Last week, Detroit, the erstwhile automobile hub of the US, was in the news as it filed for bankruptcy. A tool commonly used in the West to fob off creditors and spurn bad debt, bankruptcy is not a favoured option for most Indians since it is associated with social stigma and embarrassment. However, it may…
A HIGH-FLYING accountants firm has collapsed leaving behind debts to the taxman. Blin Holdings are going through liquidation after Her Majestys Revenue and Customs (HMRC) moved to have the business wound up in February. The company was led by Raymond Blin, one of Scotlands top insolvency experts. He left last year and claims two creditors…
While Japan was making headlines for negative interest rates, regulators may have quietly handed yields on a plate to bond investors. Mitsubishi UFJ Financial Group issued $2 billion of notes in a three-part sale Wednesday at a yield premium some 25 basis points higher than what similar notes from its operational unit, Bank of Tokyo Mitsubishi, were offering in the…
Introduction Alert procedures Introduction On January 28 2015 the minister of justice set up the Rordorf Commission, a ministerial commission to develop and submit draft legislation designed to reform, review and reorganise the rules governing insolvency procedures in Italy. On December 29 2015 the Rordorf Commission completed its proceedings and submitted a draft statutory instrument…
Introduction Facts Questions of law Decision Comment Introduction Questions around the interplay between the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, the Sick Industrial Companies (Special Provisions) Act 1985, the Recovery of Debts Due to Banks and Financial Institutions Act 1993 and the Companies Act 1956 have frequently arisen…
NEW YORK–(BUSINESS WIRE)–Fitch Ratings has assigned the following ratings and Rating Outlooks to Fannie Mae’s risk transfer transaction, Connecticut Avenue Securities, series 2016-C03: –$157,758,000 class 1M-1 notes ‘BBB-sf’; Outlook Stable; –$56,342,000 class 1M-2A exchangeable notes ‘BB+sf’; Outlook Stable; –$123,953,000 class 1M-2B exchangeable notes ‘B+’; Outlook Stable; –$180,295,000 class 1M-2 notes ‘B+sf’; Outlook Stable; –$56,342,000 class…
Nova Scotia’s highest court has given the provincial government another crack at recovering at least some of the money it loaned a bankrupt fisheries company. D’Eon Fisheries of Port Mouton declared bankruptcy in 2013. The company shut down shortly after receiving a $500,000 loan from Nova Scotia Business Inc., made on the eve of the 2013 provincial…
Published 21/04/2016 | 02:30 In the first three months of this year a total of 111 people were declared bankrupt. Picture posed THERE has been a surprise fall in the number of people being adjudicated bankrupt. Share Go To This is despite the bankruptcy term falling from three years to one year from January 29…
The Dodd-Frank Act requires big banks to write so-called living wills, but it turns out that large financial institutions are as reluctant as the rest of us to contemplate their own mortality. Credit Photograph by David Goldman / The New York Times / Redux One of the signal, but formerly obscure, achievements of the Dodd-Frank…
Lorcan OConnor, director of the ISI There was a 26 per cent increase in new applications for Personal Insolvency Arrangements (PIAs) in the first quarter of 2016, according to new figures. This years first quarterly statistical bulletin from the Insolvency Service of Ireland (ISI) recorded continued growth in new applications, protective certificates and approved arrangements.…