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KUALA LUMPUR: Some 37,461 individuals were declared bankrupt between 2019 and 2023, the Dewan Rakyat was told.
Minister in the Prime Minister’s Department (Law and Institutional Reforms) Datuk Seri Azalina Othman Said said the 35-44 age group recorded the highest number of bankruptcy cases at 14,476.
This was followed by the 45-54 age group (10,052), 25-34 (6,874), 55 and above (5,811), those with no age information (126) and 25 and below (122), Azalina said, based on statistics from the Insolvency Department.
“Personal loans recorded the highest number of bankruptcy cases with 18,343 followed by business loans (6,563),” the Minister said in a…
Ariyo Mackay’s introduction of an AI-driven debt relief platform under its Amity One Debt brand represents a significant advancement in the industry. By automating and optimizing key processes such as settlement analysis and program selection, the new debt relief platform promises to expedite and personalize solutions for individuals. This innovation reflects a broader trend in fintech, where artificial intelligence is increasingly used to provide efficient, data-driven services.
Amity One Debt distinguishes itself by focusing on ethical practices and transparency. It addresses widespread concerns about predatory practices in the debt relief sector. The platform uses years of historical data to predict creditor behavior and identify…
With the holiday shopping season kicking into high gear, a new NerdWallet survey finds that many Americans are still paying off the presents they bought last year.
It comes as credit card debt levels have reached record highs this year with more people looking for help to pay it off.
Josh Sidorowicz reports red flags to watch out for so you don’t end up in a worse financial situation.
The raids are to do with a 2020 case that accused the dairy products firm of cheating a consortium of banks of Rs 1,400 crore.
The Enforcement Directorate on Wednesday conducted raids at many locations in and around Delhi as part of a money laundering probe against former senior executives and promoters of liquidated dairy products maker Kwality, according to a PTI report.
The raids are part of a case filed against Kwality and its directors in September 2020 for allegedly defrauding a consortium of banks to the tune of Rs 1,400 crore.
“The forensic audit of the accounts showed that out of the total sale of Rs 13,147.25 crore made by the company, only Rs 7,107.23 crore were routed through the consortium of banks. …
This week’s TGIF considers a recent decision of the Federal Court of Australia (Commissioner of State Revenue v McCabe (No 2) [2024] FCA 662), where Justice Derrington determined that potential tax fraud and evasion did not justify the termination of a DOCA on ‘public interest’ grounds.
Key Takeaways
Any challenge to a DOCA must be accompanied by sufficient evidence that creditors would be worse off under the ongoing DOCA than a liquidation, and that there has been substantial wrongdoing on the part of the directors to warrant the DOCA’s termination.
There may be commercial reasons to depart from general distribution principles where the purpose of the DOCA is to return and keep a company solvent. What is…
NES Health, the staffing firm that drew attention recently for not paying its doctors, says it will “wind down its operations and cease doing business,” according to a company email shared on social media.
Doctors who worked for the company may be out several months of pay, and NES said it won’t provide malpractice tail coverage either, according to the email.
The company’s CEO and chief medical officer resigned earlier this month; however, the company hasn’t yet filed for bankruptcy.
“They are unlikely to go bankrupt until they have collected the next few months of patient care bills,” Leon Adelman, MD, co-founder and CEO…
She said the business had directly engaged with more than 1 million young people through live events in theatres, workshops, birthday parties, schools and online programs.
Dr Michelle Dickinson won the Prime Minister’s Science Media Communications prize. Photo / NZME
“The ripple effects of our mission—through enduring programs built with partners worldwide, millions of online engagements, and transformative publications—extend far beyond what we can count.”
Dickinson said the business was always designed to be “purpose-driven”, saying for every copy of her book The Kitchen Science Cookbook, another was gifted to families and schools in need.
Birmingham City Council signed off budget saving plans in March including a 21% rise in council tax over two years
A beleaguered council lacks the capability to resolve its problems without outside help, according to the commissioners in charge of overseeing its recovery.
Birmingham City Council effectively declared itself bankrupt in September last year and is now in the process of making £300m worth of cuts to services.
In a critical report, commissioners said the council was letting down residents.
Council leader John Cotton said progress was being made on improvements and that the authority was engaging constructively with the new government.
In September the prime minister said there was “no magic wand” to solve the…
