The Federal Court has ordered the Commonwealth Bank of Australia (CBA) to pay a $150,000 penalty after the Court found the bank breached the responsible lending provisions of the National Consumer Credit Protection Act 2009 (National Credit Act).
The penalty is for failures to take account of a notification by a customer (Mr Harris) that he was a problem gambler and to take reasonable steps to verify his financial situation before offering and approving a credit card limit increase.
The National Credit Act provides consumer protections to ensure credit providers make reasonable inquiries about a borrowers financial situation before assessing whether a loan contract is suitable for them.
ASICs investigation related to a credit limit …
Read the full article at: https://www.miragenews.com/cba-ordered-to-pay-150-000-for-credit-limit-increase-provided-to-problem-gambler/
Fewer Tasmanians have become insolvent and more have been paying down debts during the pandemic period, as government support measures temporarily put more money into the pockets of some people.
Key points:
- New Tasmanian personal insolvencies were at a 30-year low for the last financial year
- A debt collection business is seeing more Tasmanians able to proactively pay down their debts
- There are concerns financial stress will increase as government stimulus and support measures are wound back
But there are concerns that as those measures dry up over coming months, more Tasmanians will be under financial stress and more local businesses may wind up.
Relative to other states and territories, the Tasmanian Government has been more generous in su…
Read the full article at: https://www.abc.net.au/news/2020-10-30/coronavirus-relief-helps-stem-tasmania-covid19-insolvencies/12826824
Ministers have sent in a taskforce to oversee Croydon council after an audit report revealed the Labour-run authority is on the verge of bankruptcy following a string of risky property investments and a failure to keep control of social care budgets.
Auditors heavily criticised the south London council for ignoring more than three years of internal warnings over its finances, accusing it of collective corporate blindness and fostering a governance culture in which poor spending decisions were not robustly challenged or scrutinised by councillors.
The council has a 60m black hole in its budget, and only 10m of financial reserves, auditors revealed, in a report that carried strong echoes of similarly deep-rooted corporate failings at Tory…
Read the full article at: https://www.theguardian.com/society/2020/oct/29/croydon-council-on-verge-of-bankruptcy-after-risky-investments
A SNOOKER club has been ordered to pay 4,500 to a employee of more than ten years who was made redundant at the start of the Covid-19 lockdown without pay.
Clacton Snooker Centre told Zella Davis, 60, they could not afford to pay her and reclaim furlough pay, so had to end her employment.
The club, in Valley Road, was forced to close on March 20 due to the Covid-19 restrictions.
Miss Davis, who was paid 625 a month, was given her P45 three days later.
Despite having worked at the centre since 2007, Miss Davis was given no notice by her employer.
As she had worked there for more than 12 years she was entitled to 12 weeks notice.
Miss Davis took Clacton Snooker Centre to an employment tribunal, which was held at East London Hearing Centre….
Read the full article at: https://www.clactonandfrintongazette.co.uk/news/18830982.tribunal-rules-snooker-centre-must-pay-ex-worker-4-5k/
Thirty-eight months after he was arrested for scamming investors, using their money to pay off his massive gambling debts, Craig Carton the ultimate Gasbag is returning to WFAN to team with Evan Roberts in afternoon drive.
They are scheduled to debut on Monday, Nov. 9 from 2 p.m. – 7 p.m. Carton is also scheduled to do an hour-show, solo, on Thursday (today) from 5 p.m. – 6 p.m. FAN announced Cartons return Thursday on its morning Boomer and Gio Show.
We all hope that this next step on his road back will not only be beneficial to Craig, but also for his audience as he shares his story and looks to make an impact through the power of his voice, said Chris Oliviero, an Entercom executive who is in charge of WFAN….
Read the full article at: https://www.nydailynews.com/sports/ny-craig-carton-wfan-evan-roberts-20201029-chf7rzloljhzrircpvbmnpinaq-story.html
With COVID-19 and the differing attempts by state and local government to contain its spread by various regulations, smaller companies in almost every industry have been negatively affected by state regulations. As a result, some companies impacted by these COVID-19 regulations may find themselves on the brink of insolvency.
Until recently, there have been two chapters of the bankruptcy code for the use of insolvent companies: Chapter 11 and Chapter 7. Chapter 11 was designed for the restructuring of companies that have a future business. Chapter 7 is designed for the liquidation of companies without a projected future due to market forces or excessive debt.
For a smaller company, the Chapter 11 process is often far too expensive. It re…
Read the full article at: https://www.abladvisor.com/blogs/19608/understanding-the-new-small-business-reorganization-act
NEW DELHI : The Supreme Court Wednesday said it would pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India (IBBI) seeking transfer of all petitions pending before different high courts challenging the provisions of IBC with regard to personal insolvency.
A bench of Justices L N Rao, Hemant Gupta and Ajay Rastogi favoured transfer of all the writ petitions pending challenging provisions of IBC on insolvency of personal guarantors and reserved its verdict.
Additional Solicitor General Madhavi Divan, appearing for IBBI, said that questions of law raised in these writ petitions pending before different high courts are same and relate to the provision of IBC.
She argued that to avoid any conflicting ruling by …
Read the full article at: https://www.livemint.com/news/india/personal-insolvency-sc-to-decide-on-transferring-pending-cases-to-itself-11603895037005.html
Solicitor General Tushar Mehta, appearing for State Bank of India (SBI), has also said that the issue raised in the writ petitions pending before different high courts is of national importance and does not affect any rights of the petitioners.
The Supreme Court on Thursday transferred to itself a batch of writ petitions pending before different high courts challenging the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) with regard to personal insolvency.
The top court asked the high courts to not entertain any fresh writ petitions on the issue and said that all interim orders passed by the high court would continue till further orders.
Related News
A bench of Justices L Nageswara Rao, Hemant Gupta and Ajay Rastogi listed …
Read the full article at: https://www.financialexpress.com/industry/banking-finance/supreme-court-transfers-to-itself-batch-of-pleas-challenging-provisions-of-ibc-on-personal-insolvency/2116763/
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
Not including sole proprietorships, there were 42 bankruptcies in week 43, 2 more than in week 42. In addition, 4 sole proprietorships were declared bankrupt, 2 fewer than in the previous week.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 74 |
| 2019 | 3 | 69 |
| 2019 | 4 | 82 |
| 2019 | 5 | 87 |
| 2019 | 6 | 71 |
| 2019 | 7 | 84 |
| 2019 | 8 | 64 |
| 2019 | 9 | 83 |
| 2019 | 10 | 74 |
| 2019 | 11…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/44/46-bankruptcies-in-week-43 Less than 3% of problem gamblers are receiving proper treatment, according to figures that lay bare the devastating effects on their finances, relationships and careers. With the government weeks away from launching a review of industry regulations, statistics from the National Gambling Treatment Service show only 9,008 people received care in the year to the end of March 2020. Of those being treated, 45% had racked up debts of more than 5,000, were bankrupt, or going through a debt repayment scheme. They had spent a median average of more than 2,000 in the month before receiving treatment. More than a quarter said they had lost a relationship because of their gambling, while 12% had lost a job. The figures illustrate not just the impac… Read the full article at: https://www.theguardian.com/society/2020/oct/29/only-3-of-uk-problem-gamblers-get-proper-help-says-study Go to Top Call Now Button |