Personal insolvency: There were 27,927 individual insolvencies in the quarter to September. Photo: Press Association Nearly 28,000 personal insolvencies were recorded in Britain over the last three months as inflationary pressures and the cost of living crisis took their toll. According to the Insolvency Service on Friday, there were 27,927 individual insolvencies in the quarter…
The cumulative recovery rate under the insolvency resolution processes of debt-ridden companies declined to 30.18 per cent at the end of the September quarter, indicating that lenders took more haircut on their exposure, shows a study. The recovery rate has fallen steeply from a peak of 43 per cent in Q1 FY20. Of the Rs…
Once upon a time, most Louisianans insured their homes with a traditional behemoth, a giant of the industry, like State Farm, Allstate, Farmers or USAA. No more. Today, a sizable share of Louisiana homeowners now buy their insurance from small, undercapitalized and often unproven companies that lack the huge reserves to protect them when catastrophe…
07 November 2022 Consultancy.com.au 2 min. read The Australian Financial Security Authority (AFSA) has registered Kristen Triglone a restructuring consultant at PKF as a trustee in bankruptcy. Based in PKFs Sydney office, Triglone becomes the countrys 209th advisor to join so-called Registered Trustee National Panel. Notably, only 10% of trustees are female. Obtaining this registration…
AN astounding 10,378 people thats the number of young Malaysians who were declared bankrupt between 2018 and September this year. Over 20% of the 47,929 persons declared bankrupt during the period were under the age of 34; 10,138 were aged between 25 and 34; while those under 25 make up 240 bankruptcy cases, according to…
A Personal insolvency Arrangement (PIA) has been approved by the High Court that will allow a man who had run his own retail business for many years write off approximately 900,000 in debt owed to a financial fund. The PIA, which is 15 months in duration, will allow 41-year-old Gerard Conlon of Farndreg, Coxes Demense,…
News Update ByStartupStory |November 26, 2022 A UK court ruled steel mogul Pramod Mittal, who is also the brother of one of the richest people in the world, Lakshmi Mittal, would go bankrupt in June 2020. Since then, he has been battling to extricate himself from the legal quagmire, but on Friday (November 25, 2022),…
The younger brother of steel magnate Lakshmi Mittal had his deal with creditors – under which he agreed to pay 0.2% of his total debts of more than $2 billion – overturned in a London court on Friday. Pramod Mittal was declared bankrupt in June 2020 over an approximately $170 million debt owed to Moorgate…
Former steel magnate Pramod Mittal. (Image: Bloomberg) In June 2020, Pramod Mittal, brother of one of the richest men in the world, Lakshmi Mittal, and himself a steel magnate, was declared bankrupt by a UK court. Since then, he has been fighting to get himself out of the legal mess, but on Friday (November 25,…
Contents: General Legislation What main legislation is applicable to insolvencies and reorganisations? The Corporations Act 2001 (Cth) (the Act) is the primary piece of federal legislation that governs the registration, administration, insolvency and reorganisation of companies incorporated in Australia. The Act prescribes, among other things, the manner to administer and regulate the winding up, liquidation,…