People who make a living guiding others through bankruptcy in Canada say theyve never been busier.
Record debt burdens, rising borrowing costs and, in some cases, bigger payday loans are driving many Canadians to seek relief, according to several licensed insolvency trustees who spoke to Bloomberg. They say November was their busiest on record, and December typically a slow time of year in the insolvency trade hasnt let up.
Im essentially trying to add capacity every day to get people seen, Blair Mantin, a Vancouver-based licensed insolvency trustee at Sands & Associates, said by phone. Usually things slow down around Christmas, but we havent seen the demand slow down this year.
- Canadas housing market correction isnt over, analys…
Read the full article at: https://business.financialpost.com/personal-finance/debt/business-booms-for-insolvency-trustees-amid-higher-canada-rates
Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel for five years.The Department of Justice and Equality wrote to all 18 members of the inaugural panel, established under section 177 of the Personal Insolvency Act 2012, to ask them if they were willing to be considered for reappointment for a further five-year term.
A spokesperson for the Department told Irish Legal News that all but one member agreed to reappointment to the panel, which is now proceeding with just 17 people.
It includes solicitors Paul Brennan, Alec Gabbett, Bill Holohan, JP McDowell, Frank Nyhan and Helen OBrien; barristers Lynn Fenelon, Elaine Greer, Imelda Ke…
Read the full article at: https://www.irishlegal.com/article/barristers-and-solicitors-reappointed-to-insolvency-practitioners-complaints-panel
Dear Sir / Madam,
We would like to inform you that 20th meeting of Committee of Creditors of ABG Shipyard Limited was held on Thursday, 20th December 2018 at 02:30 P.M. IST at BDO India LLP, Level 9, The Ruby, North West Wing, Senapati Bapat Road, Dadar (W), Mumbai 400028, INDIA.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/abg-shipyard-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25789015.ece
Businessman Gary van der Merwe says Andrion Gouws appears to have abused his authority in a manner that was contrary to logic and arguably detrimental to the solvency of Standard Bank. Pictures: Brendan Magaar/African News Agency (ANA) CAPE TOWN Standard Bank business credit manager, Andrion Gouws, has been accused of colluding with ENS Africas liquidation department to achieve unfair financial gains in a liquidation matter involving Zonnekus Mansions owned by the Eagles Trust, represented by businessman Gary van der Merwe.
Van der Merwe, through attorney Tim Dunn, in emailed correspondence addressed to KPMGs fraud department, stated that Gouws appeared to have abused his authority in a manner that was contrary to logic and arguably detr…
Read the full article at: https://www.iol.co.za/business-report/companies/exclusive-standard-bank-manager-accused-of-collusion-in-bitter-liquidation-dispute-18570547
Call Now ButtonSAN FRANCISCO (KGO) —
Nakeia Warren and Andre Archibald are just two of more than 2,000 consumers who contacted the Federal Trade Commission to complain about Ameritech Financial, a student loan debt relief company.
According to the FTC, between 2014 and 2018 consumers paid Ameritech Financial 60 million dollars in fees in exchange for Ameritech Financial submitting documents on their behalf to loan repayment plans.
RELATED: Ameritech Financial employee says embroiled student loan debt relief company was helping people
Warren and Archibald believed the money they were paying to Ameritech Financial was going towards their student loans, but the FTC says it was not.
“I felt humiliated. I was very angry about it,” said Warren.
Archibald serve…
Read the full article at: https://abc7news.com/finance/local-student-loan-debt-relief-company-victims-speak-out/4932640/
Australian travellers may be left stranded over Christmas after budget airfare company Bestjet collapsed.
Go to TopThe Queensland-based companys website collapsed just six weeks after changing hands, the Courier-Mail reports.
The owners of Bestjet can confirm that the business has appointed Nigel Markey and Bradley Hellen of Pilot Partners as the voluntary administrators of the Company and its subsidiaries, Wynyard Travel Pty Ltd and Brooklyn Travel Pty Ltd, a statement said.
Tickets issued to customers who have booked and paid through Bestjet will be honoured by the relevant airlines.
Customers who have not received their ticket have been advised to contact their financial institution or travel insurer.
