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The Productivity Commission has recommended the federal government introduce a streamlined process for small businesses going through a voluntary liquidation.
If youve graduated and started working, and yet you still feel overwhelmed by your student loan payments, there are ways to lessen the load. Federal student loan borrowers may be eligible for a government repayment plan that caps monthly payment amounts based on income.
Pay As You Earn, or PAYE, is one of the Department of Educations income-driven repayment programs. It was passed into law by President Obama in 2012, and limits monthly loan payments to 10% of a borrowers discretionary income. It doesnt replace the Income-Based Repayment, or IBR, program which limits monthly payments to 15% of a borrowers discretionary income because you mus…
Last weeks Finance Bill 2016 gave more detail of the changes to the taxation of company distributions — an area which was ominously foreshadowed for reform in the 2015 Autumn Statement, writes David Whiscombe, partner at tax advisory BKL.
Although the following analysis is based on the only limited HMRC guidance available so far and the bills proposals (which may be changed before passing into law), it is clear that these changes will impact the way in which the proceeds received by a shareholder on the liquidation of a company will be taxed.
Who is potentially affected?
Any individual receiving a distribution on a winding-up of a company. This includes a contractor who is the sole employee and company director winding up their PS…
Former South African Airways board member Russell Loubser recently reflected on his decision to step away from the group in a hard hitting interview with Biznews.coms Alec Hogg. In the interview former JSE CEO Loubser said everything thats happened to the state-owned airline was entirely predictable, and in his view the chairperson and directors had long since lost any pretense at running it like a business. Given the judgement today that granted media houses permission to publish a secret memo, the words of Loubser are bearing the ugly truth. It also comes at a time when global airlines are profitable with the main input cost, oil, trading at below $40 a barrel. The leaked memorandum said the airline was insolvent, while the board was…
Romanias Government considers postponing the personal insolvency laws implementation.
The Justice Ministry has come up with the proposal, following a request of the Superior Council of Magistracy (CSM). Romanias justice system doesnt have the necessary staff and lacks the time to hire specialists until the end of the year, according to CSM, reports local Digi24.
The personal insolvency law should enter into force at the beginning of 2016. However, the Government could draft a bill to postpone the date when the law comes into force, said the Government spokesman Dan Suciu.
Romanias Parliament adopted in May the personal insolvency l…
History will be made and $500 million in funds released to creditors when federal court judge Steven Rares approves a settlement between the liquidators of Lehman Bros Australia and its United States parent in Sydney on Friday.
The federal court settlement is a tribute to the canny international legal tactics adopted by the liquidators, Steve Parbery and Marcus Ayres from PPB. They were advised by Clayton Utz and employed Leon Zwier from Arnold Bloch Liebler to do the face-to-face negotiations in New York.
It was supposed to be a highlight on the Counter-Strike and Dota 2 competitive calendars, but the Gaming Paradise event in September turned out to be nothing short of a shambles. Broadcasts were constantly plagued by technical issues. PCs werent delivered on time, and when they arrived they werent all in an equal state. Accommodation wasnt properly paid which was thankful, because players were having their passports confiscated. And the Dota 2 event didnt even go ahead; it was cancelled entirely.
In short, Gaming Paradise was comfortably the worst eSports event of 2015. But the bad news isnt over, because the company responsible has reportedly issued a statement revealing that they are about to go into bankruptcy w…
The Productivity Commission has recommended the federal government introduce a streamlined process for small businesses going through a voluntary liquidation.
The recommendation is one of 15 contained in the commissions final report into the barriers to setting up and closing or transferring a business in Australia, which commenced in November 2014.
As previously reported by SmartCompany, the government used the innovation statement to reveal plans to reduce the current default bankruptcy period from three years to one year.
While the life of so called reality TV star Kerry Katona has been anything but boring, news that she has today been declared bankrupt could have a long term detrimental affect on her ability to revive her fortunes. The long running bankruptcy hearing has been adjourned four times but today was the day when the sands of time ran out and HMRC rubber stamped her bankruptcy over an unpaid tax bill.
Ms Katona is not the only star to hit money troubles of late and she will not be the last but she is being held up as an example of the buy now pay later attitude of today. Her initial outstanding tax balance was £417,000 and while she managed to get this down to a more manageable £82,000 the fact she acquired a £115,0…
MUMBAI: A focus on improving operating efficiency and reduction in investments funded through debt over the past few quarters are helping Corporate India to clean up balance sheets amid the slow economic growth.
An analysis by the ET Intelligence Group shows the reserves and surplus of BSE 500 companies stood at a record Rs 26.4 lakh crore at the end of September, marginally higher than the aggregate debt of Rs 20.9 lakh crore. The sample of 418 companies excludes banks and finance companies and those companies that did not disclose data on reserves and borrowings at the end of September.
The sample’s reserves grew by 5.4% from Rs 25.1 lakh crore as on March 31. It nearly doubled from Rs 14.2 lakh crore in 2009-10, reflecting a five-…
Christchurch’s Honeypot Cafe has gone into liquidation for a second time, owing at least $250,000.
Owners Brendan and Sophie Alcock took over the Colombo St cafe on August 7, 2013, after the previous company,running it went into liquidation.
The couple, who were new to the hospitality industry, were now trying to sell the business after their company, Sanders Ltd, also went into liquidation.
An initial liquidators report said the company owed at least $250,000.
U.S. lawmakers agreed to extend some health-care aid to Puerto Rico as part of a $1.1 trillion spending bill that would avert a government shutdown, a step that fell far short of the lifeline the Caribbean island was seeking to rescue it from its escalating debt crisis.
The legislation, which marks Congresss first step to assist Puerto Rico, failed to include any of the islands key priorities, opting instead for measures that would increase health funding by about $900 million over a decade and allow the Treasury Department to provide technical assistance. The bill may be the last chance this year for the commonwealth to receive help from the federal government.
The bill doesnt provide any meaningful provision to help Puerto Rico address …
The sample’s reserves grew by 5.4% from Rs 25.1 lakh crore as on March 31. It nearly doubled from Rs 14.2 lakh crore in 2009-10, reflecting a five-…