Insolvency Guardian Media Centre
OUR SAY: THE flip side of Toowoomba’s economic boom has been reported today by Tara Miko.
Ms Miko’s front-page story today details Toowoomba’s unenviable position as having the third highest rate of personal insolvency in the state – behind Ormeau-Oxenford and Townsville and tied with Rockhampton.
Toowoomba Chamber of Commerce CEO Jo Sheppard said the figures revealed the lingering impacts of the resources downturn and a fierce entrepreneurial spirit.
” A lot are doing it tough and increasingly they’re operating in a global market place.
“That means more and more changes for them,” Ms Sheppard said.
The bankruptcy figures represent a (rare and) clarifying moment of truth that cuts through the hype we hea…
Read the full article at: https://www.thechronicle.com.au/news/toowoombas-bankruptcy-figures-reveal-darker-truth/3339385/
THE lingering impacts of the resources slump and a strong entrepreneurial spirit have sent Toowoomba broke at one of the highest rates in the state.
Australian Financial Security Authority figures revealed Toowoomba had one of the highest personal insolvency rates in Queensland for the December 2017 quarter.
Toowoomba recorded 64 debtors entering a new personal insolvency arrangement in the timeframe, a small portion of the 1141 debtors across the state outside the greater Brisbane region.
Brisbane and its outer suburbs recorded 1021 new personal insolvency arrangements.
But greater support for existing business could turn around the fortunes.
While an alarming figure, Toowoomba Chamber of Commerce CEO Jo She…
Read the full article at: https://www.southburnetttimes.com.au/news/why-toowoomba-among-highest-personal-insolvency/3339607/
AC MILAN’S owner Yonghong Li has declared bankruptcy and his assets will be auctioned off, according to reports Italy.
EPA
AFP
A lack of transparency clouded the mega-deal, with many questioning where the vast amount of money was coming from.
An investigation from Corriere della Sera found that Li’s debts have now culminated to the point where he has been forced to declare himself bankrupt and his assets will be auctioned off on Taobao the Chinese version of Ebay.
The initial deal was frequ…
Read the full article at: https://www.thesun.co.uk/sport/football/5616566/ac-milan-owner-yonghong-li-bankrupt-ebay/
PITY the lot of bankrupt billionaire Nathan Tinkler, living in paradise.
When the counting was completed in 2016 after he was officially declared bankrupt, Mr Tinklers debts came in at more than $540 million.
His wealth was harder to determine, but assets in his name at the end of last year did not realise more than $1 million.
Yet just six years earlier his wealth was estimated at $1.13 billion by BRW magazine, making him Australias youngest billionaire.
There was the private jet, helicopters, a fleet of luxury cars, thoroughbred horse studs, mansions and two sports teams – Newcastles Knights and Jets.
Mr Tinkler was an ultimate rags-to-riches tale, and exemplified …
Read the full article at: http://www.illawarramercury.com.au/story/5238040/bankrupt-nathan-tinklers-135-million-seaside-mansion/
Consumer goods group blames difficulties in developed markets and rising commodity costs
The Nurofen-owning company has struggled with the weakest performance in its history.
Photograph: Glenn Hunt/AAP
Reckitt Benckiser, the owner of brands including Durex and Nurofen, missed its 2017 profit expectations and said tough trading in developed markets and rising commodity costs were set to continue.
The consumer goods group reported higher sales in the last quarter on Monday, in line with expectations, and forecast an increase for this year as it looks to move on from a turbulent 2017.
It pointed to an improved performance at its recently acquired Mead Johnson …
Read the full article at: https://www.theguardian.com/business/2018/feb/19/nurofen-owner-reckitt-benckiser-misses-profit-forecast-tough-trading
The creditors’ claims to the ex-owner of the Globex bank, Rossiysky Kredit, M-Bank and others sum about 20 billion rubles ($354m). Motylev is accused of fraud on an especially large scale.
