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.
Controversial Sydney businessman Salim Mehajer will return to court in June to continue a bid to have his bankruptcy annulled.
A NSW judge on Thursday refused to grant an application for an interim order to “stay” the bankruptcy after Mehajer’s lawyer argued a previous hearing should have been adjourned while his client was in custody.
The 31-year-old was declared bankrupt by a Federal Circuit Court judge in March before being granted bail in early April over claims he staged a car crash and defrauded an insurance company.
Mehajer testified that if the stay was granted he planned to apply for a new builder’s licence, continue the construction of five multi-million dollar projects and obtain offshore finance requiring his personal guaran…
WFTV buys $1 million in medical debt to help Central Florida families
Medical debt collection haunts one out of every five families in Central Florida. Collection agencies buy their debt for pennies on the dollar and demand payment in full.
But now Channel 9 Eyewitness News is doing something about it. Action 9s Todd Ulrich decided to buy $1 million of medical debt and forgive all of it.
Watch this story Thursday on Channel 9 Eyewitness News at 5:30 p.m.
Controversial Sydney businessman Salim Mehajer, whose debts include an $8.6 million tax bill, has suffered a setback in his bid to have his bankruptcy annulled.
Justice Michael Lee late on Thursday refused to grant the application for an interim order to “stay” the bankruptcy, ahead of a full hearing of his annulment bid in June.
The judge agreed it may be “an apposite description” to say Mehajer’s plans were “panglossian” meaning “extreme optimism in circumstances of unrelieved adversity”.
The 31-year-old’s lawyer David Hume earlier gave the judge a brief rundown on Mehajer’s numerous and “perhaps notorious” civil and criminal court proceedings, saying he had been a party in more than 10 cases.
European Commission President Jean-Claude Juncker on Thursday urged eurozone countries to honour their promises to provide debt relief to Greece, whose economy is still struggling.
We should now focus on the problem of reducing (Greeces) debt. I want all member states to honour (their) pledges, Juncker said during a visit to Athens.
Bailout loans provided by the eurozone states and IMF prevented Greece from crashing out of the single currency. However they resulted in the countrys debt remaining at an unsustainable 180 percent of its annual economic output.
The panel of experts constituted by the government to review the Insolvency and Bankruptcy Code (IBC) has recommended that the National Company Law Tribunal (NCLT) should have the power to direct the Insolvency Board to propose another liquidator where the resolution professional (RP) does not consent to continue as the liquidator, according to Devidas Banerji, Partner, Khaitan & Co.
Khaitan & Co is a law firm and is involved in some of the major insolvency cases.
Currently, the NCLT has the power to replace the RP on the recommendation of the Insolvency Board, Banerji told BusinessLine. There have been instances where the promoters have been aggrieved about the way in which, a particular RP or liquidator conducts the corporate insolve…
The number of people going bankrupt is expected to have jumped in early 2018 as households deal with post-Christmas debts and struggle to stretch credit limits further, according to an audit and restructuring firm.
RSM predicts official figures for England and Wales will show a 14% year-on-year increase in the number of people being declared bankrupt in the first quarter of this year, although the overall numbers of personal insolvencies are expected to remain broadly in line with last year.
Ahead of the release of the Insolvency Service’s official figures on Friday, Tracker, RSM’s online early alert system, predicts that personal insolvencies will reach 25,700, made up of around 4,400 bankruptcies, 14,800 individual voluntary arrangem…
FLSmidth is to reorganise its business based around two core industries cement and mining and a new, decentralised regional structure for customer relations, sales, and service. A central digital organisation, headed by the companys new Chief Digital Office Mikael Lindholm, will drive a unified approach to digitalisation.
The new organisation will go into effect from 1 July 2018.
With the end markets recovering, our customers accelerate to invest in productivity enhancing and digital solutions, said Group CEO Thomas Schulz.
To support our customers growth, the two industries cement and mining will deliver integrated productivity offering through the regions. Our decentralised organisation will g…
A town centre doctors surgery has closed with immediate effect after a GP was declared bankrupt.
Health bosses have confirmed that the Abbey Surgery on Abbey Street in Accrington closed at the end of last week and that the situation was out of their control.
A general practitioner at the surgery – Dr Alec Yolomoni Kapenda – was declared bankrupt the day before the closure.
Marie Mootooveeren, practice nurse and manager who had been at the surgery since it opened in 1991, said six staff have been left out of a job.
She said: The staff at the former Abbey Surgery were shocked and saddened by the unexpected closure. We were on duty and just about to go home when we were told…
A winding up petition against the company that runs Nuneaton Town Football Club has been dismissed.
HMRC brought the case against Boro Leisure Limited, which owns the towns club, before the High Court yesterday but the court has now confirmed to CoventryLive that it was dismissed at the Royal Courts of Justice in London.
This means that the issue surrounding the undisclosed amount of money owed to the taxman, which raised the winding up petition, has been settled.
It will be a huge relief to fans who had feared for the future of the club.
Nuneaton Town football club chairman Lee Thorn
CoventryLive repeatedly tried to contact club chairman Lee Thorn yesterday but the Nuneaton Town Supporters Co-operative posted on Tw…
ATHENS – European Commission President Jean-Claude Juncker on Thursday urged eurozone countries to honour their promises to provide debt relief to Greece, whose economy is still struggling.
European Commission President Jean Claude Juncker said the eurozone needs to honour its pledge to provide Greece with debt relief during a visit to Athens
“We should now focus on the problem of reducing (Greece’s) debt. I want all member states to honour (their) pledges,” Juncker said during a visit to Athens.
Bailout loans provided by the eurozone states and IMF prevented Greece from crashing out of the single currency. However they resulted in the country’s debt remaining at an unsustainable 180 percent of its annual ec…
The number of people going bankrupt is expected to have jumped in early 2018 as households deal with post-Christmas debts and struggle to stretch credit limits further, according to an audit and restructuring firm.
RSM predicts official figures for England and Wales will show a 14% year-on-year increase in the number of people being declared bankrupt in the first quarter of this year, although…
