Insolvency Guardian Media Centre
NEW DELHI: The government is exploring ways of resolving a long-brewing real estate crisis that’s left home buyers in the lurch as developers have struggled to complete projects. With many of these delayed for up to five years and more, one of the proposals under consideration is raising money to finish stalled buildings by selling off the other assets of developers.
For instance, the National Company Law Tribunal (NCLT) recently admitted a plea by bankers to start insolvency proceedings against Jaypee Infratech for defaulting on debt. Thousands of buyers who’ve paid for Jaypee homes, many through loans, are unsure about what will become of their investments. More debt-laden realty companies could be pushed into bankruptcy, putting …
Read the full article at: http://economictimes.indiatimes.com/government-considering-selling-off-reality-developers-assets-to-finish-stalled-projects/articleshow/60065647.cms
A large construction firm has gone into liquidation with the loss of 102 jobs.
Contract Services (South Wales) Limited has traded in Port Talbot and Caerphilly for 21 years.
But it faced unexpected cash flow pressures earlier this year and has now ceased trading.
Business rescue and recovery specialists Begbies Traynor are now taking the firm through the process of liquidation.
The company stopped trading on August 11 and is set to enter voluntary liquidation on August 22. It had been running since 1996.
In 2014, the firm recorded unprecedented growth for the first half of the year , after signing several new contracts.
At the time, it was put down to a return of confidence in the construction sector which was hit hard during the economi…
Read the full article at: http://www.walesonline.co.uk/business/business-news/more-100-jobs-lost-large-13476255
By Andrew Housser
For most of the United States, August is the month when students and parents prepare to go back to school. With Aug. 17 designated as Get Smart About Credit Day, this month is a good time for learners of all ages to hone their credit and debt knowledge. This quiz can help you identify areas that are ripe for some homework.
What is the most important factor in your credit score?
A. How many credit cards you have
B.How many times you have moved
C. Whether or not you are married
D. Whether or not you pay bills on time
E. The total amount of your debt
Answer: d. Total debt and number of credit accounts do factor into credit scores. But the single biggest factor accounting for 35 percent of scores is whether you pay bills on t…
Read the full article at: http://www.wrex.com/story/36095738/back-to-school-means-getting-smart-about-credit-and-debt
Nobody likes to declare bankruptcy or state that he/she is unable to pay off a debt. Unfortunately, in a time when investment is becoming more and more important to make for a secure future, a lot of Americans have ended up getting themselves indebted beyond usual repair. This is what gave rise to Accredited Debt Relief services; the premier services you need to help with your financial standing and decisions related to your loans.
What do these services do?
Basically, the representatives of these organizations you become clients of become the official faces of your case to the financial institution you loaned an amount from. They will work out a debt repayment plan for you which will go in your favor, and display diplomacy enough to co…
Read the full article at: http://www.tgdaily.com/business/how-accredited-debt-relief-is-helping-americans
Thousands of home owners in beleaguered real estate developments owned by Jaypee Infratech and Amrapali Group are running out of options as both head for National Company Law Tribunal (NCLT).
While senior officials in the finance ministry said the government is working on ways to provide relief to home buyers, consumer rights and real estate experts believe homeowners would not be able to do much if these companies are declared insolvent.
NCLT has admitted the insolvency petition filed by IDBI Bank against the debt-ridden Jaypee Infratech and it has allowed Bank of Baroda’s plea against Amrapali Group. Home buyers in the projects of both these firms are demanding that their mon…
Read the full article at: http://www.business-standard.com/article/companies/as-developers-head-to-bankruptcy-body-homebuyers-left-in-lurch-117081402018_1.html
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Contract Services has blamed ‘unexpected cash flow’ problems
A south Wales building and maintenance firm has called in liquidators with the loss of 102 jobs.
Contract Services (South Wales) Ltd has operated from Port Talbot and Caerphilly for the last 21 years.
It ceased trading on 11 August, and called in business recovery firm Begbies Traynor to start the process of liquidation.
The company has blamed what has been described as “unexpected cash flow pressures earlier this year”.
Huw Powell, from the liquidator…
Read the full article at: http://www.bbc.com/news/uk-wales-south-east-wales-40930209
A top unsecured creditor of bankrupt Dynamic International Airways LLC is attempting to force the High Point charter airline into liquidating its assets.
