The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from IDBI Bank. Rahul SudOf counselSNG & Partners The IBC aims to remove the bottlenecks and expedite the CIRP, with a paradigm…
DetailsANZ has sold its OnePath Pensions & Investments (P&I) and aligned dealer group (ADG) business to IOOF Holdings for $975 million. The two businesses represent an aggregate profit of $39 million, with financial services company IOOF purchasing them in a deal representing over 25 times their combined FY17 net profits. The deal also involves ANZ entering into a 20year strategic…
DetailsAustralia could soon be facing its worst financial crisis in decades, as new research shows that more people than ever are drowning in debt. Data out of The Salvation Army has revealed that vulnerable Australians now have $2.55 worth of debt for every dollar earned, or a debt-to-income ratio of 255 percent. More and more…
DetailsKinetiko Energy has been forced to defend its 2017 annual report after the ASX quizzed the oil and gas explorer over a lack of information provided to the auditor regarding a joint venture. Kinetikos (ASX:KKO) auditor was unable to obtain sufficient evidence to provide an audit opinion on the annual report, leading the ASX to…
DetailsBURBANK, Calif., Oct. 16, 2017 /PRNewswire/ — Zetta Jet, a global leader in private international, business and luxury air travel, announced today that Jonathan King has been approved by the Bankruptcy Court to serve as Zetta Jet’s Chapter 11 Trustee, overseeing the company’s restructuring and business affairs. King has retained, subject to Bankruptcy Court approval, the…
DetailsIf you have student loans, its likely youve received a call, flyer or seen a Facebook FB, +0.45% … Read the full article at: http://www.marketwatch.com/story/what-you-need-to-know-about-the-governments-game-of-loans-operation-2017-10-16
DetailsAdvertisementThe U.S. Bankruptcy Court entered an order converting Outer Harbor Terminals Chapter 11 reorganization to a liquidation under Chapter 7. Advertisement The U.S. Trustee assigned to the case requested the conversion order. At the time of its bankruptcy filing, the Company told the Court [T]he Debtor bankruptcy filing coincides with the……
DetailsCredit-card and payment processing firm TSYS confirmed Monday that it is having another in a string of restructuring moves, with an undisclosed number of employees losing their jobs. The company, headquartered in downtown Columbus but doing business around the world, said despite the current job losses by individuals, it remains in an overall hiring mode…
DetailsMorgan Stanley analyst Adam Jonas published a research note on Monday in which he explored the complexity of Fords restructuring roadmap under the companys new CEO Jim Hackett. Ford has been steadily profitable since the recovery from the financial crisis began and avoided the bailouts and bankruptcies that befell General Motors and Chrysler in 2009,…
DetailsOn Friday the Federal Trade Commission (FTC), along with 11 states and the District of Columbia, announced Operation Game of Loans, the first coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief scams. This nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against scammers alleged to have used deception and false promises…
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