November 27, 2023 11.58am November 27, 2023 11.58am Normal text sizeLarger text sizeVery large text size The self-declared severely insolvent status of one of Chinas largest shadow banks has revealed another crack in a financial system stressed by abrupt and disruptive shifts in the countrys economic growth model and trajectory. Last week, Zhongzhi Enterprise Group…
NextGen Financial Group has formally entered into liquidation after losing a Federal Court case regarding an unpaid Australian Financial Complaints Authority (AFCA) determination. Following a hearing, a notice from ASIC stated that Joseph Loebenstein of Victoria-based Loebenstein Insolvency Services has been appointed as liquidator by order of the court. The firm is now in liquidation,…
NEW DELHI: The Insolvency & Bankruptcy Board of India (IBBI) is expected to finalise crucial amendments to regulations – from those seeking to make life simpler for home buyers to those for personal and companies’ insolvency proceedings, insolvency professionals and liquidation – next month as it seeks to improve the seven-year-old regime and improve its…
A unit of <-bsp-bb-link state=”{“bbHref”:”bbg://securities/8133156Z%20AV%20Equity”,”_id”:”0000018c-02a7-de26-a7ec-3eb749850000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>Signa Prime Selection AG</-bsp-bb-link> filed for insolvency in a Berlin court on Friday, Der Spiegel said, indicating efforts to save the sprawling property and retail conglomerate are faltering. Signa Real Estate Management Germany GmbH couldnt meet its payment obligations, the German magazine said, citing a request submitted by the company. The…
A FORMER West Ham captain who once had a Ferrari on his drive now lives in a rented flat – and almost went to jail over his bankruptcy. Lucas Neill used to earn 40,000 a week as the Hammers’ skipper between 2007 and 2009. Lucas Neill captained West Ham from 2007 and 2009Credit: News Group…
Beijing Chinese police have opened an investigation into Zhongzhi Enterprise Group after the debt-ridden financial giant declared itself insolvent. Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified “alleged offenses,” adding that they had taken measures against several suspects. Zhongzhi declared itself insolvent Wednesday with…
Shelley Banton, head of education for ASF Audits, said the Australian Taxation Office (ATO) had disqualified a record number of SMSF trustees in the past 12 months for not being a fit and proper person, and advisers should be aware of the five main reasons for this occurring. The ATO has certainly ramped up action…
The former Magnolia Group director infamous for his spat with ASX-listed The Agency has been placed under a 10-year ban from providing financial services. The Australian Securities and Investments Commission (ASIC) has recently disqualified money manager Mitchell Atkins from managing any corporations for the next five years. Mr Atkins has also been banned from providing…
The Ghana Association of Restructuring and Insolvency Advisors (GARIA) has unveiled the maiden edition of the Corporate Insolvency and Restructuring Journal, marking a significant step forward in enhancing thought leadership in the business framework space in Ghana. Ghana’s journey towards an improved business environment has been punctuated by key legislative milestones, including the enactment of…
BEIJING – Chinese police have opened an investigation into Zhongzhi Enterprise Group after the debt-ridden financial giant declared itself insolvent. Police in Beijing, where the group is headquartered, said late Saturday they had opened an investigation into unspecified “alleged offences”, adding that they had taken measures against several suspects. Zhongzhi declared itself insolvent on Wednesday…