Infrastructure WA’s launch video
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Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
LONDON, Feb 6 (Reuters) – Royal Bank of Scotland executives misled a parliamentary committee over the contents of a report into the banks treatment of small businesses, a lawmaker said in Britains parliament on Tuesday.
The chief executive and the chairman of state-owned RBS offered misleading evidence about the extent to which the report accused the bank of systematically pushing small business customers in its restructuring unit into further distress, Clive Lewis, a member of the opposition Labour party, said.
Britains Financial Conduct Authority last year published a summary of the report into RBSs Global Restructuring Group, after clashing with lawmakers over the disclosure of its full contents.
Customers have accused the GRG of push…
Read the full article at: https://www.reuters.com/article/rbs-grg/royal-bank-of-scotland-executives-misled-politicians-over-small-business-report-lawmaker-idUSL9N1HY02C
by Rigzone Staff
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Tuesday, February 06, 2018
International oilfield services company Expro revealed that it has successfully completed financial restructuring, which will provide the company with a stronger and more sustainable financial foundation to grow the business, according to an Expro statement.
The Chapter 11 prepackaged plan of reorganization was completed in 50 days, without any interruption to normal business operations or relationships with employees, customers, suppliers, or business partners, Expro revealed.
The financial restructuring eliminated Expros entire $1.4 billion of funded debt, including the associated $80…
Read the full article at: https://www.rigzone.com/news/expro_completes_financial_restructuring-06-feb-2018-153414-article/
Student Loan Repayment Benefit Now Available to U.S. Employees
SAN MATEO, Calif., Feb. 06, 2018 (GLOBE NEWSWIRE) — Coupa Software (NASDAQ:COUP), a leader in business spend management (BSM), announced today the rollout of its student loan repayment assistance program, a new employee benefit to help workers pay off their burdensome student loans – faster. The company is partnering with Tuition.io, the leading platform for employee student loan contributions, to administer the program.
As part of the benefit, participating Coupa employees will receive monthly contributions to help pay down the principal of their student loans. This benefit extends to Parent PLUS loans, whic…
Read the full article at: https://www.nasdaq.com/press-release/coupa-software-partners-with-tuitionio-to-help-employees-conquer-student-debt-20180206-00688
In a test case which impacts some 400 pending cases, the High Court has ruled that debtors have a right to directly engage in the review by the Court of a proposed Personal Insolvency Arrangement (PIA). Finding that the Personal Insolvency Acts 2012 to 2015 did not envisage that the Personal Insolvency Practitioner (PIP) was the sole voice to be heard, Ms Justice Bakeralso rejected submissions that costs orders could be made against PIPs personally, save in truly exceptional circumstances or where the PIP acted in bad faith.
Section 115A
Section 115A(1) of the Personal Insolvency Acts 2012 to 2015 provides jurisdiction to the relevant court following a review under s. 115A(9) to confirm the coming into operation of a propose…
Read the full article at: http://www.irishlegal.com/10845/high-court-personal-insolvency-practitioner-not-sole-voice-heard-court-review-pia/
NEW DELHI: As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said today.
The Code, which provides for market–determined and time– bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India (IBBI).
“By December 2017, 40 transactions of corporate insolvency resolution process (CIRP) were completed,” the Minister of State for Corporate Affairs said in a written reply to Lok Sabha.
Out of these, 10 transactions resulted in resolution plan being approved by adjudicating authority and 30 translated into liquidation of corporate debtors, he added.
The Code, which came into effect on December 1, 2016…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/40-corporate-insolvency-resolutions-completed-government/articleshow/62806851.cms
The developer of Perth’s 500 Hay Street hotel, cinema and office project has signalled its disappointment with struggling builder Cooper & Oxley’s decision to suspend works at the Subiaco site.
Workers at the Subiaco Hay Street site confronted security guards on Tuesday in an effort to retrieve a large toolbox, 9 News Perth reported.
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Read the full article at: http://www.watoday.com.au/wa-news/workers-developers-angry-at-stopwork-order-as-builder-goes-under-20180206-h0uupp.html
Indianapolis Power & Light Co. is cutting 100 jobs in Indiana and getting a new president and CEO under a corporate restructuring by parent AES Corp.
