Bankruptcy – Loro Dinapoli http://lorodinapoli.org/ Sat, 17 Jul 2021 08:23:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 http://lorodinapoli.org/wp-content/uploads/2021/07/icon-2021-07-06T154208.998-150x150.png Bankruptcy – Loro Dinapoli http://lorodinapoli.org/ 32 32 California Pizza Kitchen Comes to Airports Abroad | International franchise http://lorodinapoli.org/california-pizza-kitchen-comes-to-airports-abroad-international-franchise/ http://lorodinapoli.org/california-pizza-kitchen-comes-to-airports-abroad-international-franchise/#respond Thu, 24 Jun 2021 02:16:33 +0000 http://lorodinapoli.org/california-pizza-kitchen-comes-to-airports-abroad-international-franchise/ With its emergence of Chapter 11 bankruptcy protection and $ 220 million less debt, California Pizza Kitchen is turning its focus on growth to expand the international footprint of franchises. About 46 of its 150+ restaurants are in seven countries outside of the United States, but so far the brand has not had a strategic […]]]>






With its emergence of Chapter 11 bankruptcy protection and $ 220 million less debt, California Pizza Kitchen is turning its focus on growth to expand the international footprint of franchises. About 46 of its 150+ restaurants are in seven countries outside of the United States, but so far the brand has not had a strategic plan to grow through the franchise.

“I am truly CPK’s first international employee,” said Giorgio Minardi, who was hired in late 2019 as executive vice president of global development and franchise operations. Drawing on his contacts at the Telepizza group based in Madrid, Spain, where he led his international franchise business, and his role as international president at Dunkin ‘Brands, Minardi said he has since built a team to support an expansion calculated abroad.

“Franchising is all I’ve done in my last 30 years,” he explained, often with “intensive growth” of 200 to 300 restaurants per year. “But opening a Dunkin ‘is a lot different than opening a California Pizza Kitchen. Opening a CPK is like opening 20 Dunkins.

This more demanding development process, which requires the training of a chef and chef at each site to run CPK’s menu from scratch, means its rate of growth is slower and, Minardi noted. , is one of the reasons why it has largely chosen to develop through the company’s units. so far. When Jim Hyatt was hired as CEO in 2018, bringing with him franchise experience as managing director of Church’s Chicken and Ruby Tuesday, management looked at alternatives to expanding the business.

“Franchising is now one of our main goals,” said Minardi, and internationally that includes opportunities at airports, environments in which, at least at a national level, CPK is performing “extremely well”.

“These are captive markets,” Minardi continued of CPK’s affinity for airports, where it has 12 restaurants in the United States and where its fresh and healthy brand position resonates with travelers.






Adriana-Echandi-200px.jpg

Adriana Echandi is CEO of Morpho Travel Retail, the franchisee that brings CPK to two airports in Latin America.


California Pizza Kitchen will find out if this same appeal exists among travelers to Latin America when it opens its very first international airport restaurants at Comodoro Arturo Merino Benítez International Airport in Santiago, Chile, and Juan Santamaría International Airport. from San José, Costa Rica. later this year after signing an agreement with Morpho Travel Retail. The Costa Rican-based specialty retailer is a subsidiary of Grupo Britt, which debuted in the coffee business in 1985 and today produces gourmet coffee, chocolate and specialty gift items. Morpho Travel Retail, meanwhile, has more than 175 stores in 11 countries, as well as a food and beverage division that operates the Brioche Dorée, Imperial Bar and Britt Café-Bakery concepts.

“We immediately fell in love,” Minardi said, in large part thanks to Morpho’s knowledge during the RFP process with local airport authorities. “It’s not an easy thing and you really need to have a winning team that has that experience.”

Leading the Morpho team is CEO Adriana Echandi, who helped set up the retail stores division for Grupo Britt and said CPK delivers the “perfect menu and innovation in dining” for adapt to different airports in Latin America.

“Our experience has shown us that passengers today consider their gastronomic experience to be a key point of their trip. Travelers value and expect high-quality, trendy food every step of the way, and airports are no exception, ”said Echandi. CPK aligns itself with the desires of travelers “especially since the concept is not available in their place of origin”.

Morpho Travel Retail is experienced in managing high volume operations with over 20 years of experience in managing stores and restaurants in airports and hotels, she noted, with teams of purchase, training, quality and operation established. The buying group, in particular, is crucial given the global supply chain issues brought on by the coronavirus pandemic and the inherent complexity of CPK’s menu.






Giorgio-Minardi-200px.jpg

Giorgio Minardi


“One of the biggest challenges is ensuring the quality and flavor of the products, especially in this case where we are talking about Californian cuisine which has very specific raw materials,” Echandi said. She also noted the cultural challenge that comes with training kitchen staff on new recipes.

Morpho could open additional CPKs at other airports in Latin America, but given the travel industry’s ongoing struggles during the pandemic, Echandi said any further expansion largely depends on increased flow. of passengers. Chile and Costa Rica both started allowing international travelers in November, with COVID-19 tests and quarantine restrictions, but the number of passengers at airports remains sharply down.

As airport authorities around the world continue to grapple with operational disruptions linked to the pandemic and the resulting vacant restaurant spaces, Minardi said he expects more opportunities to open up. for CPK. The company closely monitors the various regulations, which affects the planning process.

“All over the world, every government and every city official has approached COVID differently, and it’s a problem for us as operators,” he said. “In Hong Kong, let’s say if they have an increase of 50 or 60 cases, they close,” while other markets are more nuanced.

