Few Americans have the cash they need on hand to pay for big-ticket items upfront. That’s why it’s not unusual for people to take out mortgages, car loans and student loans, so they can pay for these costly expenses over time. But when it comes to other major purchases like home renovations, engagement rings, medical…
Nok Airhas gained court approval to restructure under a business-rehabilitation process. In a 4 November notice to the Thai stock exchange, Nok chief executive Wutthiphum Jurangkool states that the central bankruptcy court has ordered granting the company to be in business rehabilitation. The court has appointed the Nok chief plus four other individuals, and Grant…
ANYONE who has not yet claimed they are owed money from the $6.9 million liquidation of the former Terry White and Priceline Pharmacy at Stockland in 2017 is urged to come forward. The liquidator, AS Advisory, has declared creditors whose debts or claims have not already been admitted are required to do so by November…
Photo by Marco Bianchetti on Unsplash The latest data from the Australian Financial Security Authority indicates insolvencies in construction, mining and retail have increased in the past fortnight. Compared to the last reporting period of 5 October to 18 October, insolvencies in these three sectors spiked 38%, going from 71 total insolvencies to 98 this…
South Shore Holdings Limited, owner and operator of embattled Macau hotel THE 13, will convene a mandatory Special General Meeting next month after a substantial shareholder requested a vote on winding up the company. In a Wednesday filing, South Shore revealed that it had received a letter from Global Allocation Fund, which holds 101,339,084 shares…
A firefighter has claimed he racked up gambling debts of 10,000 in a month because of an addictive side-effect of a Parkinsons drug. Scott Wilson, 53, was diagnosed with the condition after experiencing a slight tremor in his left hand and leg, and the loss of his sense of smell. As it progressed, he developed…
If you have a pile of debt even if youre managing to pay the bills every month it might feel like youre not making headway on what you owe. Thats when debt consolidation can help. Debt consolidation is when you roll multiple debts into one loan that has one monthly payment and one (hopefully lower)…
As the economic effects of the COVID pandemic spread across the world in March and April, the air was filled with promises that poorer countries would be assisted with aid and debt relief to deal with a crisis that threatened to plunge millions, above all children, into the most abject poverty. In April, International Monetary…
Our latest primer takes a closer look at the Corporate Insolvency and Governance Act (CIGA), the UK’s new ruleset that introduces new guidelines for companies in financial distress as a result of the economic crisis brought on by the Covid-19 pandemic. What is CIGA and what does it do? In June 2020, the UK Corporate…
Distressed micro and small companies will be able to restructure their debts quickly to deal with the economic impact from the pandemic, with help from a new scheme. The Simplified Insolvency Programme (SIP), which also includes processes to help companies which are no longer viable to wind up efficiently while maximising returns to creditors and…