Download PDF Increased datafication of debt raises ethical questions and calls for a new approach to regulating lending Throughout history, society has debated the morality of debt. In ancient times, debtborrowing from another on the promise of repaymentwas viewed in many cultures as sinful, with lending at interest especially repugnant. The concern that borrowers would…
DetailsNEW DELHI: The Supreme Court on Monday held that the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.The top court, however, did not extend the benefit…
DetailsThe Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them. The top court, however, did not extend the benefit of moratorium on…
DetailsTankers moored at Universal Terminals, the most valuable asset in the Lim family’s shipping and trading empire (Universal Terminals)By The Maritime Executive 03-01-2021 10:28:00 The liquidation of assets held by Singaporean shipowner and oil trader OK Lim (Lim Oon Kuin) is proceeding quickly, with about 50 out of the Lim family’s 150 barges and vessels…
DetailsHospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month. There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month. Revive Financial partner Jarvis Archer said his office had seen an increased number…
DetailsSMEs TO BENEFIT FROM CHANGES TO INSOLVENCY REGIME The new insolvency reforms introduced by the Australian Government for incorporated small businesses with liabilities of less than $1 million have far reaching benefits for the pandemic-ravaged economy and Aussie families, according to a leading tax accountant. The reforms, which include new debt-restructuring, offer some other major…
DetailsThe final lessor creditor under Malaysia Airlines scheme of arrangement has given consent to that scheme as well as the carriers wider restructuring after previously facing challenges getting approval from its financiers. Justice Richard Snowdon, a judge at the High Court of England and Wales, said in a judgement dated 23 February that he received…
DetailsThe key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
DetailsThe Insolvency Service paid out 453.4 million in missing wages and benefits to workers at firms that went bust last year, according to new data. The payments made by the agency, which is part of the Department for Business, Energy and Industrial Strategy (BEIS), were at the highest levels in a decade although the various…
DetailsHeres a list of Australian financial institutions that you could consider using to help curb your gambling spend. Australians lose more money to gambling in the world than anyone else, throwing away over $US900 per capita each year according to a 2017 study. Meanwhile, Queensland Treasury stats report Australians collectively bet around $250 billion (with…
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