CPK was able to open restaurants at Evia Mall in Manila, Philippines, and Daegu Mall in Daegu, South Korea, last year, bringing the number of units in those countries to five and seven, respectively. He is also about to open a site in India.

CPK, which filed for Chapter 11 bankruptcy in late July citing liquidity issues and the impacts of the pandemic, completed its financial restructuring in November in a deal that included a debt-to-equity in which former creditors, led by Crescent Capital Group, own substantially all of the operations. The reorganization eliminated more than $ 220 million in debt; the deal also included nearly $ 49 million in new funding to support ongoing operations.

“We’re a lot thinner and lighter now,” said Minardi, “and a lot more confident than we were eight months ago when things were a lot darker.

“We are healthy and ready for a new journey. “

]]>
http://lorodinapoli.org/california-pizza-kitchen-comes-to-airports-abroad-international-franchise/feed/ 0
SsangYong Motor, in financial difficulty, to launch its first EV in Europe http://lorodinapoli.org/ssangyong-motor-in-financial-difficulty-to-launch-its-first-ev-in-europe/ http://lorodinapoli.org/ssangyong-motor-in-financial-difficulty-to-launch-its-first-ev-in-europe/#respond Thu, 24 Jun 2021 02:16:33 +0000 http://lorodinapoli.org/ssangyong-motor-in-financial-difficulty-to-launch-its-first-ev-in-europe/ SsangYong Motor Co.’s first electric vehicle, the Korando Emotion SUV, can be seen in this photo provided by the automaker on Tuesday. (SsangYong Motor Co.) Struggling financially, SsangYong Motor Co. announced on Tuesday that it will launch its first electric vehicle (EV) in Europe later this year as it seeks to speed up its sales […]]]>

SsangYong Motor Co.’s first electric vehicle, the Korando Emotion SUV, can be seen in this photo provided by the automaker on Tuesday. (SsangYong Motor Co.)

Struggling financially, SsangYong Motor Co. announced on Tuesday that it will launch its first electric vehicle (EV) in Europe later this year as it seeks to speed up its sales process and survive in a changing business environment.

SsangYong said they named the EV variant of the Korando EV Korando Emotion and started domestic production to target the European market first in October.

SsangYong said it is also developing an all-electric SUV with the aim of launching it next year to join the EV transition of the global auto industry.

The automaker said it will realign its structure to develop competitive models that are environmentally friendly to allay concerns about its viability and catch up with the latest industry trends.

“We will boost the development of the new electric vehicle to release it sooner than expected,” court-appointed director Chung Yong-won said in a statement. “We are expanding our ecological range and developing a new business model to become more competitive.”

The SUV-focused automaker has faced declining sales at home and abroad due to a lack of new models and the move by Indian parent company Mahindra & Mahindra Ltd. not to inject new capital into the Korean unit.

SsangYong has been in receivership since April as Mahindra failed to attract an investor amid the protracted pandemic and worsening financial situation.

On Monday, SsangYong said half of SsangYong Motor Co.’s employees will take two-year unpaid leave starting next month as part of self-help measures to speed up its sales process.

The company also plans to sell other assets to raise funds and not to hire new employees for the next five years to streamline its structure, while the union has pledged not to organize a strike for years to come. come.

Under receivership, SsangYong’s survival depends on whether or not a new investor is present after debt settlement and other restructuring efforts.

This is the second time that SsangYong has been placed in receivership after going through the same process ten years ago.

Judicial receivership is one step away from bankruptcy in the South Korean legal system. In the event of receivership, the court will decide if and how to relaunch the company. (Yonhap)

]]>
http://lorodinapoli.org/ssangyong-motor-in-financial-difficulty-to-launch-its-first-ev-in-europe/feed/ 0
Norwegian Promotes CFO Geir Karlsen To CEO http://lorodinapoli.org/norwegian-promotes-cfo-geir-karlsen-to-ceo/ http://lorodinapoli.org/norwegian-promotes-cfo-geir-karlsen-to-ceo/#respond Thu, 24 Jun 2021 02:16:32 +0000 http://lorodinapoli.org/norwegian-promotes-cfo-geir-karlsen-to-ceo/ The new Norwegian will not only have a different appearance in terms of operating model and fleet size, it will also have new leadership. After having been temporarily CEO for six months previously, current CFO Geir Karlsen has been promoted to this position on a permanent basis, with immediate effect. Outgoing CEO Jacob Schram will […]]]>

The new Norwegian will not only have a different appearance in terms of operating model and fleet size, it will also have new leadership. After having been temporarily CEO for six months previously, current CFO Geir Karlsen has been promoted to this position on a permanent basis, with immediate effect. Outgoing CEO Jacob Schram will continue to support the airline during his notice period.

Norwegian has a new CEO to carry it out. Photo: Norwegian

A new CEO for the new Norwegian

Just a month after Norwegian left bankruptcy protection, its CEO was removed from his post. After just 18 months in office, Jacob Schram will no longer run the airline and will be replaced by current CFO Geir Karlsen.

Karlsen has only been part of Norwegian as CFO since April 2018. When founder and former CEO Bjorn Kjos resigned in July 2019, Karlsen took on the role of interim CEO until Jacob Schram was appointed. Now, after leading Norwegian in its restructuring, the board of directors voted yesterday to make Karlsen the airline’s permanent CEO.

