Insolvency Guardian Media Centre
In the volatile landscape of southern Africa, Zambia is often overlooked. It played a huge role in the liberation struggles of its neighbours. The ANC, banned in South Africa by the apartheid government, established its exile headquarters in Lusaka. The SWAPO movement, fighting for a free Namibia, was also headquartered there. Joshua Nkomos wing of the armed struggle in Zimbabwe was there, too.
In the 19th century, Zambia was deeply influenced by Cecil Rhodes and his form of corporate colonialism on behalf of the British crown. Rhodes dreamt of a Cape to Cairo road – and the main street of Lusaka is still called Cairo Road, before it branches into the Great North Road.
But, with the closing phase of apartheid, and the fall of foun…
Read the full article at: http://theconversation.com/zambia-debt-unpaid-salaries-and-a-poor-harvest-have-sown-seeds-of-crisis-116028
Saudi Arabia is seeking to open up its government bond market to retail investors as part of sweeping reforms intended to develop a savings culture.
Officials said last week that the countrys government sukuk, or Islamic bonds, would be sold in chunks of SR1,000 ($267), rather than the typical SR1m, in a move that finance minister Mohammed al-Jadaan said was designed to make it easier for retail investors and investment funds to participate in the multibillion-dollar market.
Riyadh has increased its borrowing to finance its budget deficit and help fund Crown Prince Mohammed bin Salmans economic reform programme. The debt management office has said that at the end of 2018 the government had about $150bn in overall debt, 54 per cen…
Read the full article at: https://www.ft.com/content/ded9c6e6-676a-11e9-9adc-98bf1d35a056
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…
Read the full article at: https://uk.finance.yahoo.com/news/bankruptcies-expected-rise-highest-levels-090040750.html
Another Australian success story is facing a sharp plot-twist, with Ellery filing for liquidation and citing poor strategic decisions in its wake.
Last week Ellery closed its Sydney-based production facility Elleryland after over a decade of manufacturing and exporting from Australia. In mid-April it closed its Sydney stores and made 22 staff redundant.
I am very proud to have built an independent, globally recognised fashion house from my home, Australia. It has not been without its challenges, which we had always managed to overcome, however unfortunately, running the production out of Australia proved to be commercially unsustainable, said Kym Ellery Founder and Creative Direct…
Read the full article at: https://www.powerretail.com.au/news/from-runway-to-windup-ellery-enters-administration/
A BANKRUPT Zilzie company has had their block of land sold from under them as they racked up five years of unpaid rates.
Ray White Yeppoon held an auction on behalf of Livingstone Shire Council last month for a 693m2 block of land at 85 Cocoanut Point Dr, Zilzie.
There were originally 18 properties that were eligible when they began the land rate arrears auction process in September 2018, however many owners paid the total amount of their outstanding rates.
In the week before the auction there were still six properties eligible but when it came to the morning of the auction in March, only the Zilzie property remained.
A small crowd gathered at the auction at the Yeppoon Town Hall and there were more than 20 registered bidders.
The auctioneer …
Read the full article at: https://www.weeklytimesnow.com.au/news/regional/why-did-council-buy-a-block-of-land-from-a-bankrupt-company/news-story/28f32282ff58574c2575382d7fc62394
The successful nomination of two candidates who are undischarged bankrupts has highlighted the Australian Electoral Commissions inability to ensure compliance with the section of the Constitution which led to the resignation of 17 senators and MPs and senators during the 45th parliament.
Fraser Anning candidate for the Victorian seat of Bendigo Julie Hoskin, and former WA One Nation-turned-independent senator Rod Culleton, have been attacked by political opponents and constitutional experts for choosing to nominate, despite their status as bankrupts.
In terms of human nature, you would have thought the rational …
Read the full article at: https://www.theaustralian.com.au/nation/politics/federal-election-2019-section-44-still-a-problem/news-story/f07dc77e2b0fde58a38bcd43edf3f543
ADMINISTRATORS of a Cairns medical company that owes creditors hundreds of thousands of dollars are investigating whether the company may have traded while insolvent.
Dial-A-Doctor Cairns Pty Ltd, which provides a home visit healthcare service that bulk-bills patients in Cairns and Perth, was placed in voluntary administration on January 11.
It is still being operated in both cities, by another company within the Dial-A-Doctor group, which is not in administration.
