Putrajaya wants to enforce automatic discharge after three years and raise threshold for declaring a person bankrupt from RM30,000 to RM50,000. PETALING JAYA: Proposed amendments to the Bankruptcy Act 1967 will see an automatic discharge after three years for anyone declared a bankrupt, TheSun reported today. This is one of the major changes that could…
DetailsJOSEPH JOHNSON/FAIRFAX NZ Then office manager Mary Sangster, left, and former owner Sheila Sinclair in 2012. The Original Children’s Bookshop has gone into liquidation after nearly 37 years of trading in Christchurch. The bookshop, which traded on Victoria St for about 35 years before moving to Riccarton after the 2011 earthquakes, went into voluntary liquidation…
DetailsAppointments Draft rules and regulations Following the establishment of the Insolvency and Bankruptcy Board of India, the government has taken two concrete steps to expedite the implementation of the Insolvency and Bankruptcy Code 2016 in particular, the government has: appointed members to the Insolvency and Bankruptcy Board; and released draft rules and regulations.…
DetailsDebtor cases fell across half the country’s regional areas. Despite significant rises earlier in the year, personal and business-related insolvencies in regional areas remained stable during the September quarter. The Australian Financial Security Authority (AFSA) has released regional personal insolvency statistics for the September quarter 2016. Personal insolvency cases fell across half of the country’s…
DetailsIntroduction Risks associated with sale of distressed businesses Securing sale of distressed businesses Introduction With standard M&A policies in mind, the risks associated with distressed businesses are often considered from the purchaser’s perspective, rather than the seller’s. From the seller’s viewpoint, the sale of a distressed business is legal and considered to be without no…
DetailsANZ has disclosed it will book charges totalling $360 million against its full-year after-tax profit, a week ahead of releasing its annual results. The bank said its financial results will include a $168 million charge against revenue of its institutional markets business, after it changed the method of valuing derivative instruments. It will take another…
DetailsOct. 27, 2016 6:23 p.m. ET Federal and state investigators are intensifying their scrutiny of businesses connected to Howard Dvorkin, a prominent advocate for consumer-debt relief. Mr. Dvorkin is the founder and former president of Consolidated Credit Counseling Services, a nonprofit in Fort Lauderdale, Fla., that advises borrowers on how to reduce their debts. He…
DetailsYour job affects more than just what you do all day and how big your paycheck is. It can also influence your ability to repay your student debt. Thats because borrowers in certain careers are especially good candidates for student loan refinancing. Refinancing student debt allows qualified borrowers to get lower rates and has grown…
DetailsCampaigners are calling on the UK to prevent vulture funds from using British courts to pursue the debts of poor countries after it emerged that Mozambique could be the first in a wave of states facing a new debt crisis sparked by the commodity price crash. Mozambique, one of the worlds fastest growing economies for…
DetailsEmbattled childrens retailer Pumpkin Patch has collapsed, with receivers appointed for the company and its subsidiaries yesterday. Last week the business, listed on the New Zealand stock exchange, entered a trading halt while it started conversations with stakeholders about how to proceed with its $NZ46 million ($40.7 million) in debts, with a meeting with its…
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