This is according to Renaldo de Jager, the co-founder of new online auto auction platform, Auction.co.za.
Insolvency Guardian Media Centre
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.
Regarding Sears bicycle business, mainly U.S. suppliers are affected by this bankruptcy. For example, Kent International Inc. is assembling bicycles for Sears. Since the opening of a completely new bicycle factory in South Carolina about four years ago Kent offers close to market production for its private label and OE-business. How Sears financial troubles would disturb Kents future plans is still unclear.
[intermezzo:1}
North American mass market retailers in trouble
The ToysRUs bankruptcy already resulted in dramatic results for suppliers of mass market retailers like Dorel Sports which via its subsidiary Pacific Cycle with brands like Instep, Ironhorse, Mongoose and Schwinn had to take a big part of the loss.
According to U.S. law, C…
Read the full article at: https://www.bike-eu.com/home/nieuws/2018/10/bike-suppliers-concerned-about-sears-insolvency-10134715
The Bank of Canada (BoC) is widely expected to raise its trend-setting interest rate by another quarter of a percentage point to 1.75 per cent, on Wednesday. It would be another step in the gradual move toward higher rates under the stewardship of BoC governor Stephen Poloz. And it could also nudge a growing number of Canadians burdened by debt closer to insolvency.
A recent survey by debt consultancy firm MNP found that one-third of Canadians now worry that climbing rates could move them toward bankruptcy. Thats up a whopping six percentage points since June, before the central bank implemented its second rate hike of the year in July.
READ MORE:Line of credit? Mortgage refinance? Experts rank the best…
Read the full article at: https://globalnews.ca/news/4585337/bank-of-canada-oct-24-interest-rate-hike-debt-delinquencies/
Photo by Mario Tama/Getty Images
Sears was founded by Richard W. Sears and Alvah C. Roebuck 132 years ago. It was initially a watch company, but quickly expanded and became a major catalogue retailer. For more than 100 years, it was a cornerstone of American retailing. But, its glorious story might be coming to an end:Last week, Sears Holdings declared bankruptcy. Edward S. Lampert, its CEO until the chapter 11 filing, is responsible for driving the iconic company into the ground and forcing it to go bust.
What will happen now?
Lets look at each of the different stakeholders.
The investors: The company will file its liabilities and assets. Liabilities include all company debt, as well as wages, pensions, etc….
Read the full article at: https://www.forbes.com/sites/walterloeb/2018/10/23/will-sears-survive-bankruptcy/
- Nearly half say they are already feeling the effects of the interest rate increases, up 7 points since June
- One-third express concern that rising rates could move them towards bankruptcy, up 6-points since June
- Over half are concerned about their ability to repay their debts if interest rates continue to climb, up 3 points since June
- Concern and regret about current debt levels has reached its highest point since tracking began
CALGARY, Alberta, Oct. 23, 2018 (GLOBE NEWSWIRE) — As another interest-rate hike looms over Canadians, so does the increased possibility of financial turbulence. According to the latest MNP Consumer Debt Index, the fear of a rate increase has intensified over the past few months, as one-third of Canadians express c…
Read the full article at: https://globenewswire.com/news-release/2018/10/23/1625631/0/en/MNP-Consumer-Debt-Index-Fear-of-rate-hikes-continues-to-intensify-among-Canadians.html
CAPE TOWN – Over-indebted consumers struggling to make monthly payments on their vehicles caused by the high cost of living and exacerbated by constant fuel increases should not bury their heads in the sand but rather opt to sell before their cars are repossessed as they will still owe the bank while being left with no wheels.
De Jager and co-founder William Miller started the platform when they realised there was a gap in the market for a fairer process that could potentially help those struggling to make monthly payments on their cars.
De Jager…
Read the full article at: https://www.iol.co.za/personal-finance/financial-planning/sell-your-car-before-debt-forces-repossession-17588986
By Petros Kausiyo
ZIFA president Philip Chiyangwa has demanded that his leadership be accorded respect as they battle to keep national football afloat in a tough operating environment under which many an institution could easily have closed shop.
The association has battled long and hard in a harsh economic climate to ensure that national teams fulfil their international obligations with Chiyangwa, his deputy Omega Sibanda and board member Philemon Machana the principal figures in that tireless fight.
The latest of such crucial obligations were the back-to-back African Cup of Nations qualifying matches against the Democratic Republic of Congo where ZIFA had to part with more than $200 000 to ensure a successful fulfilment of the home and …
Read the full article at: https://allafrica.com/stories/201810230270.html
- 2018 has been the most volatile year for Chinese stocks since the market crash of 2015.