Svein Harald Øygard, chairman of the board of Norwegian, released a statement regarding Karlsen’s appointment, which reads:

“I am pleased to announce that Geir Karlsen, at the request of the Board of Directors, has accepted the position of CEO of Norwegian. Karlsen has successfully led Norwegian’s financial reconstruction and has the skills, focus, confidence and dedication that make him the best choice as CEO of Norwegian.

“As travel bans are about to be lifted, Norwegian stands ready to offer thousands of flights to our customers in the Nordic countries and abroad. At the same time, further efforts will be made to strengthen Norwegian’s position as a low-cost airline and to bring the company back to sustainable profitability. Geir is the perfect CEO to lead these efforts.

Geir Karlsen Norwegian
Geir Karlsen has been CFO for over three years and Interim CEO for six months. Photo: Norwegian

It’s only been a month since Norwegian emerged from bankruptcy protection, armed with more than $ 700 million in new capital. Since January, the airline has been striving to return to its short-haul operating model, abandoning the transatlantic market in favor of intra-European efforts instead.

But that doesn’t mean the airline’s ambitions have been completely curtailed. Although it comes out of bankruptcy protection smaller and with less orders in place, it still plans to increase its operations to 70 planes in 2022. Karlsen is seen as the ideal leader to guide the airline through its reboot.

Stay informed: Register now for our daily and weekly aviation news summaries.

The appointment of the new CEO is to take effect immediately from today June 21st. Jacob Schram will remain in the background of the airline, however, as his contract says he is entitled to nine months’ notice.

During this time, he will support the board full time, until March 31st, 2022. He will receive his full salary for the period, as well as a 15-month severance package, which Norwegian’s board of directors was not entirely satisfied with. The board said today that it had attempted to reduce severance pay to a level reflecting the current challenges facing the industry, but that it was unsuccessful.

Norwegian plans to increase its fleet from 50 to 70 aircraft by the end of 2022. Photo: Norwegian Air

Karlsen responded to the news of his appointment, commenting,

“I appreciate the confidence placed by the Board of Directors and am delighted to accept the opportunity to serve Norwegian in a new role of CEO. Going forward, our main priorities will be to increase the profitability of our low-cost operations and to attract new and existing customers in all key markets.

“Norwegian is well positioned following the recent corporate rebuild, with a strong brand, proven products and services, and most importantly a team of highly experienced colleagues ready to fight for every customer. “

With Karlsen rising to the top job in the airline, that leaves a vacancy for a CFO at Norwegian. The airline’s board of directors says the search for his replacement will begin immediately.

]]>
http://lorodinapoli.org/norwegian-promotes-cfo-geir-karlsen-to-ceo/feed/ 0
Outlook | Damage protests demonstrate bankruptcy of Georgian politics http://lorodinapoli.org/outlook-damage-protests-demonstrate-bankruptcy-of-georgian-politics/ http://lorodinapoli.org/outlook-damage-protests-demonstrate-bankruptcy-of-georgian-politics/#respond Thu, 24 Jun 2021 02:16:32 +0000 http://lorodinapoli.org/outlook-damage-protests-demonstrate-bankruptcy-of-georgian-politics/ This year, Georgia’s Independence Day, May 26, saw two competing visions of what “independence” means for the country. The mainstream media discussed the foreign messages of congratulations, the broadcast of flyovers of fighter jets and the usual festivities. But on the Square of the First Republic in Tbilisi, the charismatic son of a village priest, […]]]>

This year, Georgia’s Independence Day, May 26, saw two competing visions of what “independence” means for the country. The mainstream media discussed the foreign messages of congratulations, the broadcast of flyovers of fighter jets and the usual festivities.

But on the Square of the First Republic in Tbilisi, the charismatic son of a village priest, Varlam Goletiani, offered a different vision. Thousands of supporters of his Rioni Valley Defenders movement gathered there, in what may be the biggest protest to date against a multinational that received overly favorable terms from the Georgian government. Goletiani called on his supporters “to say that this country belongs to us, to finally feel the value of real freedom and independence”.

Defenders of the Rioni Valley had arrived in Tbilisi four days earlier and were camping in tents in the square. They came from western Georgia, the center of the months-old movement, where Turkish construction company ENKA tried, against the will of locals, to build an $ 800 million building, 433 MW hydroelectric cascade in the village of Namakhvani. Locals are overwhelmingly opposed to the two roadblocks and, despite their lack of political party affiliation, have managed to organize a number of rallies that rival anything the Georgian opposition has recently staged in the capital, but with a fraction of media coverage – especially positive coverage. They came to Tbilisi to raise the visibility of the issue nationwide, but found its leaders very unwelcoming.

Tbilisi’s media and political elites, both government and opposition, despise the movement. Its leaders are from the valley and the protesters include many rural women whose long skirts, long sleeves and crosses stand out in the urban city of Tbilisi. One of the reasons for their success so far is that they speak clearly and clearly, not in the NGOs-ese of the political class in the capital. Their request is simple: our land is not for sale.

In a political spectrum where all parties are just different shades of free market fundamentalism, it is impossible to accept such blatant disrespect for a contract. Although the ruling Georgian Dream party and the opposition have fought bitterly over the past decade, their battles are not ideological. Each shares a commitment to the sanctity of private property above all else.

While opposition protests generally receive favorable coverage from Georgian non-state media, government-affiliated and opposition media are now united against Rioni defenders, with their respective smear campaigns complementing each other. each other.

