The High Court (Insolvency Division) declared fashion designer Datuk Jovian Mandagie bankrupt for failing to repay a “friendly loan” totalling RM5.28 million to an engineering and construction firm. – Photo: FACEBOOK / JOVIAN MANDAGIE

Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has said that African countries seeking aid, debt relief should be given, given their rich natural resources.

He says all that African countries will need to do is to take ownership of their natural resources and reduce corruption.

In a post on his X page, he said, “Africa has no business seeking aid, debt relief or reparation when it is the richest continent in terms of natural resources.

“The continent just needs to take ownership of its natural resources and reduce corruption to turn it from a poor continent to a rich one.”

Recently, the President of the African Development Bank Group and Chairman of the Africa Investment Forum, Dr. Akinwumi…

“The absence of a dedicated platform for sharing knowledge and elevating the collective voice of debtor countries has long been recognised as a critical gap in the international financial architecture,” read the expert group’s report.

A borrowers’ forum, it added, can address this gap by enabling a platform for peer support and experience sharing. It can help rebalance the global debt governance by amplifying the collective voice, knowledge and advocacy of debtor countries. 

The announcement comes as 3.4 billion people live in countries that spend more on interest payments than on critical social services such as health and education in 2024. “Twenty one countries devote 10 per cent of their GDP to interest payments. This is…

Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, has said that African countries seeking aid, debt relief should be given, given their rich natural resources. He says all that African countries will need to do is to take ownership of their natural resources and reduce corruption. In a post on […]Read More

Former Newcastle United, Sunderland and Fulham player Lee Clark, 52, was made bankrupt following a claim brought by a York-based finance firm called One Stop Business

A former Premier League star who has been declared bankrupt now faces an interview by financial investigators.

The Mirror told how Lee Clark, 52, who played for Newcastle United, Sunderland and Fulham, was made bankrupt after a claim by a finance firm called One Stop Business based in York. The former midfielder’s assets are being frozen under the control of the Insolvency Service.

His bank accounts, savings and other valuable assets could be used to pay his unsecured creditors if he does not address the debt. The Insolvency…

20 August 2025

Online | 1 hour’s verifiable CPD

With corporate insolvencies on the rise in Scotland and England, lawyers are faced with an increase in cross border considerations in their cases.

This webinar, led by Louise Lang and Andrew Scott, Senior Associates at Brodies will briefly consider the similarities between the two jurisdictions before focusing on some of the key differences, including each jurisdiction’s approach to…

A housebuilder in Norfolk is set to be liquidated just five years after it was bailed out by a local authority.

Lion Homes, previously known as Norwich Regeneration Limited, is to be wound up after years of losses, with Norwich City Council liable to lose up to £10m.

The council is the only shareholder in Lion Homes having invested around £3.4m in the business, according to its latest accounts, and loaned it £6.1m.

No accounts have been filed by Lion Homes since the end of 2023. The previous four years of accounts show losses in the hundreds of thousands annually, ammounting to total losses of £4.4m over the period.

Companies House published a first notice for liquidation for Lion Homes in May over failure to file its accounts….