LONDON: The UK subsidiary of Punjab National Bank (PNB) is suing five Indians, one American and three companies in the UK high court claiming they fraudulently misled the bank to lend them tens of millions of dollars and now owe the bank approximately $37 million (Rs 271 crore) in unpaid loans. PNB (International) Ltd, which…
Developer pleads guilty to $58M ponzi scheme involving projects in Manhattan and the Hamptons He allegedly used money to pay off gambling debt, early investors November 09, 2018 10:00AM Michael DAlessio (Credit: Youtube via Crains) A White Plains real estate developer pleaded guilty on Thursday to defrauding investors in his development projects in Manhattan, the…
Bankers are struggling to arrive at a consensus on the resolution of several stressed power sector assets outside of the insolvency proceedings. They fear large loan losses or haircuts in the sector given the lower valuations. Negotiations are going on but we are yet to finalise the pricing as the current levels demanded by buyers…
South Koreas financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firms default on payments due for bonds. The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7 percent of all bonds issued by CERCG Overseas Capital, a Hong Kong…
A financial adviser from Winnipeg has been put under police investigation after facing allegations of manipulating 78-year-old client of his, who has been suffering from cognitive impairment, into lending him CA$200,000 to pay gambling debts. According to documents filed in court, the 50-year-old Aime Edmond Grenier is facing accusations of using his relationship with…
“; var ifrd = ifr.contentWindow.document; ifrd.open(); ifrd.write(htmlcode); ifrd.close(); } }); South Koreas financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firms default on payments due for bonds. The ABCPs were backed by dollar-denominated bonds worth $150 million that were declared insolvent Thursday. This accounts for some 7…
Where housing debt moves, home prices tend to follow. The chart below from the Commonwealth Bank demonstrates the relationship between the two. The percentage change in housing finance is presented as a three-month moving average to help smooth out volatility in seasonally-adjusted data, providing a better indication of the broader trend. With the value of…
Overloaded with outstanding loans for education, car and credit cards? You might have received several calls from agencies that have talked about overcoming these debts after payment of monthly instalments failed over a period of time. So debt consolidation is the next obvious move that you want to make. But before that, you should be…
The Company hereby informs that the Resolution Professional with the approval of Committee of Creditors of the Company had filed an application before the Honble NCLT, Mumbai seeking an extension of the period of Corporate Insolvency Resolution Process (CIRP) of the Company by Ninety (90) days in terms of Section 12(2) of the Insolvency and…
Simply put these terms amount to the same thing the inability of a business to pay their debts but its important to understand the differences between liquidation and insolvency. Insolvency can be considered a financial state of being, when a company is unable to pay its debts or when it has more liabilities than assets…