A firm of business advisers accused of helping company directors hide cash and assets from creditors and the tax office has gone into liquidation, raising questions over whether the firm’s activities will ever be properly investigated by government agencies.
The firm, Melbourne-based SMEs R Us, was one of a number of “pre-insolvency advisers” identifi…
Read the full article at: http://www.abc.net.au/news/2018-01-31/smes-r-us-accused-of-dodging-tax-office-goes-into-liquidation/9374614
Russian President Vladimir Putin says the Trump administration made a “hostile step” when it published a list of Russian businessmen and politicians as part of a sanctions law against Moscow.
Key points:
- The list includes 114 Russian politicians and 96 oligarchs
- President Vladimir Putin says the US list targets all Russians
- US decided not to punis…
Read the full article at: http://www.abc.net.au/news/2018-01-31/putin-says-us-took-hostile-step-in-publishing-russia-list/9377294
New Delhi: Bankers have decided that they will negotiate only with the highest bidder when resolving cases of corporate insolvency.
The decision was taken at a meeting held by the Indian Banks’ Association on Monday following consultations with the Insolvency and Bankruptcy Board of India and resolution professionals. The Insolvency and Bankruptcy Code (IBC) hasn’t laid out any rules on this matter.
Conventionally, the creditors negotiate with the top few bidders to get the best value for the insolvent company.
“Since the IBC code did not specify that negotiations can be held with only the highest bidder, clarity was required given that in some cases resolution professionals and lenders entered into talks with multiple …
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/banks-to-negotiate-only-with-top-bidder-in-insolvency-cases/articleshow/62715514.cms
The number of individuals in the UK declaring insolvency has increased for the second year running, with a return to levels 99,196 people not seen since the post-2008 recession.
Rates rose by 9.4% over the course of the year from a figure of 90,657 people in 2016.
Since the economic recovery following the the 2008 financial crisis, personal insolvency rates have fallen by noticeable levels, until the period 2016-2017 introduced political and economic uncertainty into many business sectors.
60% (59,220) of all of these cases of insolvency have been in the form of individual voluntary arrangements (IVA). IVAs are colloquially known as bankruptcy-lite as they come with the offer of administrative help, protection of assets, and…
Read the full article at: https://www.moneyexpert.com/debt/personal-insolvency-rates-rise-2nd-year-running/
A recent court order is likely to impact the way resolution plans for stressed companies are being designed. The Mumbai bench of the National Company Law Tribunal held that a plan that envisages resolution of only some assets while excluding others is not acceptable.
The NCLT said so in the case of Roofit Industries that was admitted for insolvency in June last year. Its assets included land, building, commercial property, plant and machinery in Ratnagiri, Thane, Kurkhumb, Chennai, Hyderabad, Aurangabad and Silvasa. While several entities had expressed interest in the assets, a resolution plan was proposed only for the Chennai factory. The plan by Gummidipoondi Roofit Employees Welfare Association was presented to the NCLT for appro…
Read the full article at: https://www.bloombergquint.com/law-and-policy/2018/01/30/insolvency-law-bidders-cant-cherry-pick-assets-of-stressed-companies
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RBS chief executive Ross McEwan told MPs a 2014 claim was ‘not right’
RBS boss Ross McEwan has admitted a statement he made claiming that bank’s Global Restructuring Group helped most of its business customers was wrong.
He made the admission to MPs on the Treasury Select Committee on Tuesday.
They were taking evidence on a leaked regulator’s report that found an “intentional, co-ordinated strategy” to put RBS’s interests ahead of customers.
Mr McEwan said RBS “successfully turns round the vast major…
Read the full article at: http://www.bbc.com/news/business-42877472
Royal
Bank of Scotland chief executive Ross McEwan speaks during an
interview with Reuters at Canary Wharf in
London
Thomson
Reuters
By Emma Rumney
LONDON (Reuters) – Royal Bank of Scotland’s restructuring
business did not turn around the “vast majority” of small
businesses it worked with, Chief Executive Ross McEwan said on
Tuesday in response to lawmakers’ questions.McEwan and RBS Chairman Howard Davies were being grilled by
members of the Treasury Select Committee, which has challenged
state-backed RBS on its treatment of troubled small businesses
during and after the financial crisis.RBS’s Global Restructuring Group (GRG) ha…
Read the full article at: http://www.businessinsider.com/r-rbs-restructuring-arm-did-not-turn-around-vast-majority-of-businesses—ceo-2018-1
In September 2017, the Insolvency and Bankruptcy Board of India (IBBI) registered NeSL as the first information utility (IU). Photo: Mint
Mumbai: State Bank of India (SBI) on Tuesday signed an agreement with National E-Governance Services Limited (NeSL) to share information under the insolvency regulation.
In September 2017, the Insolvency and Bankruptcy Board of India (IBBI) registered NeSL as the first information utility (IU).
Reserve Bank of India has directed all its regulated entities to share such data with IU.
Information utilities, under the Insolvency and Bankruptcy Code 2016, will collate information about debtors, accessible for a fee.
These databases maintained by the IUs seek to prevent serial defaulters from misusing the system…
Read the full article at: http://www.livemint.com/Industry/0Ywc5VqL6PHxf6MzNkZv4H/SBI-in-pact-with-NeSL-for-sharing-data-under-insolvency-rule.html
Tue, Jan 30, 2018 – 5:07 PM
UPDATED Tue, Jan 30, 2018 – 6:54 PMTHE details of Noble Group’s restructuring plan have upset at least one major shareholder, who is calling on Singapore regulators to investigate the distressed commodity trader.
Abu Dhabi’s Goldilocks Investment Company, which holds 8.1 per cent of Noble, on Tuesday complained to regulators that Noble’s management seemed to have focused on their own interest in the new entity, over the interest of its existing shareholders and creditors, The Business Times understands.
Minority investor advocacy group Securities Investors Association (Singapore) (Sias) also stepped in on the same day, urging the firm to offer existing shareholders a similar deal as that to …
Read the full article at: http://www.businesstimes.com.sg/companies-markets/nobles-restructuring-plan-leaves-major-shareholder-goldilocks-upset-sias-calls-for
NEW YORK (AP) A reputed Philadelphia mob boss known for beating
murder raps, surviving attempts on his life and reinventing
himself as a restaurateur is back in court facing federal fraud
charges.Opening statements in the trial of Joseph “Skinny Joey” Merlino
are set for Tuesday in federal court in Manhattan.Merlino, 55, was among nearly four dozen defendants arrested in a
2016 crackdown on an East Coast syndicate that prosecutors say
committed crimes including extortion, loan-sharking, casino-style
gambling, sports gambling, credit card fraud and health care
fraud. It operated in New York, Massachusetts, Pennsylvania,
Florida and New Jersey.Most of the defendants ple…
Read the full article at: http://www.businessinsider.com/ap-reputed-philadelphia-mob-boss-faces-nyc-fraud-trial-2018-1
