The combination of flatlining wages and big mortgages is driving up the number of people filing for bankruptcy. The Australian Financial Security Authority has revealed that bankruptcies and private debt agreements nationally and in WA are at their highest since the global financial crisis. But figures from NAB yesterday confirmed a different story for the…
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The number of individuals in the UK declaring insolvency has increased for the second year running, with a return to levels 99,196 people not seen since the post-2008 recession. Rates rose by 9.4% over the course of the year from a figure of 90,657 people in 2016. Since the economic recovery following the the 2008…
A recent court order is likely to impact the way resolution plans for stressed companies are being designed. The Mumbai bench of the National Company Law Tribunal held that a plan that envisages resolution of only some assets while excluding others is not acceptable. The NCLT said so in the case of Roofit Industries that…
Image copyright Reuters For 10 years, the Carillion pension trustees tried to get the company to pay in more money to the scheme without success. There was no agreement from 2008 onwards between the company and the trustees about the correct level of contribution over that decade and according to Robin Ellison, the chair of…
Jim Pickard and Josephine Cumbo January 30, 2018 The head of Britains accountancy watchdog has been grilled about its failure to spot growing problems at Carillion, the collapsed construction company. Appearing before MPs at the start of an investigation into Carillions demise, Stephen Haddrill, chief executive of the Financial Reporting Council, rejected accusations that the…
Dealing with phoenix companies Published: 30 January, 2018 Sarah Carlton examines the business practice of launching a phoenix company after insolvency. Its a sad fact of life that businesses can and do fail. Sometimes the failure is deliberate, but often there is nothing sinister the company may have been wounded fatally by a lost contract,…
MUMBAI: The refinancing of bankrupt companies under the Insolvency and Bankruptcy Code would probably be the biggest opportunity for refinancing of loans of up to Rs 2 lakh crore this year. A few strong banks could scoop up the opportunity even as the state-run banks hold back and clean up their bad loans. Furthermore, the…
MUMBAI:The government may consider resolving two of the biggest tax roadblocks looming over a successful conclusion of the insolvency process in the upcoming Budget, two people close to the development said. The government may allow carrying forward of losses for eight years for buyers of companies in the insolvency process. This is not allowed under…