Insolvent Banking

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Saturday, 21 September 2019

Latest News for: Insolvent banking

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Shane Phelan: 'Rise of debt write-offs: Hundreds seek deals as they battle to save their homes'

Irish Independent 21 Sep 2019

PIA proposals must be made through a personal insolvency practitioner, or PIP, authorised by the ISI ... According to Eugene McDarby, chairman of the Association of Personal Insolvency Practitioners, a key factor driving debtors to seek PIAs is that the main banks are under pressure from the European Central Bank to get bad loans off their books....

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Rise of debt write-offs: How hundreds are seeking deals as they battle to save their homes

Irish Independent 21 Sep 2019

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NCLAT sets aside NCLT June order rejecting SBI plea against Rohit Ferro

Yahoo Daily News 21 Sep 2019

The National Company Law Appellate Tribunal (NCLAT) on Friday set aside National Company Law Tribunal, Kolkata bench’s June 28 order that rejected State Bank of India's insolvency petition against Rohit Ferro Tech ... SBI took the company to the insolvency court after Rohit Ferro committed default in paying the debt....

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Nirmala Sitharaman's tax bonanza is a good first move to revive economy but constant alert necessary on fiscal scenario ahead

Yahoo Daily News 20 Sep 2019

Also, there is the risk of a moral hazard in loan melas, just like in non-performing assets (NPAs) caused by imprudent bank lending, MUDRA loans or Kisan Credit Cards ... There is little doubt that the Insolvency and Bankruptcy Code (IBC) has not even scratched the surface of moral hazards in politically vulnerable banking.Story continues ... More ... ....

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VBS in court to recover money and liquidate Brian Shivambu’s Sgameka

Business Day 19 Sep 2019

Liquidators of VBS Mutual Bank will be in the high court in Johannesburg on Friday in a bid to recover more than R4.2m owed by Brian Shivambu’s company Sgameka, and to have it liquidated ... acts of insolvency” ... The bank’s liquidators have been working to recover money owed to VBS....

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Deutsche Bank in regulator’s crosshairs

Business Day 19 Sep 2019

For the umpteenth time, Deutsche Bank is ensnared in an alleged regulatory blunder ... confidence in its regulator, the European Central Bank (ECB), is on the line too ... And earlier in 2019, Bloomberg uncovered how the ECB had signed off on Banca Monte dei Paschi di Siena SpA’s $6bn bailout even though it was aware the bank was probably insolvent....

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Real hits 2-week low after Brazil cuts rates to record low

Canada Dot Com 19 Sep 2019

Brazil’s real currency dropped to a. two-week low on Thursday, lagging its Latin American peers,. after the central bank cut interest rates to a new record low. and signaled room for further easing ... central bank forecast inflation next year to be only 3.80%, ... Reuters ... to avoid insolvency ... and real estate companies, banks were deep in the red. The....

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PM Modi’s goal of $5 trillion economy by 2025 is at risk

The Times of India 19 Sep 2019

... appears to lie with the central bank ... While Modi has seen through far-reaching reforms -- giving RBI an inflation targeting mandate, introducing a nationwide consumption tax and passing an insolvency law -- in his first term, he’s fallen short of overhauling the banking system....

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Modi’s goal of a $5 trillion Indian economy by 2025 is at risk

Gulf News 19 Sep 2019

... banks to the private sector — to step up ... While Modi has seen through far-reaching reforms — giving RBI an inflation targeting mandate, introducing a nationwide consumption tax and passing an insolvency law — in his first term, he’s fallen short of overhauling the banking system....

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Understanding the investment slowdown

Yahoo Daily News 19 Sep 2019

This may be attributed to a combination of factors involving stalled projects, non-viability of projects post clearance due to changing economic conditions, lower capacity-utilisation rates, and, more importantly, the sharp jump in NPAs of banks as well as referral of several large cases to the Insolvency and Bankruptcy Code (IBC)....

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How companies undergoing insolvency resolution face hardships due to probable clash of GST with IBC

Yahoo Daily News 18 Sep 2019

Under IBC, there is a mechanism for distribution of assets during insolvency resolution ... Thus, companies going through a resolution scheme and insolvency professionals may, in the future, plan to challenge gaps in GST law and an order shall be taken from the judiciary before tax authorities begin to attach the bank accounts of such companies....

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McLeod Russel appeals to NCLT against status quo on asset sales

Business Line 18 Sep 2019

Joy Saha — counsel for McLeod Russel — clarified that each of the assets over which Techno Electric has asked for injunction, are already mortgaged in favour of the banks ... The insolvency case against McLeod is yet to be admitted....

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Innovation, opening up key to escaping Japan's path

Korea Times 18 Sep 2019

What's different between Korea today and Japan since the 1980s is that the banks are not saddled with bad debts to the same extent ... Looking back at Japan's experience, after the collapse of asset prices it didn't force insolvent banks to either close or write down bad loans ... In short the Bank of Japan's timing was terrible....