An ASIC report prepared in February by administrators SV Partners, stated the company owed its unsecured creditors $998,069, statutory creditors $893,485, and employees $269,922.
The report states that the firm attributed the insolvency of the company to a change in government reg…
Read the full article at: https://www.cairnspost.com.au/news/cairns/doortodoor-gp-service-revealed-to-owe-hundreds-of-thousands-of-dollars-to-creditors/news-story/02b1b8a8b06ca11f9a9e0115f8159f1b
The taxman is being pushed up the pecking order when a company goes bust, to the irritation of other creditors. It is a short-sighted cash grab, says R3, the trade body for restructuring specialists and liquidators that decide who gets what when a company fails. The government hasnt thought through the total impact on lending to small businesses, it says.
You can see why banks might protest. From next April, HM Revenue & Customs claims will rank higher when a company is wound up.
As it stands now, creditors mostly banks that have lent money against specific assets such as warehouses or machinery still get first dibs on payouts. Next come the bills of the insolvency practitioners themselves. Whatever is left in the pot is divvie…
Read the full article at: https://www.ft.com/content/d22f46c0-66af-11e9-9adc-98bf1d35a056
Back in July 2005, the G8 summit at the Gleneagles hotel in Scotland announced a package of aid and debt relief for the worlds poorest countries. The event marked the high point of international development cooperation and was supposed to put the finances of low-income nations on a permanent sustainable footing.
For a while, optimism seemed well founded. Public debt for those countries that qualified for help dropped from an average of 100% of their annual income in the early 2000s to just over 30% by 2013 freeing up resources to spend on health, education and infrastructure projects.
Now warning signs are flashing that another debt crisis is approaching, with concerns being raised not only by development campaign groups but by the Int…
Read the full article at: https://www.theguardian.com/business/2019/apr/28/g20-must-heed-global-debt-warnings-to-stave-off-another-crisis
Below is a list of the top and leading Bankruptcy Lawyers in Sydney. To help you find the best Bankruptcy Lawyers located near you in Sydney, we put together our own list based on this rating points list.
This article is updated every 3-4 months.
Sydneys Best Bankruptcy Lawyers:
Here are the top Bankruptcy Lawyers in Sydney:
- Richard Watson Watson & Watson Solicitors
- Alison Drayton Drayton Sher Lawyers
- Derek Ziman Derek Ziman
Are you one of them? Let us create a full business page,click here.
If you are a Bankruptcy Lawyer or you know other Bankruptcy Lawyers or professionals in Sydney that should be on this list, please submit your details hereand we will review your submission.
Watson & …
Read the full article at: https://bestinau.com.au/bankruptcy-lawyers-sydney/
Earlier in April, Ms Ellery removed her name from the Australian company, changing it from Ellery Land to a catchy-sounding ACN 124 374 358 Pty Ltd, the Australian company number.
The brand hosted a “mega sale” at Paddington Town Hall this month with up to 90 per cent off never-before-seen pieces.
Renowned for its exaggerated silhouettes, 70s-inspired tailoring and innovative use of textiles, Ellery Land is understood to have taken an unsuccessful foray into denim and footwear, leaving the company at a significant loss.
The closure of the once successful brand is the latest in a long line of Australian fashion brands that have entered into voluntary administration over the past few years. Ellery collections have since been stocked in a numb…
Read the full article at: https://www.smh.com.au/entertainment/celebrity/ellery-staff-left-high-and-dry-after-abrupt-closure-in-australia-20190425-p51h09.html
Yes, interest rates are low. But that doesnt mean debt doesnt matter.
By William Gale,
byWilliam Gale
Despite a strong economy, the U.S. budget deficit recently rose by nearly40percent year over year, largely because of the tax cuts passed in 2017 and the spending deal approved in 2018. Federal debt the accumulation of past deficits reached itshighest level ever relative to the economy, with the exception of a few years around World War II. And thats before financial shortfalls for Social Security and Medicare occur and send debt to unprecedented levels. Some conservatives warn of a comingdebt crisis, whileleading
liberal economists argue that we can ignore deficits and debt at this time. Several myths are muddling the …
Read the full article at: https://www.washingtonpost.com/outlook/five-myths/five-myths-about-federal-debt/2019/04/26/28d8e78c-66d4-11e9-82ba-fcfeff232e8f_story.html