When AFR Weekend sat down to break bread with one of the country’s leading corporate undertakers, there was bound to be some discussion of the thousands of people he had sacked. Steve Sherman, who retired soon after our lunch, had been with insolvency firm Ferrier Hodgson for 31 years. He has lost count of the number of times he has walked into an insolvent company and said: “I am sorry you’re terminated.”
Sherman says the normal response to this statement is: “What does that mean?”
The response was always the same: “Well I need you to pack your desk. You’ll be escorted from the premises, we’re shutting the business, sorry.”
Sherman confesses that there is no more difficult task in his industry than terminating employe…
Read the full article at: http://www.afr.com/leadership/steve-sherman-harvester-of-doom-on-31-years-of-liquidating-20170507-gvzvph
NEW DELHI: The National Company Law Tribunal (NCLT) appointed an insolvency professional on Thursday for Jaypee Infratech, providing thousands of buyers in Jaypee projects two weeks to raise claims related to their flats or plots as part of a court-driven attempt to put in place a revival plan for the developer’s much-delayed housing schemes in a maximum 270 days. Sources told TOI the insolvency professional will invite claims either over the weekend or on Monday as the law requires that claims be invited in prescribed forms within three days of NCLT’s order.
Flat buyers, as well as banks which have given them home loans, along with other lenders, creditors, vendors and employees will get time till August 24 to make their clai…
Read the full article at: http://timesofindia.indiatimes.com/business/india-business/jaypee-infra-insolvency-case-home-buyers-can-raise-claims-till-aug-24/articleshow/60013164.cms
Radio listeners got quite the insight today when Prime Minister Malcolm Turnbull was grilled in an interview with Bianca, Terry and Bob on 97.3FM.
The Netflix company logo at Netflix headquarters in Los Gatos, California. Picture: AFP/Ryan Anson
OVER the past few years, Netflix has seemed pretty unstoppable.
With hit original series like House of Cards, Stranger Things, Orange is the New Black, Narcos, and more, the streaming giant has made their mark on the industry in a way that can only be described as revolutionary who could have guessed that the DVD delivery service would cement itself in the Zeitgeist so firmly?
Their Hollywood takeover has been truly unprecedented; with their move into original films, festival hits, and a slew o…
Read the full article at: http://www.news.com.au/entertainment/tv/is-netflix-in-debt-what-that-20-billion-really-means/news-story/1e5878306f458237230f62eea5d4b94b
Lexington, Ky.-based Lexmark has announced that it will slash 700 jobs about seven percent of its workforce as part of a global restructuring program.
The restructuring follows the sale of Lexmarks enterprise software business, including Perceptive, Kofax and ReadSoft to Thoma Bravo last May. Hyland Software, a subsidiary of Thoma Bravo, then bought Perceptive after the Lexmark deal was complete.
Lexmark CMO Jerry Grasso told the Lexington Herald Leader the restructuring will align company talent with our strategy to ensure future success.
There is no indication yet as to where the jobs will be cut. Lexmark officials did not immediately return CMSWire’s email request for commentary.
Class Action Suit Pending
Lexmark is also facing…
Read the full article at: http://www.cmswire.com/information-management/lexmark-to-slash-700-jobs-in-global-restructuring/
Federal Court proceedings for the ailing Channel Ten, which went into voluntary administration in June, are expected to continue on Friday.
Justice David O’Callaghan will deliver a judgment following a hearing in Melbourne in July in which administrator KordaMentha was granted a 120-day extension to its administration period.
That means creditors now have until November 20 to hold their second meeting and decide if it’s possible to recapitalise.
Also in July’s hearing, concerns were raised about a perceived conflict of interest on KordaMentha’s part.
KordaMentha lodged July’s proceedings in a bid to ameliorate such a perception given the company had earned nearly $1 million in fees from Channel Ten in the months before it was signed on …
Read the full article at: http://www.9news.com.au/national/2017/08/11/03/33/channel-ten-case-returns-to-federal-court
NEW DELHI: The National Company Law Tribunal has admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech.
The Allahabad bench of NCLT has admitted the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016, Jaypee Infratech said in a regulatory filing.
“Consequent upon withdrawal of objections filed by the company, NCLT, Allahabad Bench has on August 9 pronounced operating portion of its order admitting the petition of IDBI Bank Ltd filed under Section 7 of Insolvency and Bankruptcy Code 2016 and appointing Interim Resolution Professional,” it said.
Jaypee Infratech is into road and real estate sectors. It has constructed Yamuna Expressway, connecting Noida and Agra.
Ja…
Read the full article at: http://economictimes.indiatimes.com/news/company/corporate-trends/nclt-admits-insolvency-petition-of-idbi-against-jaypee-infratech/articleshow/60009075.cms
Federal Court proceedings for the ailing Channel Ten, which went into voluntary administration in June, are expected to continue on Friday.
Justice David O’Callaghan will deliver a judgment following a hearing in Melbourne in July in which administrator KordaMentha was granted a 120-day extension to its administration period.
That means creditors now have until November 20 to hold their second meeting and decide if it’s possible to recapitalise.
Also in July’s hearing, concerns were raised about a perceived conflict of interest on KordaMentha’s part.
KordaMentha lodged July’s proceedings in a bid to ameliorate such a perception given the company had earned nearl…
Read the full article at: https://thewest.com.au/news/crime/channel-ten-case-returns-to-federal-court-ng-s-1758525
NEW DELHI: Economic Affairs Secretary Subhash Chandra Garg today said the introduction in the Lok Sabha of the bill seeking to deal with insolvency of financial service providers is a significant step.
The Financial Resolution and Deposit Insurance Bill, 2017 was today introduced by Minister of State for Finance Arun Ram Meghwal.
Soon after, it was referred to the 30-member committee comprising members of both the Lok Sabha and the Rajya Sabha.
The committee is expected to submit its report during the next session.
“Financial Resolution and Deposit Insurance Bill, 2017 introduced in Lok Sabha today. A significant step to bring in financial firm resolution,” Garg said in a tweet.
The bill provides for establishment of a resolution corporatio…
Read the full article at: http://economictimes.indiatimes.com/news/economy/policy/introduction-of-bill-to-deal-with-insolvency-a-significant-step-economic-affairs-secretary/articleshow/60009064.cms