Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Railcoop had been planning on relaunching services between Lyon and Bordeaux. Credit: trabantos/Shutterstock.com French open-access rail co-operative Railcoop has confirmed
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On 1 June last year, indexation was applied on my then HELP debt of $87,722 at 7.10 per cent. This resulted in a $6,228 debit being applied to my HELP account. This year, student debts are due to rise by 4.8 per cent, the second highest indexation rate in a decade. HELP indeed!
I am a 41-year-old professional woman. I have been in and out of the workforce for the last 18 years, as I raise my children, and engage in part-time work. As such, it was only 3 years ago that I finally began earning enough to start making repayments to my HECS-HELP debt through my income.
At age 17, I began my higher education with a bachelor’s degree. At age 20, I went on to do a law degree and then, at age 29, I completed a Master of Laws. Even…
The global economy avoided what could have been a systemic debt crisis during the turbulence of recent years, but vulnerabilities remain amid high debt servicing costs that pose an important challenge for low and middle-income countries. Some may yet confront major tests.
When countries do falter on debt, restructuring is critical to containing the damage. Restructuring should be as quick as possible because delays deepen distress by making adjustment harder and adding to the costs for both debtors and creditors. Longer waits leave people suffering when they lose jobs and face increasing poverty, while creditors watch their losses mount as they wait for recovery. It’s a lose-lose situation.
Chinese police have opened an investigation into Zhongzhi Enterprise Group after the debt-ridden financial giant declared itself insolvent.
Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified “alleged offenses,” adding that they had taken measures against several suspects.
Zhongzhi declared itself insolvent Wednesday with its arrears estimated at nearly $66 billion, according to a letter to investors cited by local media.
During China’s real estate boom, many developers used Zhongzhi to finance their projects.
The company managed assets worth more than $141 billion, according to investment bank Nomura.
A bank in Sac City was declared insolvent and closed at the end of last week.
According to a press release by the Iowa Division of Banking, Citizens Bank in Sac City was closed on Friday. It’s the first bank closure in Iowa in 12 years. The bank was declared insolvent after bank examiners identified significant loan losses that the bank previously had not identified.
According to the news release, the bank had a concentration of out-of-state loans to one industry, and there had been heavy losses on some of those loans. The state banking superintendent’s office says there will be no loss to depositors. Citizens Bank in Sac City reportedly had nearly 59 million dollars in deposits when it closed.
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Looking into the crystal ball at the start of the year to forecast future trends isn’t possible, but one common theme that we expect will continue to impact upon both directors and officers and insolvency practitioners (IP) is the increasing rise of corporate insolvencies.
The Insolvency Service recently published its monthly report for insolvencies in December 2023, which reveals an increase in company insolvencies, reaching 2,002 cases – a rise from previous years and pre-Covid 19 times. In contrast, individual insolvencies evidenced a different trend, marking a 20% decrease with 6,584 reported cases in December 2023 as compared to the same month in the previous year.