The Moscow Arbitration Court declared ex-owner of bankrupted banks Globex, Rossiyskiy Kredit, M-Bank Anatoly Motylev bankrupt,
Kommersant reports. The court entered upon the procedure for selling the property of Motylev. The creditors of the former banker demand about 20 billion rubles from him.
Motylev is accused of Swindling on an especially large scale (part 4 of Article 159 of the Criminal Code). Two criminal cases have been initiated against him, one of which concerns the M-Ba…
Read the full article at: https://en.crimerussia.com/financialcrimes/sourt-declared-runaway-businessman-motylev-bankrupt/
In a notification to the Bombay Stock Exchange, Binani Industries Limited (BIL) has said that it has filed an application under Section 60(5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking permission to fully participate in the Insolvency Resolution Process of the Corporate Debtor viz. Binani Cement Limited (BCL) a subsidiary of BIL.
Source: Application submitted by Binani Industries Ltd to NCLT
The company had mentioned in the application that, this is to ensure that the resolution process adequately protects and preserves the rights and interests of the Corporate Debtor, all its stakeholders including the Applicant. The application was filed with National Company Law …
Read the full article at: http://equitybulls.com/admin/news2006/news_det.asp?id=223511
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay.
Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper
Read the full article at: http://www.90min.com/posts/5981838-a-c-milan-owner-yonghong-li-declared-bankrupt-according-to-reports-in-italy
As a trusted advisor you are likely to encounter clients that ask your advice on how best to manage their personal debt. While not strictly an accounting issue they will expect that since your profession deals with money that you will be able to advise them in this area. Since we entering a phase of the long term debt cycle were interest rates rise you can expect that you will be asked questions in this area more frequently. So even though these questions would be better directed to a Financial Advisor, you can give them some general advice that will help your clients find a solution to their debt problems.
The first thing you should advice clients to do is to create an emergency fund. This should typically be 3 months wo…
Read the full article at: https://www.accountingweb.com/community/blogs/craiglebrau-0
Real estate mogul John McGrath has announced the former CFO of Kerry Stokes’s media group, Peter Lewis, as the new chairman of embattled property group McGrath Limited.
Mr Lewis will join the recently emptied McGrath board along with lawyer Andrew Robinson, founder of commercial law firm Robinson Legal.
Mr McGrath announced the appointments to the ASX on Monday evening, the same day that former McGrath chairman Cass O’Connor and her fellow directors had exited the company.
CEO Cameron Judson had left the company on Friday, as the company posted a $25.5 million half-year loss.
Mr McGrath said his two fellow directors brought “a wealth of public company experience and expertise” to the now three-person board.
“I look forward to working clo…
Read the full article at: https://www.sbs.com.au/news/mcgrath-names-two-new-directors
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay.
Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing to his lack of funds.
However, the latest reports suggest the situation has now culminated to the point where the owner has had to declare himself bankrupt.
Days prior, the China Securities Regulatory…
Read the full article at: https://www.si.com/soccer/2018/02/19/ac-milan-owner-yonghong-li-declared-bankrupt-according-reports-italy
David Fensome appeared at Telford Magistrates Court to oppose the application for a council tax liability order by Shropshire Council.
Mr Fensome claimed the council owed his former company, Telford-based Tailored Care Limited, £190,444.69 before it went into liquidation earlier this year.
Tailored Care Limited was based at Coalport House in Stafford Park
Ms Sue Jones, representing Shropshire Council in court, made an application to grant a liability order for recovery of council tax for the property in Friars Street
Mr Fensome, of Friars Street, Bridgnorth, said: I am fully aware of how council tax works and I have no issue with the bill.
“Shropshire Council owe me through my limited company, Tailored Care Limited, £190,444.69.
…
Read the full article at: https://www.shropshirestar.com/news/2018/02/19/businessman-told-to-pay-council-tax-after-care-company-liquidated/