Insolvency Guardian Media Centre
LAHORE – The business community Saturday applauded the government for securing debt relief of $1.7 billion for another six months from G20 and other creditors, calling for driving a campaign to write off Pakistan debt permanently, as the country has paid $10.4 billion on account of debt servicing during last fiscal year.
Federation of Pakistan Chambers of Commerce and Industry(FPCCI) President Mian Anjum Nisar said that the G20 countries, together with the Paris Club creditors announced a Debt Service Suspension Initiative (DSSI) amounting to $1.7 billion, which will provide much-needed fiscal space to Pakistan in its fight against the Covid-19 but the world should also pay attention to Prime Minister Imran Khans call to write off the …
Read the full article at: https://nation.com.pk/27-Dec-2020/pakistan-needs-long-term-debt-relief-as-it-pays-dollar-10-4b-in-debt-servicing
Debt can be a slippery slope. Some types (like mortgages) are healthy and improve your ability to do and buy the good things in life. Others (like, um, that sofa youre still paying off) should come with a danger warning before you sign on the dotted line. Here, four types of debt that could spell disaster if youre not careful.
1. Credit Card Debt
The average amount of credit card debt for families who carry a balance is $9,333, according to Value Penguin. Even more staggering is the fact that the average credit card interest rate is 14.58 percent for existing customers. (Its 17.98 percent for new offers.) Heres the rub: Credit card debt makes it almost impossible to build wealth because, no matter how much you pay off each month, if …
Read the full article at: https://finance.yahoo.com/news/four-types-debt-never-help-110000073.html
Temporary debt protections put in place in March will be wound back on 1 January, but a permanent increase in the bankruptcy threshold will apply.
Before the pandemic, the minimum threshold to trigger a bankruptcy was $5,000: It was raised to $20,000 in March, and will be wound back to a new threshold of $10,000 in January.
Other temporary debt protections will also cease, including the amount of time an individual has to respond to a bankruptcy notice restored to 21 days, down from six months.
Twenty-one days’ relief from creditors – also down from six months – will cease.
The term ‘zombie company’ refers to companies surviving through such government protections, which otherwise would have declared bankruptcy or become insolvent.
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Read the full article at: https://www.savings.com.au/savings-accounts/zombie-company-protections-end-1-january
A former British Army worker and external contractor for Nottingham Tramlink swindled almost 60,000 after his gambling debt “spiralled out of control”.
Paul Cooksey fraudulently accessed the funds through 23 different transactions, retaining season ticket funds from private companies or individuals under Tramlink’s Tram2Work scheme.
The 43-year-old was initially uncovered by the company as part of its internal processes, with the fraud costing Tramlink more than 50,000.
Cooksey, a former project coordinator, worked for the company as an external contractor between 2014 and March 2019, when the fraud was uncovered.
At the time, he had recently left the army and saw his marriage break down before losing his friends and his house – and e…
Read the full article at: https://www.nottinghampost.com/news/local-news/nottingham-tramlink-contractor-swindled-almost-4834451
An external contractor working for Nottingham Tramlink swindled nearly 60,000 to pay towards gambling losses and to pay off credit card debts that were spiralling out of control.
The 43-year-old left the army, his marriage broke down, he lost his friends, had to move house and started gambling.
Paul Cooksey, of Keyworth, was charged with fraud by abuse of position and two counts of retaining wrongful credit and sentenced to two years behind bars at Nottingham Crown Court, suspended for two years, as well as a Rehabilitation Activity Requirement.
The charges relate to 23 transactions, causing a loss of more than 50,000 to Tramlink.
The fraud involved season-ticket funds from private companies or individuals under Tramlinks Tram2Work …
Read the full article at: https://westbridgfordwire.com/nottingham-tram-contractor-from-keyworth-sentenced-after-60000-fraud-charges-nottingham-tram-contractor-from-keyworth-sentenced-after-50000-fraud-charges/
Tony Cochrane during his time at Supercars
A company of former Supercars Chairman Tony Cochrane has been put into liquidation.
International Entertainment Consulting Pty Ltd was established by Cochrane and his wife Thea Jeanes-Cochrane after he ended his role as Supercars head in 2012.
It is believed that several identities from Australian motorsport were investors or had a connection to the company which had a receiver appointed by one of the companys secured lenders earlier this month.
Concert promoter and owner of Ticketek, TEG Live, is believed to have had a substantial stake in the business.
Said Jahani and Philip Campbell-Wilson from Grant Thornton have been appointed to handle the liquidation.
IECs biggest claim to fame was dev…
Read the full article at: https://www.speedcafe.com/2020/12/27/cochrane-company-goes-into-liquidation/
Consumers with high-volume debts need a clear solution that helps them gain control over their finances. With high-volume debt, one false move leads to financial ruin and prevents the person from making any major purchases. They may lose their home, their automobile, or other dire circumstances that lead to serious financial losses. A debt consolidation loan presents a better solution if the person applies before, they are facing more dire situations. The loans allow them to pay off several debts according to their preferences.
Managing More Debts at Once
Debt consolidation allows debtors to manage several debts at once instead of creating a plan to manage one debt at a time. The consumer decides what debts they include in their debt …
Read the full article at: https://www.easier.com/140044-what-consumers-must-know-about-debt-consolidation-opportunities.html