The outcome of the 24th COC meeting is summarized as herein below: 1.The COC agreed on a Monitoring Committee constituting three representatives as per the highest voting share of the COC members and an additional member of COC in the absence of any of the above three members. The same members were also identified as…
March 15 (Renewables Now) – Australian wave power specialist Carnegie Clean Energy (ASX:CCE) has entered into voluntary administration a few days after the Western Australia government cancelled a crucial financial assistance agreement. The company announced on Friday that Richard Tucker and John Bumbak of KordaMentha Restructuring were appointed as voluntary administrators. They are holding discussionswith…
Debt settlement is a rapidly growing industry in which companies advertise that they can eliminate consumer debt by negotiating reduced debt payoffs with a consumers creditors, usually for unsecured debt such as credit card debt and medical bills. Consumer debt settlement firms level the playing field for consumer borrowers seeking…
A solution to national debt could be achieved through quanitative easing, a way for new money to be injected into the economy, writes Ellen Brown. A HUGE CHANGE has quietly taken place in the halls of the U.S. money creation system. Quantitative easing (QE) has become the new norm. QE was supposed to be an…
Debt is a dominant force in many households and keeping it secret from children is not a good idea, according to money specialists. Discussions about debt can start before children begin school, says Rise High Financial Solutions director Marissa Schulze. Its never too early for parents to start teaching their kids about being debt sensible,…
KPMG has added leading insolvency specialist Ferrier Hodgson creating one of the largest turnaround teams in Australia. Big Four professional services firm KPMGhas finalised a deal with Sydney-headquartered corporate turnaround and insolvency management specialists Ferrier Hodgson after months of negotiation, with the talks first reported by the Australian financial Review last November. The deal includes…
Since its enactment in 2016, the Insolvency and Bankruptcy Code has been the crowning achievement of the NDA governments reform agenda. With the Finance Minister quoting recoveries of close to 3-lakh crore due to the IBC, there is little doubt that the IBC has helped dent the bad loan crisis in the country and has…
Liquidation involves finalising the financial affairs of an organisation, selling off the businesss assets to repay any debts, and dismantling the companys structure. Often confused with bankruptcy, liquidation is the only way to wind down operations and shut down an organisation in an orderly way. Liquidation commonly occurs if a company cant meet debt obligations…
The Australian arm of custom toy chain Build-A-Bear Workshop will close 10 of its stores by the end of the month after entering voluntary administration on Wednesday. Remaining stores will continue to trade as normal as the retailer considers its options moving forward. Build-A-Bear Australia chief executive Gavin Port said the business has been working…
Interserve could go into administration on Friday as the outsourcing group fights to win support for a restructuring plan before a crunch vote. Shareholders will give their verdict at an emergency meeting on Friday on a proposal put forward by banks and hedge funds, which have offered to forego 485m of the companys 631m debt…