MUMBAI: Amid the euphoria over Bankruptcy Code and hopes of turning around debt-ridden companies, many lenders have overlooked a simple, yet crucial, caveat. Almost all significant decisions such as offering preference shares to infuse funds into a defaulting company, selling properties and assets, floating convertibles, and declassifying the promoter following a dilution of shareholding –…
DetailsMUMBAI: The bad-loans recovery exercise now has a puzzle to solve: Who pays the 20% Minimum Alternate Tax (MAT) on book profits when assets are written down? The problem, say industry trackers, is that the purchase of a distressed asset triggers write-downs in the profit and loss (P&L) accounts of companies, resulting in likely book…
DetailsA rising number of Cumbrians are battling against debt, with more than 800 declared insolvent in a year. One leading advice charity in the county says increasing levels of in-work poverty are now fueling the problem as working adults whose wages have stagnated struggle to make ends meet. Government figures reveal that every local authority…
DetailsA bankrupt psychiatrist couldn’t convince the courts his repayments should be reduced so he had more money for weekly massages and a personal trainer. A bankrupt Invercargill psychiatrist was unable to convince the courts his fortnightly debt repayments should be reduced so he could maintain a better work-life balance, including personal trainers, weekends in Queenstown…
DetailsSmart Homes, based on the Queensway Link Industrial Estate in Stafford Park, Telford, entered voluntary liquidation owing £40,000 because it said the costs of chasing an unpaid bill were too high. The administrators said Smart Homes was never paid for one of its jobs, and couldnt afford court action to reclaim it. It is believed…
DetailsA rising number of Cumbrians are battling against debt, with more than 800 declared insolvent in a year. One leading advice charity in the county says increasing levels of in-work poverty are now fueling the problem as working adults whose wages have stagnated struggle to make ends meet. Government figures reveal that every local authority…
Detailsby Erik Wasson and Jennifer Epstein US President Donald Trump said he expects Congress to swiftly pass emergency disaster funding to respond to Hurricane Harvey in Texas, even as signs of a political fight over the money began to emerge. “You’re going to see very rapid reaction from Congress, certainly from the president,” Trump said at…
DetailsDicker Data has posted solid revenue growth of 7.1% for the first six months of 2017, as it looks to software-as-a-service and infrastructure-as-a-service and specialisation in key areas to drive continued growth. The distributor has reported revenue of $632.5 million for the six months to 30 June, 2017, up from $590.3 million for the same…
DetailsMr O’Donnell was formally discharged from bankruptcy at a sitting of the High Court yesterday. Both Mr O’Donnell and his wife Mary Patricia, formally of Gorse Hill, Vico Road, Killiney, Co Dublin, but now living in the UK, were adjudicated bankrupt by the High Court in August of 2013. That finding was confirmed by the…
DetailsA continued focus on the small- and medium-sized business segment has seen accounting firm Kelly Partners Group post a jump in underlying profit in its debut results as a listed firm. The group, which owns Kelly + Partners, posted a 15 per cent rise in underlying profit to $3.4 million for the year ended June 30.…
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