If you have many unsecured debts to consolidate, there are a lot of debt consolidation loan providers out there with plenty of options on offer. Go to their website or talk to the consultant there and they will all tell you why they are so great and what advantages you get on associating with them.
However, not all debt consolidation providers are the same, and there may be huge differences regarding the quality of service, the way they treat their customers, interests, long-term benefits, etc. So, instead of being reassured by the provider representative, it is essential fo…
Read the full article at: http://ventsmagazine.com/2018/01/29/debt-consolidation-loan-reviews-know-provider-select/
Japanese imaging and electronics major’s Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities.
The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said.
“The company has come to a position where it is unable to meet its liabilities, and this course of action has been decided in the best interest of the company, its customers, employees and minority shareholders and all other stakeholders,” the company said in a BSE filing.
Ricoh India’s board had on January 25, 2018 resolved to inter alia file an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) and relevant Rules and Regulations …
Read the full article at: https://economictimes.indiatimes.com/industry/cons-products/electronics/ricoh-india-files-for-insolvency/articleshow/62695261.cms
Ailing department store chain The Bon-Ton Stores Inc. appears to be headed for a restructuring sooner rather than later.
In a filing Monday with the U.S. Securities and Exchange Commission, Bon-Ton said it is engaged in discussions with debtholders regarding potential restructuring alternatives. While the company, co-headquartered in York and Milwaukee, noted there are no assurances it will reach an agreement, Bon-Ton disclosed in the filing a plan to turn around its business and boost its total revenue by about 5 percent to almost $2.7 billion by 2020.
The filing comes about two weeks after Bon-Ton announced it entered into forbearance agreements with its lenders after missing a $14 million interest payment in…
Read the full article at: http://www.mcall.com/business/retail/mc-biz-bon-ton-restructuring-20180129-story.html
PUBLISHED: 12:29 29 January 2018
Citizens Advice Rural Cambs expects January 31 to be busiest day for debt advice
Archant
The last day of January is expected to be the busiest day of the year for people seeking help with their debts, according to Citizens Advice Rural Cambs.
Analysis of national data from the past 12 months reveals that on January 31 Citizens Advice helped 2,800 people, 30 per cen…
Read the full article at: http://www.cambstimes.co.uk/news/citizens-advice-rural-cambs-january-31-debt-advice-1-5373062
MUMBAI:The government may consider resolving two of the biggest tax roadblocks looming over a successful conclusion of the insolvency process in the upcoming Budget, two people close to the development said.
The government may allow carrying forward of losses for eight years for buyers of companies in the insolvency process. This is not allowed under the current tax laws and buyers have been asking for such a relief.
It may also address industry fears of the income tax department challenging the valuations after the conclusion of deals. “The government allowed carrying forward of losses for eight years for the startups last year. Similar exception is being considered for deals happening in insolvency,” a person close to the…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/tax-uncertainty-over-insolvency-deals-likely-to-go/articleshow/62701387.cms
Bidders looking to buy select assets of a distressed corporate under the Insolvency and Bankruptcy Code (IBC) process may be in for a disappointment.
A recent ruling by the Mumbai Bench of the National Company Law Tribunal (the Adjudicating Authority under the Code) makes it plain that bidders have to acquire all the assets of a distressed corporate debtor put on the block.
What this means is that piecemeal offers to buy assets are unlikely to pass muster.
In the case, pertaining to Roofit Industries, the RP (Resolution Professional, Advocate Jitender Kumar Jain) filed an application for liquidation of the corporate debtor under IBC since the CIRP (corporate insolvency resolution process) period of 180 days ended on December 26, 2017, and…
Read the full article at: http://www.thehindubusinessline.com/money-and-banking/stressed-corporate-assets-for-bidders-its-all-or-nothing/article22579491.ece
Of the 525 cases with total underlying default of 1,28,810 crore so far admitted under the Insolvency and Bankruptcy Code (IBC), the steel sector is the single-biggest defaulter in terms of both number of defaulting corporates (45) and total underlying default (57,001 crore).
Within the steel sector, corporate insolvency resolution process (CIRP) is on in the case of 39 corporates, resolution plan has been approved in the case of two, and liquidation order has been passed in the case of three. One case has been closed by appeal/review.
The steel sector is followed by the retail industry, with total underlying default aggregating 12,719 crore involving 12 corporates.
As per the Economic Surveys sector-wise analysis (based on data from the …
Read the full article at: http://www.thehindubusinessline.com/economy/steel-sector-is-the-biggest-defaulter-under-insolvency-and-bankruptcy-code/article22553252.ece
Stuart Layt | AAP
Serial conman Peter Foster has been declared bankrupt by the Federal Court after refusing to pay court costs relating to his scam weight loss company.
Foster was ordered to pay the Australian Competition and Consumer Commission’s legal costs of more than $56,000 after he was found to have been the controlling influence behind the SensaSlim scam, however he has failed to do so.
The costs order was imposed on Foster after he appealed his initial $660,000 fine for his role in the scam, and he was subsequently declared bankrupt at the request of the ACCC.
“The ACCC took this action because we are committed to …
Read the full article at: https://thewest.com.au/politics/law-and-order/court-declares-conman-foster-bankrupt-ng-s-1823664
LONDON (Reuters) – Sky Bets majority owner CVC has hired investment bank Rothschild to examine a stock market listing of the British firm, seeking to take advantage of booming equity markets and the growing popularity of online gambling.
A flotation could value the Leeds-based business, which is led by Chief Executive Richard Flint, at between 2.5 billion pounds and 3 billion pounds ($4.2 billion) including debt, two people familiar with the process told Reuters.
Rothschild is organizing a so-called beauty contest next week to choose the banks to arrange the initial public offering (IPO), one of the sources said.
Private equity firm CVC declined to comment, while Rothschild did not immediately respond to a request for comment. …
Read the full article at: https://www.reuters.com/article/us-skybet-ipo-rothschild/exclusive-sky-bet-owner-readies-gambling-firm-for-london-ipo-sources-idUSKBN1FI23I
The Inner House of the Court of Session ordered that the £550,000 off-market sale of the property, which had previously been valued at £1,200,000 on the open market, be cancelled following a challenge by the liquidators of the haulage company. In doing so, it overturned an earlier decision by a commercial judge, who had ruled that the £550,000 purchase price was “adequate consideration” given the circumstances of the case.
One of Scotland’s most senior judges, Lord Drummond Young, gave the judgment of the court (22-page / 422KB PDF). In doing so, he “focussed and restated fundamental principles” of Scottish insolvency law, according to commercial litigation expert Craig Connal of Pinsent Masons, the law firm behind Out-Law.com.
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Read the full article at: https://www.out-law.com/en/articles/2018/january/sale-at-undervalue-must-be-justifiable-when-insolvency-looming-scottish-appeal-court-confirms/
Claims worth Rs 3.13 trillion, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today.
The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking an extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 50 billion of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Of these, Era Inf…
Read the full article at: http://www.business-standard.com/budget/article/economic-survey-2018-claims-worth-rs-3-13-trn-under-insolvency-proceedings-118012900686_1.html