The bare-bones filing in U.S. Bankruptcy Court for the Middle District of N.C. came about seven weeks after Dynamic lost a legal fight in U.S. District Court for the Middle District.
Since declaring bankruptcy, the airline has continued normal operations through funding from a credit facility.
PMC Aviation LLC of Greensboro is owed $1.19 million, representing an arbitration judgment reached in April that Dynamic disputes. Dynamic says i…
Read the full article at: http://www.journalnow.com/business/business_news/local/creditor-trying-to-force-dynamic-airline-into-liquidation/article_a6dbe84e-7855-5c2f-829d-f585f1d1faf9.html
NEW DELHI: The government is exploring if it was legally tenable to sell other assets of debt-ridden Jaypee Infratech to raise money to complete pending housing projects of the company, a top finance ministry official said today.
Hundreds of home buyers had been left in lurch after the National Company Law Tribunal (NCLT) admitted bankers’ plea for initiating insolvency proceedings against the realty company for defaulting on a Rs 526-crore loan.
“The government is looking at ways to provide relief to Jaypee Infratech home buyers,” the official said.
“We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects.”
He…
Read the full article at: http://economictimes.indiatimes.com/wealth/real-estate/government-weighs-jaypee-assets-sale-to-complete-stuck-housing-projects/articleshow/60061442.cms
Anubhav SahuMoneycontrol research
The earnings report from Tata Global Beverage revealed a continuation of improving profitability of its Indian operations and restructuring of the international businesses. Despite GST, the company witnessed growth supported by volumes.
In our view, Tata Globals latest initiatives on restructuring are directionally positive steps. We believe that the latest developments have the potential to unlock value for the shareholders.
Q1 results aided by better performance of branded business
At the consolidated level, the company posted sales de-growth of -2 percent, wherein underlying constant currency growth was at 1 percent driven by improved performance of its Indian operations. Branded business…
Read the full article at: http://www.moneycontrol.com/news/business/earnings-business/tata-globals-restructuring-initiatives-could-unlock-value-for-investors-2360015.html
Cathay Pacific Airways could face further pressure for another round of cost-cutting in the face of an estimated HK$1.2 billion in losses for the first six months of this year one of the worst results in its operating history, according to analysts.
The figure was compared to a HK$353 million profit in the same period last year, and a HK$575 million full-year loss previously, with the latest financial results of Hong Kongs ailing flagship carrier due on Wednesday.
The company had earlier trimmed 600 jobs as part of a three-year business restructuring aimed at saving HK$4 billion over the period.
The major problems facing new Cathay Pacific boss Rupert Hogg after management reshuffle
High on CEO Rupert Hoggs turnaround agen…
Read the full article at: http://www.scmp.com/news/hong-kong/economy/article/2106720/cathay-may-be-pressed-cut-more-costs-estimated-hk12-billion
An accused killer says a “dirty rat” falsely dobbed him in to police – “dragging him through hell” – as he denies murdering his mate.
Christopher John Lavery, 31, on Monday entered the witness box at the Supreme Court of Victoria where he is standing trial for the murder of 24-year-old cannabis dealer James Russouw.
The victim was found with a long knife in his neck, and his body and car on fire beside a suburban sports oval in 2008.
Lavery said “witness A”, who cannot be identified for legal reasons, is a “dirty rat for lying”.
“I don’t like that he lied and put me through this situation. He’s dragged me through hell,” L…
Read the full article at: https://au.news.yahoo.com/vic/a/36705361/accused-vic-murder-to-speak-in-witness-box/
Rail freight operator Aurizon has announced the closure of its Forrestfield terminal by the end of the year, as part of a national restructure that will result in the loss of 250 jobs.
Brisbane-based Aurizon said today it would close all of its intermodal operations outside Queensland.
In addition, it has agreed to sell its Queensland intermodal business to a consortium of Linfox and Pacific National, while its Acacia Ridge terminal in Brisbane will be sold to Pacific National.
The total payment for both assets is $220 million.
Intermodal is a containerised rail and road freight haulage business for retailers, wholesalers and freight forwarders.
The non-Queensland business includes the Brisbane to Melbourne and Sydney to Perth routes, termina…
Read the full article at: https://www.businessnews.com.au/article/Aurizon-to-close-Forrestfield-terminal