...Core Competency of Portfolio Recovery Associates Change Management Portfolio Recovery Associates, a financial and business services company has many assets that make up the business. The services even include location services, which entails skip-tracing, collateral recovery for automobile lenders, law enforcement, insurance companies and other clientele. Bankruptcy debts are also acquired and serviced within PRA as well as government services like fee and tax revenue administration, plus revenue discovery/recovery services and audit services. The main core competency of this company is the acquisition of defaulted accounts. I believe that the other services are in place so that every single tool to help the consumer resolve the debt is there. This also means that when PRA purchases any defaulted account, it belongs to them. For example, the Las Vegas center focuses on the location services which may include hiring contractors to work with the company for vehicle repossessions. Once the vehicle or property is recovered, each department is notified in a certain manner. The loan that was acquired by the consumer is now defaulted and sent to collections. PRA, in some cases, will acquire the title of the vehicle, so that if the consumer may still have the vehicle, they can retrieve it once the account has been resolved. This separates Portfolio Recovery Associates from its competitors because other collection agencies will continue to sell the defaulted accounts...
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...In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses via their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years and debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. In the Torah, or Old Testament, every seventh year is decreed by Mosaic Law as a Sabbatical year wherein the release of all debts that are owed by members of the community is mandated, but not of "foreigners".[1] The seventh Sabbatical year, or forty-ninth year, is then followed by another Sabbatical year known as the Year of Jubilee wherein the release of all debts is mandated, for fellow community members and foreigners alike, and the release of all debt-slaves is also mandated.[2] The Year of Jubilee is announced in advance on the Day of Atonement, or the tenth day of the seventh Biblical month, in the forty-ninth year by the blowing of trumpets throughout the land of Israel. In Islamic teaching, according to the Quran, an insolvent person was deemed to be allowed time to be able to pay out his debt. This is recorded in the Quran's second chapter (Sura Al-Baqara), Verse 280, which notes: "And if someone...
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...Were we surprised that our webinar, “Insolvency Law Reform – The Essentials”, had the highest registration and attendance rates in the past year? No, because the topic is very relevant to those who practice in this demanding industry. Our webinar highlighted a little known fact – that insolvency law reform is an initiative under the Government’s “National Innovation and Science Agenda”. Among other things, such initiatives are aimed at aligning business laws with a culture of entrepreneurship and innovation. 2 tranches of reform were implemented in March and September 2017 by the Insolvency Law Reform Act 2016. Tranche 1 was about the registration and discipline of practitioners, and tranche 2 was about the insolvency administration process....
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...liquidator of a company is— o (a) to take possession of, protect, realise, and distribute the assets, or the proceeds of the realisation of the assets, of the company to its creditors in accordance with this Act; and o (b) if there are surplus assets remaining, to distribute them, or the proceeds of the realisation of the surplus assets, in accordance with section 313(4)— in a reasonable and efficient manner. Powers of liquidator • (1) A liquidator has the powers— o (a) necessary to carry out the functions and duties of a liquidator under this Act; and o (b) conferred on a liquidator by this Act. (2) Without limiting subsection (1), a liquidator has the powers set out in Schedule 6. Schedule 6 Powers of liquidators s 260(2) A liquidator of a company has power to— • (a) commence, continue, discontinue, and defend legal proceedings: • (b) the extent necessary for the liquidation carry on the business of the company: • (c) appoint a solicitor: • (d) pay any class of creditors in full: • (e) make a compromise or an arrangement with creditors or persons claiming to be creditors or who have or allege the existence of a claim against the company, whether present or future, actual or contingent, or ascertained or not: • (f) compromise calls and liabilities for calls, debts, and liabilities capable of resulting in debts, and claims, present or future, actual or contingent, or ascertained or not, subsisting or supposed to subsist between the company and any...
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...Doing Business is series of annual reports with their benchmark regulations affect small and medium size enterprises. The 2014 year report presents quantitative indicators on 11 areas of business regulations for 189 economies. It is a tool that allows economies to track progress over the time by comparing each other in respect of building blocks for business. The report further helps policy makers to reduce cost and complexity of government procedures. The report tracks and changes for regulations applying to small or medium companies in 10 areas of life cycle: starting business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, resolving insolvency, enforcing contracts and trading across borders. Because of this report, every year formalities require to setup business getting reduced. On comparing indicators, the year 2013 regulatory witnessed 300 fewer formalities compare to previous year 2012. Of all the indicators, the construction permits is one of regulatory reform where top improvers focused for year 2014. Property registration is another reform where top 7 out of 10 top improvers have implemented changes. 4 out of top 10 have implemented changes in electricity by reducing complexity and cost of getting connection. The report uses simple average approach for weighting component indicators and calculating rankings and distance to frontier (it is a measure that shows how far economy is from highest...
