Big tweak in insolvency law on cards, defaulters may be barred from bidding – Economic Times

NEW DELHI: The government is considering amending its insolvency law to prevent existing promoters of bankrupt companies from reacquiring them during the resolution process at a steep discount. The current Insolvency and Bankruptcy Code, passed last year, does not prevent promoters from bidding for these stressed assets during the resolution process. Some owners are reported…

Bankruptcy due to excessive credit card usage among youth still low: Finance Ministry – New Straits Times Online

KUALA LUMPUR: The number of young people in Malaysia declared bankrupt due to credit card usage is still relatively low. Deputy Finance Minister Datuk Othman Aziz said from January to September, only nine below the age of 30 were declared bankrupt. He said the number registered this year was still lower compared to the same…

Pauline Hanson furious as new senator Fraser Anning dumps One Nation – The Australian Financial Review

One Nation is in disarray after new Queensland senator Fraser Anning quit the party to sit as an independent crossbencher. A furious One Nation leader Pauline Hanson accused disloyal staffers for influencing Senator Anning’s decision to abandon the party but confirmed she had not wanted Senator Anning to take up his seat. Senator Anning’s departure…

Debt payment delays could lead to ‘liquidity crunch’, warns McGrathNicol – The Australian Financial Review

Smaller contractors and building materials companies could face a liquidity crunch if big construction and engineering groups keep delaying payments to suppliers, McGrathNicol has warned. Construction and engineering companies paid suppliers 10.5 days more slowly in 2016-17 than they did a year earlier, reversing the previous trend of paying suppliers faster, according to the insolvency…

‘It was bleak and life changing’ – Finbarr Filan on bankruptcy, guilt and his Westlife brother, Shane – Independent.ie

Shafin Developments, the property company the brothers established together, went bust in 2012. The singer, faced with a bill of 23m, was declared bankrupt. His brother Finbarr has revealed he was declared bankrupt last Monday to the tune of 15 million.   In a column in the Sunday Business Post, the Sligo businessman, who is chair…