Insolvency Guardian Media Centre
Youve finally decided to do something about all those bills coming in that, due to ever burgeoning interest rates, you can barely afford. Youre thinking about going the consolidation route, but youre unsure what that all entails. And in any case, is debt consolidation a smart thing to do? Let us look.
What is Debt Consolidation?
Basically, its rolling multiple debts into one, using a personal loan or balance transfer credit card. The financial strategy streamlines payments, whereby instead of having several bills to worry about each month, of varying amounts and due dates, youll have a single payment, hopefully with a better interest rate.
What Are Some Kinds of Debt Consolidation?
Two of the top ways to consolidate debt include…
Read the full article at: https://presstories.com/2021/09/13/is-debt-consolidation-a-smart-thing-to-do/
The Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) has to be completed within the 330-day deadline prescribed under the law, the Supreme Court ruled on Monday (Ebix Singapore v. Committee of Creditors of Educomp), according to a news report.
“Judicial delay was the reason why the earlier insolvency regime failed and we cannot let the same happen with the current insolvency regime which came to being after the Insolvency and Bankruptcy Code. Once the Committee of Creditors submits a resolution plan for stressed assets under IBC, it cannot be modified or withdrawn by resolution applicant,” the judgment said, according to Bar and Bench.
As per the IBC, the CIRP must be completed within 180 day…
Read the full article at: https://www.freepressjournal.in/business/corporate-insolvency-resolution-process-has-to-be-completed-in-330-days-report
Figures show the rate of New Brunswick adults coping with serious financial problems is the highest in Canada for the fourth year in arow, adding a wrinkle to the introduction of credit scores as a factor in setting auto insurance rates in the province.
Over the last several months, the New Brunswick Insurance Board has given several insurance companies the go-ahead to ask customers for permission to use credit scores as a factor in setting auto premiums.
It could be a significant change in a province where an unusuallyhigh number of people struggle with personal finances.
According to figures compiled by the Office of the Superintendent of Bankruptcy Canada, about one in 87 New Brunswick adults 7,246 in total filed for insolvency ov…
Read the full article at: https://www.cbc.ca/news/canada/new-brunswick/auto-insurers-credit-scores-new-brunswick-1.6172978
Vincent Xuereb, the victim of Thursdays shooting in Iklin, was a serial fraudster and constantly indebted due to his gambling addiction.
Xuereb was a known fraudster, with court documents confirming that he had already been convicted in court of multiple fraud cases.
On Wednesday, 24-year-old Ryan Sultana was arrested after he allegedly shot 55-year-old Xuereb with a shotgun, in an argument they had after an apparent road rage incident. Xuereb was grievously injured but is not in danger of losing his life. Sultana appeared in court on Friday, but was not granted bail.
Sultana, a gardener from Iklin, stands accused of shooting Xuereb and is facing other charges related to misuse of a firearm, causing violence and breaching the public pe…
Read the full article at: https://www.maltatoday.com.mt/news/court_and_police/111996/serial_gambling_led_to_life_of_debt_and_fraud_for_iklin_shooting_victim
Shadow education minister Tanya Plibersek addressed an elite business gathering last month, presenting a future Labor government as the best means of escalating the corporate restructuring of tertiary education.
In her August 16 speech to the Australian Financial Review Higher Education Conference, Plibersek said nothing about the destruction of tens of thousands of jobs throughout the countrys public universities, since the start of the COVID-19 pandemic, let alone commit a Labor government to reversing the cuts.
Instead, she echoed the demands of the corporate elite, highlighted by a recent blueprint issued by the EY global consulting giant, for the pandemic disaster to be exploited, in order to radically reshape higher education and …
Read the full article at: https://www.wsws.org/en/articles/2021/09/13/pli2-s13.html
The wife of a man who died after plunging from a zip-line in Far North Queensland has launched a multi-million-dollar lawsuit against those she holds responsible.
Key points:
- The family of zip-line victim launch a multi-million-dollar lawsuit in Cairns court
- Adelaide man Dean Sandersondied after falling while on the Jungle Surfing Canopy Tours apparatus
- His wifeShannon Sandersonalso suffered injuries in the fall
Adelaide father-of-three Dean Sanderson, 50, died after the zip-line he was attached to failed while high above the Daintree rainforest in October 2019.
