Former Sunderland striker Asamoah Gyan, who was earning $409,000-a-week at Shanghai SIPG, became the latest start to reportedly go broke yesterday.

The Ghanaian striker used to drive around in a Rolls-Royce but is now understood to have just $1,000 in his bank account while being unable to provide for his family.

Yet hes not the only footballer to go broke.

Here, we take a look back at the high-profile stars who blew their millions on booze, bets and football academies.

RONALDINHO

Brazils legendary skillster was reported to have just $8 in his bank account last month while still owing debts of up to $3.15 million.

Ronaldinho was heavily fined for illegal construction in a protected area in Brazil.

Despite remo…

Read the full article at: https://www.news.com.au/sport/football/rags-riches-rags-again-ten-stars-who-blew-their-footballing-fortune/news-story/ae7963132c11e7a8199b8ca026827706

DEBT is an essential part of any business. All companies should have some amount of debt to help finance its growth and investments for the longer term. It is an efficient way of managing the balance sheet.

But taking on too much debt can restrict a companys operational flexibility, and increase its risk of financial problems in a challenging economic environment.

So, there is only a fine balance between what is regarded as healthy and dangerous debt level and it varies across businesses and industries.

A research on 309 companies (excluding financial institutions) listed on Bursa Malaysia shows 188 firms in a net debt position as at end-September 2018.

In total, net debt increased 10.2% to RM286.3bil from a year ago.

Related stories:

Stress …

Read the full article at: https://www.thestar.com.my/business/business-news/2018/12/29/higher-debt-palatable-gearing/

The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code(IBC).

While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it.

The significant decisions of 2017 wereInnoventive Industries v ICICI LtdandMobilox Innovations Pvt Ltd v Kirusa Software Ltd.

Innoventive Industriesexplained IBCs objective and the procedure for initiating Corporate Insolvency Resolution Process(CIRP).The judgment also threw light on the concepts of financial debtor , operational debtor, dispute etc under IBC.Mobiloxdecision rendered clarity to the concept of dispute in relation to operational creditor. It was held that in case of an ope…

Read the full article at: https://www.livelaw.in/insolvency-bankruptcy-code-2018-annual-round-up/

Did you rack up credit card debt over the festive season? The sooner you tackle it, the quicker youll be back in the black. Which? shares our top tips of taking control of your finances in 2019.

Three in five Brits with debt wait two-and-a-half years before confronting their problem, while almost half would wait more than three years before reaching out for professional advice, according to a survey carried out by Creditfix, a personal insolvency practice.

But ignoring a debt will only make the problem grow. With a new year set to begin, Which? explains how to clear your credit card debt in 2019.

Find out where you stand

It can be tough to face up to the reality of your situation, but you should start by working out exactl…

Read the full article at: https://www.which.co.uk/news/2018/12/how-to-pay-off-christmas-credit-card-debt/

Mumbai: The central bank has called for strengthening the infrastructure at the National Company Law Tribunals (NCLT) to ensure time-bound resolution of stressed-asset loans in the banking sector, where the problem of mounting bad debt has prompted curbs on the normal operations at several high-street lenders.

In its Trends and Progress in Banking for 2017-18 released on Friday, the Reserve bank of India (RBI) underscored the need to strengthen the NCLT infrastructure to accommodate the likely large number of cases that may be referred to the dedicated bankruptcy courts.

Better resolution will also have a bearing on the future of the loan repayment culture in India, where the Insolvency and Bankruptcy Code (IBC) was enacted in December 2…

Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/strengthen-nclt-infrastructure-to-speed-up-resolutions-rbi/articleshow/67295985.cms

Sears Chairman Edward Lampert moved Friday to throw a lifeline to the bankrupt retailer even as the company announced plans to close 80 more stores, including two in Illinois.

