Insolvency Guardian Media Centre
Dhirendra Tripathi
Moneycontrol News
The Allahabad bench of the National Company Law Tribunal on Wednesday accepted lender IDBI Banks plea and classified Jaypee Infratech as an insolvent company.
With this, the board of directors of the company remains suspended. The Tribunal will now appoint an insolvency resolution professional — an official from one of the seven accounting firms selected for this purpose. The professional will sit with Jaypees creditors to see if a resolution of the companys debt is possible.
The appointed official will get 270 days to turn around the company’s finances. In case the turnaround doesnt happen, the companys assets will be liquidated.
Jaiprakash Associates, the flagship company of the Manoj …
Read the full article at: http://www.moneycontrol.com/news/business/companies/nclt-classifies-jaypee-infra-as-insolvent-home-buyers-left-high-and-dry-2355801.html
On Wednesday, a Senate committee reported on the governments proposed changes to higher education.
Though more moderate than the 2014 version, the new higher education package represents groundhog day for the major political parties. The committee, chaired as it was by the Coalition, recommended passing the measures, stating that they will:
balance the Commonwealths need to recover student debts over time with the need of students to access a fair and high-quality system of higher education without facing high upfront fees.
However, the Labor members of the committee dissented. They strongly argued for the bill to be rejected, arguing that:
Australian students will have to pay more, for less, sooner.
Where…
Read the full article at: http://theconversation.com/fee-increases-still-on-the-table-after-senate-committee-reports-on-higher-education-changes-82217
Over the next months, Indias newly-constituted bankruptcy courts will decide the fate of 12 companies that account for over a quarter of Rs 8 lakh crore worth of bad loans choking the banking system.
If the bankruptcy moved by Indias banks are accepted, companies with investments in factories, furnaces, trucks, textile looms, heavy equipment, and land will be placed under the supervision of their creditors, and given six months to strike a deal on their debt, failing which these firms will be liquidated.
You have this new law thats never been tried before, said the chief executive of one of these 12 companies. Maybe, you want to first try it out on a smaller company to see if it works?
The outcome of these cases will determine if the new in…
Read the full article at: http://www.hindustantimes.com/india-news/npa-crisis-banking-on-a-new-law-for-answers/story-I90jpRe7FaSZL0I5Osq0iI.html
PEOPLE are still doing it tough in Rockhampton, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA).
AFSA describes a personal insolvency arrangement as a strategy to help people manage their debts to avoid bankruptcy.
During the second quarter of 2017 (March – June) for Rockhampton, the number of new debtors with non-business insolvencies rose by 3 to 68 and the number of business related insolvencies rose by 1 to 11.
This took the total number of new debtors to 79, a slight increase of 4 from the March 2017 quarter.
Unfortunately this number has been gradually rising over the years and is now at the highest recorded level since 2013.
When comparing total new debtors stati…
Read the full article at: https://www.themorningbulletin.com.au/news/grim-reading-highest-number-of-rocky-people-crushe/3210950/
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Two technicians adjust a robot at a high-tech enterprise in Chongqing. CHEN SHICHUANG / FOR CHINA DAILY |
Official rules out coercion but says troubled firms will be persuaded to consider the alternative option
China will stick to market-based principles while promoting debt-to-equity swaps to tackle debt problems of companies, an official of the nation’s top economic regulator said on Wednesday.
“The government will encourage debt-to-equity programs but won’t force companies and creditors to make swap deals,” said the official with the National Development and Reform Commission, who sought anonymity.
Debt-to-equity swaps will be key to lowering corporate debt levels, and are expected to gather pace in the future with improved …
Read the full article at: http://www.chinadaily.com.cn/business/2017-08/10/content_30400216.htm
The affable lefty golfer Phil Mickelson is a risk taker in golf.
Avid golfers can recall Mickelsons drive on the 13th hole at Augusta National in the final round of the 2010 Masters that settled on pine straw. Mickelson fired a 6-iron between two trees and the ball landed on the green, setting up a birdie that gave him his third green jacket.
Mickelsons risk-taking did not end in golf. He also bet on other sports and stocks.
