Dealing with Puerto Ricos crushing debt has started to resemble a circular firing squad. Simply put, the bankrupt island cant pay everything it owes, so creditors are taking aim at each other as they squabble over who will get whats left. But the debts size and the tangled process invented to rescue Puerto Rico mean…
Details Published on Thursday, 11 May 2017 16:23 View Comments IPOH – As many as 5,845 people in Perak were declared bankrupt by the Malaysian Insolvency Department (MDI) from 2012 to last year, said its Perak director Hezlin Haldi. He said according to records, those individuals were between the ages of 35 to 44. “Most…
IPOH: As many as 5,845 people in Perak were declared bankrupt by the Malaysian Insolvency Department (MDI) from 2012 to last year, said its Perak director Hezlin Haldi. He said according to records, those individuals were between the ages of 35 to 44. “Most of these cases were due to problems with personal, vehicle and…
Provisions to rehabilitate the state’s 450 mines in NSW are inadequate, their required outcomes vague and the risks of long-term failure are uncovered, according to a report by the Auditor-General. While the total value of deposits made by mining companies had quadrupled since 2005 from $500 million to $2.2 billion as of the end of last year, the…
IPOH: As many as 5,845 people in Perak were declared bankrupt by the Malaysian Insolvency Department (MDI) from 2012 to last year, said its Perak director Hezlin Haldi. He said according to records, those individuals were between the ages of 35 to 44. “Most of these cases were due to problems with personal, vehicle and…
Once the flagship of Germany’s solar industry, Solarworld announced Wednesday the company could not be rescued in its current form, meaning it had to file for insolvency “without further delay.” The firm’s board said the company’s outlook was far too bleak to keep on trying, pointing to a big mountain of debt. Solarworld has been…
After more than a decade of economic recession, Puerto Rico is broke. The governor of the island, Ricardo Rosselló, announced on May 3, that he filed for a bankruptcy-type protection, as established by Title III of The Puerto Rico Oversight, Management, and Economic Stability Act, known as PROMESA. Congress and President Obama approved this law…
The liquidator for Property Ventures alleged PwC helped the firm dodge insolvency. Photo / 123RF PwC advised Property Ventures (PVL) on ways to continue trading when by some accounts it was insolvent while at the same time giving David Henderson’s failed property development company a clean bill of health as statutory auditor, the liquidators allege.…
Greece is “closer than ever” to reaching a deal with its international lenders that will help ease its debt mountain, Prime Minister Alexis Tsipras said on Tuesday. “We are closer than ever to a substantial solution on debt relief and the solution has to do mainly with our lenders’ clear obligation,” Tsipras told reporters. “he…
The federal Treasury is expected to fast-track new insolvency laws to encourage entrepreneurialism and keep struggling companies alive as economic growth risks slowing and interest rates remain on pause. The new rules will give directors breathing space to take reasonable risks by providing a “safe harbour” from insolvent trading liabilities, and prevent contractors from using…