Insolvency Guardian Media Centre
Much of Sudans current debt came from loans in the 1970s and early 1980s when the government was supported by western countries during the Cold War. In 1984 following a set of economic shocks, including a huge drought, Sudan defaulted on the debt to western governments and multilateral institutions, as well as private companies.
Since then, interest
Interest
An amount paid in remuneration of an investment or received by a lender. Interest is calculated on the amount of the capital invested or borrowed, the duration of the operation and the rate that has been set.
has been added to these loans every year, making them grow massively. The debt to the private sector has grown from $1.6 billion to $8 billion. Western governments have b…
Read the full article at: http://www.cadtm.org/Vulture-funds-and-governments-seek-profit-from-Sudan-debt-relief
WPP is to cut 3,500 jobs worldwide and shut or merge almost 200 offices as the embattled advertising group seeks to restructure after a torrid year that included the exit of its founder and chief executive, Sir Martin Sorrell.
The restructuring, which will be revealed in full at a lengthy analyst and investor presentation on Tuesday, will include shutting 80 offices globally and combining operations of a further 100 in locations where business is slow.
The company is to cut 3,500 of its 134,000 global workforce but would not say how many roles or offices would be affected in the UK. It has 400 ad businesses in more than 3,000 offices in 112 countries.
WPP said it would hire 1,000 creative staff as part of a refocus on the groups roots,…
Read the full article at: https://www.theguardian.com/business/2018/dec/11/wpp-advertising-cut-jobs-in-restructuring-martin-sorrell
RBT Dryliners and Plasters UK Limited was incorporated in 2015 and supplied sub-contract labour to the construction industry.
Roman Bogdan Piotrowski (45), from Manchester, was the sole director from April 2016 but only a year later caused the company to enter into Creditors Voluntary Liquidation.
This triggered an investigation by the Insolvency Service due to irregularities in RBT Dryliners and Plasters UKs tax returns.
The Insolvency Services investigation established that for the period from May 2016 to January 2017, Roman Piotrowski declared just over 423,000 to the tax authorities regarding the companys Construction Industry Scheme liabilities.
However, investigators discovered that RBT Dryliners and Plasters UK failed to decl…
Read the full article at: https://www.gov.uk/government/news/construction-resourcing-boss-banned-for-failing-to-pay-correct-taxes
“While the HELP program is not considered a form of welfare and the intent is to get those who benefit from education to make a contribution, the generosity of the HELP program is at odds with otherwise highly targeted and means-tested social policy in Australia.”
“Lower generosity of the HELP system would … not necessarily compromise the education and social policy goals of the scheme.”
One of the problems plaguing the HELP scheme is the high level of bad debts – the Department of Education and Training said as much as 25 per cent of new HELP debt was “doubtful”. This year alone $1.6 billion was lent to students.
Under reforms by the former education minister Simon Birmingham, the repayment threshold has been lowered as a way of recoveri…
Read the full article at: https://www.afr.com/news/policy/education/oecd-says-student-loans-scheme-should-be-less-generous-20181211-h18zot
WHILE the early part of November was caught up in shortened supply of slaughter cattle due to the October rain, numbers returned by mid-November and beef exporters turned in a creditable 95,469 tonnes for the month.
According to Department of Agriculture and Water Resourcesthis takes the 11-month progressive tally for the calendar year to 1.033 million tonnes which is up by 11pc on the same period last year.
With remaining shifts covered for numbers until season closure, December exports should comfortably take the result for the full year to around 1.12mt.
That will be a significant result as in recent times only the two big drought liquidation years of 2014 and 2015 saw bigger export tonnages.
Since then the national herd is thought to hav…
Read the full article at: http://www.queenslandcountrylife.com.au/story/5805522/big-year-for-liquidation/
The Shire of Northam has said they are not concerned that the company they have awarded tender to for the construction of a $10 million pool went into voluntary administration earlier this year.
After 12 months of detailed design and tendering the Shire of Northamresolved to appoint Cooper &Oxley to build the new aquatic facility, which has been designed by Donovan Payne Architects.
Cooper & Oxley went into administration in February this year, owing unsecured creditors $27 million but returned from voluntary administration in May.
Theaquatic facility will incorporate an eight lane 50m heated outdoor swimming pool, four lane …
Read the full article at: http://www.avonadvocate.com.au/story/5803626/shire-not-concerned-awarding-pool-tender-to-company-who-went-into-administration-in-february/
The operators of two Florida-based student loan debt relief schemes are banned from the debt relief business as part of agreements settling Federal Trade Commission allegations that they collected illegal upfront fees and falsely promised to help some consumers enroll in government programs that would reduce or forgive their student loan debt, according to a news release from the FTC.