In fact, the US government investigated Mickelson for alleged insider trading not long time ago. The government claimed that Tom Davis, a board member of Dean Foods Inc., a New York Stock Exchange-listed company, tipped off Billy Walters (who owed him some gambling debts) about an impending …
Read the full article at: http://business.inquirer.net/234778/mickelson-golfing-away-insider-trading
Tapit Media
Nearly two years after launching in Australia mobile CX company Geronimo, led by Amobee’s former MD Matt Hunt, has acquired Tapit Media; a global tech platform enabling Near Field Communications (NFC) for marketing.
Hunt says NFC technology is a major growth area in mobile marketing and the deal brings proprietary technology, data and IP to the Geronimo tech stack. It also sees founder of Tapit Jamie Conyngham join the Geronimo management team as the CEO of the Tapit business.
In June this year Tapit, which helps connect brands and digital content to consumers via their mobile devices, was placed into voluntary administration. A liquidation notice was listed on ASICS as recently as July 20, but Hunt says Tapits st…
Read the full article at: http://www.adnews.com.au/news/geronimo-leaps-to-tapit-media-s-rescue-snaps-up-nfc-firm
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Google
Google My Business is a free service that helps firms control how they appear in search results
A Manchester-based company that pretended it was linked to Google has been closed following an investigation by the UK’s Insolvency Service.
The agency said Movette had used “deceptive methods” to bill clients for the use of Google My Business – a free service provided by the US search firm.
Movette had been in business for two-and-a-half years before being wound up in the High Court.
It had received more than £500,00…
Read the full article at: http://www.bbc.com/news/technology-40878392
NEW YORK, Aug. 09, 2017 (GLOBE NEWSWIRE) — New York REIT, Inc. (NYSE:NYRT) (the “Company” or “NYRT”), which is liquidating and winding down pursuant to a plan of liquidation, announced today its financial results for the second quarter ended June 30, 2017.
Financial Results
Liquidation Basis of Accounting
As a result of NYRTs shareholder approval of the plan of liquidation on January 3, 2017, effective January 1, 2017, in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company began reporting its financial results on the liquidation basis of accounting. The liquidation basis of accounting requires, among other things, that management estimate net sales proceeds on an undiscounted basis as well as in…
Read the full article at: https://globenewswire.com/news-release/2017/08/09/1082780/0/en/New-York-REIT-Announces-Results-for-Second-Quarter-2017.html
As on 31 March, the consolidated debt of Jaypee Infratech was over Rs7,922 crore with a negative interest coverage ratio. Graphic: Ajay Negi/Mint
Mumbai: The Allahabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted insolvency proceedings against Jaypee Infratech Ltd, one of the 12 companies referred to the tribunal following the Reserve Bank of Indias (RBI) 13 June directive to banks, according to two people aware of the matter.
The NCLT bench accepted the petition moved by IDBI Bank, the leader of the consortium of lenders to the Jaypee Group company, and also approved the appointment of an interim resolution professional.
Jaypee Infratech has withdrawn all the objections with respect to its admission under the In…
Read the full article at: http://www.livemint.com/Industry/Gvahpx9QussMML0irW9OMP/NCLT-admits-IDBI-Banks-insolvency-plea-against-Jaypee-Infra.html
Hyderabad: In a setback for city-based infra player Lanco Infratech, that has been saddled with a humungous debt of around Rs 43,000 crore, the National Company Law Tribunal (NCLT) has given its nod for initiating insolvency and bankruptcy proceedings against the company.
Lanco Infratech on Wednesday informed the bourses that the NCLT, Hyderabad Bench, vide its order dated August 7, 2017, has initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), based on the application filed by its lender IDBI Bank Limited.
Savan Godiawala has been appointed as the interim resolution professional (IRP) with effect from August 7, 2017, under the provisions of IBC. As a resu…
Read the full article at: http://timesofindia.indiatimes.com/business/india-business/nclt-greenlights-bankruptcy-process-at-lanco-infratech/articleshow/59993760.cms
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The worlds largest generic drug maker, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), is looking to sell its Medis business branch in order to help cut debts.
After a poor second quarter results, which resulted in shares plummeting the past week, Teva is preparing to cut its debts down. Teva acquired Medis last year in a deal with Actavis.
“Teva is looking at every opportunity to focus our business and streamline operations, processes and structure,” Teva said in an emailed statement to Reuters. “As part of this process, a decision has been made to initiate the potential divestiture for our Medis business.
Bloomberg News said that Medis would be valued at anywhere from $500 million to $1 billion. It also…
Read the full article at: http://www.financialbuzz.com/teva-to-sell-medis-business-to-help-cut-debt-847338