High household debt and the lack of a “definitive pick-up” in wages growth were key reasons the Reserve Bank of Australia left the official cash rate steady this month, putting it on a “different” trajectory to the US Federal Reserve, according to Treasurer Scott Morrison. In another sign monetary policy is to remain stalled in…
Controversial former Auburn deputy mayor Salim Mehajer has been declared bankrupt by a Federal Circuit Court judge, ratcheting up the pressure on the property developer as he faces a string of criminal charges. The liquidator appointed to Mehajer’s failed company, SM Project Developments, served a bankruptcy notice on Mehajer in September last year and kicked…
Bidders will get a shot this week to buy an unfinished waterfront home in Fort Lauderdale and luxury vehicles, as a receiver seeks to recover money for 15,000 consumers who lost more than $80 million to an alleged debt relief scheme operated in Pompano Beach and Panama. Last year, U.S. District Judge Cecilia Altonaga entered…
BHS collapsed in 2016, leaving the companys pension scheme with a £571 million deficitDANIEL LEAL-OLIVAS/PRESS ASSOCIATION The government has unveiled plans to introduce an overhaul of Britains insolvency framework designed to prevent a repeat of scandals such as the failures of BHS and Carillion. New laws would make it easier to bring criminal proceedings against…
Cassava farmers who received loans from the Development Bank of Rwanda (BRD) are appealing for relief of Rwf953 million debt after their crops were ravaged by a viral disease. The loan was given to 29 farmers, 24 of them from Ruhango and the rest from Kamonyi, Nyanza and Gisagara districts. They got the loans in…
Controversial former Auburn Deputy Mayor Salim Mehajer has been declared bankrupt by a Federal Circuit Court judge, as he faces a string of criminal charges. The liquidator appointed to Mehajer’s failed company, SM Project Developments, served a bankruptcy notice on Mehajer in September last year and kicked off bankruptcy proceedings in November over a debt…
Controversial Sydney businessman Salim Mehajer has been declared bankrupt by a Federal Circuit Court judge. On Tuesday, Judge Justin Smith rejected his lawyer’s argument that the bankruptcy notice was invalid. The order means the estate of the former Auburn deputy mayor will be managed by a trustee who will take control of his property and…
Mr. Augustine has more than 28 years of experience advising companies and creditors in restructuring and M&A transactions. He was most recently Executive Vice Chairman and Co-Head of North American Debt Advisory and Restructuring at Rothschild Inc., where he spent the last 17 years. His restructuring experience ranges from out-of-court restructurings to in-court insolvencies in…
The employees of Bhushan Steel have moved the National Company Law Tribunal (NCLT) against Tata Steels bid. Tata Steel has been the highest bidder for the steel company that is undergoing insolvency proceedings. The Delhi bench of the NCLT has asked the committee of creditors (CoC) to consider the objections raised by the employees…
THE owners of Wiggins Island Coal Export Terminal have accepted the financial lifeline offered to help resolve its mounting debt. The five miner owners of the Queensland terminal, who owe $3.5 billion to about 20 lenders, have agreed in principal to a proposal put forward by lenders. The proposal includes deferring the payment to junior…