A Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate. It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so…
A Co Galway couple were overcharged 1.23 million by KBC Bank Ireland after they were incorrectly moved to higher interest-rate mortgages on their properties instead of a tracker rate. It is the biggest single case of overcharging by a bank to emerge in the tracker mortgage scandal, which has cost almost 1 billion and so…
With bidders and owners of companies that defaulted on debt repayments complaining of arbitrary use and interpretations of the Insolvency and Bankruptcy Code (IBC) by insolvency resolution professionals (IRPs) and lenders, more cases relating to non-performing assets (NPAs) resolution are likely to head to court. While the resolution process of Binani Cement, Videocon Industries,…
Billy Kenber Phil Shiner, 61, was found guilty of professional misconduct last yearJOHN STILLWELL/PA A lawyer who brought false claims against British soldiers who fought in Iraq has had his bankruptcy extended by five years after he tried to avoid paying creditors by transferring almost £500,000 of assets to his family. Phil Shiner, 61, was…
Crippled with a debt of US$877 million (S$1.16 billion), offshore services provider Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation. The troubled company, which has been delisted from the Singapore Exchange (SGX), filed an application last week to be placed under judicial…
One Nation will not ask the Senate to consider the eligibility of senator Fraser Anning, after a public spat between Pauline Hanson and her former colleague. Key points: Pauline Hanson says she will no longer proceed with her bid to have Fraser Anning referred to the High Court “He’s gone Independent, and I’m glad…
Essar Steel, once the flagship company of Ravi Ruia and Shashi Ruias Essar Group, has become a test case for Indias new bankruptcy code. In a span of less than a year, the insolvency proceedings against the company have witnessed a court case, a change in law, and, two keen bidders ArcelorMittal and Numetal Ltd.…
By the time Rene Gauthier was violently knocked off his motorcycle in 2013, the surfboard and clothing company he’d built from the ground up was already deep in the red. Last week, the co-founder of Sitka Surfboard was awarded nearly $1 million in compensation for the injuries he suffered in the 2013 crash in downtown Victoria.…
In the United States online crowdfunding has been called the “sad, dark future of healthcare”. But what does it mean in Australia, where the public system is meant to stop people falling through the cracks? On GoFundMe, one of the internet’s largest crowdfunding platforms, Australians have raised more than $145 million for personal causes. Even…
As State Owned Enterprises (SOEs) continue to struggle under severe financial pressure, perhaps it is time for them to consider business rescue to alleviate continued financial distress and to avoid potential personal liability of directors who continue to run these companies and rely on the inevitable call up of a government guarantee. This is according…