ET Bureau|
Jan 18, 2018, 12.54 PM IST
MUMBAI: Insolvency professionals will now have to disclose their relationship with all associated parties including the corporate borrower and lenders within three days of appointment, according to th…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/board-brings-in-stricter-norms-for-insolvency-professionals/articleshow/62552055.cms
Carillions 27,500 member pension scheme was placed on a risk list by UK authorities in autumn last year, as the troubled construction company was still being awarded government contracts.
Carillion entered insolvency on Monday with the Pension Protection Fund, the industry scheme that pays compensation to pension plan members if a company collapses, preparing to take a £800m-£900m hit from absorbing the groups 13 retirement funds.
Alan Rubenstein, chief executive of the PPF, said the Carillion scheme had been on the radar for some time but concerns escalated in the second half of last year.
We and the Pension Regula…
Read the full article at: https://www.ft.com/content/b787aff2-fb7f-11e7-a492-2c9be7f3120a
Last assets of Masakeni to be auctioned today
It is the end of the road for a Port Elizabeth construction company, with its last remaining assets going on auction today. Masakeni Construction, previously based in Markman, was declared insolvent in May and had to let go 300 employees in July.
The companys former director, Khwezi Blose, applied for the liquidation after business rescue efforts were terminated.
Blose, 43, said that after doing everything in his power to save the company from liquidation, his hand had been forced.
Construction is a very difficult sector and right now I do not see myself involved in any construction-related work in Port Elizabeth, Blose said.
We had to opt for liquidation because we were just g…
Read the full article at: http://www.heraldlive.co.za/business/2018/01/18/final-blow-bay-company/
SHERMAN OAKS, Calif.–(BUSINESS WIRE)–Woodbridge Group of Companies, LLC and certain of its affiliates and
subsidiaries (together the Company or Woodbridge), announced today
that the Company has added three new members to its Board of Managers
(the Board) to direct the business and affairs of the Company and the
Debtors chapter 11 restructuring efforts.
This Board will be composed of the following additional people:
-
Hon. James M. Peck, global co-chair of Morrison & Foersters
Business Restructuring & Insolvency Group. Judge Peck served as a
United States Bankruptcy Judge for the Southern District of New York
from 2006 to 2014 and p…Read the full article at: https://www.businesswire.com/news/home/20180117006582/en/Woodbridge-Group-Companies-Announces-Appointment-Additional-Independent
Department store retailer operator Myer said on Thursday it had appointed Nigel Chadwick as chief financial officer as part of a broader management restructuring in the face of stiff challenge from online retailers.
Mr Chadwick will replace current CFO Grant Devonport, Myer said in a statement and highlighted Mr Chadwick’s work in sectors facing disruption.
Myer recorded a drop in sales in the first two weeks of December. Photo: Louie Douvis
The retailer also named Mark Cripsey as chief operating officer, a newly created a role to integrate its online and store businesses.
The restructure comes after the retailer reported a 5 per cent drop in sales in the first two weeks of December.
Myer is trying to shrink its footprint…
Read the full article at: http://www.smh.com.au/business/retail/myer-replaces-cfo-in-management-restructure-20180118-h0k9im.html
Nevadas largest casinos wrote off $70.1 million in casino credit as unpayable in the most recent fiscal year, according to figures from state gaming regulators.
The information was made public in the annual Nevada Gaming Abstract.
The figure represented 0.6 percent of gaming revenue in the fiscal year that ended June 30, 2017. The 272 casino licensees that collected at least $1 million in gambling winnings in the fiscal year won a combined $11.1 billion during the time frame.
According to historical data compiled by the University of Nevada Las Vegas, the $70.1 million bad debt expense was the lowest since the casinos wrote of $54.1 million in FY 2005. The worst ever fiscal year in terms of the bad debt expense was back in 2000, w…
Read the full article at: https://www.cardplayer.com/poker-news/22419-nevada-casinos-fail-to-collect-70m-in-gambling-markers
Royal
Bank of Scotland signs are seen at a branch of the bank, in
London
Thomson
Reuters
LONDON (Reuters) – Royal Bank of Scotland staff helping small
firms to restructure debt during the financial crisis were given
a list of ways to squeeze more money from struggling clients and
told to “Just Hit Budget!”, a memo released on Wednesday showed.The release of the 2008 document by the British Parliament’s
Treasury Select Committee (TSC) comes ahead of a debate by
lawmakers on Thursday on the treatment of small business
customers by the bank’s Global Restructuring Group (GRG).State-owned RBS has acknowledged some bad practice at the unit
…Read the full article at: http://www.businessinsider.com/r-just-hit-budget-bankers-at-rbs-restructuring-unit-told-during-crisis-memo-2018-1
DETROIT, Jan. 17, 2018 /PRNewswire/ — Business restructuring attorney Ashley J. Jericho has joined the Detroit office of McDonald Hopkins LLC, a business advisory and advocacy law firm, as an Associate.
Jericho has over nine years of insolvency experience, including representing consumer and business debtors, creditors and trustees in bankruptcy proceedings, contested matters and adversary proceedings. She has also represented business debtors in representing individuals and businesses in state and federal court litigation involving real estate, zoning, contract, collections and debt negotiation.
Jericho earned her J.D., magna cum laude, from the Western Michigan Cooley Law School in 2008, where he served as the associate edit…
Read the full article at: http://markets.businessinsider.com/news/stocks/McDonald-Hopkins-welcomes-restructuring-attorney-Ashley-Jericho-1013166708
Payments to Carillion executives have ceased (PA) The Insolvency Service…
Read the full article at: https://www.independent.ie/world-news/carillions-collapse-raises-questions-over-weak-corporate-governance-36500052.html
Interest rates have been low for so long that we forget the good things happening when they rise.
In a massively indebted place like Canada, rising rates can fairly be described as trouble waiting to happen for both households and governments. But higher rates are caused by positive economic developments like a firming job market and rising wages.
After years of sluggish increases, wage growth picked up noticeably at the end of 2017. If the pattern holds, and it will if job creation stays strong, then the households facing higher borrowing costs will have some help.
A lot of people need that help. With striking consistency, recent polls and surveys have shown a high level of stress about mone…
Read the full article at: https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/how-youre-getting-richer-even-as-the-cost-of-being-in-debt-rises/article37632875/
