Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Police yesterday arrested five suspects after a fire in New Taipei Citys Tucheng District () that resulted in one death and four injured, including two in serious condition.
An initial investigation showed that the fire was deliberately started by the suspects due to a dispute over gambling debts, police said.
Three of the five were apprehended at the Taiwan Taoyuan International Airport, where they were trying to board a flight to Singapore, police said.
The other two were arrested earlier in Taichung, they said.
Tucheng authorities said the blaze was caused by flammable red paint that the suspects sprayed at the restaurant on the ground floor of a four-story building, and not gasoline bombs as initial reports said.
SAN FRANCISCO, CA–(Marketwired – Nov 30, 2017) – Twilio (NYSE: TWLO), the leading cloud communications platform company, today announced that National Debt Relief is replacing its legacy contact center technology and moving all its customer communications to Twilio. In just 90 days, National Debt Relief rolled out a contact center solution built on Twilio’s scalable, secure APIs that will serve 1,300 agents and employees across three service centers. The company aims to provide an unrivaled multi-channel customer experience for the thousands of customers every month who rely on National Debt to rid their lives of burdensome debt.
National Debt Relief’s customers are often in immediate need of support to get out of debt a…
A High Court judge has been asked to clarify legal issues potentially affecting more than 600 insolvency cases.
Lawyers representing a number of debtors claim the insolvency service has ground to a halt due to alleged exploitation of a legal loophole by banks and other creditors.
That claim is disputed by creditors who have alleged Personal Insolvency Practitioners (PIPs) are seeking to achieve a situation where they will have no exposure to…
The idea of the gambler as a persona has always been a notion with both extreme glamour and extreme despair. Everyone wants to experience the ‘Tony Soprano collapsing in a hysterical fit after winning the debt of a third world country in Vegas’ gold rush, but less so the ‘degenerate gambler losing everything he owns, including the use of one arm, to Tony Soprano for failing to pay off his gambling debts’
In other words, gambling can be a lot of fun. But when the fun stops, stop.
Chasing your losses is never a good idea and on the flip side, quitting while you’re ahead, which isn’t the funnest suggestion in the world, is also the most sensible and, at the end o…
EVERYONE has heard of people being declared bankrupt but it’s not as simple as simply having no money.
Here’s all you need to know about the complex way people get their debts written off.
Getty – Contributor
Here’s all you need to know about bankruptcy
What is bankruptcy?
Bankruptcy is a legal status whereby debts cannot be repaid.
In the UK being bankrupt is limited to applying to individuals but in the US and some other countries it can be applied to companies as well.
The word itself is derived from the Italian phrase banca rotta meaning “broken bank”.
In the modern world it normally involves a restructuring of debts in an attempt to rehabilitate those who owe the money and sometimes continue with their business.
SAN FRANCISCO, CA–(Marketwired – Nov 30, 2017) – Twilio (NYSE: TWLO), the leading cloud communications platform company, today announced that National Debt Relief is replacing its legacy contact center technology and moving all its customer communications to Twilio. In just 90 days, National Debt Relief rolled out a contact center solution built on Twilio’s scalable, secure APIs that will serve 1,300 agents and employees across three service centers. The company aims to provide an unrivaled multi-channel customer experience for the thousands of customers every month who rely on National Debt to rid their lives of burdensome debt.
National Debt Relief’s customers are often in immediate need of support to get out of debt a…
Aristocrat Leisure has tapped three banks to take it back to the United States high yield loans market.
Street Talk understands Goldman Sachs, UBS and Citigroup are mandated to help Aristocrat Leisure raise $US890 million in the US Term Loan B market, with funds raised used to pay for mobile gaming business Big Fish. Goldman Sachs and UBS also advised on the M&A piece.
While Aristocrat Leisure announced the Big Fish acquisition on Thursday, confirming Street Talk’s earlier report, the gambling giant is expected to wait until next year before fronting US debt investors with the raising.
First Aristocrat boss Trevor Croker’s attention will be on turning sentiment towards both its new acquisition and the company’s full-year result, which…
MUMBAI: In a sign of support to Anil Ambani owned Reliance Communications (Rcom), lenders to the telecom operator have opposed China Development Banks insolvency filing to recover its $1.78 billion.
At a committee of creditors meeting on 29 November 2017, a majority of Reliance Communications lenders, foreign and Indian, aggregating 31, decided to oppose China Development Banks (CDB) insolvency petition against RCOM before the National Company Law Tribunal (NCLT), Mumbai, said the Ambani owned telco in a statement on Thursday.
The lenders also decided to appoint J Sagar Associates as their legal counsel to oppose the said CDB petition at the admission stage itself, the operator added.
Shares of Reliance Naval and Engineering lost over 5 percent intraday on Thursday as investors turned cautious on the stock on insolvency proceeding.
According to a report by CNBC-TV18, quoting Cogencis, IFCI has filed an insolvency case against the company in a bid to recover loans.
The fall in share price also spilled over to Reliance Infra, the parent firm of Reliance Naval. Shares there fell over a percent intraday.
The company was in the news recently news after reports stated that four domestic shipyard companies were in the fray to build six highspeed landing craft (HSLC) for the Indian Navy.
According to The Economic Times, the Indian Navy had called for request for information (RFI) from interested parties to su…
The well-known Australian handbag and accessories retailer Oroton has gone into voluntary administration.
Key points:
Oroton says no jobs in jeopardy at this stage
Company reported a loss of $14.2m for the 2016-17 financial year
Pumpkin Patch, Marcs, David Lawrence, Herringbone also went under in the past 18 months
In a statement to the Australian Securities Exchange (ASX), Oroton said its 62 stores in Australia, New Zealand and Malaysia would continue to trade as normal, while administrator, Deloitte Restructuring Services, tried to find a buyer.
A spokesperson for Oroton told the ABC no jobs at the company were in jeopardy at this stage, an…
MUMBAI: In what could set a judicial precedent against errant borrowers trying to game the system, the National Company Law Tribunal (NCLT) in a recent order has held that transfer of debt by a related party to a non-related party cannot lead to dilution of voting rights of the financial creditors while the insolvency resolution process is on.
The tribunal was hearing a matter in which state-run lender State Bank of India had challenged the assignment of debt in Fortune Pharma from related to the non-related party which led to dilution of its voting rights from 100% to 55%.
A related party cannot suddenly become a non-related party just because he washes his hands of and hands over the papers to other parties who have no valid reason…
