The Insolvency and Bankruptcy Code, 2016, primarily aims to achieve reorganization and insolvency resolution in a time-bound manner for maximizing the value of assets of insolvents. The National Company Law Tribunal (NCLT), the adjudicating authority under the code, works to that end. However, being a creature of statute the NCLT must function strictly within the…
Detailsby Simeon Kerr in Dubai and Ahmed Al Omran in Riyadh The Saudi Binladin construction group said some shareholders may have handed over stakes in the company as the kingdom’s anti-corruption drive starts to take assets claimed by the government. The Jeddah-based company said over the weekend that it remained a “private sector company owned…
DetailsDear Lifehacker, I’m getting on in life and at this point it seems unlikely that my credit card debts will ever be paid off in full. (I can barely afford the monthly interest repayments, let alone the outstanding debt.) I also don’t own much in the way of assets. So my question is: What happens…
DetailsDEBT-laden Australians admit to burying their head in the sand to avoid facing the reality of paying back large sums of money owed. While many shoppers have arrived in 2018 with a whopping credit card debt in tow, new data from debt solutions agency Fox Symes has revealed one in four desperate consumers admit they…
DetailsAbout $100 million appears to have disappeared from Plutus Payroll, the company at the centre Australia’s largest tax fraud case, according to a first report from liquidators who are now investigating tens of millions of dollars pumped out of the company to related entities and offshore in the past 12 months. In his first report…
DetailsAUSTRALIAN luxury goods brand Oroton (ASX: ORL) has warned landlords that if rent is not slashed then more stores will close. Landlords will have to cut Oroton rents by up to 40 per cent within the next few days or the national retailer will shut down stores. This latest development in the…
DetailsPETALING JAYA: Scomi Group Bhd plans to dispose of some assets within the next 12 months as the group aims to pare down its debt after its merger with Scomi Engineering Bhd . Scomi Group told StarBiz the asset disposal is one of the avenues to reduce the debt position. Apart from asset disposals, we…
DetailsTroubled gold miner Blackham Resources has taken another step towards its recapitalisation with its main contractor MACA providing a $14.3 million loan to help it out of its short-term cash crunch. The MACA loan will enable Blackham to pay its financier Orion for a $14.8 million debt repayment which was due at the end of…
DetailsA compulsive gambler who fleeced his mums bank account to the tune of £70,000 has avoided jail. Andrew Hatcher, 34, of Holtye Crescent in Maidstone, appeared before magistrates charged with theft over the course of three months. The court heard how the confessed gambling addicts mother has since forgiven him. Andrew Hatcher leaving Maidstone Magistrates…
DetailsATHENS The forbidden subject of Greek debt relief but with new measures attached was raised by Eurozone officials at a meeting but even if granted means Prime Minister Alexis Tsipras wont get the clean exit, from three international bailouts of 326 billion euros ($397.61 billion) hes been touting. With the bailouts expiring in August, Tsipras…
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