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Read the minutes of the IFD meeting held on 13 March 2003 held at the IFD offices, Sydney including:
Welcome to new member
Amendments to the Personal Property Securities Act
Draft changes to the Tax Office FAQ
by visiting the Australia and New Zealand sections.
Source: IFD
02/05/2003
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The biggest UK regulator of insolvency practitioners (IPs) has stepped up its enforcement against abuses with more and heavier penalties it was revealed this week.
Publishing its 2002 annual report the Institute of Chartered Accountants in England & Wales (ICAEW) showed the number of complaints in 2002 fell to 243 from 286 in 2001 but the number of punishments doubled to 55.
02/05/2003
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Statistics showing insolvencies in the first quarter 2003 are published today (2 May) by the Department of Trade and Industry.
There were 3,684 company insolvencies in England and Wales in the first quarter of 2003 on a seasonally adjusted basis. This was a decrease of 13.9% on the previous quarter and a decrease of 8.2% on the same period a year ago.
Of active companies, 1.1% became insolvent in the twelve months ended Q1 2003, the same percentage as the previous quarter and the corresponding quarter in 2002.
02/05/2003
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One of the world’s largest credit insurers has seen either falls or only sluggish growth in its turnover in most of its major markets over the past year.
Trade credit insurer Euler Hermes reported a fall of 3.8% in first quarter turnover to Ђ50.8 million. The company said the results reflected an increasingly selective underwriting policy, which had already started to reduce its claims ratio.
02/05/2003
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An Asian information network known as Asiagate, a regional credit information network, will be launched to provide a one-stop centre for credit reporting services for the Asia Pacific region.
Asiagate, which has been jointly set up by the leading credit reporting agencies in the Asian countries, will be officially launched by Minister Datuk Seri Dr Rais Yatim, on 12 May.
02/05/2003
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Auction Broadcasting Company (ABC), a highly innovative auto auction company based in Indianapolis, announced the completion and funding of a new US$60 million credit facility. This facility, funded jointly by Comerica Bank and GMAC Commercial Finance is designed to provide ABC with the working capital to support the rapid growth ABC says it has enjoyed since its’ founding in 2000.
Mike Hockett, ABC’s founder and president stated, “We are extremely pleased to have two such supportive partners join together in this commitment to ABC.”
02/05/2003
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Pietro Filipi, a Czech fashion firm started from scratch ten years ago has managed to become a trendsetter in the Czech Republic and abroad. The owners' heavy investment into a sales culture proved key for gaining a strong reputation and faithful customers.
Since 1997 the company has had good working relations with factoring company O.B. Heller (a subsidiary of Иeskoslovenskб obchodnн banka), which provides factoring services.
02/05/2003
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German small- and medium-sized companies (SMEs) are considerably more sceptical about their future financing parameters than their foreign peers, according to a new four-country study by Siemens Financial Services in cooperation with F.A.Z.-Institut and the University of Augsburg.
02/05/2003
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The European Union (EU) has launched a new fund called Asia Invest-II (2003-07) aimed at promoting business cooperation between EU and Asia through business-to-business matchmaking opportunities. The fund will focus on partnership building and capacity strengthening activities, besides networking and dialogue exchange between authorities and the private sector from both continents.
02/05/2003
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Accord Financial Corp., a leading North American provider of asset-based financial services to businesses, including factoring, financing, credit investigation and guarantees, has announced its unaudited consolidated financial results for the first quarter ended March 31, 2003.
01/05/2003
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