Insolvency Guardian Media Centre
George Cochrane
QUESTION: I am 55 years old and my only major asset is our family home, valued at $1.3 million with a $900,000 mortgage. Other debts include $60,000 on credit cards, $30,000 in personal loans and $15,000 in miscellaneous expenses. I have about $35,000 in superannuation, while my wife has some $135,000. I earn $15,500 a month and contribute an additional $700 a month into super. My wife earns about $6000 a month. My aim is to develop a 10-year plan so that at 65 I shall have a reasonable asset base and be able to support myself and my wife in retirement. Could you please give me some direction on key points to address, such as should I be prioritising debt reduction and should …
Read the full article at: http://www.afr.com/personal-finance/ask-the-expert-help-me-get-out-of-debt-20151216-glowo5
SINGAPORE: Embattled Japanese conglomerate Toshiba said on Monday (Dec 21) it is expecting an annual loss of nearly 550 billion yen (US$4.53 billion) and will be cutting jobs in its loss-making consumer electronics business as it embarks on a bold restructuring plan in an effort to move beyond an accounting scandal.
The Tokyo-based company announced that it is slashing 6,800 jobs and will be selling its television manufacturing plant in Indonesia. With the inclusion of previously announced job cuts and those seeking voluntary early retirement, eventual job cuts could total up to 10,600, or about 5 per cent of Toshibas global workforce.
As a result of these restructuring costs, the conglomerate with businesses ranging from laptops to nucl…
Read the full article at: http://www.channelnewsasia.com/news/business/toshiba-warns-of-4-5b/2366676.html
Regis Insurance Company, a Pennsylvania-domiciled insurance company, was recently issued an order of liquidation by the Commonwealth Court of Pennsylvania.
Regis, a writer of small commercial business based in Paoli, Pennsylvania, was licensed in and domesticated in Pennsylvania in 1979. The company is licensed only in Pennsylvania but did business in several other states within the surplus lines market. At the time of liquidation effective Oct. 30, 2015, there were no active policyholders remaining, said Pennsylvania Insurance Department spokesman Ronald Ruman.
The types of business sold included: boiler and machinery, burglary and theft, elevator, glass, inland marine and physical damage, other liability, property and allied lin…
Read the full article at: http://www.insurancejournal.com/news/east/2015/12/21/392574.htm
In another attempt to improve the ease of doing business, the government on Monday introduced the ‘Insolvency and Bankruptcy Code, 2015’ in Parliament that provides for resolution of insolvency within a time frame.
The bill is aimed at promoting investments, which will lead to higher economic growth. Also, it provides for setting up of an ‘Insolvency and Bankruptcy Board of India’ which will regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, as well as partnership firms and individuals.
“The Code also proposes to establish a fund to call the Insolvency and Bankruptcy Fund of India…,” said the statement of objects and reasons of the bill tabled in Lok Sabha by Finance Minis…
Read the full article at: http://indiatoday.intoday.in/story/new-bankruptcy-law-to-improve-ease-of-doing-business/1/552413.html
By John Kelly,
Theres an old saying: It takes money to make money.
As it turns out, that adage has a flip side: Not having money costs you money.
Thats just another of the indignities that poor people face. Its what makes Heather Lynskeys job so challenging. Its also what makes her successes all the more satisfying both for her and the people she helps.
Heather is the credit counselor at Homestretch, a charity based in Falls Church, Va., that is a partner in The Washington Post Helping Hand. At any one time, about 55 formerly homeless Northern Virginia families are enrolled in the Homestretch program. The program not only provides housing, it offers a range of supporting services, none more critical than financia…
Read the full article at: https://www.washingtonpost.com/local/crunching-the-numbers-this-virginia-charity-helps-people-get-out-of-debt/2015/12/21/2b8eaa8e-a530-11e5-b53d-972e2751f433_story.html
IVRCL jumped 5.01% to Rs 9.65 at 12:44 IST on BSE after the company said its board of directors decided to carve out the business of the company into two companies by way of scheme of arrangement.
The announcement was made on Saturday, 19 December 2015.
Meanwhile, the S&P BSE Sensex was up 146.32 points or 0.57% at 25,665.54.
On BSE, so far 6.68 lakh shares were traded in the counter as against average daily volume of 6.48 lakh shares in the past one quarter.
The stock hit a high of Rs 10.20 and a low of Rs 9.50 so far during the day. The stock had hit a 52-week high of Rs 21.30 on 3 March 2015. The stock had hit a 52-week low of Rs 6.52 on 21 September 2015.
The stock had outperformed the market over …
Read the full article at: http://www.business-standard.com/article/news-cm/ivrcl-surges-as-board-mulls-business-restructuring-115122100312_1.html
Football agent John Viola has been declared bankrupt after failing to pay a £225,000 tax bill.
