Insolvency Guardian Media Centre
Credit Intelligence (ASX:CI1) CEO Jimmie Wong speaks to The Capital Networks Executive Director Lelde Smits about why global debt is increasing and how personal bankruptcy is becoming a bigger threat.
Mr Wong holds a Bachelor of Laws degree from the University of Hong Kong and has over 20 years experience as a leading insolvency lawyer having served as legal adviser to numerous financial institutions and groups.
He has provided legal advice in relation to cross-border takeovers and mergers, corporate finance, IPOs and foreign direct investment and explains who is at the biggest risk of personal bankruptcy and what options people have when they cannot service their debt.
Lelde Smits: Hello, Im Lelde Smits for The Capit…
Read the full article at: https://finfeed.com/podcasts/fixing-global-debt/
We moved into a new house which had gas and electricity supplied by Green Star Energy. In the five months since, weve been unable to get our names on the account, despite repeated calls, while at the same time we were being sent increasingly aggressive demands for payment. It tells us that without our names on the account, we cant pay the bill.
Weve twice been told the issue has been resolved, but are still receiving the demands and have yet to receive a bill with our name on it.
The latest letter told us that unless we paid by a date that had already passed, action would be taken to recover the debt. We called again to try to pay and were told we couldnt without our name on the account and our name couldnt be put on the account becaus…
Read the full article at: https://www.theguardian.com/money/2019/mar/06/green-star-energy-bills-debt-collectors
By Ryan Clark
NKyTribune reporter
In April 2017, the City of Covington received its credit rating from the Moodys financial services company.
While the city was lauded for improving its financial situation, it was also told it needed to pay off some of its debt.
That year, the citys debt was 10.8 percent of the citys general fund. They said to pay it down, City Manager David Johnston said. They said to get it manageable or we wouldnt get a decent rating.
Creating a debt management policy was one of the items up for discussion on Tuesday nights agenda of the City Commissions regularly-scheduled caucus meeting. Coming up with a debt management policy was one of 23 items commissioners requested of City officials this fiscal y…
Read the full article at: https://www.nkytribune.com/2019/03/city-of-covington-crafts-policy-for-debt-managementalso-hires-consultant-to-help-get-back-taxes/
More than 465 bricks-and-mortar stores closed their doors for good in the US over the weekend, sparking headlines that the retail apocalypse is alive and well.
And while the store closure surge was primarily driven by retailers, such as Gap, J.C. Penney and Victorias Secret, rightsizing their footprints after a slow December, rather than businesses going bankrupt, it comes as retail insolvencies in Australia are on the rise.
This is according to the fourth annual Worrells Insolvency Report, which revealed that retail had the fourth highest rate of insolvency rate of any industry during FY17-18.
Retail insolvencies accounted for 8 per cent of total insolvencies in the period, compared to 7 per cent the year prior. Within the sector, t…
Read the full article at: https://www.insideretail.com.au/news/retail-insolvencies-on-the-rise-report-finds-201903
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Of the 11 steel making entities named in the Reserve Bank of Indias list of large corporate defaulters, four have completed their corporate insolvency resolution process (CIRP), with the lenders realising claims to the tune of Rs 44, 500 crore with an average haircut of 47 per cent. Rating agency Icra says that with Essar Steel and Bhushan Power and Steel attracting interest from domestic and foreign investors, the financial creditors could realise at least Rs 60,000 crore more as the re…
Read the full article at: https://chandercaller.com/2019/03/06/lenders-realise-rs-44500-cr-from-resolution-of-insolvent-steel-firms-icra/
A Kiwi businessman was still an undischarged bankrupt when he became a director of a company that was later found to have been involved in a scamming operation across the Tasman.
Photo: Screengrab / ABC
New Zealander Eddie Kang, who was director and co-director of more than 30 now-removed businesses in the country, was declared bankrupt in 2009.
However, months before he was discharged from his bankruptcy, in November 2012, he was appointed as a director of two Australian companies – Singapore Oil in March 2012 and CWK M & D Pty Ltd in 2011.
Australian Securities & Investments Commission states a bankruptcy in New Zealand means a person would automatically be disqualified from managing companies in Australia.
“It is a serious …
Read the full article at: https://www.radionz.co.nz/news/national/384084/convicted-nzer-was-director-of-company-while-bankrupt
If youre having to consider the option of an Individual Voluntary Arrangement then its perfectly understandable that youll want to source the very best advice according to your individual circumstances and even that of your family.
