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.
Natus Medical (NASDAQ:BABY) continued its restructuring, which resulted in an ugly first quarter. Fortunately, with expectations low, investors were able
In fact, a 2018 study by Ramsey Solutions found that money is the No. 1 issue couples fight about and the second leading cause of divorce, after infidelity. Two primary causes of money-related stress were high levels of debt and a lack of communication.
Australias most infamous property spruiker Rick Otton, the controversial How To Buy A House For $1 author, has filed for bankruptcy, crippled by the largest fine in corporate history.
It comes five months after he and his company were fined $18 million for misleading property investors following ACCC legal action.
The Federal Court judgment found breaches of Australian Consumer Law of $12 million against Ottons business and $6 million against him personally.
But his four bank accounts have just $18,800, including $5.74 with NAB, according to his statement of affairs filed on the national personal insolvency index at the Australian Financial Security Authority.
The number of UK businesses in significant financial distress in the first quarter of 2019 has increased 1.4% year-on-year to 484,000
The latest Red Flag Alert from independent insolvency firm Begbies Traynor has found that 16% of all UK businesses were in financial distress at the end of March.
A South Yorkshire catering and mobile food delivery business has ceased trading after being declared insolvent.
Acorn Fine Foods, trading as Peckish, who ran routes around the Doncaster area, has taken its vans off the road alongside ceasing food production at its catering facility in Carcroft. It employed ten people.
The proposed Liquidator, Jeremy Bleazard of XL Business Solutions, said: It is clear the Directors had invested and worked hard to keep the business running however it became unviable to continue. My focus is on… For the full story register now for free or login below…
It is easy to say one should be responsible for their actions; however, it shouldnt be limited only to gamblers but should also be considered with equal transparency while discussing the responsibilities of licensed gambling operators and online casinos.
That said, its nothing but fair that one is to be held responsible for ones actions, but being oblivious to other factors that inspire, trigger, and motivate or in other words manipulate gamblers to act in a particular way is not how one should be looking at the issues of gambling debts and problem of compulsive gambling.
Gambling operators should also be held responsible for all such actions which negatively influence the decision-making capacity of ordinary gamblers….
About 13 percent of corporate insolvency resolution processes (CIRPs) until the end of March 2019 wereresolved, while 53 percent cases ended in liquidation, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Average realisation by financial creditors as a share of claims was only 43 percent.
In its report, the IBBI said 359 cases had been admitted for corporate insolvency. Of this, the resolution plan for 14 was approved while 73 went into liquidation in the January-March quarter.
The Insolvency and Bankruptcy Code (IBC) was set up to resolve cases of corporate bankruptcy in a timely manner. However, a third of these cases took more than the stipulated 270 days. For 1,143 ongoing resolution cases…
Total individual insolvencies fell 8.1% to 31,527 in Q1 this year from an eight year high in Q4 2018 when they stood at 34,287, data showed.
However, personal insolvencies are up 16 per cent year-on-year and Individual Voluntary Arrangements (IVAs) have risen 24 per cent in the same period, according to the latest Insolvency Service statistics.
However, in Q1 2019 there were 20,325 IVAs, a decrease of 11.4% compared to a record high in Q4 2018, recording the highest quarterly level of IVAs since their introduction in 1987.
Debt relief orders (DROs) fell by 1.6% in the first quarter to 7,040 from 7,156 in Q4 2018, whilst bankruptcies dropped slightly this quarter by 0.6% to 4,162 from 4,188 in the previous quarter.
Factory seconds appliance retailer 2nds World has collapsed after 35 years in business.
The chain was placed into the voluntary administration of chartered accounting firm De Vries Tayeh on April 15.
2nds World has a long-running history, currently selling discounted appliances to retail customers and commercial clients. 2nds World is also a member of Australias largest appliance buying group, Narta, De Vries Tayeh administrator Mark Robinson said in a statement.
A 2nds World outlet in Caringbah, NSW. (Google Maps)
The Administrators are already in discussions with a number of interested parties and are seeking to execute an urgent sale process as a going concern. We encourage any other interested parties to contact us forthwith.
The presence of ineligible candidates on ballot papers could expose election results to challenge even if the winners are qualified to sit in parliament, an academic has warned.
The University of New South Wales constitutional academic George Williams issued the warning after at least two bankrupts Rodney Culleton and Fraser Anning candidate Julie Hoskin successfully nominated and questions were raised about 19 United Australia Party candidates who made incomplete or inconsistent declarations to the Australian Electoral Commission.
After a spate of resignations and disqualifications in the 45th parliament, the joint standing committee on electoral matters studied reform options for section 44, which disqualifies dual citizens and undi…
Natus Medical(NASDAQ:BABY) continued its restructuring, which resulted in an ugly first quarter. Fortunately, with expectations low, investors were able to shrug it off in hopes that the medical device maker will be able to come out the other side a better company.
The number of people going bankrupt across England and Wales is predicted to have jumped to its highest quarterly level since 2014 in official figures released on Tuesday.
The Insolvency Service is due to release personal insolvency figures for the first quarter of 2019.
These are made up of three types of personal insolvency bankruptcies, debt relief orders (DROs) which are aimed at people with lower levels of debt, and individual voluntary arrangements (IVAs) where money is shared out between creditors.
Audit firm RSMpredicts that total personal insolvencies for the quarterwill exceed 30,000 cases, including 4,455 bankruptcies, 19,000 IVAs and 6,945 DROs.
If the figure for bankruptcies is correct, it would be the highest quarterly total s…
KOLKATA: Banks would realise just about a quarter of their claims from 12 corporate debt resolution cases in the January-March period, dashing hopes for higher bad loan recovery in the last quarter of the fiscal.
The lenders will receive merely 17% of the Rs 29500 crore dues from Alok Industries, raising doubts over the future realization.
This is a matter of serious concern. This shows that either there are no tangible assets to back the loans or the assets were overvalued, United Bank of India chief executive, Ashok Kumar Pradhan, said.
The overall bad loan recovery through bankruptcy courts has remained dismal in the first two years of Insolvency and Bankruptcy Code. Banks could realise 43% of the claims in 94 loan default cases that …