Bestjets website is currently offline, with th…
Read the full article at: https://www.news.com.au/travel/travel-updates/australian-travellers-may-be-left-stranded-over-christmas-after-budget-airfare-company-bestjet-collapsed/news-story/6b021f991c315ae1c115a2f0675d194e
The latest financial statements of the Nova PropGrow Group, the rescue vehicle of the failed Sharemax investment scheme, show the company is on the verge of insolvency.
The financial statements, which were published three months late, also received a qualified audit opinion from the groups new auditor, Nexia SAB&T. The qualified opinion not only questioned the assumptions on which Novas property valuations were done, but also raised concerns about the companys ability to continue as a going concern.
However, Novas directors expressed their belief that the group has adequate financial resources to continue as a going concern.
Despite the audit opinion and going-concern issues, the board approved the payment of bonuses of more than R1.1 m…
Read the full article at: https://www.moneyweb.co.za/news/companies-and-deals/nova-teetering-on-the-verge-of-insolvency/
- IKEA US President Lars Petersson apologised in a video announcement sent to employees on Tuesday, following reports of the furniture retailers controversial restructuring.
- In the video, Petersson, along with Orlando store manager Monica Bogstad, outlined a plan to boost morale.
- Petersson said that management didnt see the balance between business and people the way we should have done as great leaders while rolling out the restructuring.
IKEA US President Lars Petersson issued an apology to employees on Tuesday, in response to a recent internal controversy about the stores restructuring.
We have heard you, Petersson said in an internal video announcement reviewed by Business Insider. I have h…
Read the full article at: https://www.businessinsider.com.au/ikea-us-president-apologizes-o4g-2018-12
Article written by PittStreet Research. For the full report click here
Unique proposition in the lucrative bankruptcy services
Credit Intelligence (ASX:CI1) is a Hong Kong-based debt restructuring and personal insolvency management service provider. CI1 has been a trusted partner for global banks for over 16 years. Considering the significant number of personal insolvency cases every year as well as the lack of experienced debt restructuring consultants and bankruptcy service administrators, we believe CI1 has substantial growth opportunities.
Highly scalable platform for bankruptcy management
CI1 is a market leader in a business that requires minimal capital. The operations are highly profitable, with net margins of ~40% and a dividen…
Read the full article at: https://investmentsrevolution.com/2018/12/featured/credit-intelligence-limited-asxci1-banking-on-bankruptcy/
Opinion
Jessica Walker and Philip Gilliland
19 Dec 2018 04:03pm
While the world of insolvency may often appear murky, in reality very few insolvencies result directly from fraudulent or criminal beha…
Read the full article at: https://economia.icaew.com/opinion/december-2018/wine-and-insolvency
Mark Read, CEO, WPP
Communications giant WPP has announced a sweeping restructure of its business, with plans to cut 3,500 global jobs across its many divisions.
New chief executive Mark Read says the cuts are needed return the business to growth, with redundancies and office closures achieving savings of 275m over the next three years.
Half of that sum will be invested back into WPP, but before that can happen the company also has to shut or merge almost 200 offices.
Mark Read, took the reins of the comms giant after Sir Martin Sorrell was forced to step down as CEO following an investigation into his personal misconduct.
Read, who described the restructure as a radical evolution, said: We are taking decisive action and implementing major c…
Read the full article at: http://www.pmlive.com/pharma_news/wpp_to_cut_3,500_jobs_1272724
- IKEA US President Lars Petersson apologised in a video announcement sent to employees on Tuesday, following reports of the furniture retailers controversial restructuring.
- In the video, Petersson, along with Orlando store manager Monica Bogstad, outlined a plan to boost morale.
- Petersson said that management didnt see the balance between business and people the way we should have done as great leaders while rolling out the restructuring.
IKEA US President Lars Petersson issued an apology to employees on Tuesday, in response to a recent internal controversy about the stores restructuring.
We have heard you, Petersson said in an internal video announcement reviewed by Business Insider. I have h…
Read the full article at: https://www.businessinsider.com/ikea-us-president-apologizes-o4g-2018-12
Six solicitors and four barristers have been reappointed to the Personal Insolvency Practitioners Complaints Committee panel for five years.
