Category Archives: Bankruptcy

InDebted raises close to $1 million in seed funding from Westpac-backed Reinventure to disrupt Australia’s … – SmartCompany.com.au

A Sydney-founded startup aiming to disrupt Australias multibillion-dollar debt collection industry has secured close to $1 million in a seed round led by Westpac-backed venture capital outfit Reinventure. Angel investors including Invoice2Go chief executive Greg Waldorf and Spotcap Australia managing director Lachlan Heussler also participated, as did investors Mike Zimmerman and Craig Carroll. InDebted, founded by…

Greece reaches preliminary deal with creditors to clear docks for debt relief talks – The Indian Express

By: AFP | Athens | Published:May 2, 2017 11:56 am FILE PHOTO: Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. (REUTERS/Dado Ruvic/File Photo) Greece has reached a preliminary deal with its creditors that should pave the way for long-awaited debt relief talks, the Greek finance…

Austria’s oldest football club, founded by Brits, faces final whistle – The Nation

But while the few hundred diehard supporters give it their all week in week out, the now dilapidated terraces of what was once continental Europe’s biggest stadium may soon fall silent for ever.     In March the 123-year-old club, which even under the Nazis was allowed to keep its English name “Vienna”, declared itself insolvent…

Blackstone’s GSO snaps up J. Crew debt in restructuring gambit – The Star Online

NEW YORK: GSO Capital Partners, private equity firm Blackstone Group LP’s credit arm, is acquiring more of J. Crew Group Inc’s debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. Sales have been declining as J. Crew, whose…

Austria’s oldest football club First Vienna FC, founded by Brits, faces final whistle – The New Indian Express

VIENNA: “Vienna til I die!” chanted the fans, in accented English, at a recent rainy match, testament to the British roots of Austria’s oldest football club: the once-mighty First Vienna FC 1894. But while the few hundred diehard supporters give it their all week in week out, the now dilapidated terraces of what was once…

Do insolvent directors really care about the SG? – Super Review

Personal liability for superannuation guarantee (SG) appears to be of little consequence to directors who find themselves in trouble, according to the Australian Institute of Credit Management (AICM). In a submission to the Senate Economics Committee inquiry into superannuation guarantee non-payment, the AICM non-reporting of (SG) obligations was a common method employed by businesses experiencing…

Cuepacs: Up to 100000 govt staff may soon become bankrupt – The Star Online

KUALA LUMPUR: Many civil servants are taking up more loans to cope with the rising cost of living, resulting in them being declared bankrupt. Cuepacs president Datuk Azih Muda (pic) said civil servants from the middle and lower ranks were re­sorting to such measures, thinking that it would offset their expenditure owing to the rising…

Personal insolvency figures expected to rise – AOL UK

The number of people who have become personally insolvent is expected to have increased in official figures released on Friday. Experts predict there will be around 23,000 to 24,000 cases recorded across England and Wales during the first quarter of 2017 in figures released by the Insolvency Service. Previous figures show there were 22,852 personal…

2nd prison term ordered in credit union embezzlement case – The San Luis Obispo Tribune

A former suburban Detroit credit union official has been ordered to seven to 20 years in prison after pleading no contest to embezzlement. The sentence ordered Monday by Oakland County Circuit Judge Cheryl Matthews against Michael LaJoice is concurrent with the federal sentence handed down in March. LaJoice pleaded no contest to 14 state charges…

Why Gambler’s Canceled Debt Was Not Taxable Income – Accountingweb.com

The tax laws routinely spell out in excruciating detail just what a person does or does not have to count as reportable income, whether the source of that income is wages, investments, or what have you. Moreover, to resolve most disputes about whether a particular item should be classified as reportable, the law authorizes the…