Limerick property developer and former Ireland rugby team manager Pat Whelan received a 400,000 lump-sum payment from prominent rugby supporter Frank Hogan to help secure his exit from insolvency.
Whelan agreed a personal insolvency arrangement (PIA) with his creditors earlier this year, under which they will be paid dividends of just under 390,000. Whelan owed more than 133m.
By far the largest creditor was Nama, which was owed about 120m. However, a number of investors who backed Whelan in a property investment at Earls Court in London were owed 13.6m.
Among the investors was former Ireland and Munster rugby captain Paul …
Read the full article at: https://www.thetimes.co.uk/article/frank-hogan-on-the-ball-to-aid-insolvent-pat-whelan-797sh0903
Debt Consolidation OptionsCan Stock Photo / focalpoint
Debt consolidation is the conversion of high-rate debt into lower-rate debt in order to reduce total interest costs. Homeowners with large amounts of credit card debt who have unused borrowing power on their home have a consolidation option.
Whether or not it is in the homeowners long-run interest to exercise the option, however, turns out to be a challenging question, the answer to which depends on the specifics of the individual case. That makes it a calculator problem, where the challenge becomes finding the right calculator. This article will help with that.
Consolidation Options of a Homeowner With Two Mortgages
Homeowners who have both a first and a…
Read the full article at: https://www.forbes.com/sites/jackguttentag/2018/10/13/debt-consolidation-during-a-period-of-rising-interest-rates/
Photo Credit: Daniel Acker/Bloomberg
A 2016 Bankrate study revealed that 67% of people under the age of 30 do not have a credit card, which is an interesting statistic in light of the fintech boom and amid the lack of trust that banks have following the financial crisis.
However, credit card debt is still rising and American consumers have nearly $1 trillion in debt, according to the Federal Reserve and in addition to this, the average American has a credit card balance of $6,375, which is up by 3% from 2017, as found by Experian.
While 43% of Americans have had a credit card balance for over two years on average, in the UK credit card debt hit 72.1 billion in June 2018, which was 2,650 per household. Alongsid…
Read the full article at: https://www.forbes.com/sites/madhvimavadiya/2018/10/12/how-fintech-companies-are-helping-the-failing-credit-card-sector/
Losses due to foreign currency obligations
General assembly meeting
Remedial measures
The Communique on the Procedures and Principles regarding the Application of Article 376 of the Commercial Code (6102) was published in the Official Gazette on 15 September 2018 and entered into force on the same date. It determines the procedures and principles that will apply to certain companies (ie, joint stock companies, limited liability companies and limited partnerships whose capital is divided into shares) in cases of capital loss and insolvency.
Losses due to foreign currency obligations
Turkish lira has recently dropped in value against a number of foreign currencies. As a result, Turkish companies that are indebted in said f…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Turkey/Acar-Ergonen-Law-Firm/Communique-on-procedures-and-principles-regarding-capital-loss-and-insolvency-introduced
For those in need of a kidney transplant in Indonesia, medical experts say Facebook is proving more effective than official organ registries when it comes to finding donors.
Key points:
- Middlemen online offer to set up auctions and connect sellers to buyers
- People selling organs to pay of debts, start businesses, or pay medical expenses
- Indonesia has a very low organ donation rate
The Indonesian Dialysis Community …
Read the full article at: http://www.abc.net.au/news/2018-10-12/kidneys-for-sale-cash-strappled-indonesians-turn-to-facebook/10364676
Dear Sir/ Madam,
Sub: Notice of Third Meeting of Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor)
Pursuant to the provisions of Regulation 30 [Schedule III, Part A, Clause A (16) (g)] of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 we wish to inform you that the Third Meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (Corporate Debtor) under the provisions of the Insolvency and Bankruptcy Code, 2016, is scheduled to be held on Today, 11th October, 2018.
You are requested to take the same on record.
Pdf Link:
Uttam Value Steels Ltd. – Corporate Insolvency Resolution Process (CIRP)-Intimation of meeting of Committee of Cred…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article25188487.ece
The Hyderabad High Court suspended the corporate insolvency resolution process against Madhucon Projects Ltd, a construction-cum-infrastructure company.
TheCourt suspended the order passed by the National Company Law Tribunal (NCLT), Hyderabad bench, initiating corporate insolvency proceedings, with Rakesh R Rathi as the Interim Resolution Professional (IRP).
On a petition moved by Madhucon Projects challenging the initiation of proceedings Shri Srikrishna Rail Engineers Private Limited, the High Court passed interim suspension of the NCLT order dated October 5. The management reverted to the company board.
The court observed, An admission of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 has serious repercussions;…
Read the full article at: https://www.thehindubusinessline.com/companies/court-suspends-insolvency-proceedings-against-madhucon/article25195143.ece
A team of experts from the International Monetary Fund will travel to Islamabad in the coming weeks to discuss a possible financial assistance package for Pakistan despite warnings from U.S. lawmakers and the Trump administration that the money would be used to pay off massive debts Pakistan has run up with China.
IMF Managing Director Christine Lagarde said in a statement Thursday she had met with top officials of the new government of Pakistani Prime Minister Imran Khan, including Finance Minister Asad Umar, on the sidelines of the global finance bodys annual meeting now underway in Bali, Indonesia.
The delegation requested financial assistance from the IMF to help address Pakistans economic challenge, Ms. Lagardesaid in a statement.
An …
Read the full article at: https://www.washingtontimes.com/news/2018/oct/11/imf-plans-talks-pakistan-debt-help/
It was the sort of day that the Commonwealth Bank chief executive Matt Comyn and Westpac boss Brian Hartzer would have liked to be holed up at head office.
With global equity markets reverberating from a sell-off in the US bond market and ever-escalating trade wars, Australian shares copped the flow-on effect, with the ASX down 2.7 per cent,with $50 billion wiped off the value of local stocks.
No doubt the bank CEOs would have liked to have been taking the temperature off their traders and treasury staff, watching funding costs and currency markets, and generally rallying the troops.
Instead, Comyn and Hartzer found themselves in Canberra to submit to a grilling at the hands of the House of Representatives standing committee on economi…
Read the full article at: https://www.afr.com/brand/chanticleer/hearings-show-running-a-bank-is-no-longer-about-banking-20181011-h16j5g
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