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.
Statistics released by the Australian Financial Security Authority (AFSA) shows that the rate of personal insolvencies has increased steadily for three consecutive years, growing by 4.4 per cent in 2015-16, 2.1 per cent in 2016-17, and 5.6 per cent in 2017-18.
There were 31,859 new personal insolvencies in Australia in the last financial year, which is the highest annual number since the record of 36,539 was set in 2009-10, according to AFSA.
The largest number of personal insolvencies were seen in Queensland, increasing 2.6 per cent over the year to 9,235; NSW, where insolvencies rose by 7.1 per cent to 9,118; Victoria, which was the only state to experience a fall of 1.5 per cent in insolvencies to 5,722; and Western Australia, where ins…
Ithmaar Holding, Emirates NBD Bank, First Abu Dhabi Bank, United Arab Bank, Waha Capital and Al Qudra Holding among those with a degree of exposure to private equity group
Read below: updates through the week as companies declare if they have limited exposure to Abraaj
UAE stock markets closed higher after the first disclosures on Tuesday
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Companies declaring limited exposure
First Abu Dhabi Bank, the bank formed with the merger of First Gulf Bank and National Bank of Abu Dhabi, said it has direct exposure to Abraaj through a fully secured three-year loan of $21.4 million (Dh78.6m), due to mature in Apr…
Trans Nzoia has downplayed a bid by a contractor seeking to have the county government declared bankrupt over a Sh5.3 million debt.
Mwamba Valuers served the county with the notice of bankruptcy over the outstanding debt for preparing a valuation roll for Kitale town, other urban centres, and agricultural land in Trans Nzoia.
Through lawyer Karani Greiy, the county government said the companys advocate did not follow due
procedure saying the notice will not see the
light of the day.
“He should have considered taking up judicial
review proceeding and particularly apply for an order and
serve it to the county secretary,” he said.
Greiy also said that for the county to be declared bankrupt, one has to demonstrate that the entity
is unabl…
ST HELENS has one of the highest rates of personal insolvencies in England and Wales, official figures show.
The Insolvency Service found that 30 per 10,000 adults in the local authority were declared insolvent in 2017.
This is when someone cannot pay their debts, and has to arrange a plan with an official body to pay off creditors. This can include being declared bankrupt.
That rate is significantly more than the England and Wales average of 21.4.
The figures are comprised of people who have been declared bankrupt, those who have been given debt relief orders (DROs), which are a form of relief for people on low incomes, and those with individual voluntary arrangements (IVAs), which are a voluntary way of …
The government is taking a closer look at ideas aimed at preventing people from ending up in huge amounts of debt when they need to buy a car.
Driving Photo: 123RF
Representatives from across the finance industry met at a forum this week to discuss ways to improve access to safe credit for vulnerable consumers.
Lyn McMorran from the Financial Services Federation said many people needed to have a car to get around and get to work.
But for those who were struggling financially, the options could be limited.
“For responsible lenders, sometimes you just can’t help some people because of the lack of affordability. There has to be another way of doing this other than the traditional ‘here is a loan and this is what it…
When letters from debt collection agencies began landing in Con Mancuso’s letterbox, he assumed it was junk mail.
He had no idea that he’d already been declared bankrupt by a judge in the then-Federal Magistrates Court, with more than a million dollars of unpaid debts against his and his wife’s name debts that didn’t exist.
He was also unaware liquidation proceedings were already underway against his company.
But when he noticed the stream of letters were addressed to him personally, Con called his lawyer.
Con’s wife, Lani Hannah, jokingly asked him, “Are we go…
A central Illinois man has been found guilty of killing his sister-in-law and burying her body in a shallow grave.
A Putnam County jury on Friday found Cliff Andersen guilty of first-degree murder and concealing a homicide in the death of 63-year-old Deborah Dewey. The 68-year-old Anderson faces from 20 years to life without parole when he is sentenced Aug. 23.
Dewey’s body was found in August 2016 in Standard, Ill., buried in the yard of a vacant home blocks from Andersen’s. She had been reported missing a few weeks earlier. Prosecutors said Andersen’s DNA was mixed with hers in blood that was found inside the house.
Prosecutors say Andersen had taken out high-interest payday loans to cover gambling deb…
THE rate of personal insolvency in Swindon rose by nearly 20 per cent in 2017.
In 2016 19.8 adults per 10,000 in the town were declared insolvent, according to Insolvency Service figures.
But by 2017 that had risen to 24.6 per 10,000, an increase of 19.5 per cent.
In Swindon there were 419 new insolvency cases in 2017, up from 334 the year before.
Insolvency is when a person cannot pay off their debts and has to arrange a plan with an official body to pay off creditors.
Geoff Naylor, Swindon centre manager at Christians Against Poverty, told the Adver: Im increasingly seeing people who have very tight budgets and realistically they are never going to be able to pay it off.
HENNEPIN, Ill. (AP) A northern Illinois man has been found guilty of killing his sister-in-law and burying her body in a shallow grave.
A Putnam County jury on Friday found Cliff Andersen guilty of first-degree murder and concealing a homicide in the death of 63-year-old Deborah Dewey. The 68-year-old Anderson faces from 20 years to life without parole when he is sentenced Aug. 23.
Dewey’s body was found in August 2016 in Standard, buried in the yard of a vacant home blocks from Andersen’s. She had been reported missing a few weeks earlier. Prosecutors said Andersen’s DNA was mixed with hers in blood that was found …
HENNEPIN, Ill. — A northern Illinois man has been found guilty of killing his sister-in-law and burying her body in a shallow grave.
A Putnam County jury on Friday found Cliff Andersen guilty of first-degree murder and concealing a homicide in the death of 63-year-old Deborah Dewey. The 68-year-old Anderson faces from 20 years to life without parole when he is sentenced Aug. 23.
Dewey’s body was found in August 2016 in Standard, buried in the yard of a vacant home blocks from Andersen’s. She had been reported missing a few weeks earlier. Prosecutors said Andersen’s DNA was mixed with hers in blood that was found inside the house.
THE rate of personal insolvency in Swindon rose by nearly 20 per cent in 2017.
In 2016 19.8 adults per 10,000 in the town were declared insolvent, according to Insolvency Service figures.
But by 2017 that had risen to 24.6 per 10,000, an increase of 19.5 per cent.
In Swindon there were 419 new insolvency cases in 2017, up from 334 the year before.
Insolvency is when a person cannot pay off their debts and has to arrange a plan with an official body to pay off creditors.
Geoff Naylor, Swindon centre manager at Christians Against Poverty, told the Adver: Im increasingly seeing people who have very tight budgets and realistically they are never going to be able to pay it off.
