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SHENYANG, China–Chinese authorities are urging unlucky gamblers to remain calm, as the string of upsets in the 2020 FIFA World Cup is raising concerns that they are driving big losers into doing something rash.
Chinese media have reported a number of people going bust tied to the betting, including one losing gambler attempting suicide.
Another unlucky bettor was reported to have been forced to sell off a house, while another disappeared without paying off the gambling debt.
China has a government-certified sports betting agency, and according to its official website, nearly 90 percent of all lottery tickets sold in the week before and after the opening of the FIFA World Cup on June 14 were related to the competition.
When I started gambling I had no idea Id end up like this, says 29-year-old reformed gambler Wah, who does not want to disclose his full name. I thought Id be able to control it.
Were in a room at Wan Chais Tung Wah Even Centre, a counselling and treatment service for problem and pathological gamblers, where Wah is talking about his 11-year struggle with gambling addiction that started when he was a 16-year-old high school student. Under the legal age of 18, Wah had to ask older friends to place bets for him.
Her crimes were discovered when another director of the company – Marc Marusco – started getting phone calls from creditors whose invoices were not being paid.
The company subsequently went into voluntary administration in 2016.
Ms Martincic’s lawyer Patti Chong agreed with Judge Michael Gething when he suggested the 41-year-old was “regretful” but not remorseful for what she had done.
“She maintains she was authorised to do what she did,” Ms Chong said.
“We ask your honour to be as merciful as possible with the sentence.”
State prosecutor David Thiering said Martincic’s offences were carried out to finance her lifestyle and that her offending “significantly” contributed to the demise of M3 Residential.
Commerce and Consumer Affairs Minister Kris Faafoi has put licensing insolvency practitioners back on the legislative agenda with a view for it to be it up and running next year.
Last night the Insolvency Practitioners Bill, which was first introduced in 2010, was sent back to select committee to consider a supplementary order paper introducing a licensing regime for liquidators, administrators and receivers of failed companies. The changes pick up a working group’s recommendations and replace a registration regime, which was itself a step up from an initial proposal to exclude incompetent and dishonest practitioners via a negative licensing system.
“To protect the interests of those who may be owed money, and ensure th…
Rules for individual bankruptcy might take still longer to come.
A key official involved in framing it, says: While insolvency provisions for companies would not create a direct social impact, individual bankruptcy provisions will directly have social fallouts.
The Insolvency and Bankruptcy Code (IBC) is in force since 2016 for corporate entities. The government has also issued a draft set of rules for cross-border insolvency. Norms for corporate guarantors, proprietorship and partnership firms are likely soon. Officials say bankruptcy is still seen in India in a derogatory sense and could affect families. Hence the caution in finalising rules for individual insolvency.
The Czech judicial system is unprepared to handle such an influx, Richter,
a lawyer in the Prague office of the international firm Clifford Chance,
told the business daily Hospodáské noviny.
Under current law, the debt relief process cannot begin without the
permission of creditors, unless it appears that the debtor will settle at
least 30 per cent of their debt, which can also include crippling interest
and fines.
In October 2016 then justice minister Robert Pelikán (ANO) laid out plans
to amend Czech insolvency law with the aim of allowing more people who
would otherwise declare bankruptcy climb out of debt. The current debt
relief model allows a debtor who pays off at least 30 per cent…
Jai Balaji case: Calcutta HC recalls winding-up order
Providing relief to State Bank of India in the case of defaulting Jai Balaji Industries (JBIL), the Calcutta High Court has recalled its winding-up order against the debt-laden steel producer.
In its application filed before the high court, SBI had prayed for recalling the order directing the winding up of JBIL and the official liquidator to take possession of the assets of the company.
The Calcutta High Courts winding-up order, dated June 7, against the defaulting company had put SBI, one of the secured financial creditors, in a fix as its insolvency petition against the steelmaker is pending before the National Company Law Tribunals (NCLT) Kolkata bench. Starting liq…
Over 11 months between April 2014 and March 2015, Xiufang Sun claimed she had loaned $800,000 to fellow SkyCity VIP Hanyue Xiao and had only been repaid $100,000.
But the High Court Justice Christine Gordon, in a decision in March, found Sun had actually loaned Xiao about $133,000 with the remaining amount made up of interest and repayment costs.
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Justice Gordon ruled the loan agreements were consumer credit contracts but said Sun had not complie…
Mr Mohammed Miah and Mrs Anwara Miah, were both directors of Murrayfield Developments Limited (MDL), which was incorporated in 2004 and traded as The Original Raj Hotel in Edinburgh.
From January 2012, Mr and Mrs Miah were joint directors of MDL and the company ceased trading on 19 November 2015 and went into liquidation on 9 December 2015 owing creditors over £260,000.
An investigation by the Insolvency Service, which followed the liquidation, led to a trial.
The court heard that the Insolvency Service investigation found Mr and Mrs Miah failed to preserve or deliver up the accounting records for MDL to the liquidator, as they were required to by insolvency law. This meant it wasnt possible to account for over £1 million paid…
MOSCOW, June 28 (RAPSI, Nikita Shiryayev) The Commercial Court of St. Petersburg and Leningrad Region has declared co-owner and ex-president of Baltiyskiy Bank Oleg Shigayev, who stands charged with embezzlement of 3 billion rubles ($55 million), bankrupt, according to court records.
Earlier, the court has initiated debt restructuring process against Shigayev. His debt to the Center of Leasing Technologies has reached 400 million rubles. This sum has been included in the creditor claims list.
In April 2016, the Prosecutor Generals Office of Russia forwarded to Switzerland a request for extradition of Shigayev.
According to investigators, Shigayev had demanded that members of the banks credit committee approved loans …
A circuit court judge on Wednesday approved a petition to place a Sioux Falls company that insures and services student loans into liquidation.
ReliaMax Surety Co. will have all remaining assets liquidated by the South Dakota Division of Insurance, which filed the petition in Hughes County Circuit Court on June 12. Dawn Dovre, a spokeswoman for the division, said the state moved to liquidate ReliaMax because the company is insolvent.
The order allows the Division of Insurance to take possession of the companys property and conduct business in the interim while winding down its affairs.
THIS should have been one of the darkest weeks in the history of General Electric (GE). The firm founded by Thomas Edison has been a member of the Dow Jones Industrial Average, a stockmarket index comprised of leading American companies, for over a century. Alas, mismanagement and a failure to move with the times have turned the erstwhile icon of innovation into a disorganised, debt-laden mess. GEs shares have plunged to below a quarter of their peak value in 2000. On June 26th GE was ejected from the Dow index and replaced by Walgreens Boots Alliance, a big health-care firm.
Yet on that same day a ray of sunshine also fell on GE. John Flannery, an insider known for his number-crunching skills who took over as the troubled firms boss last…
Jai Balaji case: Calcutta HC recalls winding-up order