The pro-government media associated the protesters with far-right and cultural proto-fascists, and accused them of being supported by Russia – the ultimate insult in Georgia. Irakli Kobakhidze, chairman of the ruling Georgian Dream party, said he intended to investigate the sources of funding for defenders in the Rioni Valley. Much of the money actually comes from migrant workers working overseas, which Kobakhidze says is suspect. He does not seem to know that this is how millions of Georgian families have been fed and clothed while the Georgian government and private sector have failed to build a viable economy since independence.

Opposition media have also been thwarted in their efforts to portray the protests as part of a culture war pitting progressive pro-Westerners against ignorant Russophiles. The protests in Tbilisi drew a diverse group of feminists, progressive liberals, leftists and gay activists who stood alongside defenders of the Rioni Valley, united in their opposition to economic and ecological exploitation.

LGBT rights are frequently used as a marker of this so-called culture war. In an illustrative episode this week, liberal magazine Tabula urged Goletiani to his position on LGBT issues. The relevance of this was unclear in his efforts to save his home, and opposition politicians are rarely pressed on similar issues despite their often backward views on gay rights. Goletiani nevertheless dodged the trap and replied that everyone was welcome to the protests.

The movement was put to the test on the first day of the protests when a popular The far-right father-son duo participating in the protests assaulted other protesters wearing rainbows indicating their support for LGBT rights. The attack was widely reported and widely condemned and once again the leaders of the movement were obliged to address the LGBT issue. Organizers responded by asking everyone to come to the protests without any symbol other than Georgian flags, and one of the leaders of the defenders, Maka Suladze, announced that she would put aside the cross she was carrying, explaining that ‘after all, Tbilisi is a multi-religious city and the most important thing is to save the Rioni Valley. She also criticized the far-right father and son for distorting the true essence of Christianity. His simple moral stance won the protesters even more support.

While much of the talk of the protests on social media focused on these cultural war issues and the skillful response of defenders, the mainstream media tried to distort the economic and environmental issues at stake.

The government presented the need for the dam – believed to be the largest built in post-Soviet Georgia – primarily as a matter of “energy independence”. Opponents of defenders describe them as unreasonably opposed to any development. The leader of the Lelo party, banker Mamuka Khazaradze, said: “When the ‘build’ rallies are more important than the ‘no build’ rallies, then the country will start to revive.”

Defenders of the Rioni Valley, via Facebook
Defenders of the Rioni Valley, via Facebook

Defenders of the Rioni Valley are the first major mass movement in Georgia to fight not only to protect the environment, but also to question the economic logic of development, challenging the government’s authority to lease land to individuals. foreign investors and opposing the terms of the contract. The government had tried to keep the agreement and assessments with ENKA secret. But the day before the rallies began, the independent media outlet Mtis Ambebi, the only publication in the country to systematically provide quality reports on Namakhvani, published a leaked report from the Department of Justice. This confirmed what many opponents of the dam have argued: that most of the obligations of the contract apply to the government, and that the company enjoys almost complete protection and little liability. The contract even allows the company to be indemnified in the event of protests and disruptions.

These types of one-sided and confidential contracts are not unusual in Georgia; another is with the American energy company Frontera. Unusual is an effort to question the good they bring to average Georgians. In Tbilisi, Goletiani said his movement wants people to be included in decision-making, in building a State respectful of men and the earth. Besides the cancellation of the current ENKA contract and all associated legal procedures, his movement unveiled a new demand: a moratorium on all current energy projects and the creation of a new national energy plan with public participation.

The government and the opposition, meanwhile, cling to their version of “independence,” which generally refers to political independence from Russia, which at the same time is falsely associated with Russia. socialism in public discourse – in other words, the opposite of the buzzword. just libertarianism. This political class is eager to sell Georgian lands or let foreign investors exploit them while demanding little in return, all in the name of “attracting investment” and securing high marks in the facility’s global rankings. to do business. This is the same reason Georgia has no minimum wage, a business-friendly tax regime, weak labor laws, and a weaker social safety net. Despite the fact that these abusive investments have produced little development in the true sense of the word, the authorities continue to be more concerned with the deterioration of the investment climate than with the degradation of the environment. It is therefore unlikely that they will go back on a contract of this magnitude.

After Independence Day, the defenders of the Rioni Valley returned to their valley. They were greeted in Kutaisi, the largest city in the region, by masses of people honking their horns and waving their flags to welcome them. The police, meanwhile, had erected iron fences in Rioni to restrict the ability of protesters to disrupt construction and even cut off access to some of the defenders’ homes. Protesters spent the rest of the night banging on the fence in an attempt to remove the fence.

Defenders of the Rioni Valley, via Facebook

But Their stay in the capital was short and icy, the defenders’ vision for Georgia captured the imaginations of many Tbilisians, questioning the way people view foreign investment and the way decisions are made in Georgia. They drew attention to the idea that some things should not be in private hands for private profit when the public pays the price. Even if they fail to prevent the dam from being built, they are changing Georgians’ ideas about what they should agree to from their leaders.

]]>
http://lorodinapoli.org/outlook-damage-protests-demonstrate-bankruptcy-of-georgian-politics/feed/ 0
Traveling / moving abroad in the event of bankruptcy http://lorodinapoli.org/traveling-moving-abroad-in-the-event-of-bankruptcy/ http://lorodinapoli.org/traveling-moving-abroad-in-the-event-of-bankruptcy/#respond Thu, 24 Jun 2021 02:16:32 +0000 http://lorodinapoli.org/traveling-moving-abroad-in-the-event-of-bankruptcy/ In Moltoni v Macks as Moltoni Bankruptcy Trustee (# 2) [1] the Federal Court of Australia has considered a bankrupt’s request for review of the Bankruptcy Trustee’s decision not to allow him to leave Australia and live in the UK. While there have been doubts about the bankrupt’s assistance with the trustee’s investigations, this decision […]]]>

In Moltoni v Macks as Moltoni Bankruptcy Trustee (# 2) [1] the Federal Court of Australia has considered a bankrupt’s request for review of the Bankruptcy Trustee’s decision not to allow him to leave Australia and live in the UK. While there have been doubts about the bankrupt’s assistance with the trustee’s investigations, this decision explored other factors and underscores that the power to refuse to travel to a bankrupt is not punitive.

