Amid the ongoing fallout of the Hayne banking royal commission, another area of financial services has been subject to quieter reforms: the thriving market for debt agreement and debt consolidation arrangements. As anyone who listens to commercial radio would attest, theres no shortage of providers spruiking their wares as a panacea for indebted consumers…
… Read the full article at: http://www.switzer.com.au/the-experts/tim-boreham/debt-consolidation-sector-booms/
A Co Longford woman had 3 million worth of debt written off for a payment of 1,600 as part of a personal insolvency arrangement approved by the High Court this week. Josephine Cooney of Mostrim Road, Ballymahon, Longford was unable to pay her debts and sought a financial rescue under the States personal insolvency regime.…
Octagon, one of the largest construction companies in Romania, controlled by Greek businessman Alexandros Ignatiadis, filed for insolvency on March 22. The company had RON 65 million (EUR 14 million) turnover and RON 60 million (EUR 11 million) debtat the end of 2017. The company decided to file for insolvency itself after several of its…
NEW DELHI: As Jet Airways battles acute financial woes, a senior government official Monday said a “good outcome” from the negotiations between the creditors and the company would be better than moving for proceedings under the insolvency law. “I think creditors and the debtor are in discussion. That is the best process,” Corporate Affairs Secretary…
The Supreme Court of India on 25 January 2019 dismissed a challenge to the constitutional validity of the Insolvency and Bankruptcy Code, 2016, and has observed that the economic experiment conducted by means of the enactment of the code is proving to be largely successful going by the large numbers of cases resolved by following…
Mera Chung had known for weeks that her 30-year career in retail was coming to an end. But Chung, a vice president of design for Crazy 8, a division of Gymboree Group Inc., wasnt prepared for what CEO Shaz Kahng andhuman resources chiefBridget Schickedanz would tell her late on a Wednesday afternoon in mid-January. They…
A financial fund is objecting to a proposed personal insolvency arrangement under which a businessman would secure a 70m write-off of debt. Conor Clarkson of Cainfort, Enniskerry Road, Stepaside, Dublin 18 is seeking to have his PIA approved by the High Court. Promontoria (Arrow) Ltd, which says it is owed 64 million by the debtor,…
A majority of corporate insolvency cases have been resolved and the focus is now on resolving personal insolvency, Corporate Affairs Secretary Injeti Srinivas said on Monday. Commendable speed The speed at which the cases have been disposed [of] by the NCLT [National Company Law Tribunal] has been commendable, Mr. Srinivas said, speaking at a national…
New Delhi, Mar 25 As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said Monday. Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has…