Insolvency Guardian Media Centre
Bankrupt Toys R Us has received court approval to move forward with its plans to shutter about 180 stores, under both the Toys R Us and Babies R Us banners, across the U.S.
The liquidation sales at those locations are beginning as soon as Wednesday, the company said. Discounts on items will be as much as 30 percent off, to start. Closures are also set to begin this month and run through mid-April of this year.
As Toys R Us restructures its assets, the company will also refresh a number of existing locations to be co-branded as Toys R Us and Babies R Us stores.
…
Read the full article at: https://www.cnbc.com/2018/02/07/toys-r-us-begins-final-sales-ahead-of-store-closings.html
Romanian insolvencies stand twice higher than the East-Central Europe (ECE) average, according to the data presented this Wednesday by Coface representatives.
2017 brought 8,256 new insolvency procedures, an year-on-year growth by 3 percent. Despite the minimum from the last 15 years, Romania still has an average level of 2.4 percent of insolvent companies out of 1,000 active firms, meaning close twice over the ECE average. Its more important thus to evaluate the size of insolvent companies, from the financial losses perspective due to the creditors and the number of lost jobs. From this perspective, 2017 registered a certain stability of the insolvent companies with revenues of over EUR 1 million, respectively 326 firms, compared w…
Read the full article at: http://www.business-review.eu/news/romanian-insolvencies-stand-twice-higher-than-the-ece-average-157357
Insolvency resolution professionals will now be required to assess the fair value and liquidation value of the entity undergoing insolvency proceedings, with the latest set of amendments to the regulations.
The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms pertaining to insolvency resolution process for corporate persons.
Under the revised framework, the resolution plan — approved by the committee of creditors — should be submitted to the adjudicating authority “at least 15 days before the expiry of the maximum period permitted for the completion of the corporate insolvency resolution process”.
An official release today said the norms have been amended wherein the resolution professional shou…
Read the full article at: http://www.moneycontrol.com/news/business/ibbi-amends-regulations-for-insolvency-resolution-process-2502349.html
People
walk past a branch of the Royal Bank of Scotland in
London
Thomson
Reuters
By Emma Rumney and Lawrence White
LONDON (Reuters) – Royal Bank of Scotland on Tuesday denied a
British lawmaker’s allegation that its executives misled a
parliamentary committee over the extent to which the bank
mistreated small businesses during and after the financial
crisis.
The chief executive and chairman of state-owned RBS were
questioned extensively last week by Britain’s Treasury Select
Committee (TSC) over a restructuring unit that is alleged to have
pushed struggling firms into bankruptcy in order to be able to
pick up their assets on the cheap…
Read the full article at: http://www.businessinsider.com/r-rbs-denies-british-lawmakers-allegation-it-misled-politicians-2018-2
The Insolvency and Bankruptcy Board of India (IBBI) on February 6, 2018 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Here are the amendments made to the IBBI Regulations:
Appointment of two registered valuers: The Resolution Professional has to appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of resolution plans, the resolution professional needs to provide the fair value and the liquidation value to each member of the committee of creditors in electronic form, on receiving a confidentiality undertaking.
Submission of information memorandum in electronic form: The Resolu…
Read the full article at: https://www.jagranjosh.com/current-affairs/ibbi-amends-ibbi-insolvency-resolution-process-for-corporate-persons-regulations-2016-1517994339-1
Hogan Lovells is representing Scottish Re in the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (SALIC), and SALICs U.S. subsidiary, Scottish Holdings, Inc. (SHI).Scottish Re Group Limited has commenced implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (Cayman) Ltd. (SALIC), and SALICs U.S. subsidiary, Scottish Holdings, Inc. (SHI), on January 28, 2018.
The sale and restructuring plan is being implemented through the commencement by SALIC and SHI of U.S. Chapter 11 proceedings in the United States Bankruptcy Court of Delaware on January 28, 2018 (the SALIC/SHI Ch…
Read the full article at: http://www.globallegalchronicle.com/scottish-re-groups-restructuring-proceedings/
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 yesterday.
