The proposed acquisition forms part of a significant restructuring at Cell C, which will result in the company’s debt being reduced by more than half and all employees being given a stake in the business. Blue Label intends using a mix of cash and new debt to pay for the stake. Although the R4-billion injection…
DetailsIf you’re drowning in debt, mortgages, car loans, student loans and credit card bills are enough to make you feel like you’ll never get your head above water … and you’re not alone. American consumers are around $11.91 trillion in debt. TRILLION. Managing credit cards isn’t easy. You might think you owe only a small amount on one…
DetailsNational Debt Relief recently shared in an article published November 27, 2015 some of the ways consumers can retain their freedom from debt after hurdling all their financial obligations. The article titled “Get-Out-Of-Debt Habits You Should Retain After Debt Freedom” looks at financial habits consumers need to have to prevent falling back into debt. Dallas,…
DetailsIn 2011, Bill Clinton put mortgage arrears resolution front and centre of our economic recovery. He claimed there would be no widespread economic recovery until this issue had been dealt with properly. He was right then and remains so. Economic recovery will not be real, sustainable or widespread until the scourge of mortgage arrears is…
DetailsMost experts support the broad direction of the draft Insolvency and Bankruptcy Code, which was recently released by the finance ministry. However, there is a fair degree of apprehension about the implementation. A common question is how this Code will coexist with the existing insolvency laws such as the Securitisation and Reconstruction of Financial Assets…
Detailsby Karen O’Flynn The government’s new approach to insolvency is long on rhetoric about “risk-taking” and the need to remove the “stigma” of business failure. It is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency. Those rules aim to balance the interests of creditors against the need…
DetailsThose looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website. But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency…
DetailsJamie McIntyre at a Senate hearing into land banking schemes. Photo: Wayne Taylor A failed land banking company linked to property spruiker Jamie McIntyre will be placed into liquidation amid concerns about $25.5 million of investors’ funds. Midland Hwy Pty Ltd was behind a Bendigo land banking project called Hermitage, spruiked by Mr McIntyre’s controversial…
DetailsDrainlayer Graham Lilley has changed his name and is working in Wellington. A man who ran a drainlaying operation in Christchurch is plying his trade in Wellington under another name. Graham Daniel Lilley, 37, ran a company called Alligator Drainage after the Canterbury earthquakes. It took large deposits from householders, many of them elderly, after…
DetailsMore than 50 workers have lost their jobs, after Canberra-based printing company Paragon Printers went into liquidation this week. Paragon Printing bills itself as one of the largest independently owned commercial printers in Australia, but on Monday it closed its doors, owing creditors approximately $3.3 million. Paper supply companies made up the majority…
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