ContextI

n 2006, Maruti Holdings Pty Limited (Maruti) paid US $ 21 million to a British Virgin Islands company, Sinclair Strategies Ltd (Sinclair).

Mr. Moltoni became a director of Sinclair in 2013.

In September 2017, the Australian Taxation Office (ATO) issued an amended assessment to Mr. Moltoni on the grounds that the payment of US $ 21 million to Sinclair was in fact made in exchange for Mr. Moltoni’s advisory services provided to Maruti and was treated by ATO as income of Mr. Moltoni.

In November 2017, after Mr Moltoni returned to Australia for his daughter’s wedding, the ATO issued a departure ban preventing him from leaving Australia. This ordinance remained in force. The ATO then allowed Mr Moltoni to return to the UK on the condition that he return by March 2018.

Mr. Moltoni returned to Australia in March 2018 and, following the modified ATO valuation, declared bankruptcy in October 2018. ATO accounts for over 99% of the creditors’ value in bankruptcy.

Mr Moltoni wanted to return to the UK to live with his wife. In February 2020, the Trustee did not allow Mr. Moltoni to leave Australia and reside in the UK because he believed:

  • Mr. Moltoni was unlikely to return to Australia; and
  • this would hamper the administration of his estate.

The administrator estimated that Mr. Moltoni would have to stay in Australia for at least another 6 months while investigations continued and before the administrator was able to complete a review.

Consequently, Mr. Moltoni asked the Court to review the trustee’s decision.

Publish

When considering Mr. Moltoni’s candidacy, the following questions had to be answered:

    1. Was the reason for travel and relocation to UK real?
    2. Was he likely to return to Australia?
    3. Would his move interfere with the administration of his estate?
    4. Has Mr. Moltoni complied with his obligations under the Bankruptcy Act 1966 (Cth) (Act)?

Underlying principles

There was no dispute between the parties regarding the relevant principles to be considered, including:

  • a resident of Australia can travel freely even if they are bankrupt“;[2]
  • “[restrictions to travel]…should be seen as aimed at ensuring the proper administration of bankruptcy laws and bankrupt assets under those laws and not as a sanction imposed on a citizen for his inability to pay his debts….“;[3]
  • “[these type of matters]… Should always be treated as of fundamental importance, requiring careful consideration of all relevant circumstances“;[4]
  • “….the trustee’s decision does not need to be erroneous, unreasonable, absurd or in bad faith for the court to exercise its discretion ”;[5] and
  • the law does not prohibit the bankrupt from residing abroad and … from live abroad permanently“.[6]

Considerations

The authenticity of the trip

His Honor considered that Mr. Moltoni’s intention was real on the grounds that:

  • his home was in the UK and the main reason for his trip to the UK was to find his wife;
  • Mr Moltoni’s wife was unable to relocate to Australia due to family commitments (caring for her elderly parents) and professional commitments; and
  • Mr Moltoni also said he was unable to practice his profession as a tax accountant in Australia, but would be able to get a job in the UK.

Likelihood of returning to Australia

His Honor took into account the trustee’s argument that Mr. Moltoni was not accommodating with regard to his obligations under the Act.

Mr. Moltoni argued that:

  • previously he had complied with ATO conditions allowing him to travel to the UK and return to Australia by March 2018;
  • he and his wife have close family ties with Australia;
  • he and his wife would provide engagements; and
  • he would take all the relevant measures to help the trustee in the proper administration of his estate.

The Court accepted Mr. Moltoni’s thesis and found it likely that Mr. Moltoni would return to Australia when necessary. However, Mr Moltoni and his wife had to make commitments, including a mortgage on his wife’s property in Australia securing around $ 500,000.

Mr. Moltoni’s compliance and whether the administration would be hampered

The trustee argued that Mr. Moltoni would interfere with the administration of his estate because, among other things, he was evasive in helping the trustee obtain documents relating to his overseas companies.

After reviewing the evidence, the Court recognized that there were numerous issues surrounding Mr. Moltoni’s financial transactions which the Trustee had to investigate further and expressed doubts that Mr. Moltoni had in fact fulfilled all its obligations. The Court was not particularly convinced that Mr. Moltoni denies any knowledge or involvement in the matters under investigation.

Decision

Despite some doubts as to whether Mr Moltoni had so far fully assisted the attorney’s investigations, the Court found it unreasonable to prevent Mr Moltoni from traveling to and residing in the UK. provided that it is subject to all the necessary commitments and restrictions. .

Key points to remember

The Court has a broad discretion in determining whether it is in the interests of justice and equity to deny a bankrupt permission to travel abroad.

This is a reminder that the underlying principles for preventing a bankrupt from traveling overseas are based on the need to assist in the efficient administration of the estate, rather than being punitive in nature.

Additionally, it appears the Court is ready to accept that the digital world can facilitate investigations without a bankrupt needing to stay in the country.

