Insolvency Guardian Media Centre
There have been bankruptcies declared by a total of 114 people in Galway since the beginning of 2014, according to new figures from the Insolvency Service of Ireland.
The figures show that between January 2014 and the end of September 2018, there were a total of 114 bankruptcies here.
And a further 192 people came to insolvency arrangements with creditors during the same period through Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) or Personal Insolvency Arrangements (PIA).
Where certain criteria are met for debt, a DRN allows the write-off of up to 35,000 subject and the person is subject to a three-year supervision period.
A DSA allows for the agreed settlement of unsecured debt (with no limits) over a…
Read the full article at: https://connachttribune.ie/114-declared-bankrupt-in-galway-in-four-years/
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit.
The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).
The plaintiffs are seeking to use the legal action to recover over GH837 million, being what they said were loans that the shareholders granted to themselves which remained unpaid.
By their alleged actions, the plaintiffs said, the defendants have breached their fiduciary duties under the Companies Code, 1963 (Act 179) and have caused serious financial loss to the bank.
Defendants
The shareholders and the directors join…
Read the full article at: https://www.businessghana.com/site/news/business/175850/Receivers-sue-Otabil-Ato-Essien-and-others-to-recover-GHS837million
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit.
The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).
The plaintiffs are seeking to use the legal action to recover over GH837 million, being what they said were loans that the shareholders granted to themselves which remained unpaid.
By their alleged actions, the plaintiffs said, the defendants have breached their fiduciary duties under the Companies Code, 1963 (Act 179) and have caused serious financial loss to the bank.
Defendants
The shareholders and the directors join…
Read the full article at: http://www.businessghana.com/site/news/business/175850/Receivers-sue-Otabil,-Ato-Essien-and-others-to-recover-GHS837million
The government is set to sell its stake in 26 companies to private investors in a bid to fund the budget deficit, and repay debt.
Among those to be sold include36 companies owned by the government were declared insolvent by the 2015-16 government audit report. The companies according to the audit report required at least Ksh118.76 billion to save them from collapsing.
The auditor general attributed their poor performance topending debts amounting to billions and dating back to almost two decades ago. Also, unapproved increase in expenditure and double payment of debts owed to service providers was another reason for poor performance.
Heres the list of the companies approved f…
Read the full article at: https://www.kahawatungu.com/2018/11/06/26-companies-government-selling/