ACCORDING to a report released by the National Bureau of Statistics on January 19, Chinas migrant workers now earn an average of 3,072 yuan (US$470) per month, up 7.2 percent from a year ago. In comparison, Chinas overall economy grew by just 6.9 percent last year, the slowest rate of increase in over two decades.…
Introduction Consolidated code Comment Introduction No single umbrella legislation governs insolvency and bankruptcy proceedings in India. Instead, there is a slew of legislation governing the legal framework, including: the Companies Act 2013; the Sick Industrial Companies (Special Provisions) Act 1985; the Recovery of Debts Due to Banks and Financial Institutions Act 1993; …
Russia pulls plug on ‘VIP’ bank Vneshprombank Moscow (AFP) – Russian authorities on Thursday declared insolvent the large Vneshprombank, which reportedly counts several members of the country’s political elite as clients. The central bank said in a statement it had withdrawn the licence of the bank, the country’s 40th-biggest out of a total 700. Vneshprombank…
Moody’s just changed Alberta’s credit outlook from stable to negative. A lot has happened to Alberta’s credit forecast since the NDP dropped their budget at the end of October 2015. Immediately after the NDP’s catastrophic tax and spend budget came out October, Moody’s declared Alberta’s budget was credit negative. That was the budget that would…
Wednesday, 20th January, 2016 11:37am Story by Sean McMahon Mark Reilly, Personal Insolvency Practitioner for County Cavan and Partner in KBG Chartered Accountants, Railway Road, Cavan. Mark Reilly, Personal Insolvency Practitioner for County Cavan and Partner in KBG Chartered Accountants, Railway Road, Cavan. The number of bankruptcies in County Cavan is expected to quadruple this…
The number of permanent solutions reached between heavily indebted borrowers and their lenders through the Insolvency Service of Ireland (ISI) increased by 70 per cent last year. The rise has been welcomed by the service but the figures have been dismissed as disingenuous spin by critics who insist the regieme is not fit for purpose.…
There was a 70% increase in the number of permanent solutions agreed through the Insolvency Service of Ireland last year. The ISI said the recent removal of the banks’ veto over proposed arrangements involving debtors’ homes has already resulted in financial institutions reversing some of their own rejection decisions. Lenders overturned four out of 12 rejection decisions which were appealed last month.…
The Government is developing new rules on insolvency, upon the demand of the Tax Authority ANAF. It will remove the current legal norms that prevent the prosecuting authorities from blocking the insolvency account or the assets of a company suspected of producing damages after entering insolvency, reports local Profit.ro. If an insolvent company…
Elections in Portugal last October returned a parliament narrowly divided between the incumbent center-right coalition Portugal Ahead, composed of the conservative People’s Party and the centrist Social Democratic Party, and a new center-left and left-wing majority divided between four parties: the Socialist Party with 32 percent of the vote, the Communist Party with 8 percent,…
CHENNAI: Serial entrepreneur C Sivasankaran, who made audacious bets in telecom, has been given a second chance by a court which annulled his bankruptcy on Monday. Sivasankaran had applied for bankruptcy protection in a Seychelles court to ward off a claim by his Bahrain-based telecom partner Batelco, which won a court decree for its $212-million…