NEW DELHI: Companies which have defaulted on payment of dues to banks will require their approval for managerial remuneration beyond a certain threshold, according to the government. The approval will also be needed in case of defaults to public financial institution, non-convertible debenture (NCD) holders and other secured creditors. The provision is part of the…
Former millionaires who have declared bankruptcy are still enjoying lavish lifestyles as they exploit the system to keep their cash, it was claimed. Crooks and businessmen who say they have little or no assets have been seen driving luxury cars, seemingly untouched by insolvency, a BBC programme alleges. Convicted fraudster Barry Hughes, an ex-boxing promoter,…
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…
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…
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…
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…
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 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…
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…
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…