The administrators said it did not appear that the Australian group had been insolvent from a balance sheet perspective for any length of time before they were appointed, but said they needed to do detailed investigations examining whether it traded insolvent from a cash flow perspective. They noted the company was highly illiquid, but this…
DetailsSNG Chee Hua, the high-flying Sarawak politician notorious for his party-hopping antics, has been made bankrupt by his younger brother. A bankruptcy search at the Department of Insolvency showed Sng Chee Kian had on March 24 filed a petition in the Kuching High Court to have his millionaire businessman brother and father to Julau MP…
DetailsWhen Dell announced it was spinning out VMware yesterday, the move itself wasnt surprising; there had been public speculation for some time. But Dell could have gone a number of ways in this deal, despite its choice to spin VMware out as a separate company with a constituent dividend instead of an outright sale. The…
DetailsGrant Thornton also said that if the company goes into liquidation, the liquidators would investigate several transactions between Greensill Capital Pty Ltd – the Australian parent company – and the Greensill family and farming companies, as well as several director-related transactions. Our findings in relation to unreasonable director related transactions, while only preliminary, have identified…
DetailsBy Mark Rosanes 16 Apr 2021 Paying off multiple debts at once can be very stressful and if these debts are not managed properly, they can end up costing you more and dragging you further into debt. If you find yourself having difficulty juggling your debts, consolidating them into a single loan may be helpful…
DetailsCredit Suisses group chief executive officer, Thomas Gottstein, said on Tuesday that the bank would learn serious lessons from losses incurred at Archegos as well as the liquidation of its supply-chain finance funds as he warned investors of a CHF4.4 billion ($6.15 billion) charge and confirmed the departure of the banks chief risk officer, dual…
DetailsKeith Birmingham, Pasadena Star-News/SCNG Former NBA star Lamar Odom recounted how Los Angeles Lakers teammate Kobe Bryant helped him pay back a gambling debt he had incurred. Appearing on All The Smoke with Matt Barnes and Stephen Jackson, Odom was responding to a question about some of the last conversations he had with Bryant, who…
DetailsCLOSE President Joe Biden is assessing how the U.S. might tackle student debt. Here’s where he stands on the issue. USA TODAY There was no college fund, no family savings to help Jamilah Williams pay for school. After she graduated from college and landed her first salaried job, herparents remindedher that she would have to…
DetailsThe total of 10,941 personal insolvencies for March included 1,591 DROs and 1,028 bankruptcies. The bankruptcies were made up of 937 debtor applications and 91 creditor petitions. The numbers of DROs and bankruptcies in March 2021 were both 31% lower than in March 2020. There were, on average, 6,388 IVAs registered per month in the…
DetailsThere are a high proportion of zombie companies in the UK. The COVID-19 pandemic has created the perfect environment to create more. The UK has had a zombie problem for some time now. Companies that simply exist, shambling onwards without ever turning a profit or contributing meaningfully to the economy. These zombie companies have played…
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