More trouble seems to be brewing in the jewellery industry with the National Company Law Tribunal (NCLT) ordering the commencement of corporate insolvency resolution proceedings against Winsome Diamonds and Jewellery Ltd. As per a Debt Recovery Tribunal order of December 2016, the total amount payable by the company to creditors is about 4,700 crore. This…
Lawyers, accountants, academics and farmers are among the 22 HBF councillors who will decide the future of the health insurers $4 billion merger proposal. Under HBFs constitution, its council is the groups most powerful oversight body, with the deciding vote on the planned merger of equals with Sydney-based insurer HCF. However, despite rapidly changing standards…
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay. Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing…
The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be trading recklessly in terms of the legislation governing companies in South Africa.…
OUR SAY: THE flip side of Toowoomba’s economic boom has been reported today by Tara Miko. Ms Miko’s front-page story today details Toowoomba’s unenviable position as having the third highest rate of personal insolvency in the state – behind Ormeau-Oxenford and Townsville and tied with Rockhampton. Toowoomba Chamber of Commerce CEO Jo Sheppard said the…
THE lingering impacts of the resources slump and a strong entrepreneurial spirit have sent Toowoomba broke at one of the highest rates in the state. Australian Financial Security Authority figures revealed Toowoomba had one of the highest personal insolvency rates in Queensland for the December 2017 quarter. Toowoomba recorded 64 debtors entering a new personal…
AC MILAN’S owner Yonghong Li has declared bankruptcy and his assets will be auctioned off, according to reports Italy. The Chinese businessman completed the purchase of the seven-time European champions for £628million in the summer. EPA AC Milan owner Yonghong Li is reported to have been declared bankrupt AFP AC Milan owner Yongong Li with…
Bankrupt Nathan Tinklers $13.5 million seaside mansion PITY the lot of bankrupt billionaire Nathan Tinkler, living in paradise. When the counting was completed in 2016 after he was officially declared bankrupt, Mr Tinklers debts came in at more than $540 million. His wealth was harder to determine, but assets in his name at the end of last year did not realise more than $1…
The creditors’ claims to the ex-owner of the Globex bank, Rossiysky Kredit, M-Bank and others sum about 20 billion rubles ($354m). Motylev is accused of fraud on an especially large scale. The Moscow Arbitration Court declared ex-owner of bankrupted banks Globex, Rossiyskiy Kredit, M-Bank Anatoly Motylev bankrupt, Kommersant reports. The court entered upon the…
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay. Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing…