Banks only recover 34% of the mortgage debt they are owed if the borrowers go bankrupt, new analysis has shown. Customers go into bankruptcy if banks reject insolvency proposals put forward by personal insolvency practitioners. The analysis has been compiled by a firm called Insolvency Resolution Service, which today published a study based on the…
Every year, HMRC publishes an annual report on the estimated UK tax gap the shortfall between the tax estimated due from that which is eventually collected. For the tax year ending April 2015, the latest figures available and published towards the end of 2016, some £36bn of estimated tax revenue remained uncollected. Standing at six…
EX-STAFF of a prominent Mooloolaba restaurant will only receive about 13 cents for every dollar of superannuation they’re owed by former boss Todd Young. Mr Young hit Las Vegas with his partner just days after winding up Todd Young Investments Pty Ltd on December 29, 2015. His company operated Bella Venezia restaurant at Mooloolaba through…
Galway Bay fm newsroom 76 people were declared bankrupt across Galway over the past two years. New statistics from the Insolvency Service of Ireland show that from 2014 to 2016, there were a total of 171 debt solutions issues across the city and county. 95 of these were approved by creditors or the courts, and…
Gavin Daly Filan ran for Renua in 2015JAMES CONNOLLY Finbarr Filan, a brother of former Westlife singer Shane Filan, and a candidate for Renua Ireland in the last general election, is seeking an insolvency deal to restructure his personal debts. Filan, who owned a Sligo-based building company with his brother, has been issued with a…
ONE-hundred-and-thirty-eight people in the Sunshine Coast and Noosa region have filed for bankruptcy or started personal insolvency activity in the December quarter of 2016. Of those 138, 66 filed for bankruptcy and 59 started a debt agreement and personal insolvency with debtors. A further 13 in the Sunshine Coast hinterland were counted in the total…
Phoenixing companies, which costs the Australian economy billions of dollars a year, is too easy, cheap, lucrative and is largely invisible, according to a new report into the practice. What is phoenixing? When a director strips cash and assets before hiding them and liquidating the company, then restarting Usually restarted under a different…
The Act specifically excludes this requirement for residential apartment buildings over three levels in height. The Home Building Compensation Fund (HBCF), like other mandatory home building warranty schemes that operate in other states, is meant to act as a last resort for homeowners if their builder fails to complete the works described under their contract…
The High Court has adjourned a bid by BHS administrators to take control of the company Dominic Chappell used to extract millions of pounds from the dying store chain. Duff & Phelps is calling for Retail Acquisitions to be wound up. Mr Chappell used the company to buy BHS for £1 from Topshop billionaire Sir…
Published: 23 Feb 2017 Author: Liz Sweeney and Sam Jadhav Applies to: England and Wales Restriction on disposal remains key as European Court of Justice (ECJ) gives its first ruling on the interpretation of the financial collateral arrangements directive in Private Equity Insurance Group SIA v Swedbank AS [2016] The ECJ recently delivered a judgment…