Insolvency Guardian Media Centre
Mining shell Ausroc Metals has received shareholder support for a reverse takeover of unlisted public company Woomera Exploration, which has a portfolio of projects prospective for lithium, cobalt and nickel.
Shareholders this week approved the acquisition as part of a recapitalisation proposal aimed at pulling the company out of liquidation.
In its past life, Ausroc Metals (ASX:ARK) which also previously went by the name of AusAmerican Mining was an ASX-listed explorer looking for base and precious metals in Africa and the US.
Liquidators were appointed to the company in August 2016. Ausroc has been suspended from the ASX for three years.
The company has now reached an agreement with its creditors and is working to complet…
Read the full article at: https://stockhead.com.au/resources/ausroc-seeks-new-life-battery-metals-explorer/
Republican Rep. Mark Sanford (R-SC) voted for the Republican tax plan, but he says the GOP isnt telling the truth about what this tax bill is. It isnt a middle-class tax cut, he said; its a corporate one.
Fundamentally the bill has been mislabeled, Sanford told Washington Post reporter Erica Werner. From a truth in advertising standpoint it would have been a lot simpler if we just acknowledged really on this bill, which is its fundamentally a corporate tax reduction and restructuring bill, period.
Sanford went on to say if that Republicans just messaged the tax bill accurately as a corporate tax cut then there could be a good-faith debate on its merits:
You can argue the merits or demerits of doing that and what it will or wont …
Read the full article at: https://www.vox.com/policy-and-politics/2017/12/6/16429440/gop-tax-bill-corporate-middle-class-mark-sanford
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Banks should end all unauthorised overdraft charges because they are trapping people in persistent debt, the financial charity StepChange has said.
The organisation also wants banks and regulators to do more to identify people caught up in a “vicious cycle of borrowing”.
Even where customers have admitted they are in trouble, it said banks often fail to help.
However, High Street banks said they were committed to lending responsibly.
In 2016 some 2.1 million people used their overdraft every month of the year, according to industry figures.
- Unplanned overdraft fees could be banned
- Lloyds abolis…
Read the full article at: http://www.bbc.com/news/business-42242255
(MENAFN – Asia Times)The suicide of a young man in Tuen Mun in Hong Kong’s New Territories on Tuesday may have been linked to gambling debts. The 22-year-old man died after jumping from a building in a public housing estate.
He was found lying unconscious outside Mun Yu House of Sam Shing Estate at midnight, Sing Tao Daily reported. He was sent to Tuen Mun Hospital but was pronounced dead later.
Must-reads from across Asia – directly to your inbox
Police found a mobile phone and a wallet containing an identity card in a corridor on the 14th floor of the building, but no suicide note was found.
When police officers examined the man’s personal computer and bank statements, they found he was a soccer gamb…
Read the full article at: http://www.menafn.com/1096195053/about.html
SHERMAN OAKS, Calif.–(BUSINESS WIRE)–Woodbridge Group of Companies, LLC and certain of its affiliates and
subsidiaries (together the Company or Woodbridge), announced today
that its first day hearing with the United States Bankruptcy Court for
the District of Delaware related to its Chapter 11 filing was
successful. The Bankruptcy Court issued authorizations on an interim
basis that, collectively, will help ensure the Company is able to
continue operating its business in the ordinary course during its
restructuring process.“The Court’s authorizations represent a positive and important step in
the restructuring process, from which we expect W…Read the full article at: http://www.businesswire.com/news/home/20171206005788/en/Woodbridge-Group-Companies-Receives-Court-Approval-Day
Shares of Aegion CorporationAEGN have been performing well of late. The global leader in infrastructure protection and maintenance has witnessed its shares surge around 27.2% in the past three months. The company has also outperformed its industry’ s growth of 11.9%.
Aegion has a market cap of roughly $877 million and average volume of shares traded in the last three months is around 212K. The company has an average positive earnings surprise of 7.05% in the trailing four quarters.
The company carries a Zacks Rank #3 (Hold) and a VGM Score of A. Here V stands for Value, G for Growth and M for Momentum. The score is a weighted combination of these three scores (Value – B, Growth – A, Momentum – B). Such a …
Read the full article at: http://www.nasdaq.com/article/aegion-aegn-up-27-in-3-months-whats-driving-the-stock-cm887401
Banks should end charges for unplanned overdrafts to help more than two million people escape long-term debt.
