Bank didnt think about gambling problem The Commonwealth Bank of Australia (CBA) has been fined AUD$150,000 (USD$107,580) after a Federal Court ruled that it had violated the National Credit Act for increasing a customers credit limit, even after that customer told the bank that he had a gambling problem. The bank also did not bother…
DetailsDebt consolidation gathers debt from multiple sources and puts it in one place, which simplifies paying off what you owe. Consolidation can also allow you to reduce the interest rate or total amount of your debt. Most of us manage many forms of debt simultaneously, keeping track of due dates and balancing interest rates to…
DetailsThroughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 34 bankruptcies in week 44, 8 fewer than in week 43. In addition, 6 sole proprietorships were declared bankrupt, 2…
DetailsThe current critical situation would increase the out-of-court M&A deals for distressed assets November 5, 2020 3 min read Opinions expressed by Entrepreneur contributors are their own. You’re reading Entrepreneur India, an international franchise of Entrepreneur Media. COVID-19 knocked the wind out of merger and acquisition (M&A) deals in India.It has already and shall continue…
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No matter which way you slice it, 2020 has been a challenging year. That is why the Kmart Wishing Tree Appeal will be launching earlier than ever to serve its biggest demand in history. National research conducted by YouGov (September 2020) revealed that more than 4 in 10 Australians (41%) have been negatively financially impacted…
DetailsLONDON (REUTERS) – British supermarket group Sainsbury’s said on Thursday (Nov 5) it could cut 3,500 jobs in a restructuring that will see in-store meat, fish and deli counters as well as 420 standalone Argos general merchandise stores close. The group reported a loss before tax of 137 million (S$241.9 million) for the 28 weeks…
DetailsPublished 5 November 2020 Louise Laing The re-introduction of Crown preference and the resulting change in the order of priority of creditors on insolvency was announced as part of the Autumn budget in 2018, way before anyone had heard of Covid-19, and was originally due to come into force on 6 April 2020. It was…
DetailsThe business of restructuring troubled companies is thriving during the Covid-19 pandemic, driving revenues higher at several publicly traded investment banks and other financial advisers as their clients default on debt and seek concessions from creditors. Investment banks including PJT Partners Inc. and Houlihan Lokey Inc. notched quarterly revenue records in the first nine months…
DetailsComment: In Argentina, green debt relief has supported forest conservation, an approach that can and should be scaled up as coronavirus stretches budgets At last months meetings of the International Monetary Fund (IMF), three topics dominated the conversation: the coronavirus pandemic, greening the recovery, and climate change. For many developing countries, especially the poorest, the…
DetailsForeword from the Chief Executive This year the plan has been developed against the backdrop of the COVID-19 pandemic, which has impacted on the economy in an unprecedented way. The Insolvency Service has an important role to play in supporting businesses and individuals in financial difficulty or facing redundancy as a result of their employer…
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