gold bullion while the business owed nearly £500,000 to credito…
Read the full article at: http://www.dailymail.co.uk/news/article-5375897/Boss-bought-1million-gold-indebted-business-cash.html
Indiabulls Real Estate moved higher by 8% to Rs 230 on BSE in noon deal after the Mumbai-based real estate said that its board will meet next week to consider the business restructuring plan that it considered in April last year. The board of directors is scheduled to meet on Wednesday, February 14, 2018, to consider the various options and recommendations of the committee constituted for the reorganization/ restructuring of the existing residential and commercial office leasing businesses of the Company and to take appropriate decisions, as required, Indiabulls Real Estate said in a regulatory filing. Indiabulls Real Estate on April 17, 2017 had announced plans to restructure its business …
Read the full article at: http://www.business-standard.com/article/markets/indiabulls-real-estate-surges-8-on-business-restructuring-plan-118020900435_1.html
Creditors have accepted a restructuring plan from celebrity chef Jamie Oliver which will mean 12 of his restaurants will close.
The closures are part of a Company Voluntary Arrangement (CVA), which will allow the Italian chain to secure rent reductions on the remaining estate as well as close down unprofitable stores.
Around 200 jobs are believed to be at risk.
Restaurants in Bath, Reading, York and Cardiff are said to be amongst those at risk following a downturn in business.
The Nottingham branch is thought to be safe. The restaurant , in Low Pavement, opened in 2011 and was visited by the TV chef and healthy food campaigner last November to promote his festive menu.
La…
Read the full article at: https://www.nottinghampost.com/news/local-news/creditors-accept-restructuring-plan-jamie-1195675
Dr M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India. Photo: Indranil Bhoumik/Mint
New Delhi: Sending out a strong message, Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo on Saturday said insolvency resolution professionals should not look for ready-made solutions and desist from overcharging for their services.
Against the backdrop of concerns about the conduct and independence of insolvency professionals in certain instances, he asserted that character plays a more important role in insolvency profession. The professionals are key to insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) that provides for market-determined and time-bound resolution.
Dont look for ready-made solutio…
Read the full article at: http://www.livemint.com/Politics/3HSyjJ1thciBnCn6psjstN/Dont-look-for-readymade-solutions-IBBI-chief-to-insolvenc.html
Insolvency Law Committee in place to address concerns raised by IBC: PP Chaudhary
New Delhi, Feb 10 (KNN) The Ministry Has has constituted Insolvency Law Committee (ILC) vide order dated 16.11.2017 with a view to examine the suggestions received regarding provisions of Insolvency and Bankruptcy Code, 2016 (Code), P.P. Chaudhary, Minister of State for Corporate Affairs said in written reply to a question in Lok Sabha today.
The Minister further informed that ILC shall take stock of the functioning and implementation of the Code, identity the issues that may impact the efficiency of the Corporate Insolvency resolution and li…
Read the full article at: http://knnindia.co.in/news/newsdetails/economy/insolvency-law-committee-in-place-to-address-concerns-raised-by-ibc-pp-chaudhary
When Jamie Oliver started his Italian restaurant chain in 2008 it was the realisation of a teenage dream. The celebrity chef may have been born and bred in Essex, but he always had a passion for Italian food and wanted Jamies Italian to be a neighbourhood restaurant accessible and affordable to all.
That dream has turned into a kitchen nightmare as Oliver confirmed plans to close a third of his 35 restaurants with the loss of up to 450 jobs.
Creditors voted yesterday to accept a restructuring plan to stem losses caused by falling sales, soaring costs, and a big rise in business rates. Branches in Bath, Bristol, and the City of London are among the 12 that will c…
Read the full article at: https://www.thetimes.co.uk/article/jamies-fingers-burnt-by-italian-kitchen-mh37z08zf
SAN RAMON, Calif., Feb. 10, 2018 /PRNewswire/ — A survey revealed that respondents’ top financial goal in 2018 was to save for a vacation. Is that so bad? Understandable, at least we all would like to get away. But is going on vacation or other kinds of fun and leisure forbidden when you’re in debt? That depends on who you ask, of course, and it depends on your own debt situation. Financial Education Benefits Center (FEBC), a membership company that offers financial and lifestyle benefits, will have a few financial resources for members available to assess their budget options for leisure and fun.
“…
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The Company has chosen Ditech Holding Corporation as the new name for its parent company, as it reflects the Company’s focus on its strong core business and its commitment to serving customers. The Company remains committed to enhancing the customer experience through the growth of its origination and servicing businesses and by focusing on new technology, innovation, and other areas that are critical to the Company’s success. With an industry leading team, the Company expects demand for its quality products, services and single source convenience to grow as it builds on its legacy as a customer-driven organization.
George M. Awad,…
Read the full article at: https://www.prnewswire.com/news-releases/walter-investment-management-corp-successfully-completes-financial-restructuring-300596533.html
LAGOS, Feb 9 (Reuters) – A proposed $2.5 billion Eurobond to refinance some of Nigerias treasury bill portfolio will not increase its overall debt stock but will help lower cost, the Debt Management Office (DMO) said on Friday.
Proceeds from the bond sale would be converted to naira and used to redeem a more expensive local debt, thereby improving the governments debt service ratio, the DMO said in a statement.
Finance Minister Kemi Adeosun said on Wednesday that the country plans to redeem 762.5 billion naira worth of treasury bills and that it would save government 64 billion naira each year after the refinancing is completed.
In January, the head of the debt office told Reuters the government would consider raising $2.5 billion throug…
Read the full article at: https://www.reuters.com/article/nigeria-treasury/nigerias-planned-25-bln-eurobond-to-help-lower-government-cost-idUSL8N1PZ2XO
STAFF at embattled Perth building company Cooper & Oxley have been told their employer has a 50-50 chance of surviving after the company was yesterday placed in administration.
As the move was being announced, dozens of the companys employees gathered at its Jolimont headquarters to be briefed by representatives from insolvency firm Hall Chadwick, which is now in control of the business.
It is understood no attempt was made to sugar-coat the challenges the company is facing and staff were told they would be given another briefing next Tuesday once a clearer picture of the financial position had been established.
They told us it was 50-50 at the moment, one worker said as he left the meeting. Were crossing our fingers.
The staff are suspended…
Read the full article at: https://www.perthnow.com.au/news/wa/builders-staff-told-its-50-50-ng-b88739647z
Five former directors of a food firm have been disqualified following the managing director’s purchase of gold bullion “for his sole benefit”.
The family members were banned from being company directors for a total of 16 years after an Insolvency Service investigation into Bradford-based Greentabs Ltd, previously known as Mumtaz Food Industries.
The Insolvency Service said the company’s managing director, Dr Gul-Nawaz Khan Akbar, was disqualified for six years.
An Insolvency Service spokesperson said: “He failed to act in the best interest of the company by purchasing gold bullion to the value of £976,055 with company funds for his sole benefit whilst creditors amounting to £447,997 remained unpaid.”
Dr Akbars two brothers,…
Read the full article at: https://www.yorkshirepost.co.uk/news/former-directors-of-bradford-food-firm-mumtaz-disqualified-over-970k-gold-bullion-purchase-1-9010190