Category Archives: Bankruptcy

A plan to introduce ID numbers for company directors could be in the works – SmartCompany.com.au

The government will consider introducing identification numbers for directors of Australian companies, after the Productivity Commission labelling it a necessary reform to the countrys insolvency practices. On Thursday Small Business Minister Michael McCormack handed down the governments response to the commissions final report from its review of business set-ups, transfers and closures in Australia, which considered the…

Ukraine’s Banking Sector Reconstruction Brings Asset Sales and Opportunities in Equal Measure – Emerging Europe (registration)

Valeria Gontareva, governor of the National Bank of Ukraine (NBU), might be leaving office, but is often commended for the banking sector restructuring and consolidation that has been long-awaited by foreign investors. We are still not at the end of the road, but compared to where we were a few years ago, when we had…

Insolvency: When is it time to accept the inevitable? – Accountancy Age

Even when it is obvious that a company is in financial difficulty, it can be difficult to advise the directors. Most of the time, they will believe they can trade through the difficulties, perhaps with a little forbearance on the part of their creditors, or a new line of credit or two. But when is…

Puerto Rico declares bankruptcy. Here’s how it’s going to unfold – USA TODAY

CLOSE Puerto Rico’s financial oversight board has filed a form of bankruptcy for the island under Title III of last year’s Puerto Rico rescue law, which is known as PROMESA. USA TODAY People face off with police during the general strike against austerity measures, which coincides with the International Workers Day, in San Juan, Puerto…

ASIC cracks down on debt management firm ads as personal insolvencies jump – SmartCompany.com.au

The Australian Securities and Investments Commission has debt management firms in its sights as it looks to crack down on misleading conduct by companies that claim to be able to help with bankruptcy advice and debt consolidation at a time when personal insolvencies are up 10%. ASIC put the debt management sector front and centre…

Board chairman of insolvent Diamantbank claims banks has investor – Interfax

2017-05-03T11:55+02:00 11:55 03.05.2017 The transition bank created on the basis of Diamantbank declared insolvent earlier will have enough attractive assets, and the bank has a potential investor, Diamantbank Board Chairman Oleh Khodachuk has said. “In four days after the introduction of interim administration the bank’s employees carried out titanic work resulted in submitting an application…

Personal insolvencies surge 11 per cent in March quarter – ABC Online

Personal insolvencies have jumped more than 10 per cent over the past year, as people in financial difficulty sought help from debt-management firms which have been roundly criticised by key corporate regulators. Key points: ASIC criticised the “opaque and expensive” agreements Credit card debt accounted for almost a third of 7,900 new personal…

WA personal insolvencies hit new record – The West Australian

The number of West Australians falling behind on their mortgages is skyrocketing. Personal insolvency in WA reached record levels in the March quarter, reflecting the human impact of the end of the mining boom. Nationally there was a 10.8 per cent rise in personal insolvencies in the quarter but WA led the rise with a…

Dijsselbloem in Parliament: debt relief now on the cards for Greece – European Parliament (press release)

Debt relief for Greece will be looked into at the next Eurogroup meeting on 22 May, according to Jeroen Dijsselbloem. The president of the informal body of the eurozone’s finance ministers made the announcement during a plenary debate in Parliament on 27 April. He also apologised to MEPs about recent remarks that proved controversial. Greece…

How personal; insolvency legislation will impact every strata of our society – Financial Express

With the corporate insolvency law nearly fully rolled out, the focus of the government is likely to shift towards implementation of what is probably the more difficult part of the Insolvency and Bankruptcy Code. With the corporate insolvency law nearly fully rolled out, the focus of the government is likely to shift towards implementation of…