Insolvency Guardian Media Centre
A Tauranga builder who went into liquidation leaving behind 30 unfinished houses owes at least $4.35 million.
This has been revealed in liquidator Tom Rodewald’s first report into the financial affairs of Bella Vista Homes Ltd.
Rodewald’s report on the Pyes Pa-based company was as at November 1 – the date Bella Vista went into liquidation.
Further work to finalise the accounts included putting amounts beside nine secured claimants. The amounts were currently listed as ”unknown”.
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The largest secured claim identified so far was nearly $1.1m owed to Carter Holt Harvey, the report said.
Looking at the next phase of work on the liquidation, Rodewald said in his report that he would be looking particularly at …
Read the full article at: http://www.nzherald.co.nz/bay-of-plenty-times/news/article.cfm?c_id=1503343&objectid=11956201
FRANKFURT, Dec 8 (Reuters) – Phoenix Solar, once one of Germanys largest solar groups during the sectors heyday, on Friday said it would file for insolvency next week after an unnamed U.S. customer demanded payments that exceed the groups funds.
Following the drawdown of project-related letters of credit in the amount of approximately $8 million by a large customer of Phoenix Solar Inc. … the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements, Phoenix Solar said.
Attempts by the companys management to find a solution with the said U.S. customer and the companys banking consortium in Germany have failed, it added.
Shares in the group, which used to be a member …
Read the full article at: https://www.reuters.com/article/phoenix-solar-bankruptcy/phoenix-solar-to-file-for-insolvency-next-week-idUSASM000GUW
AHMEDABAD | MUMBAI: The National Company Law Tribunal’s Ahmedabad chapter has adjourned the bankruptcy petition against Reliance Naval and Engineering filed by financial creditor IFCI. The dedicated bankruptcy court will next hear the case on December 19.
The company has pointed out to the court that there is no provision in the Insolvency and Bankruptcy Code (IBC) for filling a simultaneous Section 7 application against a principal borrower as well as a corporate guarantor. Such action on the part of IFCI is an abuse of the process of IBC, Reliance Naval said in its objections and contentions filed through its counsel Nandish Chudgar of Nanavati Associates.
The principal borrower is the erstwhile Pipavav Marine & Offshore L…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/reliance-naval-vs-ifci-the-insolvency-battle-begins/articleshow/61987173.cms
* Court allows government to replace 10 existing directors
* Bans existing directors from raising loans, selling assets
* 19,000 buyers await delivery of apartments
* Unitech owes about 7.24 bln rupees to 51,000 depositors (Adds details)
By Manoj Kumar
NEW DELHI, Dec 8 (Reuters) – An Indian court on Friday allowed the government to take over management control of the debt-laden property developer Unitech Ltd, a rare intervention that the government said was to protect the public interest.
A government lawyer said it wanted to prevent Unitech becoming insolvent and protect 19,000 home buyers who have yet to be handed apartments they had bought.
The government sought permission from the National Company Law Tribunal (NCLT) to appoint new d…
Read the full article at: https://www.reuters.com/article/india-unitech/update-1-indian-court-says-government-can-take-control-of-unitech-idUSL3N1O83SZ
HYDERABAD: In an order involving insolvency process of Kamineni Steel, NCLT exercised discretionary powers in determining voting share of lenders for approving resolution plan, while indicting three dissenting banks for their ambiguous stand.
The NCLT bench at Hyderabad has passed strictures on officials of PSBs while approving the resolution plan involving one time settlement submitted by the resolution professional.
It has indicted the dissenting banks for failing to clearly spell out their alternatives instead of just dissenting the resolution plan.
While five out of eight financial creditors with around 66.67% of voting share favoured the resolution plan, three public sector banks with minority voting share dissented i…
Read the full article at: https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/nclt-indicts-psbs-on-insolvency-mandates/articleshow/61938007.cms
RG Shaw & Sons Pvt Ltd, a 79-year old seller of liquor, spirits and wine in Kolkata, is heading for liquidation as the promoters did not submit resolution plans while it defaulted working capital loans from State Bank of India and other unsecured financial creditors, two people familiar with the development said.
The company defaulted on a loan of about Rs 80 crore, where SBI has 95% exposure.
“The promoters and corporate guarantors have failed to come up with a resolution plan within the extended deadline. There was no other resolution applicant. Hence liquidation is now inevitable,” resolution professional Sumit Binani told ET.