- However, JP Morgan says the buildup of debt over that time means policy makers will need to use different tools to maintain economic growth.
- Instead of cutting interest rates, authorities will focus on tax cuts and infrastructure spending, with other policy tweaks to help free up liquidity.
The volatility in Chinese markets this year has brought back memories of 2015, when sharp falls in Chinese stocks sent shock-waves through global markets.
However, theres now a lot more debt in the economy than there was three years ago, JP Morgan says.
And as a result, policymakers will have to adopt a different strat…
Read the full article at: https://www.businessinsider.com.au/china-property-debt-share-pledge-collateral-2018-10
Government debt and borrowing costs for sub-Saharan African countries have been rising in recent years. In several countries, external debt servicing coststhe money needed to cover the interest and principal on debtare now at their highest level since 2003. The rising debt servicing costs are already reducing funding for economic development; Kenya cut its development budget for the upcoming year and Zambia suspended development of projects below 80 percent completion. These cutbacks come at a time when the region is falling short of the needed investment rates of 30 percent of GDP or higher over a sustained period to achieve economic transformation. The rising debt levels and debt servicing cost against the backdrop of growing dome…
Read the full article at: https://www.brookings.edu/blog/africa-in-focus/2018/10/22/better-tax-collection-can-help-tackle-rising-debt-in-africa-and-the-challenge-of-development-finance/
Many workers are caught in a cycle of debt. Real-time payroll deposits would help them avoid high-interest payday loans and connect to banking services.
The fundamental structure of Americas banking system has remained virtually unchanged since the 1950s. Yet one simple update could open the door to people who have been locked out of basic banking services for far too long.
Millions of Americans today get paid twice a month, often on the first and 15th. But why? That made sense when payroll was entered manually and checks were cut by hand. The reality is that digital fina…
Read the full article at: https://www.usatoday.com/story/opinion/2018/10/22/real-time-payroll-deposits-help-strapped-workers-avoid-debt-column/1687604002/
Engineering boss from Peterhead, Aberdeenshire, banned from running companies for seven years after he failed to pay correct tax over four years.
Victor Craig Morrell (49) was the sole director of Specmar Ltd, a company that provided engineering support services to the oil and gas industry.
However, Specmar entered into Creditors Voluntary Liquidation in January 2017 due to difficult trading conditions and after it failed to pay thousands of pounds of unpaid tax.
After the company was wound up, investigators from the Insolvency Service looked into the conduct of Victor Morrell and his role into the failure of the company.
Investigators confirmed that over a four-year period between August 2012 and February 2016, Victor Morre…
Read the full article at: https://www.miragenews.com/outstanding-tax-lands-engineering-boss-with-7-year-ban-uk/
The share price of Australian Pharmaceutical Industries Ltd(ASX: API) has been on a roller coaster ride over the last 2 years. After reaching a high of $2.38 in May 2017, the companys shares were sold-off on fears that it would not meet profit expectations amid an increasingly difficult trading environment in its retail and pharmacy distribution businesses.Rival Sigma Healthcare Ltd(ASX: SIG)has fared even worse following the loss of its Chemist Warehouse supply contract. After bottoming at $1.23 in late April 2018, shares of Australian Pharmaceutical Industries have enjoyed a bounce with the $127 million acquisition of Clearskincare Clinics in
The share price of Australian Pharmaceutical Industries Ltd (ASX: API) has been on a roll…
Read the full article at: https://www.fool.com.au/2018/10/22/is-it-time-to-buy-shares-in-australian-pharmaceutical-industries-ltd-asxapi/
Tata Consultancy Services (TCS) has restructured its industry solutions units (ISUs), giving almost 200 employees control of them and quarterly target goals as it looks to free up senior executives to focus on long-term strategy. TCS first broke up its business into smaller units in 2008, a move that helped power growth, with revenue soaring to over $19 billion in FY18 from $6 billion in FY09.
After the companys second-quarter earnings were announced on October 11, CEO Rajesh Gopinathan said TCS had worked for two years to return to double-digit growth rates and the management would step back to look at crafting a strategy for the medium and long terms.
The second round of restructuring will help the companys topmost executives from the…
Read the full article at: https://economictimes.indiatimes.com/tech/ites/tcs-restructures-its-business-units-to-focus-on-long-term-strategy/articleshow/66309922.cms