(Andrew Bossi, CC BY-NC-SA 2.0) There are 44 million student loan borrowers holding a total of almost $1.3 trillion in student loan debt. 8 million or more federal student loan borrowers are in default. One in seven borrowers will default on federal student loans within three years of repayment. In total, more than 30 percent of…
DetailsDominic Chappell owes more than £500,000 to the taxman on the profits he made from owning BHS, the collapsed department store chain. HMRC has started legal proceedings against the disgraced businessman to try to recover the money. However, Chappell has put the business that owes the tax, Swiss Rock Limited, into liquidation, meaning he could…
DetailsAn initiative among local banks to bail out small and medium sized enterprises (SMEs) has helped to restructure some Dh7 billion of debt owed by more than 1,700 companies this year, the UAE Banks Federation (UBF) said. The federation also said the bankruptcy law approved this month by the countrys Cabinet is another measure that…
DetailsAirbus Group is in the midst of a period of financial uncertainty. In July, the European aviation giant announced $1.5 billion in charges due to setbacks in the companys A350 airliner and A400M military transport programs. In response, Airbus Group CEO Tom Enders will announce a major restructuring and cost cutting plan next month, the…
DetailsComments (0) A Brentwood company which was part of a fake £330,000 South American gold mine investment scheme has been closed down following a government investigation. Evolution Trade Services Limited, in Kings Road, offered people the opportunity to invest in three South American gold mines. Using a database, they cold-called members of the public with offers…
DetailsBusiness 19 September 2016by Erikka Askeland North-east accountancy firm Johnston Carmichael has poached a senior manager from PricewaterhouseCoopers (PWC) to boost its restructuring team in Aberdeen. Richard Bathgate, qualified insolvency practitioner, has been appointed as a director of restructuring at Johnston Carmichaels Aberdeen office, reporting to head of restructuring, Matt Henderson. Mr Henderson said: This…
DetailsSEOUL, Sept. 19 (Yonhap) — The former chief of Tonyang Group, who was convicted of selling fraudulent investment products (CPs), was declared bankrupt by a local court on Monday. The Seoul Central District Court said it ruled in favor of the plaintiffs who filed a petition in December 2015, after being deceived into buying fraudulent…
DetailsRiyadh- Saudi companies whose losses exceed 50% of their capital now have seven months only before being completely liquefied. Administrations of these companies are taking serious steps to enhance their financial conditions. Asharq al-Awsat newspaper was informed that the majority of these companies will depend on decreasing or increasing their capital. These updates coincide…
DetailsSEOUL, Sept. 19 (Yonhap) — The former chief of Tonyang Group, who was convicted of selling fraudulent investment products (CPs), was declared bankrupt by a local court on Monday. The Seoul Central District Court said it ruled in favor of the plaintiffs who filed a petition in December 2015, after being deceived into buying fraudulent…
DetailsThe core assets of the insolvent KVV Liepajas Metalurgs metallurgy company should be sold as a whole, the companys insolvency administrator Guntars Koris said LETA. He said that the next step in the companys insolvency process would be inventory of its fixed assets and their evaluation. As the Privatization Agency has been doing that earlier,…
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