The utility announced the moves Monday evening as part of a global strategic transformation.
Under the restructuring, Craig Jackson will assume the role of president and CEO of both IPL and sister company Dayton Power & Light. Both are subsidiaries of AES, based in Arlington, Virginia. The announcement did not say where he would be based. He was formerly a senior vice president based in Dayton, Ohio.
The announcement made no mention of Rafael Sanchez, who is apparently leaving the company. Sanchez became president and CEO of IPL in June 2016, following a four-month apprenticeship a…
Read the full article at: https://www.ibj.com/articles/67396-ipl-cuts-100-jobs-in-indiana-gets-new-presidentceo-under-corporate-restructuring
Sales NQR store will close.
SALES NQR store is set to close this Sunday, after the company was placed into voluntary administration.
Staff were told last Tuesday of the closure, giving them less than two weeks to find alternative work.
NQR entered administration on January 24, and appointed Bruno Secatore and Luke Targett from corporate and personal insolvency firm Cor Cordis.
NQR stores had been continuing to trade, the Bendigo Advertiser reporting Mr Targett as saying the primary hope and objective is to get the business sold as a going concern so that stores and jobs were preserved.
We are just getting on top of all the issues that youd expect us to encounter, he is reported as saying.
The first sales advertisement for the business was publ…
Read the full article at: http://www.gippslandtimes.com.au/story/5208740/nqr-is-set-to-close/
Debt consolidation is gaining more attention as Australian households face mounting debts.
As the country’s household debt-to-income ratio hit almost 200% and total household debt reached a record $2.4trn this year, simplifying repayments and taking control of one’s debt are becoming important topic areas to discuss with clients.
While the idea of combining clients debts into one new loan at a lower rate seems easy to sell, Simon Frost, manager of residential operations at non-bank lender Liberty, said it is important to make sure a debt consolidation product is not unsuitable for a borrower before recommending it.
Liberty offers debt consolidation solutions for…
Read the full article at: https://www.brokernews.com.au/news/breaking-news/consolidation-in-time-of-heavy-indebtedness-246262.aspx
Image: ShutterstockThis time, Budget was much awaited, since Finance Minister had to do a tight ropewalk by balancing between expectations of masses to deliver achhe din and slipping fiscal deficit, in view of unstable GST collections.
In the Budget, there has been a clear thrust on empowering rural economy by supporting agriculture and boosting infrastructure, social sectors. Reduced tax burden for senior citizens has been a matter of cheer. Populist demand of tax benefits to individual taxpayers has been given a miss. Seems, like that fund may have been used for offering tax rate reduction to the SME sector, which could help generate employment. Conditions regarding tax incentives associated with new empl…
Read the full article at: http://www.forbesindia.com/article/budget-2018/union-budget-201819-tax-lies-behind-the-scene/49327/1
Latest News
With the bulk of the manufacturing GDP coming from local SMEs, it is good news to know that they are continuing to thrive even with the immense pressure coming from overseas imports.
At the back of an exciting 2017 for the industry, something that Australian manufacturing should continue to provide is a compelling value proposition for its customers when competing against cheaper exports. How can manufacturers achieve this? According to some of the winners from last years Endeavour Awards the key lies in being able to design and manufacture high quality products locally.
The topic of overseas competition from low-cost nations was one of the key points out during a few of the presentations at last years Supply Chain Conference…
Read the full article at: http://www.manmonthly.com.au/features/continued-growth-key-manufacturing-success/
Activist hedge fund Elliott Advisors has renewed its push for a restructure of BHP Billiton, asking the company’s board to immediately review its dual listed company structure.
Elliott said an independent report it had commissioned found that removal of the dual-listing structure would deliver more than $US22 billion of shareholder value.
It called for the board to take “the next, necessary step at BHP, which is for the board to commit to resolving, without further delay, the issue of BHP’s obsolete and value destroying DLC structure.”
Elliott, which last week also slightly bumped up its interest in BHP’s London-listed entity to 5.45 per cent, has demanded that the resources giant agree by February 20 to undertake a full and transparen…
Read the full article at: https://www.sbs.com.au/news/elliott-renews-push-for-bhp-restructure