Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
You don’t have to clean your finances up on your own — a debt relief service could help.
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Spring is just around the corner, and soon, many people will open their windows, turn on some music and clean areas of their homes they may not have looked at over the last few months. But spring isn’t just a perfect time to deep clean your home; it’s a good time to clean up your financials, too.
A financial spring cleaning can help you set the stage for a more successful 2024. And, if part of that process includes addressing high-interest debt, you may want to consider using a debt…
Reducing debt payments for the world’s poorest countries to more manageable levels could dramatically improve access to education and clean water, potentially allowing 5 million more children to attend school and providing clean drinking water to 17 million people, according to a recent study.
Research conducted by academics at the universities of St Andrews and Leicester highlights the significant benefits of cutting down on these repayments. The study suggests that reducing the debt burden could also save the lives of 60,000 children and mothers annually.
As external debt payments reach their highest levels in 30 years, the findings have energized campaigners who are calling for creditors to offer more favorable terms to low-income…
The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the judge had exercised his discretion to sanction the restructuring plan and effected a cross-class cramdown (CCCD) of creditors. The appeal against the first instance decision was made by dissenting creditors and was allowed by the Court of Appeal. The lead judgment of Lord Justice Richard Snowden will inform debtors, noteholders, trustees and other participants in financial structures or restructurings when…
A new study recently revealed that the rapid growth of online sports betting in the United States is disproportionately affecting financially constrained households.
The research highlights the adverse effects of this booming industry on low-income Americans.
NBC News reports that online sports betting has skyrocketed from an average of $1.1 billion per month in 2019 to $14 billion by January 2024.
This surge has contributed to rising credit card debt, declining credit scores, and reduced long-term investments among Americans.
Since the Supreme Court’s 2018 decision to overturn the federal ban on sports gambling, 38 states have legalised and launched sportsbooks, with over $120 billion wagered and $11 billion in…
Latest figures from the Insolvency Service have shown that there were 2,191 business insolvencies in England & Wales in July 2024, 7.3% lower than in June 2024 (2,363) but 15.9% higher than the same month in the previous year (1,890 in July 2023).
The insolvencies consisted of 320 compulsory liquidations, the highest monthly number since before the Covid-19 pandemic, 1,691 creditors’ voluntary liquidations (CVLs), 155 administrations and 25 company voluntary arrangements (CVAs). All types of company insolvency were higher than in July 2023.
CVLs accounted for 77% of all company insolvencies. The number of CVLs decreased by 9% from June 2024 but was 15% higher than during the same month last year (July 2023), after…
AIB has introduced a voluntary block feature for debt and credit card transactions that are linked to gambling.
Customers can request to have a block placed on their personal and business cards for transactions that are identified as related to gambling.
“We understand that when gambling becomes harmful it can affect not just the person involved, but their families and friends too.
“It can damage relationships, finances, employment, and mental health,” said Geraldine Casey, managing director for retail banking at AIB.
“The financial services industry has a role to play in supporting customers as they combat any gambling difficulties they may have, and it’s important AIB does what we can to help them stop the harm….
The related party term loans – recorded at $6.7 million in liquidation reports – are due for repayment in December 2024 and December 2025. The funds are required to satisfy Tui’s liabilities, consisting mainly of $4.59m claimed by the Inland Revenue.
In April the BDO liquidators of Tui Terraces were confident the loans would be repaid with the proceeds sufficient to clear known liabilities of Tui Terraces.
“The Liquidators have contacted the related party debtors and await payment of the loan receivables when due,” BDO liquidators Iain Shephard and Jessica Kellow said in their second report dated April 3.
However, it is unclear what impact the statutory management of other Du Val entities, including Du Val New Homes LP, will have…
Calypso Destinations fell over with $2.3 million in unsecured creditors including Tyler himself, who is listed as claiming $924,000 in “loans to the company” that he made.
The liquidator’s report said Tyler may have a defence against insolvent trading claims because of advances made to the company that were under continuing investigation.
Tyler declined to comment when contacted. He asked this masthead to send questions to his lawyer, who did not reply.
Tyler told the liquidator he had begun to encounter financial problems with the advent of travel restrictions imposed during the COVID-19 pandemic.
He said the virus-era curbs had adversely affected the company’s performance. He cited factors including a substantial rise in operating…
European tour operator FTI Touristik has filed for insolvency at a court in Munich, Germany.
The company, one of the largest tour operators in Europe, said the FTI Touristik brand is directly affected but that insolvency filings will follow for other group companies.
Windrose Finest Travel will continue operations.
The news comes weeks after FTI announced a €125 million investment from an investor consortium led by Certares.
At the time, Karl Markgraf, CEO of the FTI Group, said, “We are delighted to announce our partnership with the Certares-led Consortium. Certares is a leading investor in the global travel and tourism sector,” said Markgraf. “With support from Certares and its extensive…
Addiction to gambling and other harmful products such as vaping is affecting children’s ability to learn and concentrate at school during a critical time in their brain development, the CEO of the Association of Heads of Independent Schools of Australia, Dr Chris Duncan, has warned.
“I’m teaching many kids with chronic mental health issues related … [to] these areas,” he said.
“The state of mind of kids is being altered because of these harmful industries.
“And when kids are in a certain sort of mental state, they’re not conditioned to learn anything at school, they’re not able to focus,” he said.
