A ROCKHAMPTON construction company which went into voluntary liquidation last month with debts of more than $2m, is suing two companies for money owed. Civil and mining construction company Busby Contracting Pty Ltd went into voluntary liquidation on February 5, owing $2.4 million to creditors, employees and the tax office. On Thursday, Busby Contracting’s lawyer…
DetailsFormer Auburn deputy mayor Salim Mehajer has been slapped with drug dealing charges a week after being declared bankrupt. In the latest blow for Mehajer, who has been behind bars charged with conspiracy to pervert the course of justice and conspiring to cheat or defraud since January, he has now been charged relating to the…
DetailsBankruptcy can be avoided if you heed these simple tips. Having to declare bankruptcy is a scary proposition for many. And while no one ever wants to find themselves in a situation where theres no other alternative, sometimes lifes events simply make it inescapable. Unfortunately, small business owners make up a high percentage of those…
DetailsPRESIDENT Emmerson Mnangagwa has embarked on a diplomatic initiative with Britain and other creditors as the country seeks debt rescheduling and cancellation to improve its risk profile and credit rating. By Bernard Mpofu/Melody Chikono This development could signal a shift in the countrys debt strategy. The government has in the past rejected any debt cancellation…
DetailsThe Insolvency Resolution Professional (“IRP”) is an integral part of the Insolvency and Bankruptcy Code, 2016 (“IBC”); a laudable and long overdue Legislation. Even though similar concepts like liquidators, Operative Agencies and interim administrators have existed for long time under Indian Law, the establishment of the Corporate Insolvency Resolution process (“CIRP”) and the IRP’s is…
DetailsIt is a company that dates back to Britains industrial revolution: an ironworks in south Wales that started in 1759 and supplied the tracks for Brunels Great Western Railway. It has become, as GKN, a global engineering giant supplying car and aerospace parts, employing 60,000 around the world and 6,000 in the UK. But now…
DetailsNearly everyone who borrows money wants to repay it, but Joannes story demonstrates why it is so important that banks lend responsibly she was provided credit that she could not afford to pay back, leading to substantial harm. Lenders tend to market credit as a way to improve peoples financial situation (get on top of…
DetailsIt’s been a somber few weeks for those who had fond childhood memories of Toys R Us. First came word the company was planning to liquidate its US operations. Then Thursday news came that the man who founded the company 70 years ago, Charles Lazarus, a World War II veteran, has died. Lazarus was 94.…
DetailsSaturday, 24 March 2018 11:00AM Email IconSean Smith McGrathNicol, which was put into Quintis by bondholders in late January, is seeking to either sell or recapitalise the company.Picture: Countryman Quintis receivers have reported good interest from potential buyers and investors after closing the first phase of their expressions of interest campaign for the failed sandalwood…
DetailsIOWA CITY As Iowa lawmakers keep cutting funding for higher education and university administrators keep looking for ways to do more with less help from the Capitol, University of Iowa student leaders are taking it upon themselves to help peers pay off lingering debts that prevent them from graduating. UI Student Government has been collaborating…
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