Following an in-depth investigation, ASIC is warning consumers to steer clear of debt management businesses that promise to clean up your financial life in one fell swoop. The kicker is that many such operations also called debt consolidation firms charge high upfront fees for services you could do yourself for free, including challenging incorrect information…
The High Court has approved a $2.2 million (2 million) payment for an American law firm for fees due to it from a liquidated Irish company. The money for the Minneapolis-based Nilan Johnson Lewis (NJL) firm will be paid out of a sum of $4.5 million due to go to the liquidation of ECTG Ltd…
(Reuters) – Atlantic City, New Jersey’s distressed gambling hub, had its credit rating cut four notches deeper into junk territory on Friday on the likelihood of a debt default in the next six months. Standard & Poor’s Ratings Services issued the super-downgrade of the city’s bonds, to ‘CCC-‘ from ‘B,’ because a default or distressed…
Rep. Debbie Wasserman Schultz pledged Friday to launch a renewed push for legislation that would provide a partial bailout for Puerto Ricos $72 million debt, part of an economic crisis that has prompted tens of thousands of island residents to flee to Florida and other states. Wasserman Schultz, a Florida representative who is also chairwoman…
Atlantic City, New Jersey’s distressed gambling hub, had its credit rating cut four notches deeper into junk territory on Friday on the likelihood of a debt default in the next six months. Standard & Poor’s Ratings Services issued the super-downgrade of the city’s bonds, to ‘CCC-‘ from ‘B,’ because a default or distressed exchange or…
Clive Palmers Queensland Nickel knew months in advance it would run out of money by early last month, raising the prospect that it may have been trading while insolvent and potentially exposing the federal MP and his nephew director to being pursued over any debts racked up by the refinery in its final days. Internal…
The board of directors of Australian Renewable Fuels (ARFuels), the countrys largest biodiesel producer, has placed the company into voluntary administration. Under Australian law, voluntary administration is a form of insolvency arrangement, which creates an opportunity for flexible approaches to bring about a better outcome for stakeholders than may otherwise occur in liquidation. The company…
General Electric Co (GE.N) said on Friday that it would double its 2016 budget for restructuring spending to fight the effects of low oil prices and slow global growth that pummeled its earnings last year. The U.S. conglomerate plans to spend $3.4 billion on restructuring measures this year, double the $1.7 billion it targeted just…
Minister for Justice and Equality Frances Fitzgerald has announced a new Government-funded scheme to help people who are insolvent and in mortgage arrears to access independent expert financial and legal advice. A number of Government agencies will be involved, including the Money Advice and Budgeting Service (MABS), the Legal Aid Board, the Insolvency Service and…
Financial Poise Webinars and West LegalEdcenter are pleased to announce the February 5th premiere of a new webinar series RESTRUCTURING, INSOLVENCY & TROUBLED COMPANIES 2016,” designed to introduce attorneys and business owners to the basics of what to do when a business is in trouble. Moderator Jonathan Friedland of Sugar Felsenthal Grais & Hammer joins…