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A Charlottesville-based nonprofit is helping ex-convicts overcome the thousands of dollars some accumulate while theyre doing
Deposit guarantee company Deposit Power is now under external administrators following the placement of Auckland-based CBL Insurance into interim liquidation. External
Alex RalphAbout £700million of funds were frozen when the Financial Conduct Authority placed Beaufort into administrationChris Ratcliffe/Getty ImagesThe administrator to
A Charlottesville-based nonprofit is helping ex-convicts overcome the thousands of dollars some accumulate while theyre doing time.
The Fountain Fund is managed by a team that includes former prosecutors who put people behind bars but also see a system in need of reform.
Former U.S. Attorney Tim Heaphy started The Fountain Fund in 2016 after learning from a man he prosecuted about the debt that added up while he was behind bars.
The fund says it’s seeing life-changing returns from these low-interest loan investments.
David Payne is one such person who’s received help from the fund. Though Payne is now an assistant manager at Jiffy Lube, it wasn’t too long ago that he was living a different kind …
The Aditya Birla groups UltraTech Cement moved the National Company Law Tribunal (NCLT) in Kolkata on Tuesday against the resolution professional for Binani Cement after its bid for the cement company undergoing insolvency proceedings was rejected. The Kumar Mangalam Birla company had earlier served a notice to the resolution professional asking for details on the weight given to its bid as compared to the winning bid by a consortium consisting of Dalmia Bharat and Bain Capitals India Resurgent Fund and Piramal Enterprises. A source close to UltraTech told Business Standard that barring a single-line email that its bid was rejected, UltraTech did not receive any communication from the re…
Deposit guarantee company Deposit Power is now under external administrators following the placement of Auckland-based CBL Insurance into interim liquidation.
External administrators from Chifley Advisory were appointed to the company last week.
Deposit Power acted as an authorised manager and agent of CBL Insurance which provided all the deposit guarantee bond products sold by Deposit Power in Australia.
The deposit guarantee company had offered products assisting Australian borrowers and investors to buy residential and commercial properties without the need to provide a cash deposit. In a report by the Australian Financial Review, an estimated 10,0…
Mr McGrath, 54, has denied having any gambling debt.
Mr Smollen said Mr McGrath enjoyed horse racing, but he had no knowledge of whether Mr McGrath was gambling.
“I’m aware that race horses have been a hobby and a passion of John’s for some time, and I’ve never viewed that as an unhealthy thing, but I have no involvement or understanding as to whether he is gambling or not,” he said.
“If it’s true, I hope it’s resolved, and if it’s not true, I hope it’s resolved.”
Mr McGrath is known to be passionate about horses and racing, but the notoriously private real-estate figure uses the Joy Luck Syndicate and the Joy Luck Discretionary Trust to hold ownership of his breeding and racing concerns.
Customers who ordered products from failed reseller Warehouse1 may not receive refunds after the company entered liquidation two weeks ago with $3.8 million in claimed debts.
The company, which operated an online store as well as a brick-and-mortar retail store in Melbourne, entered liquidation on 20 February, appointing SV Partners as liquidators.
In the weeks leading up to the liquidation, customers had taken to online forums claiming they had not received their purchased orders. According to posts from customers, liquidators informed them they would not be provided with a refund, but could lodge a claim against Warehouse1 for any losses sustained.
A report from the liquidators shows that Warehouse1 is facing …
The debt resolution of Essar Steel has turned into a full-scale corporate war between VTB Bank of Russia and LN Mittals ArcelorMittal, both of which have made multi-billion dollars offers for the Gujarat-based steel company. All eyes are now on the lenders meeting scheduled on Thursday. The lenders are expected to call for a second round of bidding. According to sources, legal advisers are not convinced about the eligibility of either bidder. ArcelorMittals bid is ineligible since the company had investments in Uttam Galva Steels, a non-performing asset. ArcelorMittals promoter, LN Mittal, also owned a 33 per cent stake in Kazakhstan-based KSS, which in turn held a 100 per cent stake in KSS …
Coronation Street star Michael Le Vell has reportedly been declared bankrupt, after allegedly being slapped with a six-figure tax bill and £200,000 in legal fees.
The 53-year-old actor, who is said to earn £250,000 a year as Kevin Webster on the ITV soap, has struggled to keep up with his mounting bills, according to The Mirror.
Californians owe more than $400-million in medical debt and its been said it is the number one cause of bankruptcy in America. Here in San Diego, its estimated over 464,000 people have medical debts noted on their credit reports, totaling over $670-million.
One round of chemo is roughly $13-15,000, Cheryl Pascarella from Ramona said, I had 24 rounds.
Cheryl said she knows what its like when the medical bills pile up from her experience ten years ago when she was diagnosed with breast cancer. Cheryl is fortunate, her insurance has helped her keep up with the mounting medical debt but she says she has seen others who were not as lucky.
I watched a woman die because she couldnt pay for her treatment, Cheryl said, explaining a patient she me…
About £700million of funds were frozen when the Financial Conduct Authority placed Beaufort into administrationChris Ratcliffe/Getty Images
The administrator to Beaufort Securities, the failed City broker, has warned that it could take many months to return cash to investors.
PWC confirmed that it expected to make substantial returns to clients after costs and that it had ringfenced £50 million in segregated client money accounts, alongside freezing close to £800 million in client assets. Nigel Rackham, joint administrator, said that the process of returning the money was unlikely to begin before mid-April.
The Financial Conduct Authority placed Beaufort into administration on Friday after discovering a shortfall in its finances…
Irish virtual mobile network iD Mobile, whose parent company is Carphone Warehouse, has been placed into provisional liquidation.
The network has been operating since 2015 and Dixon’s Carphone invested ‘substantial resources’ to establish iD mobile and has continued to support the business.
The company released a statement today that said: “Despite a compelling consumer mobile proposition in an increasingly competitive mobile market, iD Mobile was unable to achieve scale against established operators and its losses became unsustainable”
Customers now have 30 days to find a new network. The have also clarified to us that customers who have paid in full for their handset will not be requ…
October said in a briefing to the parliamentary committee on Tuesday that all jurisdictions accepted that debt could be extinguished (for example in liquidations and business rescue) and that this was not expropriation. What was key was the process followed and that the other side had the opportunity to be heard.
Debt could not be written off in a generic way using a “sledgehammer” approach without dealing with the individual overindebted applicants and the individual credit providers.
It could not be done on a group basis. “We have to strengthen the bill to allow for the National Consumer Tribunal to play a bigger role and allow credit providers to have some say in the process.”
