Labor has unveiled a Robin Hood-style plan to hike taxes on wealthy landowners, luxury car buyers and interstate online gambling companies to keep a lid on Queensland’s nation-leading state debt.
Treasurer Curtis Pitt released Labor’s election costings on Thursday two days before the election insisting the “new revenue measures” would hit only a well-heeled “less than 1 per cent of taxpayers”.
The tax hikes on large land holdings, luxury cars, property purchases by foreign buyers, and the new online wagering consumption tax would deliver about $491 million to state coffers over three years.
Mr Pitt said this and other steps by Labor would keep total sta…
Read the full article at: http://www.abc.net.au/news/2017-11-23/queensland-election-costings-labor-costings-aim-curb-state-debt/9185480
The government sought to tighten the Insolvency and Bankruptcy Code (IBC) through an ordinance to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time wont be able to get their hands back on assets during the resolution process. The ordinance comes in the wake of concerns that promoters who had defaulted on loans and caused banks to take deep haircuts were trying to regain control of their companies, government sources said. The move is aimed at ensuring that such attempts at backdoor entry in the guise of resolution applicants are prevented, they said.
This suggests that promoters of 11of the dozen big loan default cases referred by the Reserve Bank of India for resolution may not b…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/insolvency-code-tweaked-to-firewall-dubious-promoters/articleshow/61750535.cms
Fintech firm Carrott has expanded its micro-savings app into the home loan space to help consumers use small payments to pay off their mortgages faster.
Originally built around superannuation and assisting people when saving up for their retirement, the company decided to expand out into home loans and HECS at the beginning of November.
Carrotts a micro-savings platform. What we do is round up your everyday transactions from your debit card or credit card to the next dollar, Christian Raftery, CEO of Carrott, told Australian Broker.
The firm decided to move into debt instead of focusing solely on superannuation because customers wanted to see the micro-payments ha…
Read the full article at: http://www.brokernews.com.au/news/breaking-news/fintech-to-help-mortgagees-5-at-a-time-243938.aspx
At a meeting on Nov 15, the board considered its combined financial position, including all of its subsidiary companies in China.
In an update to the Stock Exchange of Hong Kong, the board stated: The combined net liabilities of such subsidiaries in the Peoples Republic of China as at 31 March 2017 could have been RMB10.5bn (US$1.58bn). In view of this, the board has instructed the Cayman legal advisors of the Company to prepare the relevant documentation to place the company into provisional liquidation.
Such steps will take into account, as far as possible, options available to the company to preserve the assets of the Group, it continued.
The announcement was endorsed by the sole remaining director of China Huishan Dairy from that time, …
Read the full article at: https://www.foodnavigator-asia.com/Article/2017/11/23/China-Huishan-Dairy-prepares-for-provisional-liquidation-amid-insurmountable-liabilities
NEW DELHI: The government on Wednesday recommended an ordinance to significantly tighten the norms to bar promoters of companies facing insolvency proceedings from bidding for the ailing entities, in a move that will shut out several business families from vying with competitors and overseas funds.
Apart from seeking to ban bidding by wilful defaulters, the
Insolvency & Bankruptcy Code+
will be amended to disqualify a tainted promoter in control of an entity that has been a ‘non-performing asset’ for a “prescribed period”, which may be fixed at one year. A continuous loan default for 90 days forces banks to classify a borrower as an NPA.
The one-year clause will make promoters of some of the 12 large companies f…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/new-ordinance-to-strike-loan-defaulters-another-body-blow/articleshow/61760744.cms
The Cabinet on Wednesday approved changes to the Insolvency and Bankruptcy Code (IBC), and sent it to the President for his approval.
Once approved, the ordinance will be placed before Parliament in the winter session.
Finance minister Arun Jaitley did not divulge details about the changes being made to the code, since the Presidents approval is awaited. Some changes are proposed to the IBC, since this is being done by an ordinance and till it is approved, as a matter of propriety, we dont give the details, Jaitley told reporters during a press conference after the Cabinet meeting.
Top sources in the government told HT that the amendment was likely to streamline the process of selecting buyers of stressed assets, and would prevent wilful d…
Read the full article at: http://www.hindustantimes.com/india-news/cabinet-clears-ordinance-to-change-bankruptcy-laws/story-zSvDXFsYSsragtZp5RhXOL.html
