Accountants, lawyers, a former liquidator and a migration consultant have been caught up in an investigation into a massive alleged tax-evasion scheme that raises further questions about Australia’s corporate regulatory system. Forty-five people were yesterday issued with a summons ordering them to appear in the Federal Court for what is expected to be one…
DetailsResidential mortgage borrowers’ lending has blown out to more than 40 per cent of their disposable income, or 30 per cent above maximum recommended levels, Canstar analysis shows. The only recorded higher percentage of income used to service debt is 23 years ago when house prices were a quarter of current prices and comparable loans…
DetailsNew Delhi: Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 percent in Bhushan Steel Ltd (BSL). Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets…
DetailsDevendra Jain, a veteran insolvency professional recently faced a tough time when he was kidnapped from a Mumbai suburb. A group of investors, attempting to derail insolvency proceedings, mistook him for a company official in relation to a ponzi-scheme case. Jain, who is also the founder-chairman and managing director of NPAsource.com, an NPA-listing portal for…
DetailsLaunched by Alana Pallister only a year ago, I.AM.GIA is certainly a racy label, with lots of exposed flesh, though much of the Australian fashion media are disdainful of the designs, or “cringeworthy” as one fashion stylist whispered to me. And yet the label has become a huge social media success internationally, especially after supermodel…
DetailsThe Big Four accountancy firms have lived a charmed life. Despite repeated audit scandals their profitable oligopoly has survived intact. Now, in the light of this weeks damning parliamentary report on the collapse of UK government contractor Carillion, an overdue reckoning may be imminent. The case of Carillion perfectly illustrates the lack of competition and…
DetailsA woman has revealed her she discovered she owes an astonishing amount of money – despite not “frivolously” shopping at school or gambling. The 22-year-old, who owes more than £53,000, says the amount will continue to rise each year due to interest. Bronte Howard, who works as a Wales Online reporter, only found out after…
Details© Anthony Harvey / Getty Images Former Geordie Shore star Chantelle Connelly has filed for bankruptcy. The 28-year-old, who quit the show in November 2016, is now unemployed and was declared bankrupt on May 10. “I don’t want to speak about it,” she told ChronicleLive when it contacted her for comment. The TV star’s bank…
DetailsFranchised Mothercare stores across the Middle East and North Africa (Mena) will not be affected by the roots-and-branch restructuring of the UK parent company announced on Thursday. The announcement from Mothercare in the UK has no impact on stores in the Middle East, said a spokesperson for Kuwait-based Alshaya Group, which operates the Mothercare franchise…
DetailsIn a development that could prop up the value of embattled real estate firm Jaypee Infratech, the Allahabad bench of the National Company Law Tribunal has ordered that 759 acres of land given to its holding company Jaiprakash Associates be returned to it as the transfer was fraudulent, preferential and undervalued. This will be a…
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