China Construction Bank Corporation (0939) proposed yesterday to spend 12 billion yuan (HK$13.4 billion) to establish a wholly-owned subsidiary, CCB Asset Management Co, that will take charge of converting debts into shares. “CCB AMC is proposed to specialize in market-driven debt-to-equity swap business and will mainly operate and conduct financial business, such as acquisition of…
Administrators have recommended a security firm that owes creditors more than $1 million be wound up, as workers at the company face an uncertain Christmas. Voluntary administrators from Mackay Goodwin were appointed to Kudos Australasia Pty Ltd, trading as Kudos Audio Visual and Kudos Security Solutions, on November 9, however, SmartCompany understands employees of the…
Facts Decision The Supreme Court of Justice’s July 5 2016 decision in Case 6034/13.8TBBRG-N1.S1 examined whether the payment due for the termination of an employment contract as a result of a collective dismissal following an employer’s declaration of insolvency was a debt of the insolvent estate or the insolvent company. Facts An employee brought an…
Education Minister Simon Birmingham has again blamed Labor for the VET FEE-HELP fiasco, even though the Coalition was slow to shut down the rorts. Louise Kennerley For three years the federal Coalition government ignored a major loophole in the VET FEE-HELP student loan scheme that allowed dodgy private colleges to scam the program and fraudulently…
The U.S. Department of Education has two quite different roles in the lives of indebted former students. The same bureaucracy that must safeguard taxpayer dollars by collecting $1.1 trillion in loans also oversees the nation’s largest-ever effort to forgive student debt. These dual roles have culminated in a strange situation. The Obama administration has repeatedly…
Fears that Greeces seven-year debt crisis is about to enter a troubling new phase have been voiced by one of the worlds leading rating agencies. Moodys said it was worried by the decision by the European authorities to suspend a debt-relief deal for Greece after the government in Athens gave a Christmas bonus to pensioners,…
The current inefficient and confusing system of government-backed financial help for consumers is to be replaced with a new one-stop-shop organisation that will advise consumers about debt, pensions and scams. This new body will replace three existing publicly-funded organisations, one of which came under fire for spending more than £100m on marketing and advertising in…
By JOSEPH OPENDAMore by this Author Nakuru County Kanu officials have appealed to President Uhuru Kenyatta to intervene and help prevent the sale of their party offices over a Sh212 million debt. Kanu county chairman John Muthee called on the President to waive the debt, which is owed to Kenya Power. In November 2016, a…
National Debt Relief recently shared in an article published December 1, 2016 some helpful information about credit card debt consolidation which can help consumers know more about the program. The article titled “About Credit Card Debt Consolidation: How Does It Work” imparts debt consolidation tips for people to understand if it can be used for…
Denis OBriens Digicel Group has started an unprecedented cost-cutting plan and hired financial consultants McKinsey and Goetzpartners to help cut its massive debt burden as the mobile phone group grapples with declining earnings. Digicels 6.2 billion debt is at unsustainably high levels at 6.2 times earnings at the group, Michael Chakardjian, an analyst with US…