The financial services sector has been reeling under the pressure of mounting bad assets, including failed restructuring attempts, and the situation seems far from over. The proposed Bill on bankruptcy, consolidating the existing scattered laws relating to insolvency of companies, is a noteworthy move by the government for accelerating the winding up process for defaulting…
DetailsPolice arrested three men and were hunting two of their accomplices for allegedly conning a 23-year-old student from a wealthy family in a HK$1 million gambling scam in Macau, Apple Daily reported on Friday. The victim surnamed Wong, a sophomore at a university in the UK who has just returned to Hong Kong for the New…
DetailsROBERT KITCHIN/FAIRFAX NZ Dick Smith stores have remained open while receivers and administrators try to get the business sorted for sale. Almost 200 Dick Smith New Zealand employees are owed $353,000 by the company and it is uncertain whether they will get their money. Dick Smith’s administrators McGrathNicol held the first New Zealand creditors meeting…
DetailsWith total outstanding consumer debt at $3.34 trillion, excluding mortgages, according to the Federal Reserve, it’s clear borrowers aren’t taking debt seriously enough. My method for upping the urgency: treat debt the same way you would if your house was on fire extinguish it as soon as possible. Debt costs you money every day. Interest…
DetailsWritten by Rajeev Chandrasekhar | Published:January 15, 2016 7:59 am Lets face it, Indias economic and reform performance in 2015 has disappointed many. Despite outperforming its BRICS compatriots by being the fastest growing economy in 2015 at 7.5 per cent, its bright spot status does not leave room for complacence in 2016. Domestic private investment…
DetailsWhat effect does a licensor filing for insolvency have on a licence? The answer depends not only on the terms of the licence agreement and the law that governs that agreement, but also on the laws of the place where the insolvent party is located. Under Swiss law, a contract will not automatically be terminated…
DetailsContents1 Market watch top headlines1.1 Australian reports1.2 World reports1.3 AAP1.3.1 2016-01-12 Market watch top headlines Australian reports World reports AAP 2016-01-12 Significantly more businesses went under last year compared to 2014, led by a rise in company failures from NSW. With 9,573 businesses having gone into administration up to November last year, the numbers for…
DetailsROBERT KITCHIN/FAIRFAX NZ Dick Smith stores have remained open while receivers and administrators try to get the business sorted for sale. Dick Smith’s administrators have successfully defended an attempt to replace them, after lifting the lid on the debts of the retailer’s New Zealand business. At a meeting in Auckland on Friday, creditors voted on…
DetailsA shopper pushes a cart in front of a Wal-Mart store in Mexico City March 24, 2015. Reuters/Edgard Garrido Wal-Mart Stores Inc (WMT.N) has closed about 60 stores in Brazil, or more than 10 percent of its locations in the country, as part of a restructuring of one of the retailing giant’s most important overseas…
DetailsNot so long ago, Chinas politics appeared an economic virtue, including for many in the Australian business community. There were even strong hints of China-envy in the air, the idea that authoritarian leaders could simply identify problems and fix them. No need to deal with interest groups, sceptical media, economically illiterate population or an obstructionist…
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