With two major cases in the final stage of resolution, the Finance Ministry expects bad loan recoveries to touch Rs 1.80 lakh crore in the ongoing financial year. So far, banks have recovered Rs 1 lakh crore under the Insolvency and Bankruptcy Code. The recovery is expected to touch Rs 1.80 lakh crore by March…
One of Turkeys leading coach companies Ulusoy Ulam A. was ruled legally bankrupt Wednesday, independent news site Diken reported. The ruling by a Turkish court arrives following a three-month bankruptcy protection period filed by the company in November of 2018. A family dispute led to the breakup of Ulusoy group in 2008. Ulusoy Seyahat was…
Debt-stressed home owners and renters are increasingly turning to alternative lenders offering so-called “payday” loans and consumer leases, as falling property prices plunge more households into negative equity and banks crack down on credit. Key points: Payday lenders are growing faster than banks as mainstream credit tightens Ease of access to online lenders is…
Exciting Events, the company behind the disastrous Norwich Fortnite Live festival, has gone into liquidation after Epic Games filed a lawsuit against it in Londons high court. The company hosted a Fortnite-inspired event without authorization from Epic, using the companys trademarks and intellectual properties. Epic took the issue to court yesterday. These proceedings by Epic…
Remember the old days? When youd sit down at your kitchen table with a stack of bills on one side and a checkbook on the other. Paper envelopes were opened and receipts saved as you desperately tried to organize your finances. Managing your money was a full-day affair and even after youd finish, it was…
Debt is a trap that is very easy to get into. Is debt consolidation a good idea? That depends. Debt can prove challenging to get oneself out of. Whether through reckless spending habits or the gradual accumulation of debt responsibilities, too many Americans are mired in hopeless levels of…
The company behind the Fortnite Live event that was described as a shambles has gone into liquidation, hours after the makers of the game announced they had taken legal action. Hundreds of people demanded refunds after they spent hours waiting to enter Norfolk showground on Saturday, with attendees complaining of underwhelming attractions and high ticket…
Ford Motor Co. is shutting a factory in Brazil in an attempt to turn around its money-losing South American business, dealing a blow to Jair Bolsonaro less than two months into his presidency. The automaker expects to record $460 million in charges related to exiting the heavy-truck business in all of South America, according to…
The most recent development in the Gupta drama that has been ever-present in South African news sees one Gupta-owned company potentially putting another into liquidation. Tegeta sprung into prominence when former Public Protector detailed Eskoms involvement, allegedly at the behest of the Guptas in making the sale of the Optimum mines to Tegeta possible at…
Registered to a residential address in East London, GoNutri Limited was wound up in the High Court on 12 February 2019 for trading with a lack of commercial probity, objectionable trading practices and improper sales techniques. Following confidential enquiries, investigators from the Insolvency Service found that GoNutri targeted elderly and vulnerable people, bombarding them with…