Government Covid-19 supports could be concealing many businesses financial woes, one expert warned on Thursday, as figures showed company insolvencies fell in the first three months of the year. Statistics published by accountants Deloitte show that 111 companies went through various insolvency procedures in the first quarter of this year, 30 per cent less than…
DetailsA Singaporean high rolling gambler who has been sued by a Queensland casino after his $43 million cheque allegedly bounced has failed in his bid to have the case thrown out of court or put on hold. Singaporean gambling baron Yew Choy Wong, 57, applied to Brisbane Supreme Court last year to have a lawsuit…
DetailsIn a move that gives respite to Shapoorji Pallonji (SP) Group, the Indian lenders and the KV Kamath Committee have cleared its one-time restructuring (OTR) proposal. All debt restructuring proposals above Rs 1,500 crore were referred to the expert committee at its meeting on Tuesday. Shapoorji Pallonji and Companys (SPCPLs) the holding company of the…
DetailsSome advocates of the newly-enacted debt relief provisions for minority farmers have called it a form of reparations. But House Agriculture Committee Chairman David Scott, who is African American, strenuously objects to that characterization. He says the $4 billion just makes up for the fact that white farmers primarily benefitted from the billions of dollars…
DetailsAntnio Guterres, the UN secretary-general, is right to sound the alarm, warning of a coming debt crisis for countries in the global south (Developing world faces looming debt crisis, Report, March 29). My country, Zambia, was one of the first to default on foreign debt payments last year. However, this debt crisis did not just…
DetailsCredit Suisse has begun court action to push a $4bn trading business belonging to the metals magnate Sanjeev Gupta into insolvency, as it tries to recoup losses. Gupta is the founder of Liberty Steel and its holding company, GFG Alliance. The latter has vowed to fight the legal petition, which presents a fresh threat to…
DetailsWashington Bold new mechanisms are urgently needed to help low- and middle-income countries address crippling debt, sharply worsened by the COVID-19 pandemic, threatening vital investment to tackle poverty and climate change for years to come, the United Nations Development Programme (UNDP) says in a new report. The study, published today, echoes a call by the…
DetailsThe accident-prone bank has certainly done a lot of damage to the reputation of Swiss bankers in the last few weeks. Swiss cheese has become a metaphor for the bank’s balance sheet. The walking disaster area that is is intending to recompense more investors burnt by the Swiss banks exposure to belly-up Greensill Capital. News…
DetailsOn 26 March 2021, the Government passed the CIGA 2020 (Coronavirus) (Extensions of Relevant Period) Regulations 2021 (Regulations), extending some of the temporary relief measures under the Corporate Insolvency and Governance Act 2020 (CIGA 2020) until 30 June 2021. The Regulations bring further relief to companies, directors, and businesses, who would otherwise have faced a…
DetailsThe Star Casino is taking a Singaporean billionaire to court after he fled the country after falling into a massive AU$40-million debt to the gambling operators in just three days. According to allegations, the well-known high-roller Yew Choy Wong dishonoured a blank cheque following a five-day losing streak while he played baccarat at The Star…
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