The Australian insolvency system is dominated by debtors with relatively small debts, many of whom are vulnerable, the Australian Financial Security Authority says. According to AFSA data, there are 60,000 people in the personal insolvency system currently, with a total of A$18 billion of liabilities. Of those, 52.7 per cent have less than $50,000 of debts. AFSA…
CLOSE to 40% of those who were declared bankrupt are between the ages of 35 and 44, says Minister in the Prime Ministers Department Datuk Seri Azalina Othman Said. They made up 37.38% or 17,917 individuals who were declared bankrupt as of December last year. She said a total of 47,929 individuals were declared bankrupt…
Investing / Stocks RapidEye / Getty Images/iStockphoto After youve painstakingly done your research on what stocks to buy or which company to invest in, if that company then files for Chapter 11 bankruptcy it can hit you hard, especially in the wallet. Any investment comes with a level of risk, and knowing the entire financial…
Supplied A screenshot from Makouri Scott’s website A Kiwi artist who booked a space flight, later spent almost the entire US$100,000 (NZ$162,000) refunded ticket despite bankruptcy proceedings against him. The facts of this case are, to my mind, unique, associate judge Owen Paulsen said, about the recent case before the High Court of Dunedin. He…
Racehorse owner Marwan Koukashs absence from this weeks Chester race meeting has been explained after it was revealed he has been declared bankrupt. The entrepreneur and former owner of Salford Red Devils rugby league club was dubbed Mr Chester because of his passionate support of his local track where he won its feature prize the…
Were keen to hear from people who have entered into a form of personal insolvency called an individual voluntary arrangement (IVA). These legally binding agreements with creditors let a person pay an agreed monthly amount over a period of usually five or six years. At the end, as long as the agreement hasnt been broken,…
Azalina Othman Said said more men are bankrupt than women. PETALING JAYA: Law and institutional reform minister Azalina Othman Said has refuted claims that youths aged under 25 make up the majority of bankruptcy cases in Malaysia. Winding up the debate on the amendments to the Insolvency Act today, Azalina said the highest number of…
Black Lives Matter is headed for INSOLVENCY after plunging $8.5M into the red – but founder Patrisse Cullors’ brother was still paid $1.6M for ‘security services’ in 2022, while sister of board member earned $1.1M for ‘consulting’ Black Lives Matter Global Network Foundation, a non-profit that grew out of the protest movement, is haemorrhaging cash, financial records…
KUALA LUMPUR: Amendments to the Insolvency Act have been unanimously passed via a voice vote by the Dewan Rakyat on Wednesday (May 24). With the Bill passed, the government is expected to provide more effective administration of bankrupts’ estates in Malaysia and to speedier process to discharge bankruptcy statuses. Minister in the Prime Minister’s Department…
May 24 (SeeNews) – Serbia sold a tractor repair centre of insolvent Industrija Masina i Traktora (IMT) for 64 million dinars ($588,000/545,000 euro) to local company Prvi Maj Cacak, the bankruptcy supervision agency said. in the transaction, Prvi Maj acquired a warehouse, a service hall, a department for overhauling tractor engines and a power transformer…