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Brokers and investment platforms have admitted they are powerless to prevent customer funds being tapped in the event of an insolvency, after a brokerage collapsed with huge ramifications for investors.
Some clients of Beaufort Securities, which was closed by Financial Conduct Authority in March, have been told they will have to foot the bill for costly insolvency proceedings being carried out by PwC, the professional services group.
The move prompted anger among private investors after they learnt that funds in ringfenced pensions and investment accounts could be raided if their broker were to fall into insolvency.
Brokers said the reminder underlines the importance of clients doing due diligence on providers and making sur…
Bankruptcy Legal Center, Bankruptcy To Get Out of Debt
Bankruptcy Legal Center
SAN DIEGO, May 16, 2018 (GLOBE NEWSWIRE) — For someone that is suffering from accumulating financial debt and bills that they can’t afford to repay, Bankruptcy can be a good option to help them get the relief they need. Bankruptcy Legal Center, a firm that specializes in bankruptcy cases including Chapter 7, Chapter 13, and debt relief, help people get out of debt San D…
Is it finally curtains down on one of the country’s biggest bankruptcies to go under the hammer? The National Company Law Tribunal (NCLT) yesterday approved Tata Steel’s Rs 35,200 crore bid for the beleaguered Bhushan Steel Ltd (BSL) with debt of over Rs 56,000 crore. This is reportedly Tata Steel’s second-biggest acquisition after the Corus Group acquisition in 2007.
Tata Steel will implement the resolution plan through its wholly-owned subsidiary Bamnipal Steel Limited (BNPL). In a regulatory filing on Tuesday, Tata Steel said that as per the terms of approved resolution plan, BNPL will initially subscribe to 72.65 per cent equity share capital of BSL at face value – Rs 2 per share – for an aggregate amount of Rs 158.89 crore. “Th…
One of the UKs largest personal insolvency providers has opened a new office in Salford.
Creditfix, which looks after tens of thousands of customers, has taken on 4,500 sq ft in the Lowry Mill. The site has been refurbished to accommodate the creation of up to 50 jobs.
Chief executive Pearse Flynn believes taking the new premises signifies a “real commitment to investment in the city”.
“Over the past few years, we’ve seen a significant increase in the number of individuals seeking professional help to get a handle on their finances, across the entire country,” he said.
“Though we’re currently supporting more than 80,000 people from our offices in Glasgow, the need to reach more…
A Subiaco-based building contractor is poised to join the growing list of residential builders in Western Australia to go bust.
The construction site on Emerald Street in West Perth.
Photo: ArchiApps
ArchiApps Pty Ltd was placed into liquidation on Wednesday afternoon, with Cameron Shaw and Richard Albarran of Hallchadwick appointed as liquidators.
The company billed itself as a “medium size building company” that “specialises in luxury houses and apartments”.
The company collapsed just weeks after Building Commissioner Ken Bowron warned creditors and homeowners about the status of the builder’s ability to pay off its debts.
The fact that the number of court actions against ArchiApps have been increasing steadily over the last two months …
No one comes out looking good: The Pensions Regulator was feeble; the Financial Reporting Council toothless; crown representatives to Carillion served no noticeable purpose. And thats before you get to the Big Four accountancy firms, or the Carillion directors who were either negligently ignorant of the rotten culture or complicit in it.
The cosy relationship between contractors, regulators and major accountants enabled a collapse that left thousands without jobs and supply chains in turmoil.
KPMG audited Carillions accounts for 19 years, charging £29m in fees. MPs argue it was complicit in the contractors aggressive accounting, which included re…
The future of the troubled Port Hinchinbrook Resort in north Queensland has been thrown back into uncertainty with Oakland Investment Group flagging it will lodge an appeal against a court decision giving ownership to a rival creditor.
Oakland, a British Virgin Islands-registered company, and Sino-Resource Import and Export Co. had been embr…
For others it may be the only option which is possibly why the government extended its existing Pension Loans Scheme (PLS) in this year’s federal budget to include all eligible retirees while increasing the amount you can borrow.
It cements what many have been saying for a while: that the family home, as a store of wealth, has become the fourth pillar of the retirement income system.
The States building regulator was alerted to payment concerns about WA home and apartment builder Archiapps in February but did not issue an official warning until this month.
On Monday, the Building Commission said Archiapps had entered voluntary external administration with Hall Chadwicks Cameron Shaw and Richard Albarran appointed.
However, Australian Securities and Investments Commission records reveal Archiapps directors Scottie Feng and Ling Zheng resolved to liquidate the company on May 8, almost a week earlier.
Yesterday, Hall Chadwick confirmed it was acting as liquidator and Archiapps had nine projects under construction, three commercial and six residential.
Homeowners were urged to contact QBE Insurance to activate home indemni…
No one comes out looking good: The Pensions Regulator was feeble; the Financial Reporting Council toothless; crown representatives to Carillion served no noticeable purpose. And thats before you get to the Big Four accountancy firms, or the Carillion directors who were either negligently ignorant of the rotten culture or complicit in it.
The cosy relationship between contractors, regulators and major accountants enabled a collapse that left thousands without jobs and supply chains in turmoil.
KPMG audited Carillions accounts for 19 years, charging £29m in fees. MPs argue it was complicit in the contractors aggressive accounting, which included re…
The recommendation by members of two powerful parliamentary committees was contained in a damning 100-page report on Carillion’s failure, which also accused the government, regulators and Carillion board members of failing in their responsibilities, often because they acted “entirely in line with their own personal incentives”.
Carillion, which went into liquidation in January with liabilitie…
There were 7,910 new personal insolvencies in the March quarter 2018, up a slight 0.1 per cent on the same quarter in 2017, the Australian Financial Security Authority said.
By type of personal insolvency, bankruptcies fell by 1.8 per cent, debt agreements rose by 3.9 per cent, while personal insolvency agreements fell by 59.3 per cent, albeit from a relatively small base, the authority said.
Nationally, there were 3,725 debt agreements in the March quarter 2018. Debt agreements reached a record quarterly high of 1,219 in New South Wales in the March quarter 2018, it said.
Related News:
Personal insolvency agreements fell to 37 in the March quarter 2018, the lowest quarterly level on record and following the first year-on-year fall since th…