]]>
http://lorodinapoli.org/traveling-moving-abroad-in-the-event-of-bankruptcy/feed/ 0
What if cheering was prohibited in WNY stadiums? http://lorodinapoli.org/what-if-cheering-was-prohibited-in-wny-stadiums/ http://lorodinapoli.org/what-if-cheering-was-prohibited-in-wny-stadiums/#respond Thu, 24 Jun 2021 02:16:32 +0000 http://lorodinapoli.org/what-if-cheering-was-prohibited-in-wny-stadiums/ The 2020 Olympics (21) are almost here and the games will be some of the most discussed and written in history for more than just competition. During a pandemic there is so much that needs to be changed or undone. After COVID-19 pushed back the Olympics for a year, Japan changed the rules and guidelines […]]]>

The 2020 Olympics (21) are almost here and the games will be some of the most discussed and written in history for more than just competition. During a pandemic there is so much that needs to be changed or undone. After COVID-19 pushed back the Olympics for a year, Japan changed the rules and guidelines for fans in attendance.

According to reports from the Chicago Tribune

The Tokyo Olympics will allow local fans 50% capacity for each venue – but cheering is prohibited. … Organizers have set a limit of 50% capacity – up to a maximum of 10,000 fans – for each Olympic venue, and officials have said if coronavirus cases rise again, the rules could be changed and fans could still be banned all together.

That’s right … NO CHEERING! Can you imagine how difficult it would be if that were the guidelines here in western New York? The fans and the crowd add so much to the experience of competing. This is the reason why canned crowd noise was used for the NFL and other professional games in 2020!

It was only this week that it was confirmed that there will be 100% capacity for fans at Highmark Stadium to see the Buffalo Bills play this fall. That’s over 60,000 loud and passionate fans who will be louder than ever when the Bills step onto the pitch.

Last year, when no supporters were allowed to enter the stadium, I had the honor and privilege of being the stadium sound announcer. The announcement after the games ended, the third doooooowwwwnns and touchdown games seemed lackluster with no response from the crowd. Not to mention, and most importantly, how The 12th Man assists the Bills when they are on defense.

The Olympics are so exciting and I can’t wait to see the United States compete! It’s going to be so weird not to hear the fans take root on the athletes! Just listen to the crowd in the video below and the roar that occurs as soon as the starter gun fires!

50 famous brands that no longer exist

CHECK IT OUT: 100 sports records and the stories behind them

]]>
http://lorodinapoli.org/what-if-cheering-was-prohibited-in-wny-stadiums/feed/ 0
NCLT casts doubt on the confidentiality of Videocon’s liquidation assessment http://lorodinapoli.org/nclt-casts-doubt-on-the-confidentiality-of-videocons-liquidation-assessment/ http://lorodinapoli.org/nclt-casts-doubt-on-the-confidentiality-of-videocons-liquidation-assessment/#respond Thu, 24 Jun 2021 02:16:31 +0000 http://lorodinapoli.org/nclt-casts-doubt-on-the-confidentiality-of-videocons-liquidation-assessment/ The NCLT bankruptcy court has cast doubts on the “confidentiality” of the liquidation assessment of the assets of Videocon Industries and its 12 group companies during the insolvency proceedings. The court asked the Insolvency and Bankruptcy Board of India (IBBI) to “examine this matter thoroughly” to ensure that the confidentiality clause is respected without any […]]]>
The NCLT bankruptcy court has cast doubts on the “confidentiality” of the liquidation assessment of the assets of Videocon Industries and its 12 group companies during the insolvency proceedings. The court asked the Insolvency and Bankruptcy Board of India (IBBI) to “examine this matter thoroughly” to ensure that the confidentiality clause is respected without any compromise.

The liquidation value of Videocon Industries and its 12 group companies was Rs 2,568.13 crore and the fair value of the assets was Rs 4,069.95 crore. While the bid amount submitted by Twin Star Technologies in the resolution plan was Rs 2,962.02 crore.

Registered experts valued the assets of the 13 companies in the Videocon group, with diverse business interests ranging from oil and gas assets, consumer electronics and home appliances, telecommunications services, digital solutions, real estate and electronic retail chain.

“Surprisingly, the resolution plaintiff (Twin Star Technologies) also valued all the assets and liabilities of the 13 companies and came up with almost the same value as the registered appraisers,” observed the National Company Law Tribunal (NCLT).

In accordance with the CIRP (Corporate Insolvency Resolution Process) Regulation, the liquidation value is determined by two registered appraisers and is kept confidential along with the fair market value. It is not communicated to the members of the Creditors Committee (CoC) until the offers are finalized.

In the case of Videocon, the resolution offers were opened at the 15th CoC meeting held on September 2, 2020, during which the liquidation value and fair market value were communicated to the CoC members.

“Therefore, even if the confidentiality clause exists, given the facts and circumstances described above, a doubt arises as to the real-time use of the confidentiality clause, therefore we ask the IBBI to consider this issue in depth in order to ensure the confidentiality clause is respected without scruples, without any compromise in letter and spirit by all parties involved, entities related to the CIRP ”, said the Mumbai magistrate of the NCLT in its adopted ordinance June 9.

A bench of two Mumbai members of the NCLT including members – HP Chaturvedi and Ravikumar Duraisamy – had approved Twin-Star Technologies’ resolution plan on June 9 and a detailed judgment was filed by the company on Tuesday.

The court also suggested that the IBBI develop “appropriate regulations, guarantees” to maximize the value of the assets of debtor companies, which in turn will benefit all stakeholders.