According to the Amendments,
a. The Resolution Professional shall appoint two registered valuers to determine the fair value and the liquidation value of the corporate debtor. After the receipt of resolution plans, the resolution professional shall provide the fair value and the liquidation value to each member of the committee of creditors in electronic form, on receiving a confidentiality undertaking. The resolution professional and registered valuers shall maintain confidentiality of the fair value and the liquidation value.
b. The Resolution Pr…
Read the full article at: http://www.business-standard.com/article/government-press-release/amendments-to-the-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-118020700810_1.html
Flexing newfound muscle they gained in a 2016 bankruptcy law, lenders in India are about to embark on a huge selloff of assets owned by companies that cant repay their debts. The assets — owned by steel, power, shipbuilding and construction companies — have been drawing interest from potential buyers including ArcelorMittal, the worlds biggest steelmaker, and billionaire Anil Agarwals resources giant. This prospective wave of deal-making could push mergers and acquisitions in India beyond the previous annual record of $83 billion, set in 2017.
1. How much is at stake?
In this first round of deals, lenders are seeking to resolve about 40 of the largest delinquent accounts with total outstanding debt of more than 4 trillion r…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-07/how-india-s-bankruptcy-law-redo-may-spur-m-a-heyday-quicktake
Among other woes, the 67-year-old credit union had issued bad loans to 191 members to the tune of $1.8 million. The Central Bank of Belize has liquidated the credit union; 1,100 shareholders affected.
BELIZE CITY, Mon. Feb. 5, 2018 Last April, the Central Bank of Belize announced that it would be liquidating the Civil Service Credit Union in Belize City, which has been in existence since the early 1950s.
Today, Amandala spoke with the chief liquidator and accountant, Cedric Flowers, who provided an insight into the ongoing process. He said that due to mismanagement, the Central Bank ordered the credit union to close down its operation.
And so for now, the company isnt functional, but hasnt been declared bankrupt; instead, it is …
Read the full article at: http://amandala.com.bz/news/civil-service-credit-union-bites-dust/
- More people are turning to financial counsellors
- Large credit debt and rising electricity bills are to blame
- Experts warn against short-term credit
Rising cost-of-living expenses and large credit debts have resulted in more Australians turning to financial counsellors for help.
The national debt helpline was inundated with 170,000 calls in 2017, a 12%
surge over the previous year as the number of people struggling to make
ends meet reached a record high.
Mounting credit card debts following the Christmas break and rising
electricity bills are placing the most strain on people, says Gr…
Read the full article at: https://www.choice.com.au/money/budget/cost-of-living/articles/record-financial-strain-national-debt-helpline-070218
The insolvency professional appointed for Bhushan Steel has deferred the decision to open the financial bid placed by JSW Steel, Tata Steel and group of Bhushan Steel employees on Tuesday.
The resolution professional was asking the bidder companies to explain their resolution plan and the reasons on why they think the plan will succeed, said sources.
JSW Steel was also asked to explain the logic behind tying up with Ajay Piramal-owned Piramal Enterprises for acquiring Bhushan Steel. The bids placed by a group of 500 employees of Bhushan Steel may be rejected as they have not placed the bank guarantee, said another source privy to the development.
JSW Steel has agreed to repay 28,000 crore debt while Tata Steel has placed bids of 24,000 c…
Read the full article at: http://www.thehindubusinessline.com/companies/bid-opening-for-bhushan-steel-deferred/article22670945.ece
Embattled real estate company McGrath Limited has found itself in even more trouble, following rumours that founder and incoming chairman John McGrath has a huge gambling debt.
McGrath ended Fridays session with a share price of $0.46 cents.
The price had already taken a tumble upon news that the McGrath Board had quit after the company downgraded its six-month earnings.
Mr McGrath is currently the only remaining Board member and is expected to step in as executive chairman.
Over the weekend, Fairfax revealed that Mr McGrath has a $16 million gambling debt to William Hill Australia. Fairfax alledges that Mr McGrath racked up the debt through bets on horse racing.
Advertisement – Not SA Real Estate News Content
On Tuesday, McG…
Read the full article at: https://sarealestatenews.com.au/mcgrath-shares-sink-lower-amid-gambling-debt-rumours/