Insolvency Guardian Media Centre
The major has announced policy to help those with student debt access funding for home loans.
The Commonwealth Bank of Australia (CBA) has introduced changes to how HECS-HELP debt is assessed, allowing better access to funding.
Coming into effect today (9 April), CBA will no longer consider HECS debt if it is due to be repaid within 12 months.
Further, borrowers with a HECS debt due to be repaid within the next five years will be assessed using only a 1 per cent serviceability buffer.
These changes come off the back APRA’s proposed changes to the handling of HELP and HECS debt and ASIC announcing guidance for lenders at the start of March.
Dr Michael Baumann, CBA’s executive general manager home buying,…
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Bill Ferg (Vasilios Fergadiotis), owner of Melbourne’s Lobster Cave restaurant, has submitted a last-minute proposal to creditors to avoid bankruptcy, aiming to settle over $7 million in debts through a personal insolvency agreement.
The offer was made just two days before a scheduled Federal Court hearing. If rejected, Ferg could be declared bankrupt and forced to resign from his business roles.
Speaking to the Herald Sun, Ferg said the decision to offer the agreement was “not made lightly,” noting the financial challenges brought on by a struggling hospitality sector.
“I accept full responsibility for my financial position and am committed to managing it with…
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What Is Revolving Credit?
Revolving credit refers to a type of credit account that allows the borrower to repeatedly borrow up to a certain limit. Making payments reduces the balance owed and frees up credit, which can be used again. Credit cards, personal lines of credit, and home equity lines of credit (HELOCs) are all types of revolving credit.
Key Takeaways
- Revolving credit gives a borrower access to credit up to a specific credit limit.
- Borrowers can repeatedly charge and pay down debt with revolving credit, but they may be charged fees or interest.
- Credit cards, lines of credit, and home equity lines of credit are all examples of revolving credit.
Investopedia / Lara Antal
How Does Revolving Credit Work?
If…
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A major sanitary wholesaler in Germany will be ceasing its business operations. The company’s 230 employees received termination notices at the end of August. The company, Sanitop-Wingenroth, once a flagship business in the region, faced financial difficulties due to unmet sales expectations across various sectors, including DIY and e-commerce, influenced by broader economic trends.
Photo: Dreamstime.
Insolvency administrator Stephan Michels initially expressed optimism about the company’s potential for restructuring, citing its strong operational and logistical capabilities. Despite efforts to find investors, the…
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The bankruptcy of the Hudson’s Bay Company (HBC) is often framed as the fall of “Canada’s oldest company.” Media narratives typically treat HBC as if it were a straightforward retail firm, albeit one with an exceptionally long history.
But HBC was always more than a hinterland mercantile fur trader in earlier centuries, just as it was more than a department store anchoring downtown shopping in the 20th century.
Like the beaver it nearly wiped out, HBC made Canada into its home by fundamentally transforming its environment, and no bankruptcy court will liquidate that legacy. Still, that legacy is more complex than many might assume.
Read more:
Hudson’s Bay liquidation: What happens when a company…
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The major has announced policy to help those with student debt access funding for home loans.
The Commonwealth Bank of Australia (CBA) has introduced changes to how HECS-HELP debt is assessed, allowing better access to funding.
Coming into effect tomorrow (9 April), CBA will no longer consider HECS debt if it is due to be repaid within 12 months.
Further, borrowers with a HECS debt due to be repaid within the next five years will be assessed using only a 1 per cent serviceability buffer.
These changes come off the back APRA’s proposed changes to the handling of HELP and HECS debt and ASIC announcing guidance for lenders at the start of March.
Dr Michael Baumann, CBA’s executive general manager home buying…
Read the original article here
A second KleuterZone company has been put into provisional liquidation.
On Friday, the Western Cape High Court granted an order for the provisional winding up of KleuterZone (KZ) Ventures, a management company of the controversial KleuterZone franchise.
Rikus Hartman, who applied for the provisional liquidation of KZ Ventures and is also the appointed liquidator for KleuterZone Operations, noted in his founding affidavit that the main goal and reason for registering KZ Ventures as a company was to allocate and issue share certificates to investors who were not yet allocated to a certain school or entity where a school was still in the process of being registered or built.
The KleuterZone franchise, whose founder Anthonie Bougas…
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SGR ASX: The stand-off that blew up Star’s super-sized debt deal AFR
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NCLAT Fortnightly: Important orders on IBC (January 1 – January 15, 2025) Bar and Bench
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Bruno Mars Jokes About His Gambling Debt Rumors Following Spotify Record: See What He Said MSN
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BRIPAN, Federal High Court partner on business insolvency The Nation Newspaper
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Singapore – Singapore’s policymakers are wrapping up the public feedback process on proposed changes to its insolvency law, part of a broader effort to enhance its appeal as a hub for corporate restructuring in Asia.
A key change would broaden a provision in restructuring plans, known as cross-class cramdowns, to prevent shareholders from dissenting, according to a Ministry of Law report. The proposals would also streamline the process of disposing a debtor’s property or issuing new shares, and recommend building incentives into restructuring managers’ compensation.
The public consultation period will close on April 8, after which the Ministry of Law will draft a bill to be read in parliament before the proposals are enacted.