(Adds new items) Jan 15 (Reuters) – British construction and services company Carillion collapsed on Monday when banks refused to lend it any more money, throwing hundreds of major projects in doubt and bringing down one of the governments most important suppliers. Carillions shares had lost more than 90 percent of their value since a…
Carillion, one of the UK’s largest construction companies, now faces being wound up. Its collapse through an application for compulsory liquidation means the company will eventually be dissolved, with creditors sharing any money from the sale of its assets. The decision to effectively declare itself bust leaves 43,000 jobs worldwide hanging in the balance though…
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DEBT-laden Australians admit to burying their head in the sand to avoid facing the reality of paying back large sums of money owed. While many shoppers have arrived in 2018 with a whopping credit card debt in tow, new data from debt solutions agency Fox Symes has revealed one in four desperate consumers admit they…
Image copyright Getty Images Charities helping people in debt have said they are bracing themselves for their busiest year as people begin receiving their post-Christmas credit card and store card bills. Blue Monday, as it is known to debt advisors, traditionally sees a rise in the number of people asking for help. Community Money Advice…
Written by Kate McDonald on 15 January 2018. Sydney-headquartered health informatics firm and EHR vendor Ocean Health Systems will continue to operate on a business as usual basis despite entering voluntary administration last week, with hopes the company can be restructured and work through its financial problems. Administrator Peter Krejci from insolvency and business recovery…
The Insolvency and Bankruptcy Code, 2016, primarily aims to achieve reorganization and insolvency resolution in a time-bound manner for maximizing the value of assets of insolvents. The National Company Law Tribunal (NCLT), the adjudicating authority under the code, works to that end. However, being a creature of statute the NCLT must function strictly within the…