OUR SAY: THE flip side of Toowoomba’s economic boom has been reported today by Tara Miko. Ms Miko’s front-page story today details Toowoomba’s unenviable position as having the third highest rate of personal insolvency in the state – behind Ormeau-Oxenford and Townsville and tied with Rockhampton. Toowoomba Chamber of Commerce CEO Jo Sheppard said the…
THE lingering impacts of the resources slump and a strong entrepreneurial spirit have sent Toowoomba broke at one of the highest rates in the state. Australian Financial Security Authority figures revealed Toowoomba had one of the highest personal insolvency rates in Queensland for the December 2017 quarter. Toowoomba recorded 64 debtors entering a new personal…
AC MILAN’S owner Yonghong Li has declared bankruptcy and his assets will be auctioned off, according to reports Italy. The Chinese businessman completed the purchase of the seven-time European champions for £628million in the summer. EPA AC Milan owner Yonghong Li is reported to have been declared bankrupt AFP AC Milan owner Yongong Li with…
Bankrupt Nathan Tinklers $13.5 million seaside mansion PITY the lot of bankrupt billionaire Nathan Tinkler, living in paradise. When the counting was completed in 2016 after he was officially declared bankrupt, Mr Tinklers debts came in at more than $540 million. His wealth was harder to determine, but assets in his name at the end of last year did not realise more than $1…
Reckitt Benckiser Consumer goods group blames difficulties in developed markets and rising commodity costs The Nurofen-owning company has struggled with the weakest performance in its history. Photograph: Glenn Hunt/AAP Reckitt Benckiser, the owner of brands including Durex and Nurofen, missed its 2017 profit expectations and said tough trading in developed markets and rising commodity costs…
The creditors’ claims to the ex-owner of the Globex bank, Rossiysky Kredit, M-Bank and others sum about 20 billion rubles ($354m). Motylev is accused of fraud on an especially large scale. The Moscow Arbitration Court declared ex-owner of bankrupted banks Globex, Rossiyskiy Kredit, M-Bank Anatoly Motylev bankrupt, Kommersant reports. The court entered upon the…
In a notification to the Bombay Stock Exchange, Binani Industries Limited (BIL) has said that it has filed an application under Section 60(5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking permission to fully participate in the Insolvency Resolution Process of the Corporate…
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay. Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing…
As a trusted advisor you are likely to encounter clients that ask your advice on how best to manage their personal debt. While not strictly an accounting issue they will expect that since your profession deals with money that you will be able to advise them in this area. Since we entering a phase of…
Real estate mogul John McGrath has announced the former CFO of Kerry Stokes’s media group, Peter Lewis, as the new chairman of embattled property group McGrath Limited. Mr Lewis will join the recently emptied McGrath board along with lawyer Andrew Robinson, founder of commercial law firm Robinson Legal. Mr McGrath announced the appointments to the…