Viola who represented Rangers hero Barry Ferguson and Celtic star Scott Allan when he was a youngster at Dundee United ploughed cash into a film investment scheme which was later ruled to be an illegal tax dodge.
His proposals to settle the debt were rejected by HMRC and he was formally bankrupted at Hamilton Sheriff Court yesterday.
Viola, 55, wasn’t in court.
HMRC representatives said they wanted him declared bust over the unpaid cash after earlier promises of payment didnt materialise.
Their demands were met by Sheriff Vincent Smith, reports the Daily Record .
A lawyer for HMRC said: “It is…
Read the full article at: http://www.mirror.co.uk/news/uk-news/football-agent-john-viola-declared-7053949
Published:December 22, 2015 1:40 am
iquidation of companies is handled by the high courts, individual cases are dealt with under the Presidency Towns Insolvency Act, 1909 and Provincial Insolvency Act, 1920.
The government on Monday introduced in Parliament the Insolvency and Bankruptcy Code, 2015 that provides for resolution of insolvency in a speedier and time-bound manner.
The bill aims at promoting investments, freeing up banks resources for other productive uses, boosting credit markets and improving ease of doing business in India.
An effective legal framework for timely resolution of insolvency and bankruptcy would support development of credit marke…
Read the full article at: http://indianexpress.com/article/india/india-news-india/insolvency-and-bankruptcy-code-a-legislation-to-promote-investments-develop-credit-markets/
TOP football agent John Viola has been declared bankrupt after failing to pay a £225,000 tax bill.
Viola who represented Rangers hero Barry Ferguson and Celtic star Scott Allan when he was a youngster at Dundee United ploughed cash into a film investment scheme which was later ruled to be an illegal tax dodge.
His proposals to settle the debt were rejected by HMRC and he was formally bankrupted at Hamilton Sheriff Court yesterday.
Viola, 55, wasnt in court.
HMRC representatives said they wanted him declared bust over the unpaid cash after earlier promises of payment didnt materialise.
Their demands were met by Sheriff Vincent Smith.
A lawyer for HMRC said: It is my motion to move for sequestration. The case is now over the 42-day l…
Read the full article at: http://www.dailyrecord.co.uk/news/scottish-news/leading-football-agent-john-viola-7053418
Last Modified: Tue, Dec 22 2015. 12 28 AM IST
The proposed bankruptcy code will cover individuals, companies, limited liability partnerships and partnership firms, and proposes a time-bound framework
New Delhi: The government on Monday introduced a bill in Parliament that will make it easier for sick companies to either wind up their businesses or engineer a turnaround.
The Insolvency and Bankruptcy Code, 2015, will replace the existing bankruptcy laws to make it easy for investors to exit within a fixed time frame, in an effort to improve the ease of doing business in India.
The proposed bankruptcy code will cover individuals, companies, limited liability partnerships and partnership firms, and proposes a time-bound…
Read the full article at: http://www.livemint.com/Politics/Av4vyhtFZrwR1ms8QInt7M/Bankruptcy-bill-to-be-introduced-in-Lok-Sabha-today-by-Arun.html
Bill in Lok Sabha to consolidate, amend all bankruptcy laws
New Delhi, December 21:
The Modi-led government has taken a big step towards putting in place an effective legal framework for insolvency resolution in a time-bound manner.
A Bill to consolidate and amend all laws relating to insolvency resolution so as to tackle the issue of undue delays was introduced in the Lok Sabha by Finance Minister Arun Jaitley on Monday.
Significantly, this Bill has been introduced as a money Bill, which means Rajya Sabha cannot reject or amend it once it is passed by the Lower House.
The proposed legislation the Insolvency and Bankruptcy Code 2015 fixes a time limit of 180 days, extendable by a further 90 days, for completion of the…
Read the full article at: http://www.thehindubusinessline.com/economy/policy/new-code-to-address-corporate-insolvency-resolution-delays/article8014732.ece
Telman Ismailov, the founder of the now-liquidated Cherkizovsky market and the owner of AST Group, has been declared bankrupt, according to a document published on the courts website Monday.
The bankruptcy petition was filed with the Moscow Region Arbitration Court by Ismailov’s creditor, Boris Zubkov, on Nov. 23, according to the courts records. Earlier in November, Ismailov himself filed for bankruptcy but the court decided to leave the claim without consideration until Dec. 26.
In October, the bankruptcy petition against Ismailov was filed by Bank of Moscow.
The bank claimed three unpaid loans totaling more than $230 million given to the companies Rusline 2000 and the Dutch Tropicano Finance BV, which wer…
Read the full article at: http://www.themoscowtimes.com/business/business/article/former-owner-of-cherkizovsky-market-ismailov-declared-bankrupt/553443.html