A high-level panel looking into various aspects of the insolvency law is expected to finalise its report this month wherein recommendations for “targeted amendments” will be made to the government, a senior official said. A rising number of cases involving stressed assets are being taken up for resolution under the Insolvency and Bankruptcy Code (IBC),…
DetailsNEW YORK Toy company executive Isaac Larian says he and other investors have pledged a total of $200 million in financing and hope to raise four times that amount in crowdfunding in order to bid for up to 400 of the Toys R Us stores being liquidated in bankruptcy. The unsolicited bid still faces…
DetailsJames Packer’s mother flew out of Australia to be with her son after his ‘mental health issues’ were revealed Roslyn Packer, 80, cut a frail figure and was wheeled through Sydney Airport on a mobility chair on Thursday Wife of late media mogul Kerry didn’t speak with media as airport staff pushed wheelchair through terminal…
Details“I said ‘no’… I explained that Im a gambler, I have a gambling problem, they can clearly see [that] because of the transactions Ive been making,” Mr Harris said. “I dont understand why they keep offering me more money.” Yet a letter offering a credit increase arrived just 11 days later, the commission heard. Mr…
DetailsThe Commonwealth Bank has admitted to offering repeated credit card limit increases to a customer who was begging them to stop because he had a gambling addiction and a $30,000 debt. Michael Harris, a qualified roof tiler, broke down in tears on Thursday at the financial services royal commission when he described his experience with…
DetailsCommonwealth Bank gave a roofer making $70,000 a year credit cards and increased his credit limit to $35,000 despite knowing he was a gambling addict, the Hayne royal commission heard on Thursday. On the second last day of scheduled hearings focusing on the subject of consumer credit, the royal commission heard the story of David…
DetailsIn September 2017, the National Company Law Tribunal (NCLT) Chennai ordered Stayzilla to become insolvent and pay the outstanding dues to JigSaw. In a blow to homestay aggregator Stayzilla, the Supreme Court has dismissed the appeal filed by co-founder Yogendra Vasupal challenging the insolvency proceedings ordered by the National Company Law Tribunal. On September 18,…
DetailsThe Commonwealth Bank offered a man a credit card limit increase within days of him telling the bank he had a gambling problem, a royal commission has heard. David Harris ended up in a cycle of continually maxing out his credit cards, which were consolidated on to a lower rate card in 2016. During a…
DetailsBy Abha Bhattarai, Right after Christmas, Danielle Stevens and her husband drove an hour and a half to the nearest Babies R Us to start a registry for their first child. The main draw, Stevens said, was the companys endless earnings program, which promised 10 percent cash back in the form of a…
DetailsCreditors of luxury handbag retailer Oroton (ASX: ORL) will vote next week on a $25 million rescue plan that will hand control of the company to major shareholder Will Vicars. The company’s administrator, Deloitte, has recommended creditors vote in favour of a deed of company arrangement that would return between 36 and 58…
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