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Embattled commodity trader Noble Group Ltd. issued a defense of its planned restructuring, saying that if shareholders vote down the plan, it will probably enter insolvency proceedings in the U.K. and existing equity holders risk being wiped out.
If the primary restructuring is not approved by shareholders, the board will have no option but to put the company into insolvency proceedings, the Hong Kong-based company said in a statement, responding to queries from the Singapore exchange. At present, the plan agreed with creditors needs approval by a simple majority of shareholders, it said.
After a three-year crisis, the fate of the company — once Asias largest commodity trader — is hanging in the balance as it attempts to pu…
Former rugby league player Jarrod McCracken has pleaded guilty to leaving the country while bankrupt.
McCracken appeared in Brisbane Magistrates Court on Monday to face four charges of leaving and preparing to leave Australia while an undischarged bankrupt without the consent of a trustee.
The embattled former New Zealand footballer, who will be sentenced on Monday, was declared bankrupt in 2012 after a lengthy dispute over a north Queensland property development.
An entrepreneur takes many risks simply by making the choice to start a business. You likely did all of your homework and have an excellent business model youre using. You likely secured financing through credit cards or a small business loan, both of which seemed sensible considering your anticipated revenue. If business isnt going quite as great lately, you may be feeling weighed down by your present repayment plan. If you worry that your business may be facing bankruptcy or are feeling the crunch when it comes to finding money to whittle down existing debt, you might be considering consolidating your business loans. According to the Federal Reserves Small Business Credit Survey released in 2017, almost one-fo…
Michelle OSullivan didnt hesitate when she was offered the chance to reduce her HECS debt and stay in the country town she now calls home.
The director at Mathoura Preschool was the recipient of an incentive scholarship that gives $9000 to early childhood educators to help with education costs.
Originally from Geelong, Michelle has worked at Mathoura Preschool for three years and said she was loving life by the Murray River.
I feel very lucky and supported by the people of Mathoura and Im extremely thankful to get the scholarship, she said.
Reducing the HECS debt helps to take the pressure off, especially when youre studying and have a family.
Michelle encouraged others to apply for the scholarship and remain i…
Allan Endresz is the face of business nightmare. In two decades of evading pursuit by government regulators, the disgraced share trader has found a way to ensure he never has to pay his debts to anybody.
In the epic saga Endresz was telling his Cook Islands bank that he secretly owned $50 million in stock and property in Australia even as he was fending off a 16-year campaign by the Australian Securities and Investments Commission to bankrupt him for unpaid debt.
Endresz is Mr Teflon. Assets don’t stick to him. And neither does debt.
“I own things, but it’s always qualified by declarations of trust,” he told The Australian Financial Review.
While his companies were the beneficiaries of one of Australia’s biggest governm…
A ROCKHAMPTON construction company which went into voluntary liquidation last month with debts of more than $2m, is suing two companies for money owed.
Civil and mining construction company Busby Contracting Pty Ltd went into voluntary liquidation on February 5, owing $2.4 million to creditors, employees and the tax office.
On Thursday, Busby Contracting’s lawyer Allan Grant was successful in an application to Rockhampton District Court to proceed with a lawsuit against another construction company and a mining company.
According to court documents, $184,223 is outstanding from a $3.2 million contract Busby Contracting had with Ostwald Bros Pty Ltd for expansion works of the Dugald River Mine Village north west of Clo…
Former Auburn deputy mayor Salim Mehajer has been slapped with drug dealing charges a week after being declared bankrupt.
In the latest blow for Mehajer, who has been behind bars charged with conspiracy to pervert the course of justice and conspiring to cheat or defraud since January, he has now been charged relating to the possession of anti-anxiety and heavy-duty painkillers, The Daily Telegraph reports.
The charges will be formerly laid on Wednesday when Mehajer attends court over a car crash last year, which police claim was staged in order to dodge a court appearance
A number of Alprazolam, Targin and Enzone tablets were discovered by police during a raid on Mehajer’s Lidcombe home on November 8, as they searched for evidence in relat…
Bankruptcy can be avoided if you heed these simple tips.
Having to declare bankruptcy is a scary proposition for many. And while no one ever wants to find themselves in a situation where theres no other alternative, sometimes lifes events simply make it inescapable.
Unfortunately, small business owners make up a high percentage of those who end up filing for bankruptcy or personal insolvency in Canberra. Poor cash flow, bad budgeting, unexpected events, illness, and excessive spending can all contribute to a financial downfall that leaves the business owner(s) struggling to make ends meet.
Luckily, there are certain measures you can take to prevent the likelihood of financial distress.
PRESIDENT Emmerson Mnangagwa has embarked on a diplomatic initiative with Britain and other creditors as the country seeks debt rescheduling and cancellation to improve its risk profile and credit rating.
By Bernard Mpofu/Melody Chikono
This development could signal a shift in the countrys debt strategy. The government has in the past rejected any debt cancellation modelled along the Highly Indebted Poor Countries initiative. But the latest details suggest Harare is now ready for debt forgiveness to unlock critical funding.
The government had committed to paying the US$1,2 billion arrears to the World Bank by April this year, as the first step towards unlocking fresh funding from multilateral institutions.
The Insolvency Resolution Professional (“IRP”) is an integral part of the Insolvency and Bankruptcy Code, 2016 (“IBC”); a laudable and long overdue Legislation. Even though similar concepts like liquidators, Operative Agencies and interim administrators have existed for long time under Indian Law, the establishment of the Corporate Insolvency Resolution process (“CIRP”) and the IRP’s is a unique legislative move.
CIRP AND IRP: IMPLEMENTATION ISSUES Like any new legislation or policy, IBC also has various issues and ambiguities which needs to be addressed, criticism is often easy and convenient. But the real task lies in identifying the problems and ambiguities and attempting to rectify them, so that…
It is a company that dates back to Britains industrial revolution: an ironworks in south Wales that started in 1759 and supplied the tracks for Brunels Great Western Railway. It has become, as GKN, a global engineering giant supplying car and aerospace parts, employing 60,000 around the world and 6,000 in the UK. But now corporate raiders loom in the form of a controversial £7.8bn hostile bid in which Theresa Mays government has been sidelined, despite its aspiration to develop a new UK industrial strategy.
Bidder Melrose has set a deadline of 1pm on Thursday for GKN shareholders to accept or reject its largely paper-based bid. Insiders describe the situation as finely balanced. Melrose, which is about the fifth of the size, says GKN…
Nearly everyone who borrows money wants to repay it, but Joannes story demonstrates why it is so important that banks lend responsibly she was provided credit that she could not afford to pay back, leading to substantial harm.
Lenders tend to market credit as a way to improve peoples financial situation (get on top of your debt!), when clearly a credit card or personal loan involves taking on more debt. Moreover, many of our clients have limited income, and in Joannes case more debt was offered in the guise of allowing her to get on top of her financial difficulties. Clearly, in Joannes case, the bank has breached responsible lending laws.
Senior Counsel Rowena Orr at the royal commission’s initial public hearing into misconduct in the b…
