Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader. According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant…
Suddenly no one wanted to come to the shopping centre. It was pretty brutal, says Smith, who owns the Lollyology store in Westfields Knox City mall in Melbournes east. He managed to hold on by launching a website in three days flat, selling the bulk of pre-ordered stock at cost, delivering orders himself and negotiating…
Generali has announced that it has undergone an organisational restructuring, with several new appointments to support the major change. The restructuring was proposed by Generali Group CEO Philippe Donnet, and was approved by the companys board of directors during a recent meeting. A release said that the new organisational structure is designed to address key…
Temple University graduate Ewan Johnson’s mother borrowed so he could go to college. Growing up in a small town near Trenton, N.J., Ewan Johnson said there were birthdays when his mother couldn’t afford to buy presents for him and his sister, but she did her best by baking cookies. There were times whenshe worked overtime…
Many developing countries are experiencing mounting external debt distress owing to the economic consequences of COVID-19. G20 Finance Ministers were swift to adopt the Debt Service Suspension Initiative (DSSI) in 2020, suspending bilateral debt payments through July 2021 for 73 low-income countries. Globally, Chinese governmentsponsored banks have emerged as the largest bilateral creditors (1). For…
The Australian Securities and Investment Commission (ASIC) seeks industry feedback on its proposal to extend financial reporting and annual general meeting (AGM) relief in order to reduce the regulatory burden for externally administered companies. ASIC has proposed expanding the relief available under the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a…
Speedcast International Limited, a major provider of satellite connectivity to the cruise industry, has announced that its plan of reorganization has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas According to a press release, this confirmation definitively clears the path for the company to successfully complete the Chapter 11 process…
Progressive Debt Relief uses a process known as debt settlement to help consumers negotiate and settle all other unsecured debts they might have, such as credit card debt. It has been a pioneer in the industry when it comes to helping consumers escape from a cycle of using payday loans to stay afloat. According to…
Due to the national public health emergency caused by COVID-19, the US Department of Agriculture announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA). USDA will temporarily suspend non-judicial foreclosures, debt offsets…
By Andrea Shalal 4 Min Read WASHINGTON (Reuters) – Chad has officially requested a debt restructuring, the first country to do so under a new common framework agreed by Group of 20 major economies last year, the International Monetary Fund said on Wednesday. Chad’s President Idriss Deby attends a working session of the G5 Sahel…