What differentiates the Banking Regulation (Amendment) Ordinance 2017 from previous forays on bad loans of banks? Put bluntly, the ordinance cleared by the Union government this week buys an insurance for the banks against action by the four Cs, namely the Central Vigilance Commission (CVC), the Comptroller and Auditor General of India (CAG), the Central…
Bankrupt Gutnick grilled over debts exit Bankrupt former rich-lister “Diamond” Joe Gutnick has faced a court grilling over loans to a New York fraudster and Brooklyn-based community organisation. In a fiery examination at the Federal Court on Thursday, Mr Gutnick was challenged over the validity of two major debts declared in his bankrupt estate, including…
Dear Savvy Senior, What happens to a persons debt after they die? My mother has taken on a lot of medical and credit card over the past few years, and Im worried that my brother and I will be responsible for it when she dies. What can you tell me? Worried Daughter Dear Worried, ……
President Donald Trump accused Democrats of using Puerto Ricos debt as a bargaining chip before the deadline to settle the federal budget. The Democrats want to shut government if we dont bail out Puerto Rico and give billions to their insurance companies for OCare failure. NO! Trump tweeted April 27. Trump appeared to be referring…
A Liverpool solicitor who failed to tell the Solicitors Regulation Authority about his bankruptcy and borrowed money from an elderly client has been banned from the profession. The Solicitors Disciplinary Tribunal also heard Alan Richard Birkbeck, a solicitor for 17 years, had misinformed police station officials when he wrongly told them he represented a client…
Q1 2017 insolvency statistics for England & Wales, published by the Insolvency Service, have shown a rise in both personal and corporate insolvencies. Corporate insolvencies The statistics show that corporate insolvencies have risen 4.5% from Q4 2016 to Q1 2017 and are 5.3% higher than this time last year. Adrian Hyde, president of insolvency and…
A record number of care home businesses failed last year as the financial pressure on social care in Britain took its toll. New government figures show that 75 care home businesses were declared insolvent in 2016, up from 74 the previous year. The failures mean that in total 421 care home businesses have collapsed since…
The government will consider introducing identification numbers for directors of Australian companies, after the Productivity Commission labelling it a necessary reform to the countrys insolvency practices. On Thursday Small Business Minister Michael McCormack handed down the governments response to the commissions final report from its review of business set-ups, transfers and closures in Australia, which considered the…
Valeria Gontareva, governor of the National Bank of Ukraine (NBU), might be leaving office, but is often commended for the banking sector restructuring and consolidation that has been long-awaited by foreign investors. We are still not at the end of the road, but compared to where we were a few years ago, when we had…
Even when it is obvious that a company is in financial difficulty, it can be difficult to advise the directors. Most of the time, they will believe they can trade through the difficulties, perhaps with a little forbearance on the part of their creditors, or a new line of credit or two. But when is…