More than 420,000 British gamblers lose at least £2,000 a year, according to a major report that warns losses on the most addictive products are “strongly skewed” towards deprived areas.

The report lays bare the punishing losses incurred by the heaviest gamblers and raises “concern” at the low level of intervention by gambling companies to prevent them suffering harm.

Its findings sparked renewed calls for a government review of gambling regulations, due within days, to include tough affordability checks and stake limits on online slot machines, which allow punters to bet large sums on a single “spin”.

Researchers from the National Centre for Social Research (NatCen) and the University of Liverpool raised particular concerns…

Shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) and superyacht shipyard Nobiskrug have officially filed for insolvency, deepening the ongoing crisis for their parent company, Tennor Group, and its owner, Lars Windhorst.

District courts in Flensburg and Neumünster have appointed the lawyers Christoph Morgen, Partner, Brinkmann & Partner and Hendrik Gittermann, Partner, REIMER as provisional insolvency administrators. The insolvency filings, submitted to the district courts in Flensburg and Neumünster, follow months of financial instability and reported mismanagement.

The bleak…

During the pandemic, many jurisdictions amended their insolvency laws to lessen the impact of the pandemic. In some cases, these amendments operated on a temporary basis until the impact of the pandemic abated. In other cases, more permanent reforms were introduced to improve insolvency legislation generally. In Australia, as noted in the recent report of the Parliamentary Joint Committee Corporations and Financial Services on corporate insolvency law, many stakeholders continue to call for a broad review of both corporate insolvency law and personal bankruptcy law to consider how complexity should be reduced and also the potential benefits of combining all of Australia’s insolvency legislation under a…

This article is based on an interview with a 35-year-old man who is in recovery for gambling addiction. We have removed or changed some details to protect his identity. Parts of the story have been edited for clarity and brevity.

If I had to put a number on how much I’ve lost gambling, I’d say it’d be $150,000 over the last 20-odd years.

It started at a young age. My dad loved horse racing, but he wasn’t a big gambler himself — the biggest bet he’d put on would be $5.

On Saturdays, we’d go to the races together. It was something I looked forward to doing with my dad. From the time I was about 16, bookmakers on the track were happy to take my bets. They weren’t going to ask for my ID or anything.

When I was 18, I started with online…

The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has called for urgent passage of the Insolvency Bill, which aims to bring much-needed updates on insolvency practice in the country.

The president of BRIPAN, Chimezie Ihekweazu, said this at the association’s event held in Abuja on Thursday.

Insolvency law is the set of rules that helps indebted individuals or businesses find a way to settle what they owe or start fresh.
It provides options like debt restructuring or asset sale to repay creditors fairly and organised.

According to Mr Ihekweazu, Nigeria’s personal insolvency laws are stuck in the past, relying on an old Bankruptcy Act, while corporate insolvency has moved forward with modern reforms.

Mr…

Aug. 13—On Oct. 13, 2017, Ron Meyer, the former Hollywood mogul who headed Universal Studios for 18 years, gambled at Mohegan Sun.

“He did not win.”

So says a revised complaint the Mohegan Tribal Gaming Authority filed in late June in New London Superior Court, alleging Meyer owes the casino $2,782,500.

That’s after the casino had extended Meyer $6 million in credit to gamble, $5 million of which he lost that October day nearly seven years ago. He eventually repaid $2,217,500 of the debt in accordance with the terms of a payment plan the parties signed in April 2018.

Meyer, 79, a resident of Santa Monica, Calif., hasn’t made a payment since Sept. 1, 2023, according to the lawsuit.

Now Meyer, in a motion to strike the gaming authority’s…

Recaro Automotive declared bankruptcy in Germany, as reported. The announcement was made four years after private investment firm Raven Acquisitions purchased Recaro Automotive from American seating manufacturer Adient.

It should be noted that Recaro Automotive Seating, the firm that manufactures car seats, is the only one with this name that is insolvent. Recaro Holding, which creates gaming chairs and airline seats, is not a party to the bankruptcy proceedings.

Employees of the firm received notice of the bankruptcy on July 30, and insolvency payments would be used to guarantee their salaries and wages. The firm will continue to fill all current orders and respond to new customer requests while…

The Thai Cabinet approved a package of debt relief measures, including interest suspensions and reduced principal payments. The initiative aims to alleviate the financial burden on individuals and businesses struggling with economic challenges.

By suspending interest and reducing principal payments, the government seeks to provide immediate relief and prevent defaults. These measures are expected to help stabilize the economy by allowing borrowers to manage their debts more effectively, thereby maintaining consumer spending and business operations.

Key takeaways

• The Thai Cabinet approved measures, including a three-year interest suspension and reduced principal payments, benefiting 1.9 million borrowers with loans worth 890 billion…