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Saturday, 19-Oct-2013 16:08 Email | Share | Bookmark
A New System For Business Loans In Palau | Pacific Beat

Distressed Debt Buyers Seek Australian Loans as Mining Struggles

So that's, for example, if you have a small business and the business wants to borrow some money for whatever reason, they're able to use their moveable property as collateral for that loan, so that could be anything from their equipment that they might have, their stock in trade, their accounts receivable, their motor vehicles. Any assets in fact that's movable. So the law allows that to happen, and those interests that are created under the law are then registered on an electronic registry which serves as notice for everybody that those interests against that movable property have actually, have been made. RICE: Well, is this a new way of doing business for Palau? REID: It certainly is a new way of doing business for Palau. Prior to this, coming online last week, and the new law which they passed in the middle of last year. It was possible, but extremely complicated and in terms of using movable property as collateral for loans and in fact there's a general reluctance by lenders in Palau to take movable property. So this creates new opportunities for lenders, and obviously new opportunities for borrowers. RICE: And how did the laws have to be changed? <br>For the original version including any supplementary images or video, visit

Australian loan arrears dropping as rates fall

In the last year, debt trading by investors such as Oaktree Capital Group LLC ( OAK:US ), Apollo Global Management LLC ( APO:US ) and Centerbridge Capital Partners LLC have precluded restructurings of companies including Nine Entertainment Group Ltd and Billabong International Ltd. Creative Sector A trust managed by Sankaty Advisors LLC agreed to buy a A$371 million portfolio of loan assets from Lloyds last month, as Britains biggest mortgage lender offloads assets it no longer considers essential. Westpac Banking Corp. and National Australia Bank Ltd. are among lenders that made preliminary bids for its Australian assets, people familiar with the matter said last month. Investors are seeking to acquire bad loans which are sitting on local banks balance sheets, according to Calder. There is a more creative sector thats moving down into mid-sized companies to acquire debt positions, he said. Some 41 percent of survey respondents expect a decline in Australias manufacturing industry over the next year. The nations retail and consumer goods companies are also expected to endure more financial distress, even after some significant restructuring in the previous four years, the survey said. The surveys 129 respondents included equity investors, lawyers, lenders and turnaround and insolvency advisers. <br>For the original version including any supplementary images or video, visit

The percentage of residential mortgage loans more than 30 days in arrears fell to 1.35 per cent in the September quarter, ratings agency Standard & Poor's said in its latest RMBS Performance Watch report. The result was down from 1.5 per cent in the previous quarter and the lowest level since October 2011, the report said. "This suggests the progressive lowering of interest rates during the past year is taking effect," S&P said in a statement. Some economists were forecasting further cuts in 2013, which should bring further easing in borrowing rates even though Australia's banks have not been passing on the RBA moves in full. On a state-by-state basis, the S&P report found Queensland had 1.63 per cent of loans behind in their repayments by more than 30 days, the highest level in the country. Although this was down from 1.82 per cent in the previous quarter, the report warned that recent moves from the Queensland government to slash public sector jobs and the slowdown in mining investment in the state could affect arrears. Next highest was Western Australia at 1.6 per cent and Tasmania at 1.58 per cent. In terms of specific suburbs, the Nelson Bay area north of Newcastle in NSW, had the highest arrears of all Australian postcodes. S&P said Australia's economic outlook "bodes well for a stable housing-loan market" in 2013. <br>For the original version including any supplementary images or video, visit

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