KUALA LUMPUR: As of July, there are 159,781 unresolved bankruptcy cases in Malaysia, according to the Malaysian Department of Insolvency (MDI).

MDI director-general M. Bakri Abd Majid attributed the delays primarily to individuals’ failure to cooperate by submitting essential documents.

According to a Malay daily, these include lists of liabilities, completed statutory forms like the Statement of Affairs (PHE), and the Income and Expenditure Statement for six months.

Bakri said that when considering discharge applications, several factors were evaluated, including the reasons for the application, the percentage of dividends payable, and the bankrupt individual’s cooperation and attitude throughout the case administration.

“The failure of…

The latest company insolvency statistics for July 2024 highlight a significant increase in corporate insolvencies within Scotland, reflecting broader trends seen across the UK.

The total number of registered company insolvencies has risen, driven by a challenging economic environment that has persisted over recent years.

Creditors’ Voluntary Liquidations (CVLs) remain the predominant form of insolvency, while other types such as compulsory liquidations, administrations, and Company Voluntary Arrangements (CVAs) have also seen increases.

This trend underscores the ongoing financial pressures faced by Scottish businesses, particularly in sectors heavily impacted by economic fluctuations.

Michelle Elliot, a…

The insolvent Inapa Group, comprising the German subsidiaries Inapa Deutschland GmbH, Inapa ComPlott GmbH and Inapa Packaging GmbH, continues to operate without restrictions.

According to a press release, customers can place orders as usual. Suppliers are reportedly committed to Inapa and supplying the group as planned, the company stated.

“The understandable initial reservations of our suppliers eased after we agreed on new payment terms where necessary,” says Inapa’s CEO Thomas Schimanowski. Goods supply to the company is therefore secure and deliveries can be made smoothly.

The executive board of Inapa group jointly with provisional administrator Dr Tjark Thies of the law firm of Reimer have reportedly undertaken all measures…

Centrepay is once again in the news, and not for good reasons.

This week the Guardian uncovered new examples of the government system being used as a vehicle of financial abuse – Centrepay was diverting money away from people receiving Centrelink payments to energy giants, years after they stopped being power customers.

To be clear, we’re talking about a government-run budgeting tool taking money from people in survival mode in a cost-of-living crisis and giving it to big business for services not received. Sometimes thousands of dollars taken from people trying to make ends meet in a social security system that pushes them below the poverty line. As a financial counsellor remarked recently, you won’t find a better budgeter than a…

A TRUCK driver has been given one piece of expert advice that could help him get rid of his crippling debt.

After an unexpected breakup, Charlie was left struggling with mortgage payments, car payments, and credit card debt.

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He called into The Ramsey Show – a radio program – to ask experts what he could do to alleviate his debt.

Based in Everett, Washington state, Charlie explained that he was overwhelmed by the amount of money he owed.

“I’m drowning,” he told co-hosts Jade Warshaw and George Kamel.

He explained that he was currently living “paycheck to paycheck.”

Charlie told the hosts that his recent breakup had forced…

• The federal government will guarantee all regional flight bookings for customers of Rex during its administration process over the next month.
• The guarantee translates, if Rex customers have their flights cancelled, they will be entitled to receive a full refund.

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The Australian Federal Government has announced it will guarantee regional flight bookings for Rex customers throughout the voluntary administration process.
Federal Transport Minister Catherine King said a regional flight guarantee would provide certainty for Rex’s regional customers.

 

Voluntary Administrator of the Rex Group, that went into administration earlier this month with estimated debts of $500m, has welcomed the move by the…

The Supreme Court has agreed to consider Byju’s plea regarding the revival of insolvency proceedings against the company on August 22. This comes after Byju’s raised concerns that the Court’s recent stay order on a settlement with the Board of Control for Cricket in India (BCCI) is being misinterpreted as a revival of the insolvency process.

The edtech giant and the BCCI had jointly sought a stay on the revival of insolvency proceedings, following an earlier decision by the National Company Law Appellate Tribunal (NCLAT) that allowed for a potential settlement. However, the Supreme Court has refused to grant interim relief and declined to restrain the Resolution Professional (RP) from constituting the Committee of Creditors (COC) at this…

HONG KONG – Kaisa Group Holdings on Aug 20 announced an offshore debt restructuring agreement with a key group of bondholders, a step that may help the Chinese developer defend itself against a liquidation petition.

The Shenzhen-based company has been working to restructure its offshore debt since defaulting on US$12 billion (S$15.7 billion) in offshore bonds in late 2021. The restructuring plan also covers other debts, including loans and yuan-denominated asset-backed securities.

Kaisa is the second-largest offshore debt issuer among Chinese developers after China Evergrande Group, and in 2015 became the first among its peers to default on US dollar bonds.

Many Chinese property developers have defaulted since the sector slipped…

The legislation will not return to parliament until October at the earliest and will then need to pass both houses before the changes take effect.

How does indexation work?