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…
Cathal and Cathy Dunne, like tens of thousands of others during the recession, fell into dire money problems and struggled to repay their mortgage. To find a solution, they decided to engage with their bank, Permanent TSB. The couple, now in their early 40s, have five children, four of whom are still in school. Cathal…
Michael Philipps | South Western Times Saturday, 24 February 2018 7:24AM Recent data shows Bunbury had the highest rate of personal insolvency in regional WA for the December 2017 quarter. However, figures show the number of people who declared personal insolvency in the region has declined since September 2017. The Australian Financial Security Authority recently…
dRMMs 2017 Stirling Prize Winner Hastings Pier Seeks New Owner After Charity Folds Courtesy of dRMM Just four months after winning the 2017 Stirling Prize, the UKs top honor for architecture, dRMMs Hastings Pier is now up for sale, as the charity that owned and operated the structure was declared insolvent for failing to reach self-funding…
By Jarrett Renshaw NEW YORK (Reuters) – U.S. President Donald Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy, according to four sources familiar with the matter.The…
AC Milan owner Li Yonghong has dismissed reports that he has been declared bankrupt in China as “fake news”. Chinese businessman Li – who purchased the Italian club for $911 million in April 2017 – was responding to reports that he has been ordered to auction off his assets to repay loans from two banks.…
Image copyright Reuters Image caption Wu Xiaohui was considered one of China’s most politically connected men Beijing has cracked down on insurance and financial giant Anbang, taking control of the conglomerate and prosecuting the firm’s head. Wu Xiaohui, who was already detained by authorities last June, is to face prosecution for “economic crimes”. In an…