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.
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Cambodia to reduce foreign debt – Khmer Times
The government plans to reduce its foreign debt and raise capital through the issuance of bonds, a representative of the
Oil price hike, surge in debt issuance help GCC avert sharp cut in reserves – Khaleej Times
GCC countries were able to avert an otherwise sharper deterioration in their international reserves on the back of an increase
3 in 10 Albertans can’t afford monthly bills and debt repayments, survey finds – CBC.ca
Recent interest hikes have Albertans increasingly worried they won't be able to cover their monthly expenses, according to a survey
(Carillion collapse) Liquidation suggests company worthless – Hong Kong Standard (press release)
David Birne, insolvency partner at chartered accountants H W Fisher & Company said in a statement that it is
Forensic audit of Bank Khreschatyk testifies to complicity of bank managers, owners in UAH 2.5 bln loss – Interfax-Ukraine
None 17:26 15.01.2018 The forensic audit of Bank Khreschatyk, which was declared insolvent in April 2016, testifies to the complicity
3M Retains Core Business Focus With Portfolio Restructuring – Zacks.com
On Jan 15, we updated the research report on diversified industrial goods manufacturer 3M Company (MMM - Free Report) .The
Carillion schemes poised to enter PPF as company liquidated – IPE.com
The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which
Latvian gov’t fails to strike deal with potential buyer of ailing steelmaker KVV Liepajas Metalurgs – Xinhua
Video PlayerClose RIGA, Jan. 15 (Xinhua) -- The Latvian government's talks with the potential investors of ailing steel firm KVV
Carillion workers in NI meet unions over liquidation announcement – BBC News
Image copyright Google Image caption Carillion has a base in Belfast's Titanic Quarter Northern Ireland staff working for the construction
James Packer’s Macau retreat costs Crown investors $2.5b – The Australian Financial Review
James Packer's decision to end his alliance with fellow billionaire Lawrence Ho and retreat to Australia has already cost him
3M Retains Core Business Focus With Portfolio Restructuring – Nasdaq
On Jan 15, we updated the research report on diversified industrial goods manufacturer 3M CompanyMMM .The company's brands like Nexcare,
Hospitals in Colombia in debt as desperate Venezuelans seek medical help – Colombia Reports
Hospitals in eastern Colombia are facing increasing financial woes due to the thousands of Venezuelans that have sought emergency medical

The government plans to reduce its foreign debt and raise capital through the issuance of bonds, a representative of the Ministry of Economy and Finance has unveiled.

Increasing local borrowing instead of foreign borrowing will improve the countrys trade balance and current account, said Vong Seyvisoth, Secretary of State at the Ministry of Economy and Finance, during a forum on the national budget for the year 2018 held yesterday.

It will also help the riels exchange rate remain stable, he said.

Decreasing foreign debt will help balance the expenditure budget, improving the countrys current account. Meanwhile, issuing bonds will complement the rise in revenue from tax collection, which has increased significantly in the last f…

Read the full article at: http://www.khmertimeskh.com/50102229/cambodia-to-reduce-foreign-debt/

GCC countries were able to avert an otherwise sharper deterioration in their international reserves on the back of an increase in oil prices and a subsequent positive impact on current account balances, Moody’s Investors Service said on Monday.

Large sovereign external debt issuance valued at $49.3 billion in 2017, up more than $10 billion from 2016, also helped the GCC in avoiding a steep decline in reserves.

Combined foreign exchange reserves of the six-nation GCC reached an aggregate $634 billion as of October 2017, about $63 billion lower than a year before and down by $270 billion from their August 2014 peak, the ratings agency said.

“However, given that GCC sovereigns opted for similar maturities, there will be a spik…

Read the full article at: https://www.khaleejtimes.com/oil-price-hike-surge-in-debt-issuance-help-gcc-avert-sharp-cut-in-reserves

Recent interest hikes have Albertans increasingly worried they won’t be able to cover their monthly expenses, according to a survey by the national personal insolvency firm MNP Ltd.

The consumer debt index conducted by Ipsos for MNP found that 31 per cent of Albertans are unable to afford their monthly bills and debt obligations an increase of seven points since the September index.

On average, Albertans say they have $741 left after bills and debt repayments, a decrease from last quarter when the average was $751, and down 27 per cent since June’s figure of $1,013.

The survey also found that 46 per cent of Albertans report being within $200 of not being able to pay their bills, up three points since September.

“The results highlight jus…

Read the full article at: http://www.cbc.ca/news/canada/calgary/alberta-debt-survey-mnp-interest-rate-insolvency-worries-1.4488126

David Birne, insolvency partner at chartered accountants H W Fisher & Company said in a statement that it is extremely unusual for a company of Carillion’s size to opt for liquidation rather than administration. 

“It suggests there is little, if anything, of value within the company to be saved. Almost every big insolvency in recent years has been a move towards administration rather than liquidation,” he said “For Carillion’s 43,000 global staff, liquidation means the immediate risk of redundancy.” 

Creditors and the UK government refused to bail out the company struggling under the weight of more than £1.5 billion (US$2.1 billion) of debt.-AP

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