Insolvent Banking

Friday, 24 September 2021

Latest News for: Insolvent banking

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High Court appoints liquidator to aviation company

RTE 24 Sep 2021

NAC Aviation 9 Limited became insolvent and unable to pay its debts after it was unable to satisfy a demand from its lender German Bank Norddeutsche Landesbank Girozentrale (Nord) to repay $20m ... As a result of that failure the bank made a demand to be paid the full amount of what it is owed, some $20m.

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Dewan Housing Finance Ltd moves HC, seeks discharge in corruption case by CBI

Hindustan Times 24 Sep 2021

It argued it has undergone a Corporate Insolvency Resolution Process (CIRP) and a new entity has been appointed as a resolution applicant ... It argued it has undergone a Corporate Insolvency Resolution Process (CIRP) and a new entity has been appointed as a resolution applicant, as per the Insolvency and Bankruptcy Code (IBC).

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Financial engineering can be damaging to public and private sectors

The Irish Times 24 Sep 2021

Property developers had borrowed nearly all of their capital from the banks and builders also relied on the banks for most of their working capital ... instead they defaulted on their loans to the banks, finding themselves insolvent. In the face of this avalanche of defaults, the banks too were insolvent.

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Alarmed by Evergrande, China's lenders hold back on new credit for property developers

The Times of India 24 Sep 2021

"The expectation is that not only Evergrande, but also some of the top leveraged developers are on edge of liquidity crash even insolvency," said a person at the Bank of Shanghai Co Ltd ... CITIC Bank said it was fully prepared for the possible risks raised by Evergrande, had increased loan loss provisions and risk resistance.

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Today in History: UT saved Ofori-Atta’s company from collapse, gave Akufo-Addo loan – Amoabeng

Ghana Web 24 Sep 2021

He also noted that when President Nana Addo Dankwa Akufo-Addo was in opposition, he borrowed money from UT bank for his campaign ... The Bank of Ghana on Monday, August 14, 2017 revoked the licences of UT and Capital banks due to their insolvency, leading to a seamless takeover of the two banks by GCB Bank.

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Alarmed by Evergrande, China’s lenders hold back on new credit for property developers

Metro USA 24 Sep 2021

“The expectation is that not only Evergrande, but also some of the top leveraged developers are on edge of liquidity crash even insolvency,” said a person at the Bank of Shanghai Co Ltd ... CITIC Bank said it was fully prepared for the possible risks raised by Evergrande, had increased loan loss provisions and risk resistance.

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Dinah Owusu-Kissi – raising cleaning standards

B & FT Online 24 Sep 2021

The company however became insolvent due to rising incidents of non-performing loans, and she proceeded to the erstwhile Bank for Housing and Construction (BHC) ... her previous role as a Banking Officer ... One time, we were there at the head office of a bank, past midnight, cleaning.

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A Solution to Lebanon’s Economic Crisis

National Review 23 Sep 2021

Caught in the midst of the currency storm, banks became insolvent, and the economy collapsed. In a futile attempt to keep a lifeline of imports flowing, the central bank devised a concoction of multiple exchange rates.

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Goldman estimates Lebanese banks’ losses up to $65 billion

Daily Star Lebanon 23 Sep 2021

International investment bank Goldman Sachs estimated that restructuring of Lebanon’s financial system would leave the Lebanese banks with total losses of up to $65 billion and could lead to insolvency ... .

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Angela Merkel’s austerity condemned Europe and Germany to decline

New Statesman 23 Sep 2021

that, judging by the unfathomable size of their dollar-denominated bets, German banks had been even more criminally reckless than American ones ... The crash rendered Germany’s banks insolvent. Disguising this fact, so as to maintain the country’s business model and the eurozone’s flimsy economic architecture, required successive bank bailouts.

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In Depth: How a Liaoning Bank Got Sucked Into the Evergrande Vortex

Caixin Online 22 Sep 2021

With China Evergrande Group’s colossal debt under a global spotlight, the real estate conglomerate’s more than 100 billion yuan ($15.5 billion) of transactions with a regional bank are also raising concerns, prompting the local government to try to cut ties between the two ... Evergrande is also the bank’s biggest shareholder.

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New Companies Act, CIRA will turn fortunes of businesses - Registrar-General

Ghana Web 21 Sep 2021

Jemima Oware, the Registrar-General, says the implementation of the new Companies and the Corporate Insolvency and Restructuring Acts (CIRA) will turn the fortunes of businesses in the country in a positive direction ... The CIRA mandates the Registrar-General’s Department to set up the Insolvency Services Division to regulate Insolvency Practice.

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New Companies Act, CIRA will turn fortunes of businesses – Registrar-General

Ghana Business News 21 Sep 2021

Mrs Jemima Oware, the Registrar-General, says the implementation of the new Companies and the Corporate Insolvency and Restructuring Acts (CIRA) will turn the fortunes of businesses in the country in a positive direction ... The CIRA mandates the Registrar-General’s Department to set up the Insolvency Services Division to regulate Insolvency Practice.

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Afghanistan dispatches: ‘no bank has enough money to serve its customers at the moment’

Jurist 21 Sep 2021

These banks first of all are all in CAMEL Rating 5, which is the worst status for a bank and they were already insolvent in some areas ... Therefore, I believe we will see these banks becoming insolvent in the next three to four months ... The central bank will also take a long period of time to pay customers when they are actually insolvent.

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