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.
Grocery delivery service Aussie Farmers Direct will close immediately after falling into voluntary administration today, with administrators saying more than
Saudi Arabia is changing its bankruptcy laws in a move that should help the country diversify its economy away from oil.
The change, which came from King Salman in February, will undoubtedly help boost much-needed foreign investment in the kingdom. Thats because, up until now, there has not been a satisfactory way to deal with an insolvent corporation. Thats a significant disincentive to foreign and domestic business people to set up shop in the country.
The lack of bankruptcy legislation has acted as a key deterrent to entrepreneurs in Saudi Arabia as well as to the willingness of local banks to provide financing to business start-ups, states a recent report from Capital Economics
In the US, we used to lock people up when they went bankrup…
As many as 14,000 investors in the collapsed stockbroking firm Beaufort Securities should get a “substantial” amount of their money back.
The official administrators, PwC, said that the firm’s clients should see between 85% and 90% of their cash returned to them.
However, it will be at least a month before any returns go through.
Beaufort Securities was put into administration last Friday, after the regulator declared it insolvent.
Shortly after the Financial Conduct Authority (FCA) took action, regulators in the United States said they were planning to bring criminal charges against the firm.
CONTROVERSIAL US economist Harry Dent has come under fire from embattled real estate mogul John McGrath for his doomsday predictions for the housing market.
The McGrath Estate Agents founder slammed Dents forecasts in a column published in Switzer Daily for echoing Australian housing bubble predictions he made in 2014 and 2011, despite them being proved wrong.
McGrath also criticised Dent for failing to account for the ingenuity of Australians, not to mention our long-embedded culture.
In a recent interview with Channel 9, Dent admitted that his predictions in previous years had been off the mark but maintained Australian property was overvalued and in the midst of a bubble that would inevitably burst.
HOBOKEN, N.J.–(BUSINESS WIRE)–John Wiley & Sons, Inc. (NYSE: JW-A and JW-B), a global research and
learning company, today announced results for the third quarter ending
January 31, 2018.
Third quarter revenue up 4% to $455.7 million, or down 1% at constant
currency
Third quarter GAAP EPS up 45% to $1.19 primarily due to impact of the
US Tax Act; Adjusted EPS down 14% at constant currency
Year-to-date revenue up 4% to $1,318.9 million, or up 1% at constant
currency
Year-to-date GAAP EPS $2.39 compared to $1.15 in prior year; Adjusted
EPS at constant currency up 1%
The snow and freezing weather that swept across the UK last week caused a 14% slump in sales at John Lewis, compared with the same week last year.
The retailers weekly sales data is the first indication of the toll taken by the bitterly cold spell on the high street. Fashion and clothing were particularly hard hit, with sales plummeting nearly 19%.
However, sales of hats, gloves and scarves rose 38% on the same week in 2017; sales of boots were up 36%.
The trading statement for the fifth week of 2018 (to Saturday 3 March) for the John Lewis Partnership, which includes Waitrose and the John Lewis department stores, shows total sales fell by 5.1% to £198.02m, from £208.66m last year. Waitrose accounts for more than 60% of group reven…
CONTROVERSIAL US economist Harry Dent has come under fire from embattled real estate mogul John McGrath for his doomsday predictions for the housing market.
The McGrath Estate Agents founder slammed Dents forecasts in a column published in Switzer Daily for echoing Australian housing bubble predictions he made in 2014 and 2011, despite them being proved wrong.
McGrath also criticised Dent for failing to account for the ingenuity of Australians, not to mention our long-embedded culture.
In a recent interview with Channel 9, Dent admitted that his predictions in previous years had been off the mark but maintained Australian property was overvalued and in the midst of a bubble that would inevitably burst.
HÀ NI After a long period of hesitation, the Vietnam National Coffee Corporation (Vinacafe) is being pushed towards equitisation once more by the Ministry of Agricultural and Rural Development (MARD).
During a meeting on Monday at Vinacafes headquarter, Deputy Minister Hà Công Tun said he was not completely confident about the companys latest restructuring plan.
According to Vinacafe, the company has formulated and submitted to the MARD a reorganisation and modernisation scheme for the period 2017-2020, while waiting for the Prime Ministers consideration and approval.
It proposes equitisation at the parent company (Vinacafe), including seven agricultural companies and three other auxiliary units, plus th…
Scammers often prey on people who are stressed out about debt (KOKH).
OKLAHOMA CITY (KOKH)
Advice from an expert in fighting fraudsters: You can keep your trusting personality without falling prey to scammers.
Feeling like you just can’t keep up with your monthly bills is stressful, and scammers like to take on the opportunity to take your money promising they can help.
Here is what actual debt settlement or debt relief companies do according to the Consumer Financial Protection Bureau– These companies say they can renegotiate, settle, or change the terms of your debt.
They do charge fees.
However, some scammers contact you by phone or email and make promises they do not intend to keep.
If someone contacts you, and says oh we have this gre…
MUMBAI: An arbitration court has restrained Reliance Communications (RCom) from selling or transferring assets without its permission, and set June 9 as the date for the next hearing, dealing a blow to the Anil Ambani-owned telcos efforts to pare debt by March end under a plan driven by its lenders.
We direct the Claimant (RCom)and its affiliates are restrained from transferring, alienating, encumbrance or disposing of any of its assets without specific permission/leave of the Arbitral Tribunal, the court of arbitration said in an interim order dated March 5.
The respondent (Ericsson) has made an arguable case and the tribunal is of the opinion that in the event it is denied any relief, it will suffer an irretrievable injury,…
Over the last two years, the courts have overturned 78 decisions by creditors to refuse personal insolvency arrangements for those in severe debt and at risk of losing their homes.
There are a further 500 cases in the pipeline, according to Justice Minister Charlie Flanagan.
In November 2015, the section 115a court review process came into effect which permits a debtor to ask the court to review and assess the reasonableness of a personal insolvency arrangement (PIA) proposal which has been refused by creditors and which includes mortgage arrears on the debtors home.
A PIA enables an eligible insolvent debtor to reach agreement with creditors (both secured and unsecured) in relation to the settlement and/or restructuring of his or her…
Grocery delivery service Aussie Farmers Direct will close immediately after falling into voluntary administration today, with administrators saying more than 100 franchisees and 260 staff will be affected by the collapse.
The company launched in 2005 as a home delivery service for dairy and juice products across Victoria, before expanding to Queensland, New South Wales, Western Australia, the Australian Capital Territory and South Australia with a full grocery offering.
Craig Shepard and Leanne Chesser of KordaMentha Restructuring were appointed to the business on Monday. They said in a statement that the closure is expected to affect 100,000 customers.
Attempts had been made to recapitalise the business or find a buyer, but the…
Over the last two years, the courts have overturned 78 decisions by creditors to refuse personal insolvency arrangements for those in severe debt and at risk of losing their homes.
There are a further 500 cases in the pipeline, according to Justice Minister Charlie Flanagan.
In November 2015, the section 115a court review process came into effect which permits a debtor to ask the court to review and assess the reasonableness of a personal insolvency arrangement (PIA) proposal which has been refused by creditors and which includes mortgage arrears on the debtors home.
A PIA enables an eligible insolvent debtor to reach agreement with creditors (both secured and unsecured) in relation to the settlement and/or restructuring of his or her…
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