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...1-Dictionary defines bankruptcy as legally declared insolvency, or inability to pay creditors 2- Some people say that a company is called bankrupt if they failed to pay their loans on time; I say that if a company has assets then they should not be considered bankrupt since they can sell these assets and pay the people back. 3- there are some criteria in order to be called bankrupt Your income should be less than or equal to a certain amount You should not have applied for bankruptcy in the past 180 days. Clear Channel Communications Dictionary defines bankruptcy as legally declared insolvency, or inability to pay creditors, and the term bankrupt is derived from the Italian banca rotta, which means broken bank. There are two kinds of bankruptcy: One when the company itself or the individual declares it which is called voluntary bankruptcy, and one when creditors file a bankruptcy petition against a debtor which is called “involuntary bankruptcy”. Facts and Tools Question 1 A Question 4 A. Cyclical B. Structural C. Frictional Question 6 Insider who have jobs so they can have rights and making it harder for the company to fire them Thinking and problem solving Question 1 A) Rise B) Fall C) Fall D) Rise E) Stay the same Question 2 Net job creation= 5.25-5= 0.25 Total job destruction/net job creation= 5/0.25=20 So for each 20 job destructed one job are created Question 8 Of course the economist is right because he is an economist. The U.S government...
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...BUSL301 Final exam Session 1 2013 The exam does not include: Lecture Area 1-4 Lecture Area 9 [Week 10] (Takeovers / Financial Services and Markets) The Role of Auditors / ASIC Investigation (these are both in Lecture Area 7 [Week 8]) Everything else is examinable – that is, within the range of material that may be included in the final exam Part A of the exam (20 marks) is multiple-choice (10 x 2 marks per question) Part B of the exam (40 marks) has 2 problem style questions requiring written responses (15 marks each) and 1 short answer style question (with 5 questions worth 2 marks each). Look at the Unit Guide and the Assessment Guide Also on iLearn are: Coversheet for the exam Practice Questions Answer Guide to Practice Questions This question paper must be returned. Candidates are not permitted to remove any part of it from the examination room. SEAT NUMBER: ……….… ROOM: .………………. FAMILY NAME.………….....…………………………. OTHER NAMES…………….…………………..…….. STUDENT NUMBER………….………..…………….. SESSION 1 EXAMINATIONS – JUNE 2013 Unit Code and Name: BUSL301 Corporations Law Time Allowed: Two hours (2) plus 10 minutes reading time Total Number of Questions: Part A has 10 questions; Part B has 3 questions Instructions: 1. All Parts are compulsory. 2. This exam is worth 60% (60 marks) of your overall assessment. 3. Part A is worth 20 marks and is comprised of 10 multiple-choice questions worth 2 marks each. It must be answered on the Answer Sheet provided. 4. Part B is worth 40 marks and...
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...1. Tumble has entered into a derivative contact with Prudent in the form of ISDA standard master agreement in 1992, which is drafted by the International Swap Dealers Association Inc. The Agreement supplemented and modified by an ISDA schedule. After Tumble insolvency, Prudent Bank claimed that s2a(iii) of ISDA Master agreement permits it to withhold from paying any sum due to Tumble under ISDA contract and under s6(a) of ISDA agreement, Prudent has the right to refuse indefinitely to terminate the ISDA contract. I will review if Prudent has such right according to terms provided in ISDA agreement. I. Right under Master Agreement? From the ISDA contract, section 2(a)(iii) provides that the payment obligations specified in each confirmation are subject to 1) Condition precedent that no event of default or potential event of default with respect to the other party has occurred and is continuing, and also 2) Condition precedent that no early termination date in respect of the relevant transaction has occurred. 3) Each other application condition precedent specified in this Agreement Since the conditions stated in s2a(iii) are the conditions precedent to the payment obligation of the counterparties, if any one of the condition has not been met at any time, there is no payment obligation under any of the trade under the agreement. For condition 2 and 3, as seen in the schedule, there is no automatic early termination clause and other specified condition...
