Desperate Dundonians have the highest personal debts in Scotland after turning to credit cards and loans to survive. The average debt is an astonishing 20,000 and money experts blame a combination of the controversial Universal Credit system plus poor pay packets in the city. The latest figures for personal debt index (PDI) have been revealed…
Clearly the cross-border insolvency law, consistent with the UNCITRAL Model with least intrusion into each countrys domestic insolvency laws, is imminently likely to be introduced as new law. The framework law for group insolvency and cross-border insolvency of group companies cannot be far behind, to tackle the realities of global insolvency. Personal insolvency,…
UK business secretary Greg Clark has travelled to India and China over the past two weeks to meet companies viewed as potential bidders for British Steel, as efforts intensify to rescue the ailing business and save thousands of jobs. In the past few days, the cabinet minister met JSW, one of Indias largest steel manufacturers,…
Shona Godefroy has been appointed managing partner of Thomas Westcott, the southwest-based firm of chartered accountants and business advisers. She takes over the leadership of the practice from chairman Richard Thomas, who founded the firm in 1985 and is stepping down after 34 years. Godefroy joined Thomas Westcott in 2007 from Big Four firm EY…
July 5th, 2019 Nicola Capuzzo Europe, Operations, Tankers 0 comments The Genoa-based shipping company FT Genoa Tankers, part of the Turkish group Furtrans, has been declared bankrupt by a local court. The bankruptcy petition was filed by the Italian revenue public agency which claimed it was owed 13m ($14.6m). The agency did not succeed at…
Repeated warnings about a tsunami of home repossessions – long threatened, but yet to arrive – has raised doubts about the scale of this legacy problem from the decade-old economic crash. At the time of the financial crisis there were 700,000-odd mortgages with outstanding debt of about 110 billion on the countrys books. More than…
India plans to enact a cross-border insolvency law and take steps to make bankruptcies of individuals easier as part of reforms aimed at speeding up the resolution of stressed assets, according to the governments Economic Survey for 2018-19. The cross-border insolvency law will not only provide a transparent and predictable mechanism to deal with issues…
(This July 3 story has been refiled to give more approximate figure in paragraph 16) By Valentina Za MILAN (Reuters) How do you value a bank loan on the brink of default in an economy flirting with recession? As it prepares to commit to buying billions of euros of such loans in Italy by mid…
Illustrative photo: fantasista / FreeDigitalPhotos.net CRIF analyst Vra Kamenkov told the Czech News Agency that the number of personal bankruptcy petitions is increasing due to the amendment of the Insolvency Act, which came into force in early June and allows for a wider group of people to qualify. The amended law aims to make the…
(Gives more approximate figure in paragraph 16) * Italian banks trying to offload unlikely to pay loans * Hedge fund DKCM in talks to take on some from Intesa * Deal could herald others, vital to restoring banks health By Valentina Za MILAN, July 3 (Reuters) – How do you value a bank loan on…