London-based Foresight Solar Fund has followed through on plans to acquire three solar projects under construction in Queensland after sealing a $55 million debt facility from the Clean Energy Finance Corporation thanks to the inclusion of innovative forecasting technology.
The acquisition of the three solar farms from Canadian Solar will expand Foresight’s portfolio in Australia to 252 megawatts, building on the purchase of the Bannerton project in Victoria last September and the Barcaldine venture in Queensland earlier in 2017.
Foresight partner Ricardo Piñeiro said the 146MW of new assets “ensure greater diversity across the portfolio” and would make a strong contribution for investors once generation gets underway.
The co…
Read the full article at: http://www.afr.com/business/energy/solar-energy/foresight-solar-buys-qld-projects-after-sealing-55m-debt-deal-20180104-h0ddtu
A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi, Vietnam Nov 15, 2017. (Reuters photo)
HANOI: Vietnams national assembly on Monday gave authorities the ability to declare troubled banks bankrupt, through an amendment to a law on the operation of credit organisations, the government website said.
Approval of a bill establishing the right to declare bankruptcies came about five years after the start of a banking crisis that Vietnamese authorities still have not fully resolved.
State Bank of Vietnam Governor Le Minh Hung said recently that bad debts and potential bad debts amounted to 8.61% of total credit at the end of Septembe…
Read the full article at: https://jacksonobserver.com/vietnam-approves-bill-letting-banks-be-declared-bankrupt/
The Times
Once lawyers get hold of a system there will inevitably be unnecessary delays and expenses
The new personal insolvency system had some spectacular successes last year. It was set up to deal with unsustainable personal debt in Ireland, which in the main means mortgage debt, particularly on family homes.
To achieve a balance of interests, any proposed deal must be voted on. As the mortgage bank almost always has the lions share of the debt, they also have the lions share of the vote. This became known as the bank veto where a bank can simply reject any proposal made.
To counter this, the government introduced laws that have now begun to make a difference. Under the new laws, where a bank vetoes …
Read the full article at: https://www.thetimes.co.uk/article/personal-insolvency-shows-banks-how-to-work-for-common-good-p0g3c6prb
The insolvency regulator has amended regulations to allay creditor concern on valuation of bids for insolvent companies. The Insolvency and Bankruptcy Board of India (IBBI) has also cleared the confusion over what constitutes a dissenting lender.
Earlier, this value was disclosed in the information memorandum to be given to the committee of creditors. This used to lower the value of bids, since these are based on liquidation value. The latter value is arrived at by assuming assets of the companies ar…
Read the full article at: http://www.business-standard.com/article/economy-policy/dissenting-lender-to-be-paid-liquidation-value-118010300024_1.html
MUMBAI: Kolkata-based Adhunik Group has received about 15 to 20 separate expressions of interest (EoIs) collectively for its four struggling resources and metals companies that now await the resolution of Rs 5,000 crore in debt and claims at dedicated insolvency courts.
Adhunik Alloys and Power, Adhunik Metaliks, Zion Steel, and Orissa Manganese and Minerals await resolution under the bankruptcy code, and several rivals, such as Sunflag Iron and Steel, Kalyani Steel, and Rashmi Steel, and financiers Edelweiss ARC and Srei Infrastructure Finance have shown interest in the businesses, two people familiar with the matter told ET.
Binding bids for the resolution plans must be submitted in the next two weeks. A consortium of lende…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/insolvent-adhunik-firms-get-20-eois/articleshow/62360980.cms
Spotify wants to sell its shares to public investors this spring. And as part of its prep plans, the streaming music company has cleaned up a sticky debt deal, with the help of a big Chinese tech company.
The short version: TPG and Dragoneer Investment Group, who had led a debt round that lent $1 billion to Spotify, late last year turned some of that debt into equity, which the companies then sold to Tencent, the Chinese internet giant, according to people familiar with the deal.
The complicated transaction let TPG and Dragoneer earn a nice return on their investment. It also allowed Spotify to solve a potentially contentious business dispute before it tries a novel IPO strategy.
Longer version: In 2016, TPG, Dragoneer and Goldman…
Read the full article at: https://www.recode.net/2018/1/3/16847786/spotify-tpg-tencent-debt-dragoneer-ipo-music-streaming
GLASGOW, Scotland, Jan. 3, 2018 /PRNewswire/ — The new debt respite bill which is due to be implemented by February 2018 strives to place a duty of care on lenders to grant respite for families with children and young people in debt.
Kelly Tolhurst MP has proposed a bill in parliament that aims to give families and young people breathing space when trying to make debt repayments. At present, record numbers of people are affected by debt in the UK. High interest charges, fees and enforcement actions can make it increasingly more difficult for even the smallest debts to be settled.
…
Read the full article at: https://www.prnewswire.com/news-releases/leading-debt-advice-company-scottishtrustdeedcouk-welcomes-new-debt-respite-bill-that-aims-to-help-families-pay-down-debt-sooner-300577225.html
A major labour hire company in the black coal industry has warned it risks insolvency due to a ruling that has resulted in it owing hundreds of workers more than $3 million.
One Key Resources group, which supplies workers to BHP Billiton and Glencore, has appealed the Federal Court’s decision that found its broad-coverage enterprise agreement was invalid because it was voted up by just three people.
The decision means group subsidiary One Key Workforce falls back to the industry award, which prohibits use of casual employees and now entitles the company’s 1,100 casual workers to annual and sick leave entitlements.
Seeking an urgent stay of the ruling pending appeal, the company told the court last month it was at serious risk …
Read the full article at: http://www.afr.com/news/policy/industrial-relations/labour-hire-firm-facing-collapse-over-sham-eba-ruling-20171221-h08hl0
Six months on from the landmark ruling no cash has been paid into HMRC’s bank account
THE public purse has still not received a penny of the £72 million owed to the taxman by the liquidated company which owned Rangers FC.
Six months on from a landmark ruling, payments are being made to creditors but no cash has been paid to HMRCs bank account.
The taxman won a judgment over the Ibrox clubs use of loans to pay staff in a tax avoidance scheme.
Last night, accountants BDO who are handling the liquidation would not say why public funds remain unpaid while smal…
Read the full article at: https://www.thescottishsun.co.uk/news/2046599/rangers-fc-liquidation-funds-tax-hmrc/
Mumbai: Within few months of banks initiating insolvency proceedings against a dozen large corporates, insurers have put together a customised cover to protect the professionals appointed to run these defaulting firms.
The cover is aimed at ensuring that the insolvency professional (IP), who takes on the role of the firm’s CEO at the behest of lenders, can take big decisions without fear of legal action.
JLT Independent Insurance Brokers has put together a cover for three of the 12 companies and is in talks with the remaining nine. “The cover is a combination of a Directors & Officers (D&O) policy and a professional indemnity cover with lot of improvisation and client requirement included in the policy wording,” said A…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/insolvency-professionals-to-get-cover/articleshow/62358550.cms