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.
Of course, writing too many loans that people cant afford will ultimately destroy shareholder value, if it all goes bad. But a little bit of mis-selling here and there? A little pushing of the boundaries of responsible lending to feed Australians obsession with homeownership? Sure.
The heat is coming out of the property market. Only half the properties that went to auction in Sydney and Melbourne on the weekend found buyers.
Photo: Peter Braig
Instead of disciplined scrutiny of borrowers financial accounts, banks have been found to have loan approval processes that rely excessively on so-called benchmarks of living expenses, with little – and sometimes no – attention paid to households actual costs, or their overall debt profile.
Over a quarter of UK companies have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the last six months, according to new research.
The research found the financial impact of the insolvency of another business was described as very negative by one in ten UK companies, and as somewhat negative by 16 per cent of respondents.
The figures are evidence of the so-called domino effect, where one companys insolvency will increase the insolvency risk for others.
In Q1 2018, following a spate of high profile insolvencies involving large companies such as Carillion or Toys R Us, underlying insolvencies climbed 13 per cent from the previous quarter.
Ken owed 188,500 after personally guaranteeing the borrowings of a failed furniture business. He had no hope of repaying the debt from the 2,165 a month he now earns as a lorry driver, of which 952 goes on maintenance payments for his three children. They live with his ex-wife while Ken, who is 49, lives with his parents.
Relief finally arrived last year in the form of insolvency. Under a debt settlement arrangement hammered out with his creditors, they have agreed to accept 162 a month for the next five years in full and final settlement of Kens debts about 2c in the euro.
His case was one of several outlined in the 2017 annual report published last week by the Insolvency Service of
Media captionHost Michael Torpey tells the BBC’s Jane O’Brien: “This is an unfair burden”
In the world of TV game shows, people have had their lives changed by winning expensive cars or houses. In 2018 America, a new programme is offering a slightly different – but perhaps as coveted – prize.
Your student debt paid off.
“It’s a comedic trivia show that’s an absurd answer to an absurd problem,” said actor Michael Torpey, presenter of Paid Off, which premiered this week on the entertainment channel TruTV.
The programme sees three contestants, usually in their late 20s and early 30s, answering basic general knowledge questions. As they advance, they ge…
Nick Aboud the former CEO of the failed Dick Smith retailer has gone from big boys toys to kids toys, taking on the role as CEO of Kidstuff a retail group who are currently expanding their physical store and online operations in Australia.
During an exclusive interview with ChannelNews Aboud who spoke for the first time after exiting consumer electronics retailer Dick Smith said that he sees a big future in his new role. He did not talk about the collapse of his previous employer who was declared insolvent leaving shortfall to creditors of more than $260 million and overall debts of over $500M.
Nick Aboud Former General Manager of Dick Smith now running Kidstuff
The Company he is now heading sells unique and prestigious toy brands fro…
David Schlachet, 55, and his partners in Taocon, Inc. filed for bankruptcy on Nov. 16, 2016, a day after billionaire financier Joseph Bae accused them of running a multimillion dollar Ponzi scheme with money that they should have been using to renovate Baes $20 million Upper East Side town house, court papers say.
Taocon was contracted in October 2013 to conduct extensive renovations on the 45 E. 65th St. property owned by Bae and his wife through a limited liab…
Even though no one is excited to talk about credit card debt, the average American is carrying a balance of over $9,000. Its an issue a lot of people are jugglinglets have this conversation.
We know that credit card debt is one of the most toxic financial problems. It demotivates people so much that statistics show that if youre carrying credit card debt, youre often unlikely to tackle other critical financial goals.
And its so, so common. Maybe you started charging right out of college, and spend your 20s accumulating more and more debt. It happens more than youd think. The trick is to get rid of it, fast.
Here are some strategies to help; and they will work for you whether you owe $1,000 or $15,000. (This is a judgement-free zone!)
ROHNERT PARK, Calif., July 13, 2018 /PRNewswire/ — It’s a fantasy many student loan borrowers will not allow themselves the joy of entertaining: waking up one day to find that their student loan is gone, canceled, wiped away or forgotten. The extra money freed up and the peace of mind that comes with a life free of debt represent an impossible dream to some that feels so far out of touch with reality that it can only be considered delusional. Yet, according to a report by the Levy Economics Institute of Bard College, the American economy would actually benefit if all student debt was suddenly and instantly wiped away. Ameritech Financial, a document preparation company assisting federal student loan borrowers with appli…
GOODBYE credit boom, hello insolvency limbo. In June, precision- engineering firm CW Advanced Technologies became the latest issuer to seek a court order to stave off creditors, after its plan to re-tap the bond market to redeem its first series of notes got quashed by poor market sentiment. Since November 2015, at least 13 issuers have defaulted on a total of 23 Singdollar bonds by missing coupon payments, failing to repay note holders at maturity, filing for judicial management, filing for bankruptcy protection and in one case breaching a financial covenant. The number excludes companies like Ezion, which strictly speaking has not legally defaulted on any notes since it got note holders to agree to swap their debt for equity thro…
Hoping to use the winnings to repay his debts, a man placed bets on World Cup soccer matches, but ended up losing $8,000 in a week instead.
The 44-year-old private-hire vehicle driver placed bets on nearly every match, despite being reportedly unclear on the details of the matches or the teams, reports Lianhe Wanbao.
He said:
I will never dare to try my luck this way again.
The man who declined to be named, told Lianhe Wanbao that he was diagnosed with a kidney disease 18 years ago.
He originally worked as a taxi driver, but later switched to driving a private-hire vehicle instead. He said that he fetched home more than $2,000 each month, and was able to cope with daily expenses.
However, he has a habit of drinking when he is troubled, and …
Stoke-on-Trent has been identified as the debt capital of England and Wales, according to new official figures.
The Midlands city had the highest rate of personal insolvencies in 2017, followed by Plymouth, Hull and Scarborough.
The former industrial centre famous for its potteries and pinpointed as a Brexit heartland, recorded an insolvency rate of 44.8 per 10,000 adults more than double the national average.
Bankruptcy
A form of debt relief available for anyone who is unable to pay their debts. Assets owned will transfer to a trustee in bankruptcy who will realise them and distribute the proceeds to creditors. Discharge from debts usually takes place 12 months after the bankruptcy order is granted. A trustee may be a lic…