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...Hattiesburg, Mississippi based company began as Long Distance Discount Service Inc. (LDDS). In 1989 through a merger with Advantage Companies Inc., went public. Becoming LDDS WorldCom in 1995 then changed to WorldCom. In 2000, the company suffered serious setback, the industry downturned forcing abandonment of its proposed merger with Sprint. WorldCom’s stock prices declined, the CEO was pressured to cover margin calls from the banks on WorldCom stock that was used to finance other businesses. This scheme failed and the CEO gone, a new CEO was appointed. To mask the decline in earning and ensure the company was portrayed as a growing profitable company, used fraudulent accounting methods. Firstly, interconnection expenses were recorded as capital instead of expenses and secondly using bogus accounting entries from corporate unallocated revenue accounts, the company inflated its revenues, around $11 billion by the end of 2003. As the accountant for WorldCom, I would have recorded such disbursements as operating costs; the procedure used was unethical. Had the company insisted the procedures be recorded in such a manner, I would have no choice but to alert the necessary authorities as this was a serious violation of accounting ethics. The consequences for WorldCom resulted in the company defaulting on bank agreements, loans being subject to immediate payment. The reputation of the company was in question, affecting the profits of the company, making it impossible to earn...
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...The Quarterly Review of Economics and Finance 45 (2005) 48–64 Contagion effects of the world’s largest bankruptcy: the case of WorldCom Aigbe Akhigbea,∗ , Anna D. Martinb , Ann Marie Whytec a Department of Finance, College of Business Administration, University of Akron, Akron, OH 44325, USA b Department of Finance, Charles F. Dolan School of Business, Fairfield University, USA c Department of Finance, School of Business, University of Central Florida, USA Received 16 June 2003; received in revised form 23 December 2003; accepted 27 July 2004 Available online 26 November 2004 Abstract On July 19, 2002 WorldCom sought protection from its creditors when it filed for Chapter 11 bankruptcy, earning the distinction as the largest bankruptcy filing in U.S. history. The events surrounding this history-making occurrence provide an important opportunity to examine the repercussions for WorldCom’s stakeholders. We especially focus on the valuation effects of the WorldCom failure on exposed financial institutions for their important monitoring roles as institutional investors and creditors. Despite the heightened uncertainty facing investors during this period, we find that the market is remarkably efficient in distinguishing among the various types of stakeholders. In particular, institutional investors and creditors are largely unaffected by the events, which is expected based on the benefit of diversification. In contrast, large and key competitors are adversely affected by the events...
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...bonds from a company and buy CDS from insurance company at the same time to make sure even the company default; the bond holders can get the par value back from insurance company. We will look at the CDS spread of Delphi for this question. After we plotted in the data, we find out that the overall CDS spread are abnormally large during the year of 2005 and 2008. The high CDS spreads indicates the unsuccessful operation of Delphi at that time and investors perceiving the possibility of Delphi defaulting on its bond payment. Delph is one of the world's largest automotive parts manufacturers originated in the U.S. The company originally belonged to General Motors (G.M.) and spun off in 1999 as an independent company. However, facing the increasing competition in the automotive industry, inability to repay its debt, and weakened by the high labor costs that set by the spinoff agreement with GM, Delphi filed for Chapter 11 bankruptcy protection on Oct. 8, 2005 to reorganize its struggling U.S. operations. After Delphi release the news of filing bankruptcy, the bond holders loosed confidence on Delphi and believed Delphi might default on its bond repayment. Bond holders started to sell Delphi bonds or purchase CDS to cover the bonds that they held. The CDS spread in 2005 therefore increased. The high CDS indicates the high possibility of Delphi defaulting on its bond and indicates bond holders losing confidence on Delphi ability to repay them. In 2008, the company had a plan in...
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...KPMG 经典 24 题 The Classical 24 Numerical Reasoning 1 2 3 4 5 6 7 "The big economic difference between nuclear and fossil-fuelled powerstations is that nuclear reactors are more expensive to build and decommission, but cheaper to sun. So disputes 答案详解 1. E (28x200+25x100)/(100%-10%)=9000 2. C (20x250+16x300) x6%=588 8 3. B Permanent: 150 Temporary: 250 Region E (permanent: temporary)=3:2 Region SE Total: 400 (New) Permanent: 400x3/5=240 Temporary: 400x2/5=160 所以我们可以得出 P 增加了 90 人，T 减少了 90 人 90x(30-18)=1080 (我们可以用其他方法算，但是却不是最节约时间的算法) 4． E 目测， （SE 和 SW 的 P 每小时接的电话数是最高的，而且 SW 的 P 的人数多，所以总数上 SW 可定比 SE 要高。虽然 E 的每小时接电话数不高，但是他人 数最多，所以总数也很高） 5. 6. 7. 8. 9. C A A D E (43200+80000+16000) x105%-11232-12096-21600-19200-4160-4640=73232 (40x120x4-1600)/16000=20% 43200/48-44000/50=20 80000/50/25=64 (2.50-2.40)/2.40x2.50+2.50=2.604 (1.10-1.08)/1.08x1.10+1.10=1.120 2.604-1.120=1.48 10. 11. A C 1.70-(3.20-1.70)=0.2 9 (1.70-0.3)x(1-15%)=1.19 12. 13. 14. 15. 16. 17. E G B E C C 1.08x(1-20%)/2.40=36% (70-50)x4x40x3=9600 50x40x4x6+50x4x4x10=56000 3/2.4x40-40=10 (40-38)x4x3x(55+40)=2280 8000/61.8-100/1.62=67.72 不管在 Yr 1，用了多少英镑买泰铢，我们要知道的是在 Yr 2，8000 泰铢可换多少英镑，所以用第二年的汇率，而不是第一年的。 注 意 remainder 说 明 是 算 差 的 18. 19. F D 1000x1.52/1.62x11.1=10415 (65.4-61.8)/61.8=5.8% 升值，这是直接法，所以在 Yr 1，1 英镑可换 65.4 泰铢，而 Yr 2，1 英镑之可以换到 61.8 的泰铢，这说明泰铢升值了。 （这里英镑 是基准货币） 这 道 题 原 始 的 解 法 应 该 是 ： 1/61.8-1/65.4） /1/65.4 （ 20. 21. 22. B E G 目测法，看两年直接之变化最大的，注意单位（全部看作是百位数） ??????????...