In this article we take a closer look at what you should look for in an Insolvency Practitioner; together with some of the commonly asked questions youll most likely want to ask along the way.
- First and foremost you should be completely comfortable with your chosen advisor together with the firm they work for. After all, youll be discussing very personal information with them and so its imperative you feel at ease and are confident that youll have a good working relationship going forward. Remember, an I…
Read the full article at: https://www.bmmagazine.co.uk/in-business/advice/what-to-look-for-in-an-insolvency-practitioner/
news, local-news, Kiely Plumbing, Howrah Plumbing, Hans Verdouw, Michael Kiely
Ulverstone-based firm Kiely Plumbing has bought the Burnie division of Howrah Plumbing for an undisclosed sum. Co-owner Michael Kiely said the expansion of the business, which was set up in 1967, meant great things ahead. Were keeping an office in Burnie and have 11 more staff on top of our 16 original staff. He said the ex-Howrah staff would stay in Burnie so the company would be able to serve Burnie and the surrounding areas a lot easier. While Kiely will be continuing with domestic and commercial maintenance, it would not be expanding into fire services or wastewater. Mr Kiely said four apprentices came with the purchase, which doubled the firms apprentices …
Read the full article at: https://www.theadvocate.com.au/story/5939859/kiely-plumbing-buys-howrah-burnie/
Top clients: Higgins Signs has an enviable client portfolio, including Tommy Guns
Queensland sign business Higgins Signs & Plastics is in voluntary administration, a week after the ATO issued a winding-up order against the company.
Established in 1989 by Robert Higgins and a small team of dedicated tradesmen, Higgins Signs has been producing premium quality signage for the past 27 years.
Higgins was reluctant to talk to Print21, but did say its all in hand. Administrators are Richard Albarran & Brent Kijurina of Hall Chadwick.
Higgins has a portfolio of top drawer clients including Kia, Land Rover, Westpac, Puma, Terry White Chemists, Tommy Gun Barbershop and Big Rooster.
…
Read the full article at: https://print21.com.au/higgins-in-administration-as-ato-comes-knocking/168270
With the ever growing problem of student gambling, Scott Davies – former footballer for Reading FC – visited our school on Friday the 1st of February to discuss how his gambling addiction affected his footballing career.
In a recent study by YouthSight, conducted on 1,000 people, 1 in 8 undergraduate students admitted to skipping lessons due to gambling. In addition to this, if this data is reflected across the UK, it could mean that there are 100,000 students with some form of gambling debt – clearly demonstrating the issue we, as students, have with gambling.
Scott said that he works quite closely with SkyBet This insures that teenagers cannot walk into a bookmakers and place a bet, as they should be checked straight away. H…
Read the full article at: https://www.yourlocalguardian.co.uk/youngreporter/17478545.student-gambling-by-khinley-trott-whitgift-school/
AT&T Inc is restructuring its WarnerMedia business, according to a memo sent to employees on Monday and seen by Reuters, as it girds for a streaming video battle with Netflix Inc and Walt Disney Co.
The restructuring comes ahead of an anticipated round of significant layoffs and cost cuts and right after the resignation of two high-profile executives – Richard Plepler, the head of HBO and David Levy, president of Turner Broadcasting.
AT&T, which cleared its last regulatory hurdle last week after winning an appeals court decision challenging its US$85 billion deal to buy Time Warner, aims to reinvest savings into its programming businesses. It will launch an early version of its HBO-led subscription video streaming s…
Read the full article at: https://www.itnews.com.au/news/att-restructures-warnermedia-to-gird-for-netflix-fight-memo-520121
Date: 2nd March, 2019
To,
The Members,
Committee of Creditors,
M/s. Southern Online Bio Technologies Limited,
Hyderabad.Dear sir/Madam,
Sub: Notice of 6th Meeting of the Committee of Creditors of M/s. Southern Online Bio Technologies Limited.
With reference to the subject cited above, this is to inform you that the 6th Meeting of the Committee of Creditors of M/s. Southern Online Bio Technologies Limited will be held on Thursday, 7th March, 2019 at 5.00 P.M. at the office of Bank of India, Telangana zonal Office, PTI Building, 2nd Floor, A.. Guards, Besides Mahaveer Hospitals, Hyderabad-500004, Telangana, India to transact the following business:
1. To ascertain quorum for the meeting
2. To consider minutes of the 5th CoC Meeting
3. To discuss on…Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26438008.ece
