Conservative MP Adam Afriyie declared bankrupt due to £1.7m debt – BBC
Conservative MP Adam Afriyie declared bankrupt due to £1.7m debt BBC Read the original article here
Bankrupt former boss of MFS Michael King will pay creditors just 0.04 cents
Polo-playing bankrupt businessman Michael King will repay 4¢ for every $10,000 owed to creditors in a best-case scenario, according to his bankruptcy trustee. Gold Coast-based Mr King was a former BRW Rich Lister who dreamt his ASX-listed funds management outfit MFS would become a mini Macquarie Bank before it collapsed in the global financial crisis.…
Sam Bankman-Fried steps down, FTX files for bankruptcy
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Jeenah Moon | Bloomberg | Getty Images Sam Bankman-Fried’s cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy protection in the U.S.,…
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Box C: Financial Stress and Contagion Risks in the Residential Construction Industry | Financial Stability Review – October 2022
The residential construction industry in Australia is facing challenges due to the sharp rise in construction input costs, compounded by shortages of labour and materials, which has eroded profit margins on existing fixed-price contracts (Graph C.1). Reflecting these pressures, a number of large residential construction firms have entered into insolvency over the past year.…
Dubai Court declares Arabtec bankrupt, approves liquidation of its assets
Dubai courts have also ordered the precautionary seizure of all balances, accounts and funds of Arabtec Holding, and its subsidiaries. “The parties to the seizure must therefore acknowledge what is in their debt within the legal term from the date of being notified, while preventing their employees from paying to others within the limits of…
Mark Allen opens up on declaring himself bankrupt
Northern Ireland’s Mark Allen has spoken frankly about the reasons which led him to declare himself bankrupt. The 36-year-old says he hopes the worst of his personal and financial problems are now behind him but concedes that he made “some wrong moves” in the past. “I just overspent in every aspect of my life,” said…
Former One Nation senator Rod Culleton denies giving false information to Australian Electoral Commission
Former WA One Nation senator Rod Culleton has been charged with allegedly giving false information to the Australian Electoral Commission. Key points: It is alleged Rod Culleton falsely declared his financial circumstances He was charged after a federal police investigation He has denied any wrongdoing and plans to fight the allegations Rod Culleton was charged after a…
NBU Declares BANK SICH JSC Insolvent
The Board of the National Bank of Ukraine has declared BANK SICH JSC insolvent for failure to discharge its liabilities to the NBU within the period prescribed in the refinancing loan agreement due to the lack of funding. BANK SICH JSC failed to pay interest on refinancing loans for July 2022 in violations of terms and conditions…
Insolvency Alert: Company has overdue liabilities? Be aware of Director Penalty Notices
In April 2022, the ATO began writing to batches of company directors in relation to unpaid liabilities informing them about the risk of their personal liability for unpaid company tax debts. If not actioned, directors are at risk of receiving a Director Penalty Notice (DPN). These letters pre-DPN will continue to be…