Sovereign loans are an important source of financing for countries around the world. Borrowing can enable governments to support key areas for growth and development, such as healthcare, education, infrastructure and the green transition. Yet, managing public loans can be complex and challenging with potential impact on countries finances and their people. Errors and inaccuracies…
DetailsIllegal phoenixing is a deceptive manoeuvre used by some businesses to sidestep their obligations, leaving creditors, employees, and other stakeholders at a loss. It involves deliberately transferring assets from an indebted company to a new one, leaving the former to face insolvency. Such predatory practices not only damage the economy but also erode trust in…
DetailsShocking new statistics show that creditors owed money from a company collapse have no choice but to write off their losses completely in the overwhelming majority of cases. The Australian Securities and Investments Commission (ASIC) published its annual corporate insolvency statistics earlier this week, revealing that small and medium sized business have dominated the external…
DetailsA building company has collapsed into both liquidation and receivership just days out from Christmas owing $3.7 million to hundreds of creditors. Queensland-based Casa Building Group Pty Ltd, which is headquartered in Brisbane and also has an office in Townsville, appointed voluntary liquidators this Tuesday. On Friday, Andrew Quinn and Domenico Calabretta of insolvency firm…
DetailsBad Debt and Good Debt: The Differences Many people believe that having no debt is ideal, but in many situations, debt can actually be considered good for your finances if it helps you build wealth. For example, if you cannot afford to buy a home with cash, you may go into debt with a mortgage.…
DetailsThe Kuwaiti businessman behind a troubled 2.5bn Kent theme park meant to rival Disneyland has been declared bankrupt. Abdulla Al-Humaidi, who was a key backer of the proposed London Resort development scheme, was confirmed to be insolvent at a High Court hearing last month. It is the latest twist relating to the Dartford Disneyland scheme,…
DetailsIf youre accruing interest faster than you can pay off your credit card balance, the debt can feel unmanageable. And you arent alone. Credit card debt rose by $228 billion between the second and third quarters of 2023, according to data from the Federal Reserve Bank of New York, while the average credit card interest…
DetailsDebt relief programs can make a lot of sense in certain scenarios, but they won’t be the right move in every situation. Getty Images/iStockphoto After a tumultuous two years in the economy, the year-over-year Consumer Price Index has stabilized at around 3% to 4%, down from the 9.1% peak in 2022. Many experts also predict…
DetailsGetting a letter from the IRS saying youre past due on a tax debt can be frightening. That fear often drives people to tax settlement companies that offer hope of significant debt reduction. IRS Commissioner Danny Werfel says dont believe the hype. Thats especially good advice now, given a recent action by the agency. In…
DetailsA total of 105,482 borrowers have signed up since the beginning of December for government assistance in tackling their informal indebtedness, estimated at about 6.5 billion, Government Spokesman Chai Wacharonke said on Friday. So far, authorities have succeeded in mediating debt settlements for 224 borrowers, out of the 1,294 cases currently in the mediation process,…
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