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Liability of a holding company for an insolvent subsidiary – Financial Director
This is a poignant question in the light of the wave of recent administrations and liquidations on the High Street.
The risks of using a line of credit to consolidate debt – Toronto Star
A line of credit is easy to understand and a relatively good way to borrow money. Generally with lines of
Merkley, colleagues intro Medical Debt Relief Act – KTVZ
NPG graphic NPG graphic ...Read the full article at: https://www.ktvz.com/news/merkley-colleagues-intro-medical-debt-relief-act/782448621
When Lucian Freud Used £100 Million in Paintings to Pay off His Bookie – Artsy
Lucian once told me that in the 1960s, a decade when his work was out of fashion and hard to
Steinhoff appoints Lehman Brothers insolvency veteran to board … – Fin24
Steinhoff International [JSE:SNH] moved to appoint insolvency expert Paul Copley to its supervisory board as the troubled global retailer seeks
Banks Can Act Against Personal Guarantors Of Insolvent Companies, Rules Supreme Court – BloombergQuint
The Supreme Court ruled that creditors can proceed against personal guarantors of a corporate debtor even while insolvency proceedings are
Katie Price insists her house ‘smells INCREDIBLE’ after she’s accused of ‘failing to pick up dog excrement’ at her …...
Katie Price insists her house 'smells INCREDIBLE' after she's accused of 'failing to pick up dog excrement' at her £2
Malaysian Youths Are So Broke, 65000 Were Declared Bankrupt Since 2013 – WORLD OF BUZZ (press release) (blog)
Get the latest viral stories daily! Like us: Landing a job isnt the only challenge for many Malaysian youths, as
Tonga urges Pacific nations to press China to forgive debts as Beijing defends its approach – ABC News
The leader of Tonga has called on Pacific Island leaders to band together and press China to write off
Hannah Quinn weeps as she is bailed over alleged samurai sword murder – NEWS.com.au
A FRIGHTENED and tearful Hannah Quinn, the 23-year-old woman charged over the alleged samurai sword murder of Aussie rapper Jett
Forest Lodge murder accused Hannah Quinn granted bail over killing of rapper Scepaz – ABC Local
A 23-year-old woman charged with murdering rapper Jett McKee, also known as Scepaz, has been granted bail by
Telstra’s results show how a big chunk of its business is getting demolished as old-school phones disappear – Business Insider...
Telstras overall fixed line revenue the money that comes from providing services over traditional phone lines to homes and offices

This is a poignant question in the light of the wave of recent administrations and liquidations on the High Street.

The general position is that a holding company is only liable to pay any amount not paid up on its shares in the subsidiary company. However, there are some situations where a holding company or its directors may be held liable upon the insolvency of a subsidiary. Some examples are:

  • Where there is a contractual liability, such as a guarantee or an indemnity.
  • Where a subsidiary is merely acting as its holding companys agent in dealing with a third party.
  • Where a person or company is under an existing legal obligation or liability, or subject to an existing legal restriction, which he/she/it deliberately frustrates by int…

    Read the full article at: https://www.financialdirector.co.uk/2018/08/16/liability-of-a-holding-company-for-an-insolvent-subsidiary/

    A line of credit is easy to understand and a relatively good way to borrow money. Generally with lines of credit, there are no fixed terms or set payments, so you can keep a balance on your line of credit indefinitely, explains Doug Hoyes, licensed insolvency trustee for debt relief experts Hoyes, Michalos & Associates. Lines of credit exist as easy means of cash flow, so you borrow and pay, borrow and pay. Its very convenient and very attractive for borrowers.

    Of course, this doesnt eliminate debt. If you have credit card balances you cant pay off from month to month, and you pay off those balances with your line of credit, you still have the same amount of debt. You may reduce the interest, but not the actual debt.

    And because those cred…

    Read the full article at: https://www.thestar.com/sponsored_sections/debtrelief/2018/08/13/the-risks-of-using-a-line-of-credit-to-consolidate-debt.html


    …

    Read the full article at: https://www.ktvz.com/news/merkley-colleagues-intro-medical-debt-relief-act/782448621

    Lucian once told me that in the 1960s, a decade when his work was out of fashion and hard to sell, gambling helped him, Freud biographer Martin Gayford wrote in an article for The Spectator in 2013. Did he mean it helped him to make money? No, he answered, it helped him not to care too much about money. Though Freud claimed not to care about his finances and seemed unconcerned about whether his paintings sold, he never had too much to worry aboutby his late twenties, hed already earned art world respect.  

    Freud liked both winning and losingno matter the outcome, the noted workhorse could always go home to paint (he maintained his practice until he died, in 2011, at age 88). When he became more successful, and his art-making itself was le…

    Read the full article at: https://www.artsy.net/article/artsy-editorial-lucian-freud-100-million-paintings-pay-bookie

    Steinhoff International [JSE:SNH] moved to appoint insolvency expert Paul Copley to its supervisory board as the troubled global retailer seeks to strengthen management and add expertise following an accounting scandal.

    A former partner at PwC, Copley worked as an administrator of Lehman Brothers, one of the highest-profile corporate collapses of the financial crisis of 2008. Hes currently chief executive officer of Reykjavik, Iceland-based Kaupthing EHF, the restructured successor of Icelandic Bank that was also bailed out in the credit crunch.

    Steinhoff shares have plunged more than 95% since the owner of Conforama in France and Mattress Firm in the US reported a hole in its accounts in December, raising questions about its abi…

    Read the full article at: https://www.fin24.com/Companies/Retail/steinhoff-appoints-lehman-brothers-insolvency-veteran-to-board-20180816-2

    The Supreme Court ruled that creditors can proceed against personal guarantors of a corporate debtor even while insolvency proceedings are on.

