PERSONAL insolvency across England and Wales increased by almost 20 per cent between July and September this year compared with the same period last year, official figures revealed yesterday. There were 24,251 people who claimed to be insolvent in those three months, marking a 19.3 per cent increase. Within this total, bankruptcies increased by 7…
One of Donald Trumps business partners is embroiled in a dispute that has become so bitter it could result in a key part of his commercial empire being liquidated. Alex Shnaider, the developer of the Trump Tower in Toronto, made his fortune in the Ukrainian steel industry with his long-time business partner Eduard Shifrin. Their…
A major Chinese state-owned container shipping company has been declared bankrupt after it struggled to repay debts of 8.45 billion yuan ($1.25 billion). The Hangzhou Intermediate Peoples Court in Zhejiang province granted Zhejiang Ocean Shipping Co. Ltd.s application to liquidate, according to a court document viewed by Caixin. Zhejiang Communications Investment Group Co. Ltd., the…
Image source: Getty Images. Continue Reading Below While MSA Safety (NYSE: MSA) continues to face challenges in several of its end markets, it is doing an admirable job battling against these issues. That was the case again during the third quarter where the headwinds facing the company kept a lid on revenue growth. However, its…
Mozambique’s government officially declared this week that its public debt levels were unsustainable. In a letter to its creditors, it asked for the deferment of “hidden debts” – a reference to loans totaling 1.3 billion euros ($1.4 billion) which three state-owned concerns had taken out with international banks. The government had kept the existence of…
Your job affects more than just what you do all day and how big your paycheck is. It can also influence your ability to repay your student debt. Thats because borrowers in certain careers are especially good candidates for student loan refinancing. Refinancing student debt allows qualified borrowers to get lower rates and has grown…
(Beijing) Central and local governments are setting up investment funds that are expected to take part in the debt restructuring of state-owned enterprises (SOEs) by making equity investments, buying debts and participating in debt-to-equity swaps, among other activities. In February, the State-Owned Assets Supervision and Administration Commission (SASAC) selected China Chengtong Holdings Group Ltd. and…
Bank of Communications third-quarter net profit rose, as a 2015 restructuring spurred its business units to earn more fees and commissions, allowing the lender to reduce its reliance on interest rate spreads for income. Net profit rose 1.4 per cent to 15 billion yuan in the three months ended September, from last years 14.8 billion…
An estimated 3,633 companies entered insolvency in Q3 2016, which was 2.2% higher than Q2 2016 and 1.1% up on the same period in 2015. The worst affected sector was construction with 2,450 company collapses, although this was slightly better than 2015 equivalent figures. Next worst hit was the wholesale trade and vehicle repairs sector,…
Court-free clickable bankruptcy ‘removes stigma’ By Kevin Peachey Personal finance reporter 28 October 2016 From the section Business Image copyright Thinkstock People facing unmanageable debts can now apply for bankruptcy online, rather than in court – leading to more individuals choosing to do so. A perceived stigma of court proceedings had been a barrier to…