Video PlayerClose GUANGZHOU, Jan. 8 (Xinhua) — Ninety-four “zombie companies” in Guangzhou, capital of south China’s Guangdong Province, were declared bankrupt, the city’s Intermediate People’s Court said Monday. Most of them, including 74 state-owned enterprises, were established in the 1980s and 1990s. These enterprises, making great losses for years, have ceased or suspended production, and…
Explosive new documentary reveals the lavish lifestyle of bankrupt businessmen Barry Hughes declared bankruptcy owing £10m but owns luxury fleet of cars BBC filmed Graham Gillespie, who has £12m debts, driving a brand new Bentley By Amie Gordon For Mailonline Published: 23:43 AEDT, 8 January 2018 | Updated: 23:48 AEDT, 8 January 2018 e-mail 2…
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…