The argument is simple. State-owned banks, and therefore the State itself, intend to sacrifice ordinary people (aka honest, but defaulting borrowers) by abandoning them to unregulated vulture funds who will gouge them for super profits. This must, in the name of all that is decent and civilised, be stopped. Lets look at the facts. Permanent…
Binani Industries, the promoters of Binani Cement, has put a question mark on the insolvency process of the cement company by valuing it at Rs 173 billion (including mining rights of Rs 117 billion) against the bids of around Rs 63 billion received from Dalmia Bharat and Ultratech Cement. In a filing at the…
Banks would be under less pressure to sell large portfolios of bad mortgages had they dealt with distressed borrowers earlier, the head of the States personal insolvency service has said. Lorcan OConnor, director of the Insolvency Service of Ireland, said banks should have tried to resolve more of their non-performing loans through personal insolvency legislation…
Meccano menswear is the latest retailer to face trouble, being placed in voluntary administration this morning. The menswear retailer has appointed KordaMentha partners Grant Graham and Neale Jackson as administrators. Jackson said all Meccano stores would remain open over this period while it looked for a buyer. “Having just been appointed, we are seeking urgent…
WSE-listed fashion retailer Gino Rossi hopes that sale of the Simple brand will help the company curb its debt and obtain funds to boost working capital, companys CEO Tomasz Malicki said. Thanks to the sale, we will reduce debt and free the funds needed to supply the working capital necessary to increase sales and further…
Moneycontrol News The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against debt-ridden Winsome Diamonds and Jewellers, according to a report by the Hindu Business Line. The corporate insolvency process commenced on February 13, and creditors have been asked to submit their claims by February 27, the report said. The Debt Recovery Tribunal (DRT) estimates…
An expanding Christian debt counselling service aims to clear up financial problems within five years. The Dumfries CAP Debt Centre is urging victims not to feel there is no way out of the debt spiral as there is always hope. The partnership, between the Christians against Poverty charity and the River of Life Church in…
The Treasury committee has published the full unredacted report into Royal Bank of Scotlands disgraceful treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis. The influential group of MPs, chaired by Nicky Morgan, released the report after a long-running stand-off with City watchdog the Financial…
As any budding start-up will tell you, the amount of information detailing the average lifespan for a new business is startling. A common statistic is that just 20 per cent of new businesses are able to progress and stay in business for five years and this is a pretty scary issue for those who…
London The Republic of the Congo is set to become the latest African country to start debt-relief talks with trading houses after borrowing $2bn from merchants, such as Trafigura and Glencore, but now find its debt levels unsustainable, sources familiar with the matter said. Trading houses regularly lend money to resource-rich clients in financial distress…