KUALA LUMPUR: The number of Malaysians declared bankrupt due to credit card usage is still relatively low, Deputy Finance Minister Datuk Othman Aziz said. He said as of December last year, only 1,598 or 0.04 per cent users were declared bankrupt due to credit card usage. The number is still under control and many preventive…
John Walsh, Ireland Business Editor Around 400 insolvency cases are thought to be on hold over interpretation of the lawGETTY IMAGES Any change to the rules that would enable debtors to challenge directly a banks rejection of their loan restructuring will be made as an amendment to personal insolvency legislation, the finance minister has said. On February…
Any hope of salvaging something from the spectacular mess that was Doughnut Time is now gone for good, with the company going into liquidation and closing all remaining stores, leaving behind a staggering sum of $200,000 in wages owed to ex-employees. Last week the company was thrown into utter chaos, with over half its stores abruptly closing…
On 23 November 2017, the president of India exercised his special powers and issued an ordinance to amend the relatively new Insolvency and Bankruptcy Code, 2016, by introducing section 29A. An ordinance is used to address urgent issues when parliament is not in session. The urgency in this case was to provide for the prohibition…
When a key client sues you in court, there’s a lot to lose regardless of the outcome. Which is the situation McGrathNicol finds itself in. The insolvency company is being sued by the Department of Employment over its receivership of Hastie Services, one of several companies within the collapsed Hastie engineering group. The case, filed in October, resumes in…
Doughnut Time is going into liquidation despite its new chief executive saying he would buy the company and “turn it around”. Its workers, who are owed more than an estimated $200,000 in unpaid wages, have also been kept in the dark. None of the workers were told that the troubled dessert chain went into voluntary…
Prosenjit Datta New Delhi Last Updated: March 13, 2018 | 14:42 IST As the 12 big cases referred under the Insolvency and Bankruptcy Code (IBC) to the National Companies Law Tribunal (NCLT) approach the 180 day deadline for resolution (though it can be increased by another 90 days), both the loopholes that need to be plugged and the…
Insurance is a unique business. Premiums are priced upfront for risks (claims) that are made (or not) at some stage down the track, for uncertain amounts. There is no business where understanding and managing risk is more critical. If fact, it is the business. The failure of New Zealand-based insurer CBL Corporation (ASX:CBL), a true…
Related Story: Doughnut Time’s retail empire crumbles what went wrong? Doughnut Time is getting liquidated despite its new chief executive saying he would buy the company and “turn it around”. Its workers, who are owed more than an estimated $200,000 in unpaid wages, have also been kept in the dark. None…
The immovable and movable property and the trade mark of the insolvent Latvian ice cream maker Druva Food has been purchased by Tervete Food company for nearly EUR 1 million, said the company’s insolvency administrator, Daina Zake, reports LETA. She said that Tervete Food had bought Druva Food‘s assets at the auction for EUR 998,203.…