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Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic. BELGRADE (Serbia), March 22 (SeeNews) Serbia's Bankruptcy Supervision Agency said it
FINANCIAL STRESS: Mackay Spare Parts closed in February after becoming insolvent.Campbell Gellie
THE declining number of people in Mackay falling into financial ruin could be a sign of a more robust and confident economy, CQUniversity law lecturer Lance Rundle says.
Recent data from the Australian Financial Security Authority indicates fewer people fell into insolvency in the 2017 December quarter.
In total there were 60 -down from 76 in the September quarter. That figure was made up of seven business and 53 personal insolvencies.
In the Whitsundays the total number of debtors was steady at 13 in the September 2017 quarter and 14 in the December 2017 quarter.
Anne D’Innocenzio, Associated Press
Published 4:46 a.m. ET March 22, 2018 | Updated 6:45 a.m. ET March 22, 2018
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Take a trip back to your younger days with one of the nation’s best-known retail chains. USA TODAY
NEW YORK Toy company executive Isaac Larian says he and other investors have pledged a total of $200 million in financing and hope to raise four times that amount in crowdfunding in order to bid for up to 400 of the Toys R Us stores being liquidated in bankruptcy.
Gab Marcotti takes us around the biggest story lines in Italy, including AC Milan’s Coppa Italia victory, Gonazalo Higuain injury blow and the best Serie A games this weekend.
The Milan prosecutor’s office has opened an investigation into the sale of AC Milan from Silvio Berlusconi’s Fininvest company to Li Yonghong last April, ANSA and Reuters report.
No individuals are as yet named as suspects in what is currently a preliminary investigation based on suspicious movements of funds picked up by Italy’s Guardia di Finanza — Financial Guard — regarding the sale.
Three suspicious transactions have been passed on by the Bankitalia to the Guardia di Finanza related to the sale of the Serie A club.
Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.
BELGRADE (Serbia), March 22 (SeeNews) Serbia’s Bankruptcy Supervision Agency said it accepted the bid of logistics company Nelt Group for the acquisition of the electrothermal products factory of the insolvent producer of fire-resistant materials Magnohrom in Kraljevo.
Nelt group placed its 98 million dinars ($1 million/828,000 euro) bid during an auction for the sale of assets of state-controlled Magnohrom held on March 21, the Bankruptcy Supervision Agency said in a statement on Wednesday.
The agency also accepted a 24.8 million dinars prop…
Singapore-listed Noble Group Ltd halted trading of its shares on Thursday after defaulting on a $394 million bond that matured this week, as the commodity trader seeks a $3.4 billion debt restructuring seen as critical for its survival.
Noble’s restructuring deal has been opposed by some bondholders and shareholders, including Goldilocks Investment Co, which has an 8.1 percent stake in the firm.
Goldilocks filed a lawsuit with a Singapore court against the commodities trader and some of its former and current senior executives, alleging they inflated Noble’s assets.
Noble said it plans to vigorously resist any and all allegations or claims made against it.
Noble, which said earlier it would not make the redemption payme…
The Ghanaian press on Thursday highlights a 13-million euro government support to Ghanas financial system and the reaction of angry customers of uniBank Ghana Ltd, after the takeover by the Bank of Ghana (BoG).The Business and Financial Times (B&FT) says, Govt secures 13 million euros for Deposit Protection Scheme to reduce disruptions in the financial system that arise from banking distress and banks failure.
Parliament approved the loan on Wednesday under an agreement between Ghana and Kerditanstalt Wiederaufbu (KFW) of Germany for the establishment of a Deposit Protection Fund.
A high-level panel looking into various aspects of the insolvency law is expected to finalise its report this month wherein recommendations for “targeted amendments” will be made to the government, a senior official said.
A rising number of cases involving stressed assets are being taken up for resolution under the Insolvency and Bankruptcy Code (IBC), which came into force in December 2016.
The 14-member panel has the mandate to identify and suggest ways to address issues faced in the implementation of this law.
The Insolvency Law Committee has circulated the draft of its report to the members and the final report is likely to be finalised this month, the official said on the condition of anonymity.
Toy company executive Isaac Larian says he and other investors have pledged a total of $200 million in financing and hope to raise four times that amount in crowdfunding in order to bid for up to 400 of the Toys R Us stores being liquidated in bankruptcy.
The unsolicited bid still faces many hurdles, including finding other deep-pocked investors and getting a bankruptcy judge to agree to it. But this is the first public plan to keep the cherished toy brand in existence in the United States.
Such a long-shot move would also greatly benefit Larians primary business. Hes CEO of Bratz doll-maker MGA Entertainment, which relies on Toys R Us for nearly 1 in every 5 sales.
“I said ‘no’… I explained that Im a gambler, I have a gambling problem, they can clearly see [that] because of the transactions Ive been making,” Mr Harris said. “I dont understand why they keep offering me more money.”
Yet a letter offering a credit increase arrived just 11 days later, the commission heard. Mr Harris held out until January before accepting the increase and maxing out the card out within a month.
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A few weeks later, he paid off the card after borrowing $35,000 from his boss, who accompanied him to a branch in an attempt to close the account. But Mr Harris said he was told at the branch he had to call the bank to cancel the card and, after calling, he was told he had to go into a branch.
The Commonwealth Bank has admitted to offering repeated credit card limit increases to a customer who was begging them to stop because he had a gambling addiction and a $30,000 debt.
Michael Harris, a qualified roof tiler, broke down in tears on Thursday at the financial services royal commission when he described his experience with CBA and his fruitless attempts to get help.
He told commissioner Kenneth Hayne that he had started gambling seriously with his first CBA credit card in 2015, and within a year he had opened two more credit cards with CBA as his losses increased.
His first card had a $10,000 limit, his second a $7,000 limit, and his third a $8,000 limit.
Roughly a month after he opened his third card account, he sai…
Commonwealth Bank gave a roofer making $70,000 a year credit cards and increased his credit limit to $35,000 despite knowing he was a gambling addict, the Hayne royal commission heard on Thursday.
Mr Harris told the court of how his gambling problem escalated, becoming emotional at points during his testimony.
“I would max it out, pay off chunks, I would try and work overtime to help pay off chunks and I would wait until I had a big win or saved up a lump of money to pay it off and do it ag…
