On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible Companies The…
One of the nation’s most popular pizzeria chainsfiled for bankruptcy Thursday, blaming thecoronavirus pandemicfor its financial struggles. California Pizza Kitchen said it will continue operating as usual while working through a Chapter 11 restructuring plan aimed at reducing its debt by $230 million. The pizzeria hinted in its filing that it will close some of…
U.S. cities are fast running out of cash. The pandemic will reduce local government revenues by an estimated US$11.6 billion in 2020. With COVID-19 requiring residents to stay home and stores to shutter, the bulk of this reduction comes from a slump in local sales taxes. Declines will continue into 2021. State revenues are heading…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 35 bankruptcies in week 30. This is 11 down on the previous week. In addition, 2 sole proprietorships were declared…
As part of the general business cycle, there are always a certain number of companies that get wound up, every week, and looking at the statistics at the moment, there have only been a handful of external administrations. Many are suggesting that there are upwards of 2000 businesses that would have ordinarily failed since March…
More than 50 per cent of small to medium sized businesses are preparing to explore insolvency options over the next six months, a new survey has found. An independent survey commissioned by insolvency firm Jirsch Sutherland has found that of the 1,000 business owners and directors surveyed, 51 per cent said they were expecting to…
I think for us, weve probably been hit more than most areas of insurance by the pandemic, he said. Obviously, the economic impacts of COVID-19 have been well-publicised and Credit Solutions protects against the risk of insolvency, which has probably never been so much of the forefront of clients minds. Read more: What’s next? Australian…
However, Ms Ball said the TMA would not insist on any exemptions to unfair preference payments that involved related party payments or phoenix transactions. “The amendment would not however, exempt those payments made by a company pre-insolvency to any related party or where there exists phoenix company-type transactions.” The government has already made significant changes…
29 Jul 2020 The Corporate Insolvency and Governance Bill offers directors of struggling companies with some welcomed respite in regards to some of their decisions and action during the COVID-19 period. There is relief available with regards to personal liability for wrongful trading, voluntary moratoriums and restructuring options. Wrongful trading The impact of the COVID-19…
Najib, who led Malaysia from 2009 to 2018, co-founded 1MDB to attract foreign capital and help advance the Malaysian economy. Instead, up to $US4.5 billion was siphoned off. In 2018, the fund was declared insolvent and unable to pay its debts. That same year, Najib was bounced out of office in a historic election defeat.…