That is the finding of the StepChange Debt Charity, which says people are being trapped in a vicious cycle of bank charges sending them back into the red each month, generating more charges again.
The charity also says it has found evidence of unaffordable lending in the overdraft market where banks have failed to offer their customers a means to deal with overdraft debt – even when customers have made it clear they are in financial difficulty.
Overdrafts are one of the most common credit products used in the UK,” said Peter Tutton, head of policy at StepChange Debt Charity.
“They are meant to be short-term, but our …
Read the full article at: http://www.cornwalllive.com/news/cornwall-news/banks-should-end-unplanned-overdraft-884807
A SENATE inquiry into primary production financial lending has made 27 recommendations aimed at enhancing farmers powers and rights in sensitive areas like debt mediation and farm foreclosures.
The six-month examination by the Senate select committee was Co-chaired by One Nation Queensland Senator and party leader Pauline Hanson, former One Nation Senator Malcolm Roberts and NSW Nationals Senator John Wacka Williams.
A key recommendation in the Committees final report tabled in the Senate today said the federal government should establish a nationally consistent compulsory farm debt mediation scheme, based on the NSW model, with a $10 million limit on loan amounts.
It also called for the governments newly established Royal Commission into b…
Read the full article at: http://www.queenslandcountrylife.com.au/story/5105868/new-senate-report-backs-national-farm-debt-mediation-scheme/?cs=4704
The cost of a holiday meal of turkey, stuffing, potatoes, rolls, vegetables and pie for 10 people is about $50 this year, according to the American Farm Bureau Federation. That does not include the cost of alcohol or other beverages. For consumers hosting multiple holiday gatherings through New Year’s Day, costs can quickly add up.
“For some people, especially those worried about debt, December can be a hard month,” says Housser. “Fortunately, there is time to evaluate budgets, do some planning, and make sure that the costs of holiday meals and get-togethers do not create or add to debt.”
…
Read the full article at: https://www.prnewswire.com/news-releases/freedom-debt-reliefs-andrew-housser-offers-6-tips-to-keep-holiday-meal-costs-in-check-300566490.html
Woodbridge Group of Companies LLC, a high-end real estate developer, filed for bankruptcy amid the departure of its chief executive and an investigation into potential securities fraud linked to $1 billion in investments.
The Chapter 11 filing on Monday in U.S. Bankruptcy Court in Wilmington, Delaware, cited unforeseen costs associated with ongoing litigation and regulatory compliance. The U.S. Securities and Exchange Commission has been probing whether Woodbridge defrauded investors who invested more than $1 billion. The agency also sought more information on about 236 limited liability companies Woodbridge formed, according to an October SEC court filing.
Woodbridge said in a statement its cooperating with the investigation…
Read the full article at: https://www.bloomberg.com/news/articles/2017-12-04/woodbridge-group-of-companies-files-for-bankruptcy-in-delaware
(MENAFN – Asia Times)The suicide of a young man in Tuen Mun in Hong Kong’s New Territories on Tuesday may have been linked to gambling debts. The 22-year-old man died after jumping from a building in a public housing estate.
He was found lying unconscious outside Mun Yu House of Sam Shing Estate at midnight, Sing Tao Daily reported. He was sent to Tuen Mun Hospital but was pronounced dead later.
Must-reads from across Asia – directly to your inbox
Police found a mobile phone and a wallet containing an identity card in a corridor on the 14th floor of the building, but no suicide note was found.
When police officers examined the man’s personal computer and bank statements, they found he was a soccer gamb…
Read the full article at: http://menafn.com/1096195053/Man-jumps-to-his-death-after-racking-up-big-gambling-debt
How to avoid the traps of debt consolidation. Image: Pixabay
If youre finances are spiralling out of control, the obvious thing to do is to consolidate your debts.
Bundling together all of your credit cards, store cards, lines of credit, and personal loans has a lot of potential benefits you can streamline your affairs, an most likely reduce the fees and charges that youre paying.
However there are some pitfalls with the debt consolidation process, if youre not careful a debt consolidation could leave you worse off than before.
If youve got yourself into a precarious financial position, and debt consolidation is recommended as a way to simplify things, its important to also think about the underlying causes that …
Read the full article at: https://www.gaystarnews.com/article/debt-consolidation-3/
