The government is debating whether to lower the approval threshold for resolution plans under the Insolvency and Bankruptcy Code (IBC) in a move aimed at preventing too many insolvent companies from going into liquidation. More than 75% of creditors currently have to agree to a resolution plan, implying that just over 26% can reject it…
Serial conman Peter Foster, currently on remand in a NSW prison, awaiting trial over unrelated fraud charges involving a betting scam, has been declared bankrupt because he failed to pay court costs over a scam weight loss program known as SensaSlim. The Federal Court declared Foster bankrupt last week on an application from the Australian…
Alex Ralph Provident Financials share price collapsed after a host of problems led to profit warningsAlamy Four former bosses at Provident Financial have launched employment tribunal claims for unfair dismissal in the wake of the botched restructuring of its salesforce, The Times has learnt. In a deepening of the crisis facing the troubled subprime lender,…
By Colin Mann January 29, 2018 Belgian company I-MOVIX, which specialised in cameras for capturing extreme slow motion for sports broadcast, is to cease operations, having been declared bankrupt. In a Statement, the company said: We are very thankful and grateful to our amazing team of young talents, passionate and dedicated engineers, technicians, sales guys,…
If Greece wants to see its debt burden lightened further it must ensure that it enacts agreed-to reforms and be prepared for the supervision of its foreign creditors to continue, European Stability Mechanism (ESM) Managing Director Klaus Regling told Sundays Kathimerini in an interview in which he also stressed that markets would like to see…
Myer Holdings Ltd (ASX: MYR) is Australia?s largest full line department store group and one of Australia?s most iconic companies. It has a very strong brand and over 5 million MYER ONE cards are still in circulation. Nevertheless, the company is in major trouble. Sales have stagnated for five years and the company?s net profit has…
THERE is expected to be a surge in the number of people seeking help over debt next week. Bridport and District Citizens Advice is expecting more people next week seeking help with debt problems and the last day of January is expected to be its busiest day of the year. It regularly provides assistance to…