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.
Photo: Pradeep Gaur/MintNew Delhi: The Insolvency and Bankruptcy Board of India and the insolvency resolution professional for Jaypee Infratech Limited
Just four months after going into administration and liquidation, new owners have announced the revival of Doughnut Time under new owner Pete Andros, with the first stores to relaunch August 1.
A post on the companys Facebook page earlier this week noted the brand was coming back and would be bigger and better than ever, promising vegan, gluten free, high protein and ketogenic options; as well as original favourites.
The company has confirmed eight new stores will open over the next two months, with locations at The Myer Centre and South Bank in Brisbane cited, as well as Degraves Street and Fitzroy in Melbourne and Burleigh Heads on the Gold Coast.
Student loan debt hits a record high at $1.5 trillion dollars this year and colleges across the nation are raising awareness to students.
Universities like PSU require students to attend loan counseling sessions to remain aware of their debt. That helps them ultimately repay that money within a reasonable time period.
Financial assistance staff provide students with a detailed summary of their current student debt total at the end of each year. This office also encourages students to stay in touch with their loan servicer.
“I would just encourage everyone who has loans just to you know be cautious like I said of over extending yourself. If you get into a situation where you are struggling while you’re in the repay…
New Delhi: The Insolvency and Bankruptcy Board of India and the insolvency resolution professional for Jaypee Infratech Limited (JIL) urged the Supreme Court on Wednesday to revive corporate insolvency resolution process for the debt-ridden company and constitute a fresh committee of creditors in the light of the peculiar facts of the case.
Additional Solicitor General Tushar Mehta, who appeared for the Insolvency Board, submitted that the case involved genuine interests of homebuyers and must be decided by the National Company Law Tribunal (NCLT) as per the statutory framework.
Mehta reiterated that according to the new amendment to the insolvency code, homebuyers qualified as financial creditors and could be part…
The restaurant group Gaucho is preparing to file for administration, putting 1,500 jobs at risk.
The owner of the Gaucho and Cau brands is the latest victim of the intense pressure on the high street, which has cost 35,000 jobs in the retail and casual dining sectors this year. The group filed a notice of intent to appoint Deloitte as administrator on Wednesday, a legal process which gives the company 10 days protection from creditors, as first reported by Sky News.
The Argentine-themed restaurant group had been in last-ditch talks with potential buyers understood to include Hugh Osmond, the former Pizza Express backer, Gauchos existing management team backed by Core Capital, part of the private equity firm ESO Capital, as well as…
Upon the decision of the Arbitrazh Court, the procedure for former bankers realization of the property was initiated.
In Tatarstan, former head of Tatfondbank Robert Musin was declared bankrupt by the decision of the Arbitrazh Court, the procedure for bankers realization was initiated, the materials of the case states.
The bankruptcy of Musin was initiated by the Deposit Insurance Agency (DIA). The amount of claims initially reached 16.8 million rubles ($267.100). Then it grew to 1.6 billion rubles ($25.4m). The court recognized this claim as justified and introduced a procedure of debt readjustment.
Tatondbank collapsed in the spring of 2017, after which the Cent…
It was a tough financial year for Australias debtors, with the number of personal insolvencies around the country growing over 2017-18 to reach the highest figure in nearly a decade.
In figures released by the Australian Financial Security Authority (AFSA), the number of personal insolvencies across the country rose for the third consecutive year, increasing by 5.6% in 201718 compared to 201617.
The 31,859 personal insolvencies in 201718 was found to be the largest annual number of personal insolvencies since the record of 36,539 set in 200910.
Personal insolvencies state by state
Looking at changing personal insolvency numbers state by state:
Its easy to see why we would avoid debt but when it comes to business, this isnt always the best way to manage cash flow. Not all debt is created equal; Some good debt can actually help grow your business. Rather than oversimplifying all debt as bad, there are a few simple ways to identify which are good, bad, or ugly. Good debt will generate more money or value than the loan this is known as a positive return on investment. For example, a $15,000 loan for a business opportunity that increases sales by $30,000 is a worthwhile investment using good debt. Bad debt costs your business more than you get out of it. For example, if that same $15,000 loan only increases sales by $5,000, its a bad investment.
The Australian Financial Security Authority (FSA) has released personal insolvency statistics for 2017-18, which reveals a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC), with record high insolvencies reached in WA and NT, and debt agreements also hitting an all-time high:
According to the FSA:
There were 31,859 personal insolvencies in 201718, which is the largest annual number of personal insolvencies since the record of 36,539 set in 200910. The number of personal insolvencies rose by 5.6% in 201718 compared to 201617:
Personal insolvencies reached record annual levels in Northern Territory and Western Australia in 201718
ORLEANS A New Bedford man was ordered to pay restitution to Wellfleet Shellfish Co. after pleading guilty Wednesday in Orleans District Court to larceny over $250 by a single scheme.
Vasco Camara, 49, must pay the shellfish company, his former employer, $54,150.75.
The owner of the Eastham-based company told police in October 2017 that Camara had stolen about $70,000 of product, according to court documents.
During the investigation by Eastham police, Camara admitted he owed the company about $60,000 because of fraudulent shellfish sales to eliminate a gambling debt, according to records.
Camara received a loan from the company owner but was unable to keep up with his gambling debts…
A good Samaritan who called an ambulance after a man was hit by a car is angry that her private details were forwarded to a debt collection firm seeking payment for the emergency call-out.
Jenna (surname withheld) was riding her bike to work in Melbourne in March when she saw the man get hit.
No-one stopped to help so, being trained in first aid, she went back and called triple-0 from her mobile.
The man, named Will, was in shock and pain and was too frightened to go to hospital, Jenna told ABC Radio Melbourne.
“I guess the first thing I noticed though was that thi…
A businessman who killed a motorist more than 10 years ago over a minor road accident has sought to be declared bankrupt. Yesterday, Albert Mbogori urged the High Court to find that he is unable to pay the Sh12.5 million awarded to the widows family. The next hearing will be on September 20. On December 1, 2007, Mbogori was driving on Langata Road in Nairobi when he shot Edward Rahedi causing severe head injuries. The shooting followed a minor accident. Rahedi died on January 26, 2008. Mbogori was charged with murder, but was found guilty of manslaughter and sentenced to 14 months in prison. Then Rahedis widow, Violet Rahedi, sued him for negligently firing his firearm and causing the death of her husband. The court awarded her Sh12.5 million…
