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24 January 2018
Insolvency Guardian Media Centre
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.
A file photo of the Reserve Bank of India in Mumbai. The Insolvency and Bankruptcy Code, 2016 was passed in May 2016, changing the legal framework for insolvency resolution in India. Photo: Aniruddha Chowdhury/Mint
On Tuesday evening, the CEOs of some of Indias biggest banks were on a panel discussing the changing banking landscape, at Mints annual banking conclave at a south Mumbai hotel. Ahead of this, they had been ushered into the speakers lounge where they were expected to pore over the finer points of the evenings discussion over coffee and cookies. Instead, most of them seemed busy checking e-mails and text messages on their mobile phones and trying to figure out, in hushed voice, what was happening to the bids for troubled steel-m…
Read the full article at: http://www.livemint.com/Opinion/dFbpJCab7TPzd25ddCRdQK/Indian-bankers-set-to-rewrite-corporate-history.html
The Charities Regulator has that said up to 40 Irish charities may have lost money after an online company that collected money for them went into liquidation.
The company, Pembroke Dynamic Internet Services, had a liquidator appointed two weeks ago after it failed to satisfy a debt owed to the Revenue Commissioners.
Following the appointment of the liquidator to the company, the High Court heard 3.8 million was owed to charities that used the company’s services.
The liquidator said around 700 charitable entities globally are affected, and has worked with the Charities Regulator to clarify the impact in Ireland.
The Charities Regulator has analysed the liquidators list and concluded that up to 40 Irish charities may be caught up i…
Read the full article at: http://www.rte.ie/news/ireland/2018/0211/939886-charities-regulator-money/
The Charities Regulator has that said up to 40 Irish charities may have lost money after an online company that collected money for them went into liquidation.
The company, Pembroke Dynamic Internet Services, had a liquidator appointed two weeks ago after it failed to satisfy a debt owed to the Revenue Commissioners.
Following the appointment of the liquidator to the company, the High Court heard 3.8 million was owed to charities that used the company’s services.
The liquidator said around 700 charitable entities globally are affected, and has worked with the Charities Regulator to clarify the impact in Ireland.
The Charities Regulator has analysed the liquidators list and concluded that up to 40 Irish charities may be caught up i…
Read the full article at: https://www.rte.ie/news/ireland/2018/0211/939886-charities-regulator-money/
Law Commission of India vide its 124th Report[1], while highlighting the issues of multiplicity of jurisdictions with High Courts, pendency of cases, multiplicity of stages of appeal/ review/ revision under the Code of Civil Procedure, and need of having specialized bodies to deal with specialized matters, recommended for setting up of specialized Tribunals. This paved way of setting of various Tribunals.
NCLTs were set up under section 408 of the Companies Act, 2013 w.e.f. 01st June 2016. Eleven Benches have been set up with one Principal Bench at New Delhi and ten Benches at New Delhi, Ahmadabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guahati, Hyderabad, Kolkata and Mumbai. NCLT enjoy corporate jurisdiction of the Company Law Board…
Read the full article at: http://www.livelaw.in/evolution-law-corporate-insolvency-part-ii-formation-nclts-evolution-insolvency-jurisprudence/
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.thechronicle.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
Scottish personal insolvency numbers rise by 2.1%
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The number of personal insolvencies rose in Scotland in the last quarter of 2017, according to official figures.
Accountant in Bankruptcy (AiB) reported 2,691 bankruptcies and protected trust deeds (PTDs) between October and December – a year-on-year rise of 2.1%.
The number of bankruptcies fell by 4.2% to 1,089, while PTDs…
Read the full article at: http://www.bbc.co.uk/news/uk-scotland-scotland-business-42802350
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.themorningbulletin.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.gympietimes.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 months to p…
Read the full article at: https://www.qt.com.au/news/misunderstanding-credit-cards-places-families-in-t/3332293/
It’s been more than a year since Mitchell Spiteri placed a bet, but there was once a time when his life was ruled by gambling.
Key points:
- As of February 17, laws banning gambling companies from giving credit to people will come into effect
- Banks still able to provide credit to gamblers via credit cards, overdrafts and personal loans
- Banking royal commission to examine cases of problem gamblers getting credit from banks
His problem began slowly at 18, and in two years had escalated to the point where all he could think about was his next punt.
By the time he had turned 20, Mr Spiteri said he had lost control, placing bets daily via gambling …
Read the full article at: http://www.abc.net.au/news/2018-02-11/royal-commission-to-consider-banks-role-problem-gambling/9417114
AUSTRALIAN families are facing another year from a debt treadmill, thanks to credit card complacency, research has revealed.
LIFEHACKS: I am the perfect credit card user
A survey by lender SocietyOne found that of the Aussies who took out a balance transfer card to help pay off their debt faster, 67 per cent had neglected to cancel their existing credit cards and 12 per cent had actually established an extra credit card for every day purchases.
Many were in the dark on credit cards fees too, including early repayment fees (85 per cent) and transfer fees (57 per cent). Revert rates (65 per cent) and interest charged on new spending (57 per cent) were other traps.
Those with balance transfer cards had an average $5907 of debt and took 14 mont…
Read the full article at: http://www.news.com.au/finance/money/costs/misunderstanding-credit-cards-places-families-in-trouble-research-suggests/news-story/3e5cbed5c765c8e4064346783a91049a