Nearly 100 “zombie companies” declared bankrupt in Guangzhou – Xinhua

Video PlayerClose GUANGZHOU, Jan. 8 (Xinhua) — Ninety-four “zombie companies” in Guangzhou, capital of south China’s Guangdong Province, were declared bankrupt, the city’s Intermediate People’s Court said Monday. Most of them, including 74 state-owned enterprises, were established in the 1980s and 1990s. These enterprises, making great losses for years, have ceased or suspended production, and…

Ex-millionaires ‘are still enjoying lavish lifestyles driving luxury cars with personalised plates despite declaring … – Daily Mail

Explosive new documentary reveals the lavish lifestyle of bankrupt businessmen Barry Hughes declared bankruptcy owing £10m but owns luxury fleet of cars  BBC filmed Graham Gillespie, who has £12m debts, driving a brand new Bentley By Amie Gordon For Mailonline Published: 23:43 AEDT, 8 January 2018 | Updated: 23:48 AEDT, 8 January 2018 e-mail 2…

Managerial pay: Stricter norms for defaulting companies – Economic Times

NEW DELHI: Companies which have defaulted on payment of dues to banks will require their approval for managerial remuneration beyond a certain threshold, according to the government. The approval will also be needed in case of defaults to public financial institution, non-convertible debenture (NCD) holders and other secured creditors. The provision is part of the…

Former millionaires ‘still enjoying lavish lifestyles with new luxury cars despite claiming they are bankrupt’ – Mirror.co.uk

Former millionaires who have declared bankruptcy are still enjoying lavish lifestyles as they exploit the system to keep their cash, it was claimed. Crooks and businessmen who say they have little or no assets have been seen driving luxury cars, seemingly untouched by insolvency, a BBC programme alleges. Convicted fraudster Barry Hughes, an ex-boxing promoter,…

First retail collapse of 2018 prompts expert warnings that more fashion pain to come – SmartCompany.com.au

Insolvency and retail experts have warned fashion brands should expect to be crunched for yet another year, with womenswear brand Maggie T the first high-profile Australian retailer to enter administration in 2018. An insolvency notice from the Australian Securities and Investments Commission confirms Maggie T Corporation appointed voluntary administrators Cameron Gray and Justin Holzman of…

Bankrupts enjoy ‘lavish lifestyles’ – BBC News

Image caption Barry Hughes owed £10m when he declared himself bankrupt Criminals and dishonest debtors are exploiting weaknesses in the bankruptcy system to keep hold of their assets and wealth, a BBC investigation has revealed. The BBC team found former millionaires enjoying lavish lifestyles, seemingly untouched by insolvency. Convicted fraudster Barry Hughes, who declared himself…

Govt announces relaxation in tax regime for companies in insolvency resolution process – Economic Times

NEW DELHI: Keen to minimise hardship faced by companies going in for insolvency resolution, the government will from financial year 2017-18 allow a company to reduce amount of total loss brought forward including unabsorbed depreciation from the book profit for the purposes of levy of minimum alternate tax. This facility would be available only for…