“Since the IBC is a nascent code, we believe that” this type of contribution can be useful to the IBBI as well as to the government in developing regulations, rules, etc. appropriate, ”the NCLT said.

In its 47-page judgment, NCLT, while approving the crore offer of Rs 2,962.02 from Anil Agarwal’s Twin Star Technologies, observed that the creditors of debt-ridden Videocon Industries Ltd would take a close discount. 96% on their loans and the bidder is “paying next to nothing”.

Videocon Industries and its 12 group companies had a total of admitted claims of Rs 64,838.63 crore. He asked the Creditors Committee (CoC) and Twin Star Technologies to increase the payment amount to these operational creditors as they only receive 0.72% of their accepted claim amount.

Many operational creditors are also micro, small and medium-sized enterprises (MSMEs) and in the near future many of these operational creditors could face insolvency proceedings which may be unavoidable, the NCLT said.

]]>
http://lorodinapoli.org/nclt-casts-doubt-on-the-confidentiality-of-videocons-liquidation-assessment/feed/ 0
Katerra employees sue over sudden layoffs, Christo’s Arc de Triomphe envelope gets date, and more http://lorodinapoli.org/katerra-employees-sue-over-sudden-layoffs-christos-arc-de-triomphe-envelope-gets-date-and-more/ http://lorodinapoli.org/katerra-employees-sue-over-sudden-layoffs-christos-arc-de-triomphe-envelope-gets-date-and-more/#respond Thu, 24 Jun 2021 02:16:31 +0000 http://lorodinapoli.org/katerra-employees-sue-over-sudden-layoffs-christos-arc-de-triomphe-envelope-gets-date-and-more/ Welcome to another Monday and the start of another work week. As temperatures and vaccination rates rise, the number of opening (or reopening) art exhibitions is worth a visit. Here’s what you need to know today: Christo’s Arc de Triomphe, Wrapped finally gets a start date First announced in April 2019 and delayed by a […]]]>

Welcome to another Monday and the start of another work week. As temperatures and vaccination rates rise, the number of opening (or reopening) art exhibitions is worth a visit.

Here’s what you need to know today:

Christo’s Arc de Triomphe, Wrapped finally gets a start date

First announced in April 2019 and delayed by a year and a half because of the COVID-19 pandemic, the covering of the Arc de Triomphe in Paris in silver polypropylene is to be done this fall. Wrapping up the monument and reducing it to pure form had been a long-standing dream for the Bulgarian-born artist Christo, But he unfortunately passed away last June before the part can be made. Now, The Arc de Triomphe, Wrapped will finally make its debut and will remain on display from September 18 to October 3, nearly 60 years after Christo and Jeanne-Claude Denat de Guillebon first formulated the idea in 1962.

H / t at The arts journal

Former Katerra employees file complaints against company shutdown

Prefabricated construction company Katerra may have announced her insolvency on June 1, but it looks like his troubles are just beginning. Three former employees banded together to sue the startup, alleging that they had not been sufficiently warned before their dismissal because mass layoffs were not implemented until three days after the company filed for bankruptcy, despite Katerrathe turbulent financial history of. If successful, the lawsuit would cover around 700 former employees as a single class.

H / t at The real deal

Dorothea Rockburne sues former Twitter CEO for millions after her job is damaged

Painter Dorothea Rockburne has lived in the same SoHo loft for 41 years, but as times change, so have the neighbors – and in her case, that meant former Twitter CEO Dick Costolo moved into the unit. above his. On January 25 of this year, water began to rain from the ceiling of the Rockburne unit in Manhattan, apparently damaging 176 of the artist’s pieces. After meeting with a modern art restorer, Rockburne sues Costolo for damages: $ 1.3 million for destroyed works and $ 576,000 to restore what can be salvaged.

H / t au New York Times

Stainless steel fences spend their day in the sun at The Shed

Stainless steel fences are ubiquitous in Flushing, Queens, often used to demarcate the homes of Chinese immigrants, and stand in stark contrast to the historic wrought iron found around most similar homes. Now, at The Shed in Hudson Yards, Flushing artist Anne Wu has reused junk fencing in their own free-standing structures to A modeled universe, which is part of the institution’s Open Call program. Taken out of their everyday context, fences have the opportunity to shine on their own as design objects.

H / t at Bordered

Multi-month strike at Museum of Modern Art comes to a head

Strike MoMA has been picketing at the Museum of Modern Art in Manhattan for 10 weeks now on everything for Leon Black’s involvement on the board in light of his relationship with Jeffrey Epstein working conditions at the museum, and the demonstrations have sometimes turned to blood. On Friday, June 11, the protests came to a head, as activists sneaked inside the Abby Aldrich Rockefeller Sculpture Garden and hung a Strike MoMA banner, and messages of resistance were projected onto the building’s facade. that hundreds of demonstrators gathered in front of the museum. . The museum, for its part, has remained relatively silent.

H / t at Hyperallergic

Foster + Partners’ $ 2 billion hotel-condo hybrid project approved in Beverly Hills

Beverly Hills City Council has reportedly given the green light to One Beverly Hills, a $ 2 billion development that will include 303 condo units, a 42-room hotel and 37 permanent residences, and 35,000 square feet for restaurants and businesses Retail. Home + Partners designs the project, which will consist of a pair of undulating towers – one 32-story and the other 28-story – connected by a curvilinear base, with Gensler as executive architect and LA’s favorite RIOS looking after parts of landscaping. Construction could start as early as this year and be completed by 2026.

