While the sector represents only about five per cent of China’s financial system, its links with property developers and developments – and the developers’ importance to local governments’ revenues – create a worrisome, self-fuelling and destructive loop for policymakers in Beijing. The downturn in the property sector that is now continuing to spread like a…
The number of UK companies falling into insolvency over the past year has surpassed the levels seen during the 2008 global financial crisis. According to the latest figures from the Insolvency Service, 25,551 companies went under in the year leading up to the end of July, a 1.4% increase compared to the 25,186 insolvencies recorded…
The woman who founded one of Britain’s best known fashion chains has been declared bankrupt after saying she could not pay a £6 million tax bill. Karen Millen has become on of the UK’s best known fashion chains – Karen Millen Karen Millen, who is no longer connected to the chain that bears her name,…
Many countries are being squeezed by increasing interest payments and high debt redemptions. The economic scarring of the pandemic, conflicts around the world, and the abrupt rise in global interest rates have hit low-income countries the hardest. The median low-income country is spending over twice as much on debt service to foreign creditors as a…
2 min read Last Updated : Aug 09 2024 | 11:02 PM IST Some overseas lenders to edtech startup Byju’s have appealed to the Supreme Court (SC) opposing a verdict that had quashed insolvency proceedings against the embattled firm. US-based Glas Trust, representing some lenders of a Byju’s group company, on August 7…
A Mosgiel-based freight transport business has been put in liquidation, by shareholder resolution, after the loss of a “significant” contract at short notice. Trevor and Emma Laing, of Laing Insolvency Specialists, have been appointed joint liquidators of Clough Transport Ltd, whose sole director and shareholder is Malcolm Clough. In their initial report, the liquidators said…
The right debt forgiveness program could provide serious relief from your credit card debt, but will it wipe it out completely? Getty Images The past few years have resulted in increased financial strain for many Americans, with the economic challenges piling up faster than many people’s paychecks can keep pace. Between stubborn inflation and the…
Jaiprakash Associates Limited’s (JAL) lenders Tuesday informed the National Company Law Appellate Tribunal (NCLAT) that the Supreme Court and Reserve Bank had directed the initiation of the insolvency resolution process against the company. Further, the lenders argued that JAL had a debt and committed default, which warrants its resolution under the Insolvency and Bankruptcy Code,…
The former glamour model, who was declared bankrupt in 2019, has still not paid off her bankruptcies. In February, a judge at a specialist bankruptcy court ordered that the 46-year-old must pay 40 per cent of her monthly income from the adult entertainment website OnlyFans until February 2027. READ MORE: Katie Price breaks silence after bankruptcy arrest…
How does Katie Price make money amid her bankruptcy? Once estimated to be worth £40m, the former glamour model has been declared bankrupt for the second time earlier this year in March over an unpaid tax bill of £761,994.05. At the height of her fame, the mother-of-five was the queen of reality TV of sorts…