His wife Shannon Sanderson who was in a separate harness but launched at the same time also fell approximately 10metres at the Jungle Surfing Canopy Tours and survived, despite serio…
Read the full article at: https://www.abc.net.au/news/2021-09-13/daintree-zip-line-multi-million-dollar-lawsuit/100456792
Luxury marketplace Reebonz has reportedly caved under liabilities estimated to be around SG$65 million and according toThe Business Timeshas appointed a provisional liquidator to wind up the company. Co-founder Samuel Lim took out notices in BT on 10 September to alertcreditors that Reebonz is “in creditors’ voluntary liquidation”. Lim explained in the notice that Reebonz “cannot by reason of its liabilities continue its business”.
According to BT, Tee Wey Lih of Acres Advisory was brought on board to manage the company’s closure. Acres Advisory explained that the company’s liabilities are approximately SG$65 million with most of the exposure to financial institutions. A check by MARKETING-INTERACTIVE found that its website has been…
Read the full article at: https://www.marketing-interactive.com/reebonz-files-for-voluntary-liquidation-has-reported-liabilities-of-about-sg-65m
THE GOVERNMENT has appointed 31 members to the Benches of the National Company Law Tribunal (NCLT) and the Income Tax Appellate Tribunal (ITAT) after the Supreme Court urged the government to fill vacancies immediately.
The Appointments Committee of the Cabinet approved the appointment of eight judicial and 10 technical members to the NCLT as well as six judicial members and seven accountant members to the ITAT, according to a communication by the Department of Personnel and Training on Saturday.
The Bench noted that it did not want a confrontation with the government on this issue. The appointments to the NCLT are for five years or until the member reaches the age of 65 while appointments to the ITAT are for 4 years or until the members…
Read the full article at: https://indianexpress.com/article/business/economy/post-sc-nudge-govt-appoints-31-members-to-nclt-itat-7504704/
Erin Chan
Two rival triad gangs roared through the streets in a car chase that ended with the driver of the target vehicle ramming his way into Kwai Chung Police Station.
The chase was sparked by a 26-year-old waiter owing HK$60,000 from a gambling debt to the Sun Yee On society.
And the chase saw Police Commissioner Raymond Siu Chak-yee lead follow-up raids on Tsim Sha Tsui gambling dens and clubs allegedly controlled by the 14K and the Sun Yee On on Friday and Saturday and another 115 arrests.
Of 12 people arrested after the chase, five were charged with assault occasion…
Read the full article at: https://www.thestandard.com.hk/section-news/section/11/234134/Triad-road-chase-ends-in-police-station-smash
SINGAPORE – Shareholders of Singapore Press Holdings (SPH) have voted overwhelmingly in favour of carving out its media business into a new company limited by guarantee (CLG).
Here is a recap of the recent developments for SPH, which publishes The Straits Times.
Oct 13, 2020: SPH posts its first ever net loss of $83.7 million for the full financial year ended Aug 31 last year, and a loss before taxation of $11.4 million for its media business. This reversed profits seen in the previous financial year.
Oct 14, 2020: Shares of SPH dip below $1 for the first time.
March 30, 2021: SPH announces it is undergoing a strategic review to consider options for its various businesses.
May 6, 2021: SPH says it will restructure its media business in…
Read the full article at: https://www.straitstimes.com/singapore/hiving-off-sphs-media-business-timeline-of-recent-developments-and-next-steps
Company liquidation as a going concern, instead of winding it up and selling the assets bit by bit, is gaining traction, as it helps fetch higher value for creditors while saving the livelihood of employees.
The Ahmedabad chapter of the National Company Law Tribunal (NCLT) last week passed an order clearing the liquidation of an insolvent company, PSL Ltd, retaining its operational status and its sale as a going concern.
PSL, which has four main plants, had filed an application for a resolution process under the Insolvency and Bankruptcy Code. However, the company that was under the Board for Industrial and Financial Reconstruction for the past seven years did not get a suitable resolution proposal, and the NCLT ordered its liquidation.
In…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/liquidation-as-going-concern-gains-traction/articleshow/86141205.cms
Imagine a husband going to his wife with a grand scheme to get his family out of the financial trouble theyre in. Out-of-control spending and too much debt has made a mess of their lives, and his wife has been asking him for years to scale down spending and cut back excesses. Unfortunately, thats never happened, and now, things are desperate.
Now, hes come up with a new plan, promising its a low-risk idea:
OK, Im going to borrow a bunch of money at a pretty low rate, he says. I know it sounds counterintuitive, but trust me, banks are giving away money right now at really cheap interest rates.
Im going to take that money and invest it in the financial markets you know, some tech stocks, some real-estate trusts, some hedge-fund invest…
Read the full article at: https://www.news-gazette.com/opinion/guest-commentary/guest-commentary-politicians-next-pension-fix-gambling-with-your-money/article_7865780f-7ed8-5c1e-8cc5-1ee4e43ca3cb.html