Category Archives: Bankruptcy

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…

Youths told to be financially savvy to avoid bankruptcy – The Malaysian Insight

YOUNG people need to be financially knowledgeable to avoid falling into heavy debts and being declared bankrupts. MCA Youth chief Chong Sin Woon said last year, it was estimated 70% of persons declared bankrupt were the young. Last year, out of nearly 300,000 people declared bankrupt, 70% were young people … these groups are most…

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…

Youths must be financially savy to avoid bankruptcy – The Sun Daily

SEREMBAN: Young people in the country need to be financially knowledgeable to keep them from falling into heavy debts, as well as risking being declared bankrupts. MCA Youth chief Datuk Chong Sin Woon said this was because last year alone, it was estimated that 70% of the individuals declared bankrupt were the young. “We saw…

Bankrupt property tycoon avoids jail for £20k benefits fraud – Belfast Telegraph

Bankrupt property tycoon avoids jail for £20k benefits fraud BelfastTelegraph.co.uk A Belfast man who owed the bank millions as a result of the property crash appeared in court for a case cited by a judge as a “modern day tragedy”. https://www.belfasttelegraph.co.uk/news/northern-ireland/bankrupt-property-tycoon-avoids-jail-for-20k-benefits-fraud-36462198.html https://www.belfasttelegraph.co.uk/incoming/article36462788.ece/4ac84/AUTOCROP/h342/judge.jpg Email A Belfast man who owed the bank millions as a result of…

10 ways Irish consumer behaviour has changed since 2008 – Irish Times

1: Tracking the trackersIt is hard to imagine there was a time when a man could stand up on a bus even a man in an ad and admit to not knowing what a tracker was. Over the past 10 years everyone has learned what a tracker is, not least because the mortgages have been…

China’s CDB withdraws insolvency petition against India’s RCom – Business Insider

FILE PHOTO: A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai Thomson Reuters MUMBAI (Reuters) – China Development Bank (CDB), the biggest foreign lender to India’s Reliance Communications Ltd (RCom) , on Friday withdrew a petition seeking to drag the indebted telecoms carrier into insolvency. A lawyer…

Unfortunate Kings the poster boys of SA rugby’s ills – Citizen

By late Friday night, the optimism of the new year mightve taken hold. Maybe the Southern Kings wouldve pulled off a massive coup last night in their first Pro14 game of 2018 by beating Edinburgh on their home turf. If that has happens, they wouldve finally snapped a 10-match losing streak. But it probably wont…

IBBI new norms raises doubts among insolvency professionals – Economic Times

Insolvency professionals are flummoxed by the latest rule from the Insolvency and Bankruptcy Board of India that prohibits them from outsourcing the work related to resolution of a bankrupt company. “All the assignments in which delegation of authority has taken place by the insolvency professional even if it is with the approval from the Committee…