As a result of the continuing inability to collect repayments, and the huge outstanding debts, the Argo Bank has collapsed today. The Government has decided to take over all assets and collect the outstanding amounts in a way damaging as little as possible.
This means that when buying a business the well-known Argo Bank /loan is no longer available.
The holders of a business will be paying their debt on selling, they will not be forced to repay while they own their current business.
This tragic news might come as a shock, as it will decrease the business capital of the business men by $300.000.
However we have faith in the Argonaht economy to be able to survive this crisis.
For those who are starting up their first business and are in need of capital, institutions like the Mad Dogg Bank will fill the void left by this collapse.
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