Thousands of Australian investors who ploughed millions into illegal fundraising outfit Astra Resources will have to seek recourse in Britain after a court ruling. Liquidators from Grant Thornton’s London office last week secured orders from Federal Court judge Richard White for a single liquidation process operated out of England. ASIC took action. Photo: Jim Rice Astra…
Related Story: Private colleges to face tough new criteria before getting public money Related Story: AIPE training college could face consumer watchdog action Just one day after the Government announced it was scrapping a troubled loan scheme for vocational education courses, a private training college has announced it is…
The Global Lead for Credit Infrastructure at the World Bank, Mahesh Uttamchandani has described as acceptable , governments intervention in the DKM microfinance scam to help customers get back their investments. According to him, unlike corporate private entities, an insolvency involving financial institutions like DKM, have larger societal impact which have dire economic implications. A…
Oct 7 KST Beteiligungs AG : * Will be completely resolved from a pension obligation existing with the former management board against payment of a compensation amounting to approx. 1.26 million euros ($1.41 million) * Resolves itself from the pension obligation and proposes liquidation of the company * After signing of transfer agreement will propose…
New Delhi: The government has come out with draft norms for registration of insolvency professionals and agencies under the Insolvency and Bankruptcy Code. Reuters While the Code is in the process of being implemented, the government has already set up the Insolvency and Bankruptcy Board of India (IBBI), chaired by M S Sahoo. The Corporate…
The government has come out with draft norms for registration of insolvency professionals and agencies under the Insolvency and Bankruptcy Code. While the Code is in the process of being implemented, the government has already set up the Insolvency and Bankruptcy Board of India (IBBI), chaired by M S Sahoo. …
One of Australia’s largest private colleges has gone into voluntary administration leaving up to 16,000 students in limbo, just two days after the federal government announced it would put an end to the scandal-ridden VET-FEE HELP scheme. The Australian Institute of Professional Education took in $110 million in public funding in 2014, enrolling 8000 students…
PETER MEECHAM/FAIRFAX NZ The Christchurch company behind the Calendar Girls strip club on Karangahape Rd (pictured) is in liquidation and receivership, owing Inland Revenue thousands. A Christchurch company that owns one of Auckland’s best known strip clubs has collapsed, owing tens of thousands of dollars to Inland Revenue. Casino Bar (No.2), which operates the Karangahape…
Calls for upgrading Indias corporate insolvency framework Washington, October 6: Indian banks are vulnerable to further decline in profits as they face slow credit growth and elevated non-performing assets, IMF has said, calling for additional and more timely action to deal with the problem of bad loans. Banking systems are vulnerable to further declines in…
Even though bank balance sheets are on aggregate stronger than they were before the global financial crisis, a cyclical recovery wont solve the problem of weak bank profitability, according to the International Monetary Fund. In its latest Global Financial Stability Report, the IMF says short-term risks have abated since its previous assessment in April but…