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...Australian Commercial law Name Institution Course Date Question 1 Introduction This is a case emanating from the corporations Act 2001 where the authorized financial advisor acted unprofessionally according to the Australian corporations Act. The breach of law led this financial advisor to jail. The judge issued his verdict basing on the provisions in the corporations Act 2001 to safeguard the plaintiffs from the negative impacts caused by the financial advisor Mr. weaver who gave false information to his clients. Motives of the financial advisor (Mr. Weaver) From the case, we are informed that Mr. Weaver (the defendant) pleaded guilty for 3 counts of failing to have a reasonable basis for the advice he gave and one count of making a false or misleading statement. He admitted that the advice he offered to his clients did not have a reasonable basis thus, it is as if he offered blind advice that affected the clients negatively. The clients followed his advice presuming that he is a trusted professional who has extensive knowledge in matters of financial investments. The defendant Mr. Weaver did not have any ulterior motive by giving this false advice but seems he acted this way due to assumptions. He did not take time to analyze the underlying facts so as to come up with credible advice that would benefits his clients; thus, he acted carelessly. Legal tools used by Judge Wall QC In making his ruling, judge Wall capitalized on section 1041E of the Australian corporations...
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...debts it owns to creditors is known as bankruptcy. In most of the cases it is imposed by a court order, often initiated by the debtor. If the person or entity is not able to pay debts, the best way to solve this problem is to set up an arrangement with the creditors. There are two options for the bankrupt person, declares a voluntary petition to become bankrupt or let the creditor take action to have this person declared bankrupt by an order of the court usually known as sequestration order. ("American Bankruptcy Institute.") The consequences of bankruptcy are really serious. The person or entity which is declared in bankruptcy will be registered in a permanent record named the National Personal Insolvency Indez (the NPII), which is an electronic register of al personal insolvency proceedings. This site is able for any person and includes personal information such as the name, date of birth and address of the person who is registered. In addition to, during the declaration of bankruptcy a trustee is appointed to look over the situation. The duties of this person are to specify in legislation and this person must have to attach to certain standards while he is on duty. The roughness part of bankruptcy is when the trustee is force to sell all the assets, including that person acquired or become owner during bankruptcy; nonetheless, this person would be able to keep some types of assets. The trustee must recover any income the person earns over a certain limit. He also has to investigate...
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...Australian Commercial law Name Institution Course Date Question 1 Introduction This is a case emanating from the corporations Act 2001 where the authorized financial advisor acted unprofessionally according to the Australian corporations Act. The breach of law led this financial advisor to jail. The judge issued his verdict basing on the provisions in the corporations Act 2001 to safeguard the plaintiffs from the negative impacts caused by the financial advisor Mr. weaver who gave false information to his clients. Motives of the financial advisor (Mr. Weaver) From the case, we are informed that Mr. Weaver (the defendant) pleaded guilty for 3 counts of failing to have a reasonable basis for the advice he gave and one count of making a false or misleading statement. He admitted that the advice he offered to his clients did not have a reasonable basis thus, it is as if he offered blind advice that affected the clients negatively. The clients followed his advice presuming that he is a trusted professional who has extensive knowledge in matters of financial investments. The defendant Mr. Weaver did not have any ulterior motive by giving this false advice but seems he acted this way due to assumptions. He did not take time to analyze the underlying facts so as to come up with credible advice that would benefits his clients; thus, he acted carelessly. Legal tools used by Judge Wall QC In making his ruling, judge Wall capitalized on section 1041E of the Australian corporations...
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