SBI declined to comment on the matter.
Binani submitted the progress report on debt resol…
Read the full article at: https://economictimes.indiatimes.com/industry/cons-products/liquor/kolkata-based-liquor-seller-rg-shaw-sons-faces-liquidation/articleshow/61984912.cms
LUXURY handbag maker Oroton has collapsed, becoming the nation’s latest retail victim.
The listed luxury retailer, whose most recent public face has been Aussie actor Rose Byrne, announced this morning is was placing itself in voluntary administration.
Since the announcement was made, people have been hitting the label’s outlet website to snap up heavily discounted items.
The Oroton website has heavily reduced accessories.
The large Melanie tote was $595 but is on sale for $116.
The Signature O Baby Bag was $495 and is now $148.50.
Many people are posting links to friends and loved ones on Facebook to suggest which items they would like for Christmas.
As well as handbags there are other items such …
Read the full article at: https://www.northernstar.com.au/news/luxury-handbag-retailer-oroton-collapses-into-admi/3278785/
The Mumbai bench of NCLT on Friday admitted edible oil maker Ruchi Soya for insolvency resolution process under IBC. A detailed order is expected by Monday.
The company was referred to the tribunal by Standard Chartered Bank as well as DBS Bank, individually and both petitions have been admitted by the court. It owed more than Rs 5,300 crore to banks at the end of 2016-17.
The company is also a part of the list of companies that were given a deadline of December 13 by the RBI to come up with a resolution plan using any of the central bank’s schemes like SDR, S4A etc, failing which they will be taken to the NCLT by lenders till December 31. For this, a Joint Lenders Forum (JLF) constituted of more than 17 banks is already at …
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/nclt-admits-petitions-for-insolvency-resolution-against-ruchi-soya/articleshow/61985584.cms
Brown University announced Thursday that it will no longer provide loans, only grants, in an effort to help students graduate with less debt.
Starting in the fall of 2018, all students who receive financial aid from the Ivy League university will recei…
Read the full article at: https://www.huffingtonpost.com/entry/brown-university-loan-free-financial-aid_us_5a29c60fe4b073789f687aa6
Alan Yentob, the former BBC creative chief, is facing a minimum five-year exclusion from holding company directorships as the Government pursues action against the former bosses of Kids Company, the failed charity.
Sky News has learnt that lawyers acting for Mr Yentob and his fellow ex-Kids Company trustees have been handed a deadline of December 20 to agree voluntary boardroom bans.
The talks are aimed at drawing a line under months of talks between the Government’s Insolvency Service and the former trustees following widespread criticism of their stewardship of the charity, which collapsed in 2015.
Unless an agreement is reached by the pre-Christmas deadline, the Insolvency Service is expected to pursue formal disqualif…
Read the full article at: https://news.sky.com/story/ex-bbc-boss-yentob-faces-five-year-ban-over-kids-company-ruin-11161397
In 2015 and 2016, Sen. Mike Crapo, R-Idaho, went from city to city and town to town carrying a stack of charts that he used to warn constituents that America is fast being washed down a rat hole of mounting deficits and debt that would destroy it if nothing were done to stop it.
He visited 200 towns in the state in 2015 and 2016 to deliver his message in person.
Yet, last week he voted for a tax cut bill that the Joint Committee on Taxation reported would add $1 trillion to the nations deficit over a decade. Not only that, but it threw a hand grenade into the nations health insurance markets that will damage access to health care for milli…
Read the full article at: http://www.mtexpress.com/opinion/editorials/gambling-problem/article_c7d92440-db99-11e7-8624-afc096cc97fa.html
What if you have accumulated medical debt and have no way of paying it when it’s due? People often feel ashamed of their medical debt, seeing it as their moral obligation to pay their bills and a personal failure that they cant afford them.
The consequences can be serious. People may forego the care they need, including doctor appointments, tests, treatments and prescription medications, reports the Kaiser Family Foundation, a health policy analysis nonprofit. They may struggle to pay other bills, deplete their long-term savings, damage their credit and even declare bankruptcy all problems that can take years to overcome.
Medical Debt Is More Common Than You Think
But its not a personal failure; its a common affliction. …
Read the full article at: https://www.investopedia.com/personal-finance/medical-debt-what-do-when-you-cant-pay/