Debt agreements reached a record level in 2016-17. Numbers released today by the Australian Financial Security Authority (AFSA) show that debt agreements have reached record levels in 2016-17, a trend that has become an annual tradition since 2011-12. Debt agreements have increased 11.9% this year compared to 2015-16 and there were record debt agreements in every…
Bhushan Steel and State Bank of India (SBI) on Wednesday contested each others estimation of the companys liability at a hearing in the National Company Law Tribunal (NCLT) here. The steel companys counsel said SBIs claims were about Rs 100 crore more than the actual dues. Countering the argument, SBIs counsel said the…
By EDWIN OKOTHMore by this Author The government is set to let go of its shareholding in Uchumi Supermarkets once the troubled retailer stabilises under the ongoing bailout and restructuring plan. Trade Principal Secretary Chris Kiptoo yesterday said the shareholding exit will come after the government recoups taxpayers funds pumped into the company over the…
Snowy scene: The Walcha Saddlery in snowy weather in 1908. It replaced Seckolds earlier saddlery which was located on the eastern side of Derby Street. David John Callaghan, one of Walchas early saddlers, arrived in the late 1870s and, in 1880, moved into new purpose-built premises located in what is now Mountain Motors yard. The…
Boris Becker may have lost his £100m fortune in part because of questionable investments in the Nigerian oil industry, according to claims in the German press. Since the 49-year-old former tennis star was declared bankrupt in a London court last month, speculation has been rife over how he managed to squander a personal fortune estimated at…
Boris Becker may have lost his £100m fortune in part because of questionable investments in the Nigerian oil industry, according to claims in the German press. Since the 49-year-old former tennis star was declared bankrupt in a London court last month, speculation has been rife over how he managed to squander a personal fortune estimated at…
By Martin North, cross-posted from the Digital Finance Analytics Blog: WA experienced a 20% rise, in personal insolvencies in 2016-17, according to data released today by The Australian Financial Security Authority. On the other hand there were falls in NSW and VIC, highlighting the different economic conditions across the states. The number of personal insolvencies…
The National Company Law Tribunal (NCLT) on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about Rs 23,000 crore to a consortium of lenders. An application for insolvency was filed on June 29 by State Bank of India–one of the lenders to the company–in order to recover its Rs 3,772-crore loan to…
By MR Umarji The Reserve Bank of India has recently prescribed provisioning requirements for banks in cases where insolvency resolution process is initiated against any company. The banks initiating insolvency resolution process have to make a provision of 50% of the secured portion of the loan and 100% of the unsecured portion. The provisions will…
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