The number of people becoming financially insolvent reached a three-year high across England and Wales during 2017, official figures show.
Some 99,196 personal insolvencies were recorded, marking a 9.4% rise on 2016 and the highest annual total since 2014, when there were 99,223 cases.
It marked the second year in a row that the numbers have increased.
The Ins…
Read the full article at: http://www.dailymail.co.uk/wires/pa/article-5315767/Personal-insolvencies-England-Wales-reach-three-year-high.html
The Banking Association SA has voiced frank criticism of a bill proposing debt-relief measures, that is to be debated in Parliament next week, saying it could accelerate irresponsible borrowing and increase the cost of credit for all consumers.
The association was not in favour of a “legislated change” in debt obligations for low-income consumers, as had been proposed by Parliaments trade and industry portfolio committee in the Draft National Credit Amendment Bill, MD Cas Coovadia said on Thursday.
The association would make its submissions to Parliament during hearings on the matter.
Nearly 10-million consumers have impaired credit records, or about 39% of those who are credit active, a…
Read the full article at: https://www.businesslive.co.za/bd/economy/2018-01-26-basa-warns-states-debt-relief-plan-will-not-aid-indebted/
A bloody public brawl between two brothers witnessed by residents in Yuen Long this week was the culmination of months of resentment sparked by claims the younger siblings girlfriend was born in the wrong year, the pairs mother said today.
The brothers surnamed Wong and identified by local media yesterday as 32-year-old Ah Keung and 20-year-old Ah Kit fought at the Long Ping Estate on Wednesday, with Kit filmed punching and attacking Keung with a pair of scissors.
According to an interview with on.cc, the mother of the two brothers said the fight grew from a dispute over Kits girlfriend, a 20-year-old woman surnamed Kwong, who was also filmed yelling at her boyfriend to stop the attack on his older brother.
Accor…
Read the full article at: https://coconuts.co/hongkong/news/bloody-fight-between-brothers-broke-out-because-girlfriend-was-born-in-the-year-of-the-tiger-mother/
The future of Rolling Stone Australia is in doubt after Paper Riot, the company holding the local rights to the iconic title, was placed liquidation on Wednesday.
Paper Riot was founded by Rolling Stone Australia editor Matthew Coyte who set up the company in 2013 to take over the title from Bauer Media.
Matt Coyte, former publisher of Rolling Stone Australia
Coyte told Mumbrella today: Paper Riot is in liquidation and will no longer be publishing Rolling Stone in Australia. The license has reverted back to the owner, Rolling Stone International. I cant tell you what their plans are moving forward or make any further comment.
The Emma print audience report for November 2017 claimed Rolling Stone had an annual issue readers…
Read the full article at: https://mumbrella.com.au/rolling-stone-australia-in-doubt-as-local-publisher-liquidated-495740
A SUNSHINE Coast businessman fined almost $230,000 for the “appalling” exploitation of foreign workers may be shut down by the Federal Government.
Emmanuel Bani and his company, Maroochy Sunshine Pty Ltd, were fined in March last year after the Federal Circuit Court found workers from Vanuatu had been lured to Australia and then deprived of basic living standards in what Judge Michael Jarrett described as “appalling treatment” of the 22 workers.
The workers were chosen to pick fruit and vegetables at farms throughout the Sunshine Coast, Lockyer Valley and Bundaberg.
Workers were required to fund their own 416 business visas, airfares, medical and police checks, with many taking out loans in their native country to …
Read the full article at: https://www.sunshinecoastdaily.com.au/news/coast-company-fined-over-worker-exploitation-faces/3319676/
The administrators who sold a once-highflying British technology start-up to the companys directors for £2m have been removed by a court following accusations they botched the sale.
The High Court case, which ended this week, has shone a light on controversial pre-pack administrations that allow companies to go bust, shed their debts and immediately be sold.
Ve Interactive, an advertising software business valued at £1.5bn in 2016, was sold for less than 1 per cent of that figure in a prepack last April by administrators at Smith & Williamson.
Former shareholders and creditors who lost money when the company collapsed last year th…
Read the full article at: https://www.ft.com/content/9d2f637c-01c2-11e8-9650-9c0ad2d7c5b5
Cases such as Jaypee Infratech Ltds which involved 50,000 homebuyers, set off a discussion on whether IBC needs to be amended to give special treatment to certain classes of creditors such as homebuyers. Photo: Hindustan Times
The Insolvency and Bankruptcy Code has now been in force for more than a year and given its ambitious objectives and impact, it continues to make front-page news. Here, we examine three important themes that are developing in relation to the code, and look at the directions that the law may take on these fronts.
The interaction between insolvency law and other laws
As is the case with other laws relating to debt resolution, such as SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of S…
Read the full article at: http://www.livemint.com/Opinion/uexS4sLEW4j4q8ZrYOPoGP/The-Insolvency-and-Bankruptcy-Code-The-journey-so-far.html
London – Boris Becker won six Grand Slams during a
glittering career but even those treasured trophies are fair game as insolvency
practitioners responsible for handling his bankruptcy try to track them down to
pay his creditors.
The German took the tennis world by storm when as a
red-headed 17-year-old he became the then youngest-ever men’s Grand Slam
champion at Wimbledon in 1985, defending his trophy the following year.
Nicknamed “Boom Boom” Becker early in his career,
he went on to win a further four majors and 49 singles titles in all, amassing
$25 million in prize money and was selected to enter the International Tennis
Hall of Fame in 2003.
But the 50-year-old’s business career has been less
successful and last year h…
Read the full article at: https://www.sport24.co.za/Tennis/bankrupt-beckers-trophies-are-fair-game-20180125
The company behind the Wanderlust festivals in Australia and New Zealand has been placed into liquidation.
And there is no calming the burgeoning group of creditors who claim they are owed tens of thousands of dollars.
scenestr has been contacted by local suppliers and small busnesses claiming they are owed from $300 to upwards of $27,000. With todays appointment of liquidators the full amount outstanding is yet to be confirmed with more and more creditors expected to come forward.
The source said, These debts have crippled the service providers and businesses with many under real threat of having to close their doors. Suppliers and staff have been left unpaid and what was supposed to assist tourism and business has potentially des…
Read the full article at: https://scenestr.com.au/music/company-behind-wanderlust-festival-in-liquidation
TORONTO, ONTARIO–(Marketwired – Jan. 25, 2018) – Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL)(OTCQX:EFLVF) today announces that its wholly-owned German subsidiary, Litarion GmbH (“Litarion”), has commenced a voluntary structured insolvency process that is expected to result in the appointment of a provisional receiver/liquidator of Litarion and its property by the German court.
As reported in the Company’s Management’s Discussion & Analysis for the year ended September 30, 2017, Li-Tec Battery GmbH, the owner of the premises occupied by Litarion, notified the Company that it would terminate Litarion’s lease as at January 31, 2018 unless certain conditions were met. While the Company inten…
Read the full article at: http://www.marketwired.com/press-release/electrovaya-announces-structured-insolvency-proceedings-at-litarion-gmbh-tsx-efl-2245082.htm