Lamperts hedge fund said in a statement that it pulled together financing to submit a $4.4 billion bid for the retailer on Friday, the deadline for parties interested in acquiring Sears assets to submit bids. The statement was released by Transform Holdco LLC, an affiliate of the hedge fund ESL Investments.

The bid, according to Transform Holdco, includes a $1.3 billion financing commitment from three leading financial institutions.

Lamperts hedge fund indicated earlier in the month that it would bid on the Hoffman Estates-based retailers re…

Read the full article at: https://www.chicagotribune.com/business/ct-biz-sears-store-closures-bankruptcy-bid-deadline-1229-story.html

Haigreve Khaitan, senior partner at law firm Khaitan.

Mumbai: Haigreve Khaitan, senior partner at law firm Khaitan and Co., has been in the thick of action following the changed regulatory environment brought about by the Insolvency and Bankruptcy Code (IBC). He has advised some of the big companies that have gone under the hammer, such as Usha Martin Ltd (now acquired by Tata Steel Ltd); as well as others such as Vedanta Ltd, which acquired Electrosteel Steels Ltd, the first of the 12 insolvency cases referred by Reserve Bank of India (RBI).

The IBC process has changed the way India does business, Khaitan said in an interview. In the business community, you will be punished far harder and severely by the market and investors than by law. …

Read the full article at: https://www.livemint.com/Companies/CHHJ02nUPGywWWfViPIi3J/You-cant-serve-banks-at-cost-of-consumers-Haigreve-Khaitan.html

Even after the government relaxed the norms for the micro, small and medium enterprise (MSME) promoters to bid for their own firms under the Insolvency and Bankruptcy Code (IBC), only a few have been able to bid successfully for their companies.

A number of companies, closed for three to nine years, are under liquidation process at the National Company Law Tribunal (NCLT). With the assets almost turning into scrap, bankers are getting 15-25 per cent of the principal value, which they say is better than what resolution plans of the existing promoters offer.

Even for the firms that defaulted on their payments recently and went to the NCLT, the resolution plan was not viable enough f…

Read the full article at: https://wap.business-standard.com/article/economy-policy/despite-relaxed-norms-few-msme-promoters-able-to-bid-for-their-own-company-118122801069_1.html

The Reserve Bank of India has called for strengthening the National Company Law Tribunal(NCLT) infrastructure to ensure time bound resolution of stressed assets of the banking sector. Better resolution will also depend on the future of loan repayment culture, it said

In its ` Trends and Progress in Banking for 2017-18 released on Friday, in view of the large number of cases that may be referred to the NCLT in near future, there may be a case for strengthening the NCLT infrastructure in order to ensure that it can deliver on its promise of time-bound resolution

The Insolvency and Bankruptcy Code (IBC) has been witnessing a growing number of applications from creditors which is not only challenging the existing infrastructure of the NCLT b…

Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-has-called-for-better-nclt-infratsructure-for-time-bound-resolution-of-stressed-assets/articleshow/67288974.cms

This is the time of the year when many will be reviewing their financial arrangements and may be tempted to set up a self-managed super fund (SMSF).

The popularity of SMSFs is starting to wane but the overall number of these accounts is still trending up as many superannuants find the ability to limit fees and directly control where their retirement savings go to appealing.

The Hayne Royal Commission may prompt further interest in SMSFs given the conflicts of interests that were exposed at the big four banks, like Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB), and AMP Limited (ASX: AMP).

SMSF net establishments (difference between accounts opening and closing) have been falling since the 2015 financia…

Read the full article at: https://au.finance.yahoo.com/news/3-things-know-setting-smsf-003043046.html

You had a great Christmas. You enjoyed picking the best gifts for the people you love, you ate and drank well, and you caught up with friends and family you havent seen for ages.

But somewhere between the Christmas day nap and sales browsing came the creeping realisation that your finances are about as healthy as your liver right now.

…

Read the full article at: https://www.independent.co.uk/money/spend-save/christmas-debt-how-to-pay-off-interest-rates-savings-guide-tips-a8701566.html