Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail speaks at the Financial Literacy Symposium in Petaling Jaya November 15, 2018. Picture by Miera Zulyana KUALA LUMPUR, Nov 15 The Malaysia Department of Insolvency says64,632 Malaysians aged between 18 and 44have been declared bankrupt over the last five years. Additionally, 13,338 have also beendeclared…
DetailsInadequate cash flow and poor strategic management of business were the biggest causes of failed businesses in the last financial year, with over 5,000 reports alleging insolvent trading. Small to medium-sized corporate insolvencies dominate external administrators reports, with 84 per cent of failed companies having estimated assets of $100,000 or less, according to ASICs report…
DetailsPrefabrication and lightweight timber builder Strongbuild was placed into voluntary administration at 9 am on Thursday morning after Frasers Australia pulled out of a contract just two weeks from commencement leaving a massive $6 million gap in expected earnings. Strongbuild managing director Adam Strong told The Fifth Estate, was that a lending facility that had…
DetailsSecretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down. The new lawsuit comes a month after a federal judge ruled that the regulation should immediately go into effect, after more than a year of what he…
DetailsDrake and Scull International (DSI) incurred a net loss of AED 498 million ($135.58 million) in the third quarter of the year, largely due to a restructuring effort that has seen it hand over its legacy projects, it was announced on Wednesday. In a statement, DSI attributed the operating law to the final phase of…
DetailsReform of UK corporate insolvency and restructuring frameworks is desperately needed. That is the message from accountants and industry insiders as the UK fails to improve its standing in the World Bank insolvency rankings. While the UK stands still at 14th place, other countries have worked hard to improve their insolvency and restructuring frameworks. For…
DetailsTencent executives have told employees that the companys silo culture, which helped create its hugely successful WeChat product, will need to change to a more collaborative approach if it is to succeed in the future in areas such as AI and cloud computing. The Shenzhen-based company aims to break up in-house fiefdoms and promote more…
DetailsThe resolution of corporate debtors under the Insolvency and Bankruptcy Code (IBC), nearly two years since its inception, is facing a significant challenge to resolve cases in a time-bound manner. Delays in the Corporate Insolvency Resolution Process (CIRP) and the significant rise in the number of applications being moved against defaulting corporations, are a…
DetailsAngela Gonzalez-Rodriguez | Wednesday, 14 November 2018 German online fashion and lifestyle products startup Lesara has filed for insolvency at its headquarters in Berlin. The companys co-founder for insolvency proceedings in self-administration for Lesara AG and logistics subsidiary Lesara Logistics at the district court of Berlin-Charlottenburg. All major expenditures and decisions must now be approved…
DetailsA decision to cease federal funding to two key groups operating Australias national debt helpline could have put the entire service in jeopardy, consumer advocates say. But questions to the social services minister, Paul Fletcher, appear to have prompted an intervention his second such intervention in recent days that has given advocates confidence the looming…
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