The government continues with its reforms to insolvency and bankruptcy rules, with the latest change a higher threshold for statutory demands – taking effect next month. From July 1, the minimum amount at which creditors can issue a statutory demand to a company for a debt owed increases from A$2000 to $4000. The change follows…
The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Ltds (VIL) resolution plan. The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwals…
NEW DELHI: Creditors of debt-ridden Videocon Industries Ltd will be taking nearly 96 per cent haircut on their loans and the bidder is “paying almost nothing” for the company, NCLT has observed while approving Anil Agarwal’s Twin Star Technologies’ Rs 2,962.02 crore-bid under the insolvency resolution process.Videocon Industries and its 12 group companies had a…
A GAMBLING addict has been jailed for embezzling 223,000 from the law firm where he worked. Trainee paralegal Callum Scott, 23, was sentenced to 16 months after he admitted redirecting customer refunds, repayments or overpayments to his own bank account, to pay off mounting payday loans. 1 Callum Scott has been jailed for 16 monthsCredit:…
The process, known in German as Schutzschirmverfahren (SSV) literally translates to restructuring under protection of the insolvency laws. This method permits management to restructure the business in an efficient manner, thereby increasing productivity and flexibility in the production process. Reorganising in such a manner also allows for an increased stabilisation of the company, creating a…
The FTSE 100 index closed higher on Tuesday, with Associated British Foods PLC leading the sessions risers list and Antofagasta PLC the fallers. “The FTSE is edging higher, lifted by large dollar-earning companies such as Diageo, Unilever and British American Tobacco as the pound falls. However, gains in the index are being capped by delays…
Bellway’s Share Price Looks Well Supported House builder Bellway’s share price should be well underpinned by the expected delivery of growth over the medium term and a decent dividend payout, Canaccord Genuity says. Bellway has guided for a higher average selling price for fiscal 2021 and pretax profit consensus forecasts for the year are likely…
The fight for the crown jewel of the Australian gambling scene is heating up. Even more could jump into the fray. A bidding war for Crown Resorts CWN -0.57% has been brewing Down Under ever since an inquiry report, released by regulators in February, alleged that the casino operator has links with money laundering and…
Queenslands total debt will now be $122.7 billion in 2023-24 about $7 billion better off than initially forecast. Debt, at this stage, will top out at $127.4 billion by 2024-25, as the governments budgetary outlook improves courtesy of increased revenue from a recovering economy and a reduction in government expenditure. The economy has bounced back…
A debt consolidation loan can be an effective tool to help you pay off high-interest debt, but its not right for everyone. Make sure to weigh the pros and cons and consider alternative strategies. (iStock) A debt consolidation loan is a borrowing tool that allows you to combine existing unsecured debts into a single personal…