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In his speech on Monday Chancellor of the Exchequer Philip Hammond announced there would be targeted support for people repaying debts to help them take control of their finances.
But further analysis of the Budget papers revealed the Government wants to increase breathing space given for people in debt. This will provide a 60-day period of protection from creditor action to help them plan and repay in a manageable way.
It is also introducing a pilot project to provide zero interest loans, which will start early next year. And it has announced 55 million, to be taken from dormant bank accounts, to be deployed by a new independent body to help people access affordable credit.
Romania had 16,499 insolvencies in 2008, while the estimate for the end of this year is about 8,300, or about half of the number recorded ten years ago.
According to CITR, at the same time, between 2016-2018, the number of companies entering insolvency annually remained constant, between 8,300-8,600. In the same period, the number of impact companies (with assets exceeding EUR 1 million) that went into insolvency stabilized between 175-200.
Of the insolvency impact companies, 20 percent went into the CITR portfolio on a yearly basis. As for the number of insolvency companies in the total number of companies, Romania has a percentage of 0.99 percent, in line with other European countries.
Personal insolvencies fell back from a six-year high in the third quarter of this year, official figures show.
Across England and Wales, 25,151 personal insolvencies were recorded between July and September – a 10.5% fall compared with the previous quarter when there were 28,108 personal insolvencies – the highest quarterly figure since 2012.
Richard Haymes, head of financial difficulties at TDX Group, said: Despite figures released by the Insolvency Service today… increased regulatory oversight of debt advice and personal insolvency is still required.
Continued economic uncertainty and stalling growth, driven largely by Brexit, unprecedented levels of unsecured debt, and the increasing reliance of low-income workers on earnings from t…
Company insolvencies leapt 19.3 per cent in the third quarter compared to the same quarter last year.
Data from the Insolvency Service shows company insolvencies increased 8.9 per cent in the quarter to the end of September compared to the previous quarter.
A total of 4,308 companies entered insolvency in the third quarter, with 3,083 (71.6 per cent) of those creditors voluntary liquidations.
A creditors voluntary liquidations is instigated by an insolvent company, its assets are sold, the proceeds are distributed to creditors and the company is dissolved.
Duncan Swift, vice president of insolvency and restructuring trade body R3, said: This is the first time weve seen more than 4,000 corporate insolvencies in one quarter since the star…
Troubled commodity trader Noble Group, which almost blew up in an accounting and debt scandal before pushing through a dramatic financial restructuring in August, will report another loss in the third quarter.
The Singapore-listed commodity house, which was founded by British born trader Richard Elman, is expected to report an overall net loss of $90-$115m, the company said on Monday. It blamed financing and restructuring costs and losses from discontinued operations as it has done in previous quarters.
Noble Group once had ambitions to be an Asia-based version of Glencore, buying up mining and agriculture assets and growing to become a full-scale international commodity trader.
But over the past three years questions about its account…
The insolvency law committee (ILC) that recently came out with recommendations on cross border insolvency essentially based on the UNCITRAL Model Law has proposed a presumption of default trigger to start insolvency proceedings in India. This, if the insolvency proceedings in the corporate debtors COMI (centre of main interest) has been recognised in India.
Under the IBC currently, creditors can initiate proceedings on a default of 1 lakhunlike some other jurisdictions which have to establish state of insolvency of debtor first.
Foreign main proceedings
Proceedings in the COMI is recognised as the foreign main proceeding (FMP). Recognition essentially implies automatic moratorium such as transferring of assets by the corporate debtor. I…
We would like to inform you that 6th meeting of Committee of Creditors of Sterling Biotech Limited was held on Monday, 29th October 2018 at 12.00 noon IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India.
The numbers of new debtors decreased in the capital cities in the September quarter 2018 compared to the June quarter 2018. The number of new debtors in the Australian Capital Territory decreased.
September quarter 2018 regional personal insolvencies state by state
The Greater Sydney regions with the highest numbers of debtors entering personal insolvency were Campbelltown (NSW) (71), Wyong (66) and Mount Druitt (65). In the rest of New South Wales, they were Newcastle (58), Lake Macquarie East (39) and Tweed Valley (37).
The Greater Melbourne regions with the highest numbers of debtors entering pe…
The J.M. Smucker Company has concluded a holding company-based review by assigning both creative and media work for many of its best-known U.S. brands to Publicis Groupe.
According to multiple sources with knowledge of the matter, the product lines involved include the companys many jams, jellies and peanut butters, as well as Folgers and Millstone coffees and those that formerly fell under Ainsworth Pet Nutrition, maker of the Rachael Ray lines of dog and cat foods.
WPP and IPG pitched against Publicis for the business, these individuals say.
It is unclear whether Dentsus Carat, which won the J.M. Smucker U.S. media business in early 2016, was invited to defend. It is also unclear which Publicis shops participated in the pitch,…
Established in Manchester in 1995, Turner Parkinson is a business-focused law firm with one of the largest insolvency practices in the northwest. It provides a full range of advisory and transactional services contentious and non-contentious to insolvency practitioners, banks, secondary lenders, directors and business owners. All aspects of personal insolvency work are also undertaken.
The team has two licensed insolvency practitioners its head of department, Mark Lund, and Laura Lucas, an associate. Recent work includes advising Ideal Corporate Solutions on its appointment as the administrator of Imperium Enterprises and subsequently on asset disposals and the purchas…
KOTA KINABALU: Allegations of a bankrupt candidate having two identity cards and his arrest by graft investigators are among two ongoing issues as Sabah PKR goes to the polls this weekend.
Sabah PKR chairman Datuk Christina Liew said the matter was being investigated by the Malaysian Anti-Corruption Commission.
We will wait for the outcome of the probe, otherwise we cant pin it on anyone, the Deputy Chief Minister said yesterday when asked about claims that a contestant for the Kimanis division had two MyKads.
Liew said under the law, a declared bankrupt could not contest a position in the party.
On Friday, a 57-year-old member vying for the division chiefs post was held over a probe into money politics in the ongoing party polls.
A Castleton man who brutally stabbed his wife to death has been jailed for life.
David Pawluk aged 59 of Alexander Street was sentenced to life in prison, to serve a minimum of 16 years and eight months, at Manchester Crown Court today after pleading guilty to murdering Margaret Howlett.
Pawluk met Margaret due to being a regular at the bookmakers where she worked.
The pair developed a relationship and married in mid-2017, with plans to sell Margarets home on Alexander Street, Rochdale, and buy a bungalow together.
However, friends of Margaret soon became concerned that Pawluk exhibited controlling behaviour.
Pawluk worked as a taxi driver, and a regular customer told police that he had begun to pick her up smel…