H / t at Urbanize Los Angeles

]]>
http://lorodinapoli.org/katerra-employees-sue-over-sudden-layoffs-christos-arc-de-triomphe-envelope-gets-date-and-more/feed/ 0
The history of the sub-sandwich http://lorodinapoli.org/the-history-of-the-sub-sandwich/ http://lorodinapoli.org/the-history-of-the-sub-sandwich/#respond Thu, 24 Jun 2021 02:16:31 +0000 http://lorodinapoli.org/the-history-of-the-sub-sandwich/ There are a lot of amazing things we can take credit for here in New Jersey. The first college football game was played here, and then there’s this whole light bulb thing. But there is one element born in the Garden State that can rise above all others. According to debarkerIt all started in the […]]]>

There are a lot of amazing things we can take credit for here in New Jersey. The first college football game was played here, and then there’s this whole light bulb thing. But there is one element born in the Garden State that can rise above all others.

According to debarkerIt all started in the early 1900s, when Dominic Conti, owner of a Paterson grocery store in New Jersey, used a homemade recipe to make and sell Italian sandwiches. And then In 1928 he was in a museum and saw a submarine.

As the story unfolded, he immediately noticed the similarity in shape to the sandwiches he sold at the grocery store, and the submarine sandwich was born. Of course, this name is just too long for busy New Jersey folks to negotiate, so before long we were all enjoying subs.

Listen to Lou Russo mornings 94.3 The Point and download our free app 94.3 The Point.

In all fairness, there are a ton of stories online about the origin of the sub sandwich that doesn’t agree with Dominic Conti’s, many of which focus on Philly, but we picked the Conti’s story because we frankly love the idea of ​​New Jersey claiming the credit.

If you don’t agree, you can check out different stories on What’s cooking America and Delicious subs.

But for our purposes, we love the history of New Jersey. It does us good, and somehow the original home of Jersey Mike’s should be the original home of the sub sandwich, right? And there’s no doubt that the first Jersey Mike’s was here at Point Pleasant. And how proud are we?

So you can do your research and draw your own conclusions. But for me, I’ll sleep well celebrating old Dominic Conti and those homemade sandwiches that started it all in his New Jersey grocery store.

Ocean County’s best-tasting seafood

Where to find the best lobster rolls on the Jersey Shore

Nothing like a fresh lobster roll, a side of fries and a summer cocktail while soaking up the sun.

WHERE DID THEY GO? Here are 50 of your favorite chain stores that no longer exist.

WATCH: Here are the 25 Best Places to Live in New Jersey

Stacker compiled a list of the best places to live in New Jersey using data from Niche. Niche ranks places to live based on a variety of factors including cost of living, schools, healthcare, recreation, and weather. Cities, suburbs and villages have been included. Ads and images are from realtor.com.

On the list, there is a robust mix of offerings ranging from large schools and nightlife to public and pedestrian parks. Some regions have experienced rapid growth thanks to the installation of new businesses in the region, while others offer a glimpse into the history of the region with well-preserved architecture and museums. Read on to see if your hometown makes the list.

]]>
http://lorodinapoli.org/the-history-of-the-sub-sandwich/feed/ 0
Kabir Bedi Opens Up About His Hollywood Bankruptcy: It’s Very Humiliating For A Celebrity | Hindi Movie News – Bollywood http://lorodinapoli.org/kabir-bedi-opens-up-about-his-hollywood-bankruptcy-its-very-humiliating-for-a-celebrity-hindi-movie-news-bollywood/ http://lorodinapoli.org/kabir-bedi-opens-up-about-his-hollywood-bankruptcy-its-very-humiliating-for-a-celebrity-hindi-movie-news-bollywood/#respond Thu, 24 Jun 2021 02:16:30 +0000 http://lorodinapoli.org/kabir-bedi-opens-up-about-his-hollywood-bankruptcy-its-very-humiliating-for-a-celebrity-hindi-movie-news-bollywood/ Veteran actor Kabir Bedi made headlines in April this year because of the shocking revelations he made in his autobiography titled “Stories I Must Tell: The Emotional Life of an Actor,” which he wrote during the lockdown in due to the coronavirus pandemic. From his controversial relationship with the late actress Parveen Babi the suicide […]]]>

Veteran actor Kabir Bedi made headlines in April this year because of the shocking revelations he made in his autobiography titled “Stories I Must Tell: The Emotional Life of an Actor,” which he wrote during the lockdown in due to the coronavirus pandemic. From his controversial relationship with the late actress Parveen Babi the suicide of his late son Siddharth, the 74-year-old man actor touched on various aspects of his life that were either controversial or unknown to many. In his book, revisiting a “traumatic” chapter in his life when he went bankrupt, he mentioned that it humiliated him. Now, in a recent interview, he opened up about the same thing and said, “I had traumatic experiences with my son’s suicide, with my bankruptcy in Hollywood. It is very humiliating for a celebrity to go bankrupt. But you have to find ways to lift yourself up and resurrect yourself. He added, “Throughout my life I have reinvented myself. Much of the meditation I learned in my you, much of the spiritual foundation that my parents gave me through their remarkable traditions. of Sikhism and Buddhism, and my own inner sense of me gave me the strength to say, ‘no, I’m going to fight back’.

Read moreRead less

]]>
http://lorodinapoli.org/kabir-bedi-opens-up-about-his-hollywood-bankruptcy-its-very-humiliating-for-a-celebrity-hindi-movie-news-bollywood/feed/ 0