McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency process was admitted after ICICI Bank, a financial creditor, moved to the National Company Law Tribunal (NCLT). McNally Sayaji was granted loans by ICICI Bank to the tune of 50 crore. Nearly half of the…
DetailsBy Reuters Staff 2 Min Read BRUSSELS, Feb 16 (Reuters) – European Union finance ministers on Tuesday backed the idea of boosting IMF funding and extending debt relief for the poorest countries to help the global fight against the COVID-19 crisis. The idea of increasing the International Monetary Funds resources, called Special Drawing Rights (SDRs),…
DetailsThe ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations. Australias government is receiving industry support for a proposal to introduce a licencing regime for debt management firms. The government released a consultation paper in January proposing to protect consumers from the often…
DetailsDavid Roos left his job and relocated to another state. For three months he had no money coming in, which caused him to get behind on bills. With a credit card nearly maxed out and a sizable personal loan, he was at a breaking point. Roos received a flyer in the mail from a debt…
DetailsOn 12 February 2021, the Supreme Court of South Australia handed down its penalty decision that Peter Ivan Macks liquidator registration be suspended for a period of three years, commencing on a date yet to be fixed. Mr Macks suspension will begin when His Honour Justice Doyle hands down final orders. Pursuant to the decision,…
DetailsBy Wayne Robinson | 17 February 2021 The administrators at one of Melbournes major large format print businesses, Magnify Media, has pulled the plug, with the company set for liquidation after racking up debts approaching $5m. Magnify liquidated: John Duplock The business operated by well-known industry identity John Duplock has been under administration since Christmas…
DetailsThe representative for the biggest players in Australian online gambling says punters should be not be stopped from going into debt to bet. Key points: MP Andrew Wallace says the banks have a “social responsibility” to put a halt to credit card use in online betting The banking industry says it has no plans to…
DetailsBecoming debt free is a journey that plenty of people aspire to embark on, but taking the first step requires great courage. On this weeks Money Clinic podcast, presenter Claer Barrett hears from a couple in their 30s who have each run up credit card debts of more than 10,000 ($13,500). FT podcast: Starting your…
DetailsNEW YORK and LONDON, Feb. 16, 2021 /PRNewswire/ –Teneo, the global CEO advisory firm, today announced a major expansion of its international consulting capabilities with an agreement to acquire the Restructuring Services business of Deloitte UK. Teneo is a portfolio company of funds advised by CVC Capital Partners, who are making an incremental equity investment…
DetailsGuest comment: Expected surge in Covid-19 insolvencies may mask true health of DB landscape Despite several recent high-profile corporate failures, and some of the most challenging operating circumstances imaginable for many companies throughout 2020, insolvencies in the UK have remained relatively subdued. This is widely expected to change once the government support measures introduced in…
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