Lemuel Page An embattled developer and fraudster avoided plummeting into bankruptcy after claiming he only had $200 in his bank account and couldn’t repay the $17 million he owed to former friends and associates. Despite his cries of crippling financial stress, Lemuel Page, 48, is still spotted driving around the Hunter in a luxury Mercedes 4WD and Porsche convertible, both worth…
A taskforce of federal government agencies is used shared intelligence to uncover potential phoenix operators and rogue pre-insolvency advisers, but the business community will still have to wait to see whether phoenix prevention tools like director identification number (DINs) ever make their way into legislation. On Monday ASIC commissioner John Price told Fairfax that phoenix advice passed…
Can defaulting companies take shelter under the ongoing insolvency proceedings to stop creditors from taking away assets provided as security? Kolkata High Court has allowed a creditor to take away equipment financed by it from the possessions of defaulting steel company, Ramsarup Industries, which has applied under the Insolvency and Bankruptcy Code. The judgement would…
NEW DELHI: The government has begun work on laying down a process for individuals to be declared bankrupt, which will help them deal with a financial crisis rather than be bogged down by it. The rules being framed will help a defaulter repay the money in a structured way, rather than being forced to cough…
With defaulters themselves triggering the proceedings, resolution could happen faster BL Research Bureau: Essar Steel tried to stay insolvency proceedings against it by moving the Gujarat High Court. But not all Indian companies think along similar lines. Data put out on the website of the Insolvency and Bankruptcy Board of India show that Indian borrowers…
An embattled developer and fraudster avoided plummeting into bankruptcy after claiming he only had $200 in his bank account and couldn’t repay the $17 million he owed to former friends and associates. Despite his cries of crippling financial stress, Lemuel Page, 48, is still spotted driving around the NSW Hunter region in a luxury Mercedes…
Rogue advisers who seek out struggling companies and help ‘phoenix’ them out of tax and other financial obligations are being targeted in a multi-agency crackdown on the $3 billion lost every year from company rebirthing. The Australian Taxation Office and ASIC are leading the effort to put rogue ‘pre-insolvency advisers’ out of business by disrupting…
PwC suffered the latest blow to its reputation late on Thursday as Ukraines central bank pulled its bank auditing rights in the country for failing to identify alleged improprieties that led to a $5.5bn balance-sheet hole at PrivatBank, the countrys largest lender. The big four accounting group, which denies fault, had audited PrivatBank from the…
The states new mortgage arrears resolution service has helped fewer than 160 borrowers at risk of losing their homes to challenge their lenders through the appeal courts. The Abhaile service, launched last October, helps borrowers challenge mortgage providers when they veto proposals for a personal insolvency arrangement. According to a briefing for Charlie Flanagan after…
Page used cucubic zirconia in his friend’s wedding ring, but told him it was diamond. FOR years Newcastle man Lemuel Page spun a web of deceit involving failed investments that left him owing friends and former associates $17 million. But in the end it was a cheap cubic zirconia ring that landed the property developer turned fraudster in…