From rags to riches and back again. Former Sunderland striker Asamoah Gyan, who was earning $409,000-a-week at Shanghai SIPG, became the latest start to reportedly go broke yesterday. The Ghanaian striker used to drive around in a Rolls-Royce but is now understood to have just $1,000 in his bank account while being unable to provide…
DEBT is an essential part of any business. All companies should have some amount of debt to help finance its growth and investments for the longer term. It is an efficient way of managing the balance sheet. But taking on too much debt can restrict a companys operational flexibility, and increase its risk of financial…
The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code(IBC). While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it. The significant decisions of 2017 wereInnoventive Industries v ICICI LtdandMobilox Innovations Pvt Ltd…
Did you rack up credit card debt over the festive season? The sooner you tackle it, the quicker youll be back in the black. Which? shares our top tips of taking control of your finances in 2019. Three in five Brits with debt wait two-and-a-half years before confronting their problem, while almost half would wait…
Mumbai: The central bank has called for strengthening the infrastructure at the National Company Law Tribunals (NCLT) to ensure time-bound resolution of stressed-asset loans in the banking sector, where the problem of mounting bad debt has prompted curbs on the normal operations at several high-street lenders. In its Trends and Progress in Banking for 2017-18…
Sears Chairman Edward Lampert moved Friday to throw a lifeline to the bankrupt retailer even as the company announced plans to close 80 more stores, including two in Illinois. Lamperts hedge fund said in a statement that it pulled together financing to submit a $4.4 billion bid for the retailer on Friday, the deadline for…
Haigreve Khaitan, senior partner at law firm Khaitan. Mumbai: Haigreve Khaitan, senior partner at law firm Khaitan and Co., has been in the thick of action following the changed regulatory environment brought about by the Insolvency and Bankruptcy Code (IBC). He has advised some of the big companies that have gone under the hammer, such…
Even after the government relaxed the norms for the micro, small and medium enterprise (MSME) promoters to bid for their own firms under the Insolvency and Bankruptcy Code (IBC), only a few have been able to bid successfully for their companies. A number of companies, closed for three to nine…
The Reserve Bank of India has called for strengthening the National Company Law Tribunal(NCLT) infrastructure to ensure time bound resolution of stressed assets of the banking sector. Better resolution will also depend on the future of loan repayment culture, it said In its ` Trends and Progress in Banking for 2017-18 released on Friday, in…
This is the time of the year when many will be reviewing their financial arrangements and may be tempted to set up a self-managed super fund (SMSF). The popularity of SMSFs is starting to wane but the overall number of these accounts is still trending up as many superannuants find the ability to limit fees…