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.
[embedded content] Uncorkd Entertainment is proud to announce the North American theatrical and digital release of the acclaimed Australian crime-dramaWest
Photo: Aniruddha Chowdhury/MintThe Insolvency and Bankruptcy Code (IBC) was introduced by the Narendra Modi government in December 2016 to expeditiously
A shocking number of UK adults would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed.
A survey of 1,000 UK adults, carried out by Creditfix, the UKs largest personal insolvency practice, found that 59% of Brits would wait over two years before asking for help, while almost half (48%) would wait for more than three years before reaching out for professional advice.
An overwhelming number of Brits (72%) said they would be uncomfortable discussing debt with a stranger, making it difficult to seek out professional help if they found themselves in that situation.
Almost one in three (31%) said they would be too embarrassed to talk to anyone at all about their financial pro…
NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it has
filed a class action lawsuit on behalf of purchasers of the securities
of Yangtze River Port and Logistics Limited (NASDAQ: YRCW) from February
2, 2016 through December 5, 2018, inclusive (the Class Period). The
lawsuit seeks to recover damages for Yangtze River investors under the
federal securities laws.
Indian authorities are moving to roll out financial support measures for small businesses, including changes to rules on tax and debt restructuring ahead of a general election due in the next few months.
Under new rules announced by the Reserve Bank of India this week, banks will be permitted to restructure distressed loans to small businesses without having to record the loans as non-performing.
The measure came as Prime Minister Narendra Modi said that the government wanted to amend the law covering Indias new goods and services tax so that only businesses with annual sales exceeding Rs7.5m ($107,000) would be required to pay it up from the current Rs2m.
India has an estimated 63m small businesses, and their owners were an important…
With this approval, the existing society “National Health Agency” has been dissolved and will be replaced by National Health Authority as an attached office to Ministry of Health & Family Welfare.
The existing multi-tier decision making structure has been replaced with the Governing Board chaired by the Minister of Health & Family Welfare, Government of India which will enable the decision …
Pedestrians in the snow in Tokyo, Japan: the country is one of the top three borrowers in the world (photo: Morio Taga/Newscom)
Until recently, we had a partial view of global debt. Our new update to the IMFs Global Debt Database, first made public in May 2018, now fills even more of the gaps. We have compiled data on public and private debt for 190 countries, dating back to 1950, which now includes the latest numbers for 2017.
We make these data free and publicly available for all to use because we believe transparency can help create better public policy.
The long view
In the past, we had detailed information about some bigger economies, such as the United States and Japan, but existing databases either cover…
Banks and non-bank lenders could restructure up to Rs 10,000 crore in loans to micro, small and medium enterprises without classifying them as bad debt, according to an estimate by rating agency ICRA. This, after the Reserve Bank of India gave in to demands for easier loan restructuring terms for small business.
The one-time restructuring scheme announced on Tuesday allows for loan terms such as interest rates and tenures to be revised without a change in asset classification from standard to non-performing. Known as regulatory forbearance in industry parlance, such restructuring was widely misused for evergreening of bad corporate loans in the 2011-13 period.
The benefits were withdrawn for large corporate loans in 2015 but have now bee…
David Moloney, the founder of Internal Consulting Group and the head of its global financial services practice, says the changes being implemented fit with his analysis of the evolution of the financial system.
He says the financial system is going through three eras: detriment reduction, competition and the betterment of society.
He says the Hayne royal commission exposed the era when financial institutions sold products that were to the detriment of customers. Hayne will encourage, or possibly force, the financial sector to remove products that cause detriment to customers.
The competition era, according to Moloney, involves greater transparency about product pricing and more choices for consumers. It should involve lots more switching of…
Uncorkd Entertainment is proud to announce the North American theatrical and digital release of the acclaimed Australian crime-dramaWest of Sunshine.
A captivating social-realist story from debut feature filmmaker Jason Raftopoulos, the celebrated film hot from an outstanding response, complete with standing ovation, at the Venice Film Festival tells of a father who has less than a day to pay back a gambling debt, while looking after his young son.
Featuring powerful performances from Damian Hill (The Leftovers), Ty Perham, Arthur Angel (Red Dog), Kat Stewart (Underbelly), Eliza DSouza (Predestination) and Kaarin Fairfax (Picnic at Hanging Rock),Welcome to Sunshineis a nigh-perfect slice of inner city Australian c…
South Lakes Citizens Advice is acharity that is there with advice and support for everyone.
Citizens Advice sees more people dealing with many different types of problems and challenges in their lives than any other organisation.
At worst some of the difficulties people experience can be ruinous to their lives and relationships, resulting in, for example, homelessness, poverty and both physical and mental ill health.
South Lakes Citizens Advice has an excellent track record of helping people to deal with lifes crises.
We provide high-quality advice on a wide range of issues relating to debt and benefits, employment, housing, relationships and many more.
All local Citizens Advices are individual charities and must r…
RBI offers relief to MSMEs; allows restructuring of debt up to Rs 25 crore
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Reserve Bank has allowed a one-time restructuring of existing debt of up to 25 crore rupees for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the micro, small and medium enterprises (MSMEs) which are facing cash crunch in the wake of demonetisation and GST implementation.
The central bank in a statement said that to facilitate a meaningful restructuring of MSME accounts that have become stressed, the RBI has decided t…
The Insolvency and Bankruptcy Code (IBC) was introduced by the Narendra Modi government in December 2016 to expeditiously resolve claims involving insolvent companies in a bid to tackle the bad loan problem plaguing Indias banking system. Two years on, even as it continues to evolve, the legal reform has emerged largely successful. However, it may have had an unintended outcome: shutdown of viable businesses of indebted firms.
A new study by National Institute of Public Finance and Policys Pratik Datta argues that such value destruction of profitable businesses is due to certain design flaws in the law. For instance, any insolvency resolution plan under the law relies on the vote of financial creditors, whos…
Around 20 Scottish businesses are set to fail each week in 2019, an industry expert has predicted, after corporate insolvencies were found to have risen dramatically in the past year.
Continued uncertainty surrounding Brexit, an increase in competition and a squeeze on pricess in many sectors are all key factors, according to accountancy and business advisory firm French Duncan.
The Glasgow-headquartered company foresees continued difficulties for businesses after corporate failures rose dramatically in 2018, increasing by an estimated 25.8 per cent compared with the previous year, and equating to the highest annual figure since 2012.
Eileen Blackburn, head of restructuring and debt advisory at French Duncan, said…
A shocking number of UK adults would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed.
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