    The top court said the moratorium envisaged under Section 14 of the Insolvency and Bankruptcy Code will not apply to the personal guarantors. The provision places a moratorium on any suits or proceedings against the company during the insolvency resolution period.

    We have seen that Part III (of the code) has not been brought into force, and neither has Section 243, which repeals the Presidency-Towns Insolvency Act, 1909 and the Provincial Insolvency Act, 1920, said a bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra on Aug. 14.

    The top courts ruling came on an appeal filed by the State…

    Read the full article at: https://www.bloombergquint.com/law-and-policy/2018/08/16/banks-can-act-against-personal-guarantors-of-insolvent-companies-rules-supreme-court

    Katie Price insists her house ‘smells INCREDIBLE’ after she’s accused of ‘failing to pick up dog excrement’ at her £2 million mansion

    By

    Olivia Wheeler For Mailonline


    Published:
    18:13 AEST, 16 August 2018

    |
    Updated:
    18:23 AEST, 16 August 2018

    Katie Price has revealed that her £2 million mansion ‘smells incredible’ after she was accused of failing to pick up her dog’s excrement and leaving it with the scent of a ‘pettin…

    Read the full article at: http://www.dailymail.co.uk/tvshowbiz/article-6066181/Katie-Price-admits-house-smells-INCREDIBLE-failing-pick-dog-excrement.html

    Rocket WOBGet the latest viral stories daily! Like us:

    Landing a job isnt the only challenge for many Malaysian youths, as a recent report showed that we also have trouble keeping with our finances. Oh dear! 

    According to The Star, about 64,632 Malaysian youths between the age of 18 and 44 years old were reportedly declared bankrupt over the last five years.

    Minister in the Prime Ministers Department Liew Vui Keong revealed in a statement that a total of 13,098 cases were recorded in 2014, according to the statistics from the Insolvency Department. This makes it the highest recorded cases of bankruptcy among youths compared to 13,036 cases documented in 2013.

    Source: Kerjaya

    He was quoted as saying,

    In 2015, a total of 11,277 were dec…

    Read the full article at: https://www.worldofbuzz.com/malaysian-youths-broke-65000-declared-bankrupt-since-2013/

    The leader of Tonga has called on Pacific Island leaders to band together and press China to write off their debts, saying his small nation is suffering “serious” debt distress.

    Key points:

    • Tonga’s Prime Minister wants to use the Pacific Islands Forum to tackle the Chinese debt issue
    • Akalisi Pohiva says the region should collectively urge Beijing to waive repayments
    • China says its aid is aimed at “improving people’s lives” and “economic development”

    The calls come as Beijing defended its spending program in the Pacific in a statement to the ABC as “sincere and unselfish” while arguing that it only provides loans to those who can afford it.

    Severa…

    Read the full article at: http://www.abc.net.au/news/2018-08-16/tonga-leads-pacific-call-for-china-to-forgive-debts/10124792

    A FRIGHTENED and tearful Hannah Quinn, the 23-year-old woman charged over the alleged samurai sword murder of Aussie rapper Jett McKee in inner-city Sydney on Friday, has been granted bail.

    Appearing over video link, Ms Quinn sobbed silently, gasped for oxygen and wrung her hands from Silverwater Womens Correctional Centre as a dramatic new account of the fatal Forest Lodge attack was given in Newtown Local Court.

    Prominent Sydney barrister Tom Hughes, representing Ms Quinn, told the court that hip hop artist Mr McKee was a poker machine addict who had carried out a violent home invasion while wearing a balaclava before his alleged murder.

    Mr Hughes told the court Mr McKee had threatened to shoot Ms Quinn and was armed with a replica gun.

    It…

    Read the full article at: https://www.news.com.au/national/nsw-act/courts-law/hannah-quinn-weeps-as-she-is-bailed-over-alleged-samurai-sword-murder/news-story/b2d2e70d41f6390c48eebe5f7548606b

    A woman, with her face pixelated.

    A 23-year-old woman charged with murdering rapper Jett McKee, also known as Scepaz, has been granted bail by a Sydney court.

    Key points:

    • Hannah Quinn and her boyfriend turned themselves in to police after three days on the run
    • The court heard Quinn did not know what her boyfriend was going to do
    • The surety for Ms Quinn’s bail was $60,000

    Hannah Quinn, who appeared via video link from Silverwater Jail, broke down in tears when the decision was handed down at Newtown Local Court.

    The part-time barista is accused of crash-tackling McKee down Here…

    Read the full article at: http://www.abc.net.au/news/2018-08-16/forest-lodge-murder-accused-hannah-quinn-granted-bail/10109588

    • Telstras overall fixed line revenue the money that comes from providing services over traditional phone lines to homes and offices fell by 9.2% to $5.81 billion in 2018.
    • Fixed voice, a component of fixed line revenue which involves traditional phone services, declined even faster, down more than 15% to $2.64 billion.
    • The drop is a symptom of the nbn roll-out.
    • In response, the telco has accelerated its restructure and cost-cutting.

    Telstras revenue is shrinking, squeezed by increasing competition and by the roll-out of the nbn eating into its fixed line business.

    Australias biggest telco, saying it faces times of enormous challenge and change, today reported a 8.9% fall to $3.53 billion in full year pro…

    Read the full article at: https://www.businessinsider.com.au/telstra-results-fixed-line-revenue-declines-2018-8

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