The number of healthcare professionals in debt and seeking help with their personal finances has increased by 9.8% over the last two years. In May 2017, of employed people seeking help with their personal finances, 7.38% worked in the healthcare industry, and of these 37.11% were nurses. This is up from 7.22% in May 2016,…
DetailsMUMBAI: The clock has started ticking for Jyoti Structures, the first of the 12 large defaulters against which banks have proceeded under the under the Insolvency and Bankruptcy Code following directions from the Reserve Bank of India. The National Company Law Tribunal (NCLT) on Tuesday admitted bankruptcy proceedings against the Mumbai-based company, a move which…
DetailsA multimillionaire industrialist known as Britain’s “man of steel” has won the bidding battle for Arrium, ending more than a year of uncertainty for the collapsed South Australian steelmaker. British consortium GFG Alliance, led by metals magnate Sanjeev Gupta, trumped a rival proposal from a South Korean group on Tuesday night and Arrium administrators KordaMentha…
DetailsAhmedabad: Essar Steel Ltd has approached the Gujarat high court, challenging the insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT) by its lenders after being directed by the Reserve Bank of India (RBI). A company official said that the matter will be heard in the high court on 7 July. More…
DetailsJuly 5 (UPI) — On this date in history: In 1865, William Booth founded the Salvation Army in London. In 1916, children under 16 were banned from New York City theaters, many of which were already closed, due to a summer outbreak of polio. In 1935, U.S. President Franklin D. Roosevelt signed the National Labor…
DetailsAFP on July 5, 2017, 5:20 pm A former business partner of German tennis star Boris Becker, who was last month declared bankrupt, is demanding the payment of 36.5 million euros ($54.4 million) which he claims he is owned by the former world no.1. Swiss businessman Hans-Dieter Cleven claims he is owed 40 million Swiss…
DetailsTHE ROAD Transport industry has reached out in support of the drivers who recently lost their jobs in the liquidation of Alstonville based company Flynn Transport. In response to the news of the insolvency that left over 60 heavy vehicle workers out of a job, a number of NSW companies have put their hands up…
DetailsBy: Rob McKay Date: 05.07.2017 Police probe allegations of fraud as insolvency process begins Flynn Transport has come to an abrupt halt Instead of looking forward to a new financial year, Flynn Transports trucking business is in…
DetailsAn agreement has been reached to sell steelmaker and mining group Arrium to GFG Alliance, ending more than a year of uncertainty for the struggling company. The administrator KordaMentha announced on Wednesday morning that it had signed a binding agreement to sell Arrium to the London-based group, which is owned by the Gupta family from Britain. Play Video Don’t Play Unions…
DetailsIndia’s incipient battle against bankruptcy is spawning new ideas – and career options. After India enacted tougher laws to deal with sticky loans and the central bank stepped in accelerate the pace of recoveries, finance executives have stumbled upon a career-growth opportunity based, ironically, on insolvency. Independent insolvency professionals (IPs), are becoming critical for the…
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