Former Nemo Rangers chairman Seán Martin says clubs should not be asked to help reduce the debt of SuperValu Páirc Uí Chaoimh.

At last week’s monthly board meeting at the stadium on the Bank of the Lee, changes were brought in to help reduce the €31 million-plus debt on SuperValu Páirc Uí Chaoimh. These include an increase in admission to games and the reduction of clubs’ gate-receipt shares, among others.

Martin, currently a Fianna Fáil Councillor and former Lord Mayor of Cork and brother of recently elected Taoiseach, Micheál, isn’t happy with the idea of clubs being levied.

“Personally, I think there should be an upfront meeting between the officials involved and all clubs,” he said when speaking to The Echo on…

Russia’s economy is facing a potential surge in corporate bankruptcies, the Vedomosti business daily reported Monday, citing experts from a government-aligned think tank.

The Central Bank’s decision to raise its benchmark interest rate to 21% — its highest level since the invasion of Ukraine — in October 2024 has driven up business debt burdens.

More than 20% of manufacturing companies were paying interest costs exceeding two-thirds of their pre-tax profits (EBIT) at the end of 2024, compared to just 10% a year earlier, Vedomosti cited analysts at the Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF) as saying in an analytical report.

The most affected sectors include investment-intensive…

The Global South is facing the worst debt crisis in 30 years. 54 lower-income countries, many in Southern Africa, are spending more on debt repayments than at any time in the last three decades. Countries such as Zambia are deeply affected by the debt crisis, which prevents government from vital public spending, such as on education and health, or climate mitigation, such as drought prevention.  

“We are calling out the global north countries to stand with us, to fight with us, to demand debt cancellation, to demand debt justice.”  ~ Zambian debt activist Precious Kalombwana said at a Debt Justice rally

This Jubilee Year,* ACTSA joins a coalition of UK organisations and activists from around the…

The trucking company found responsible for the deaths of four police officers on the Eastern Freeway will never pay its record $2.31 million fine after the business was declared insolvent despite previously earning millions of dollars in profit.

Connect Logistics was the operator of a truck that slammed into two police cars in the emergency lane after they pulled over a Porsche in Kew on April 22, 2020, killing Leading Senior Constable Lynette Taylor, Senior Constable Kevin King and constables Glen Humphris and Josh Prestney.

Compounding the…

Today, the Republic of Ecuador, with the support of The Nature Conservancy (TNC), the U.S. International Development Finance Corporation (DFC), the Inter-American Development Bank (IDB), and Bank of America, announced the financial close of a debt conversion facilitated by TNC’s Nature Bonds Program to advance the Amazon Biocorridor Program. The debt conversion refinanced approximately $1.53 billion of Ecuador’s international bonds, generating over $800 million in net fiscal savings for Ecuador by 2035. The transaction is also expected to secure approximately $460 million to support the Amazon Biocorridor Program (Programa Biocorredor Amazónico, BCA) for the conservation of terrestrial and freshwater ecosystems…

The number of people calling a helpline because they are worried about debt has increased significantly, it has been revealed.

National Debtline said it received 57% more calls in the first two weeks of January than it did in the same period last year.

The Money Advice Trust, which runs the helpline, said the first Monday of 2025 was its “busiest ever”, the BBC reported.

In a separate survey published on Monday, more than two-fifths (41%) of adults in the UK said they expect their financial situation to worsen this year, according to debt help charity StepChange.

Of that figure, 59% said this was because of higher energy bills.

Yahoo News UK looks at what help and advice is available for people who are struggling with debt.

Making a plan

The bankruptcy order is subject to immediate enforcement. An appeal can be submitted within 15 days, but it will not suspend the enforcement of the order.

Attorney-at-law Tarmo Peterson and Indrek Lepsoo from the Rask law firm have been appointed as bankruptcy trustees.

The first general meeting of creditors will be held virtually on February 27 at 11 a.m. at Harju County Court’s Tallinn Courthouse.

Nordica announced it had filed for bankruptcy filing on November 20.

The company and its associated firms said it would make 272 employees redundant. According to the layoff notice, Regional Jet will dismiss 161…

“The Reserve Bank has today superseded the board of directors of Aviom India Housing Finance Private Limited (the company) owing to governance concerns and defaults in meeting various payment obligations, and appointed Shri Ram Kumar, ex-Chief General Manager of Punjab National Bank, as the Administrator under Section 45-IE(2) of the Reserve Bank of India Act, 1934,” the central bank said.

Further, it intends to initiate the process of insolvency and will also apply to the National Company Law Tribunal (NCLT), New Delhi, for appointing Administrator Kumar as the Insolvency Resolution Professional.

Source: Business Times

Article Date: 28 Dec 2024

Author: Tay Peck Gek