LONDON (Reuters) – Britains Financial Conduct Authority ordered banks on Tuesday to take steps to help people with persistent credit card debt to keep up with repayments. The FCAs new rules will, however, will still allow banks to ultimately suspend a credit card if a customer fails to make any progress in repaying debts. The…
Illinois government is a culture of corruption Its hard not to find a state that is steeped in corruption, but few come close to Illinois. Ten Chicago city aldermen, seven municipal officials or workers, five state officials, five former governors and seven Congressmen have been censured, charged, impeached, forced to resign or imprisoned for corruptionboth…
Credit card customers struggling with persistent debt are to be offered extra help by lenders, under new rules introduced by the Financial Conduct Authority. The financial regulator today unveiled rules which firms must comply with from 1 September and which should kick in after a customer has been in ‘persistent debt’ for…
Cristian Parvan, the president of the Trade union of Romanian Investors (PIAROM), says that in the economy there are some 200,000 companies in different stages of the insolvency procedure, while another 260,000 firms have a negative capital below the legal requirements. Parvan said that PIAROM calls for a hike in the receivables limit from which…
Three-quarters of the staff and nearly all the senior managers at Royal Bank of Scotlands new division, which supports struggling businesses, previously worked at its controversial Global Restructuring Group, which has been accused of pushing firms into bankruptcy. The Treasury select committee, which last week published a full report into the GRG scandal, said 136…
Image copyright PA Credit card companies will have until September to implement rules designed to help people with longstanding debts, the regulator has said. Providers have made large profits from their 3.3 million UK customers in persistent debt. These cardholders pay an average of £2.50 in interest and charges for every £1 of debt they…
Debt-laden Monnet Ispat and Energy Ltds creditors have approved an offer made by a consortium of distressed asset fund AION Capital Partners and billionaire Sajjan Jindal-led JSW Steel, The Economic Times reported, citing a person aware of the development. The offer includes a payment of Rs 2,450 crore to the lenders and equity funding of…
Work is halted at Ulster university’s building site as insolvency experts go in BelfastTelegraph.co.uk The new £250m Ulster University campus in Belfast has been mothballed and workers sent home over a litany of legal problems, the Belfast Telegraph can reveal. https://www.belfasttelegraph.co.uk/business/northern-ireland/work-is-halted-at-ulster-universitys-building-site-as-insolvency-experts-go-in-36646249.html https://www.belfasttelegraph.co.uk/news/uk/article36647117.ece/72023/AUTOCROP/h342/KPMG.jpg Email The new £250m Ulster University campus in Belfast has been mothballed and…
The Uganda Police Force has asked government through the Minister of Internal Affairs, General Jeje Odong, to rescue it from a heavy debt of Shillings 125.9 billion which is increasing every day. The police debt accruing from electricity, water, food supply and fuel has been increasing steadily since 2010. In 2013 the police debt burden…
Bankruptcy law is meant to support confidence and to smooth up possible new investments needed to support the long list of giga-projects and expected IPOs, Cyril Widdershoven, an economics and energy partner at Verocy, a consultancy firm advising on investment risks in the Middle East, told Zawya by email. Saudi Arabia has embarked on an…