29/01/2019 The number of people declared insolvent reached a seven-year high in 2018, according to figures. There were 115,299 personal insolvencies in England and Wales last year, a 16.2% rise on 2017 and the highest annual level since 2011, statistics from the Insolvency Service reveal. This was primarily driven by increases in individual voluntary arrangements…
Detailscommunity, The household finances can look like a bit of a train wreck at this time of year. Even if they dont need urgent resuscitation it is an ideal opportunity to take a little time out to plan a better year in 2019 financially. If life saving action is required the first step is to…
DetailsIn a bid to complete the resolution of large stressed accounts, the central government has set a March deadline for lenders and resolution professionals to speed up resolution plans of nine of the twelve high-value insolvency cases, with special focus on Essar Steel and Jaypee Infratech, according to media report. These twelve accounts, which also…
DetailsThe recent Supreme Court ruling in Brilliant Alloys insolvency may just prove to be the saving grace for promoters who have lost control of their insolvent company and whose hopes of ever regaining it were dismal. The ruling now allows promoters, eligible or not, to take back control of their insolvent companies by enabling withdrawal…
Detailsnewsletters, editors-pick-list, Lake Macquarie cocaine, Toronto cocaine bust When Kent Anthony Jackson was first taken to a Hong Kong gambling denduring a business trip, he won. Before long, he started to lose. By mid-2015 the Newcastle man racked up a $120,000debt at illegal Chinese casinos. By the end of 2017, he was attempting toimport 700kg…
DetailsA series of devastating wildfires that killed more than 100 people and scorched hundreds of thousands of acres in California over the course of two years just brought one of the nations largest utilities to its knees. PG&E Corp., Californias biggest power company, filed for Chapter 11 bankruptcy in Northern California bankruptcy court as investigators…
DetailsWALLDORF, Germany (Reuters) – Business software company SAP said on Tuesday it would undertake a company-wide restructuring to accelerate its business transformation, after missing its revenue and profits guidance in 2018. FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo SAP,…
DetailsBy BRIAN WASUNAMore by this Author Three years after the old Bankruptcy Act was repealed, the number of cases filed under the now-tightened Insolvency Act have drastically fallen meaning that people were filing for bankruptcy to evade paying their debts. The now repealed law had been in use for about 85 years, with little amendment…
DetailsIf Pacific Gas & Electric goes bankrupt, who gets final say over onwhether it can renegotiateits old and expensive solar power purchase agreements federal regulators or the bankruptcy court? This multi-billion dollar question has come to the fore as PG&E, overwhelmed by tens of billions of dollars in potential wildfire liabilities, prepares to file for…
DetailsEmployees of Pacific Gas & Electric (PG&E) mark gas lines in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018.REUTERS/Terray Sylvester California utility owner PG&E is preparing to name a restructuring chief as it finalizes preparations for a bankruptcy filing expected to come as soon as early Tuesday morning. PG&E plans…
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