The settlements with Student Debt Doctor (SDD) and American Student Loan Consolidators (ASLC) are part ofOperation Game of Loans, a coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief schemes first announced by the FTC in October 2017.
People struggling to repay student debt should know that an offer of debt relie…
Read the full article at: https://www.acainternational.org/news/ftc-halts-student-loan-debt-relief-schemes
MUMBAI: Months after UAE-based BR Life emerged as the sole bidder for SevenHills Hospital, the BMC health department has given the green signal for the takeover after the private company agreed to clear all pending dues of the Marol hospital and also reserve 20% of the beds for poor patients.
A BMC official said a proposal for the firms takeover of the hospital management will be sent to municipal commissioner Ajoy Mehta soon for his clearance and then to the standing committee for final approval.
SevenHills, constructed on BMC-owned land around a decade ago, has been in the red since 2013. The hospital has around Rs 140 crore dues to BMC and the BR Life is ready to clear that, a senior official said. Recently the hospital was declare…
Read the full article at: https://timesofindia.indiatimes.com/city/mumbai/bmc-okays-uae-firms-takeover-of-sevenhills-hosp/articleshow/67033056.cms
The national anti-corruption Bureau of Ukraine (NABU) and Specialized anti-corruption Prosecutors office (SAP) began the investigation of the case against officials of the NBU, which are not declared insolvent Misto Bank of peoples Deputy Ivan Fursin.
As reported Finbalance, SAP on the basis of a complaint by the company Kahovka Prom-agro has made the information in the Unified register of pre-trial investigation of a possible criminal offence by the first Deputy Chairman of Bank Ekaterina Rozhkova and other officials of the NBU. The applicant company considers that these individuals, abusing official position in the interests of the peoples Deputy Ivan Fursin, do not include JSC Misto Bank insolvent. And this might result in causing pr…
Read the full article at: https://koztimes.com/prosecutors-have-asked-why-nbu-does-not-recognize-bankruptcy-misto-bank/1285/
In October 2017, the Federal Trade Commission (FTC) and several states launchedOperation Game of Loansto help fight deceptive student loan debt relief scams. Stemming from this program, the FTC settled with Student Debt Doctor (SDD) and American Student Loan Consolidators (ASLC), two Florida-based student loan debt relief companies, over collecting illegal upfront fees and falsely promising to help consumers enroll in government programs to reduce or forgive their student loan debt.
SDD entered into a stipulated judgment with the FTC on November 30, 2018. The stipulated judgment bans SDD from offering debt relief products, prohibits SDD from making misrepresentations related to financial products and services, and prohibits SDD from enga…
Read the full article at: http://www.insidearm.com/news/00044566-ftc-settles-two-student-loan-debt-relief-/
General Electric Companys (GE – Free Report) board of directors recently approved a quarterly cash dividend of 1 cent per share. The dividend rate is nearly 91.7% lower than the previous rate of 12 cents per share.
The company stated that the new dividend will be paid on Jan 25, 2019, to shareholders of record on Dec 20, 2018. General Electrics ex-dividend date payment date is Dec 19, 2018.
Concurrent with the third-quarter earnings release (on Oct 30, 2018), General Electric had communicated about its intention to trim the quarterly dividend rate to a penny, in sync with its ongoing business portfolio-restructuring program.
Prior to this, on Nov 13, 2017, General Electric had slashed its quarterly dividend payout by…
Read the full article at: https://www.zacks.com/stock/news/342169/ge-slashes-dividend-rate-remains-focused-on-restructuring
In a move that could potentially enable in finding a suitor under the corporate insolvency resolution process (CIRP), the National Company Law Tribunal-Hyderabad has extended the deadline to evaluate some plans.
The Hyderabad-based hospitality chain Viceroy Hotels Limited may perhaps find a suitor, with the NCLT extending the deadline for resolving the case.
The Judicial Member Ratakonda Murali, while allowing a petition to permit extension of period by exuding 45 days for counting the CIRP process, allowed Resolution Professional (RP) and the Committee of Creditors additional time.
The time period was extended to enable the Resolution Professional and CoC to review the Resolutions Plans which have been already filed.
The NCLT felt that sin…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-extends-deadline-for-viceroy-hotels-insolvency-resolution-process/article25711654.ece