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.
Niamh Lyons, Ireland Political EditorPaschal Donohoe said that the high corporate tax receipts came about because of global accounting changesOireachtas
NEW DELHI: The insolvency regulator is readying rules that will enable creditors to go after guarantors of ailing companies to recover dues, a move that will tighten the grip around companies as well as their promoters who had given personal covers.
The Insolvency & Bankruptcy Board of India (IBBI) is working on guidelines that are expected to be ready in the next few weeks, sources said, adding that the idea is to help banks and individuals recover dues from guarantors where they have failed to have the entire claims settled during the resolution process, sources told TOI. When contacted, IBBI chairman M S Sahoo confirmed the development. We are working on rules and regulations to operationalise insolvency of personal guarantors in com…
Singapore has made plans to become an insolvency and restructuring hub in the region, and to that end, it passed game-changing laws last year. Lawyers analyse the impact that the new framework has had…
Exploring the differences in generations is always a hotly-contested conversation as each generation invariably tries to convince the other that they have been more hard done by.
Butthings are not always so black and white, and nowhere is this more visible than the differing money attitudes of Baby Boomers and Generation Z my parents and I.
As a casually-employeduniversity graduate of 24, I am on the cusp of entering the full-time workforce.
With it comes a salaryand a new array of financial concerns. For me it also comes with a change in investment attitude, and a more serious look at my spending habits.
In landmark life changes such as these, I usually turn to the wisdom of…
Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal.
The Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed a plea filed by an operational creditor of Duncans Industries to commence insolvency proceedings against the ailing tea company of The Duncan Goenka Group.
The insolvency petition was filed under Section 9 of the Insolvency & Bankruptcy Code (IBC) by AJ Agro Chem, a Surat-based firm, against Duncans Industries as the latter was unable to pay Rs 41.55 lakh towards the supply of various pesticides and herbi…
Usually, there are three big reasons to do it. First, focusing on a single monthly debt payment is much easier than chasing due dates for a multitude of creditors. Second, you might be able to get a lower interest rate on your debt consolidation loan than you were paying on several of your smaller loans. Third, especially if you were able to get a lower rate, the monthly debt payment on your consolidated loan may be smaller than the sum of what you were paying before to your many creditors.
Kenyas beleaguered public universities have been told to further tighten their belts after being slapped with a US$10 million budget cut that will worsen their cash woes, in austerity measures that are meant to avert a looming economic crisis.
Last week, Kenyas parliament voted to reduce funding for spending on salaries, learning materials and infrastructure as part of the governments bid to stem public expenditure. This is expected to intensify the financial crisis facing state-funded institutions over the past year, which has seen job cuts, frozen posts and spending cut on key activities such as research.
Parliament warned that the cuts would leave universities in a precarious financial situation at a time when the in…
Max Brenner will close more than half its stores for good this coming Monday, only a week after the chocolate and caf chain entered voluntary administration.
The swift action follows a rapid review to identify the stores with a financial future.
“The decision to close stores is always regrettable but in this case we were left with no choice following a store-bystore review of Max Brenner operations,” Administator Barry Kogan said.
20 of 37 stores will cease operations at 5pm on Monday. Staff at the stores will be made redundant.
Hong Kongs biggest television station fired another 150 people on Friday arising from losses in its international business and operational restructuring.
Television Broadcasts (TVB) ushered in a wave of lay-offs in June when about 100 staff were told they would be made redundant.
A TVB spokesman said in a statement on Friday that the 150 staff members accounting for 4 per cent of the companys workforce were from the magazine TVB Weekly, the production facilities division, the art subdivision, and its non-drama production.
The broadcaster attributed the shake-up to restructuring needs, saying it sought to boost efficiency and rationalise the use of its resources.
The print edition of TVB Weekly will be replaced by a digital version; o…
Paschal Donohoe said that the high corporate tax receipts came about because of global accounting changesOireachtas TV/PA
The exchequer will post its first budget surplus in ten years after a 1 billion windfall in corporation tax was unveiled yesterday by Paschal Donohoe.
The finance minister is also set to announce a cut in the 4.75 per cent rate of the Universal Social Charge next week, helping about one million workers.
Mr Donohoe said that his department had received 1 billion more in corporation tax receipts than expected but the windfall could not be used to increase spending or cut taxes. It must be used to reduce the national debt, as it is a one-off source of revenue.
The selling that began Thursday rolled into Friday, sending stocks on a two-day ride downward amid higher interest rates even as investors eyed mostly solid payrolls data.
The yield on the benchmark 10-year Treasury note climbed to new seven-year highs above 3.2% by late Friday, and that appeared to interrupt the party stocks threw earlier this week when the Dow Jones Industrial Average hit new all-time highs. The Dow fell nearly 1% on Thursday and was down more than 0.6% into Fridays closing bell.
Economic Growth and Yields
Treasury yields continued higher on Friday as economic data continued to show strength. True, the headline number on the September jobs report was disappointing, s…
Ford Motor Co. has begun what company officialsexpect to be a months-long process to form a plan focused on trimming its global salaried workforce.
Officials expect to cut the number of salaried employees globally, which could include some in its profitable North American segment. Thursday, officials began examining where the company hastoo many “layers” of salaried workers.
The company expects to know what, where and who to cut by the second quarter of 2019. Some information on preliminary plans might become available before then.
Kiersten Robinson, Ford chief human resources officer, and Mark Truby, Ford vice president of communications, t…
Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal.