In September, beleaguered Macau junket investor Iao Kun closed three VIP rooms in the special administrative region. Two of the rooms were located on Galaxy Entertainment Group (GEG) properties; one at StarWorld and the other at Galaxy Macau. The same month GEG issued letters to Iao Kun linked promoters Sang Lung Gaming Promotion Company Limited…
interview By Co-Pierre Georg, University of Cape Town and Qobolwakhe Dube Is South Africa safe from systemic risk in its financial system? Systemic risk can lead to the collapse of financial markets as happened in the 2008/09 global financial crisis. In a new study Qobolwakhe Dube and Co-Pierre Georg provide new insights into the extent…
The taxpayer is set to wear a heftier price tag from failed companies after a landmark ruling on employee entitlements. In a key Supreme Court of Victoria ruling this week, Justice Ross Robson found the receivers to the company Amerind should not reimburse $3.8 million to the Commonwealth as a priority creditor. Employment minister Senator Michaelia…
Introduction Group-wide pre-bankruptcy agreements Rordorf Commission draft proposal Comment Introduction The Rordorf Commission was established by the minister of justice on January 28 2015, with the aim of developing draft legislation to reform the existing Insolvency Act.(1) On February 10 2016 the commission finalised its draft legislation and recommended a new approach to safeguard financially…
DETROIT, MI – An ex-dance studio owner who pleaded guilty to stealing nearly $19 million from an Oakland County credit union has been sentenced to spend the next 11 years in federal prison. An orange Livingston County jail jumpsuit hung loosely from Michael LaJoice’s frame as he appeared in Detroit U.S. District Court before Judge…
Gujarat NRE Coke has filed for insolvency with the National Company Law Tribunal. The company is a producer of coke, which is used by industries such as the steel sector. The company, listed on both BSE and National Stock Exchange, owes Rs 3,200 crore to a group of lenders that include the…
Personal insolvency practitioners were paid 557,807 for advising people struggling with overall debts that totalled 397 million under the State-funded Abhaile financial aid scheme for the final three months of 2016. A previously unpublished analysis of the scheme, run through the Money Advice and Budgeting Service (Mabs), shows that the average payment made to the…
News Julia Irvine 23 Mar 2017 04:36pm A disgraced Huntingdon-based accountant has been jailed for eight years after stealing more than £5m from a charitable foundation set up by a lifelo… Read the full article at: http://economia.icaew.com/en/news/march-2017/accountant-jailed-for-defrauding-friend-of-5m
Personal insolvency practitioners were paid 557,807 for advising people struggling with overall debts totalling 397 million under the State-funded Abhaile financial aid scheme for the final three months of 2016. A previously unpublished analysis of the scheme, run through the Money Advice and Budgeting Service (Mabs), shows that the average payment made to the personal…
By Clara Denina and Maytaal Angel LONDON (Reuters) Liberty House, the industrial and commodities group that is buying up steel assets around the world, is considering investing in the troubled Italian Piombino mill as the global market picks up from a slump, two sources close to the matter said. The mill is owned by Algerias…