Insolvency Guardian Media Centre
Mrs Jemima Oware, the Registrar-General, says the implementation of the new Companies and the Corporate Insolvency and Restructuring Acts (CIRA) will turn the fortunes of businesses in the country in a positive direction.
The Companies Act, 2019 (Act 992) and the CRIA 2020 (Act 1015) were passed into law on August 2, 2019 and April 30, 2020 respectively, to improve corporate governance standards for companies operating in Ghana and rescue distressed ones.
Speaking at the launch of a User Guide on the CIRA, 2020 (Act 1015) and the Public Education Programme in Accra on Monday, Mrs Oware said the passage of the Acts were major reform that would improve the operations of businesses in the country.
The Companies Act, 2019 (Act 992) was a…
Read the full article at: https://newsghana.com.gh/new-companies-act-cira-will-turn-fortunes-of-businesses-registrar-general/
BUSINESS RESTRUCTURING REVIEWVOL. 20 NO. 5 SEPTEMBEROCTOBER 2021IN THIS ISSUE1 Secured Lenders Credit Bid Right in Bankruptcy Sale Denied4 Structured Dismissal of Chapter 11 Cases Did Not Violate Jevic8 Work-for-Hire Film Production Agreement Not Executory Contract in Bankruptcy Due to Lack of Mutual Continuing Material Obligations12 Stalking Horse Bidder May Be Entitled to Administrative Priority for Expenses Despite Failure to Close Bankruptcy Sale15 N.Y. District Court Rules that Chapter 15 Recognition Not Required to Enforce Foreign Bankruptcy Injunction19 Second Circuit Applies Taggart Standard to Orders Declaring Home Mortgage Loans Current21 U.S. Supreme Court Update: Petitions Seek Review of Notable Bankruptcy Law Rulings23 New…
Read the full article at: https://www.jdsupra.com/legalnews/business-restructuring-review-september-6349932/
Photo by Towfiqu barbhuiya on Unsplash
All debt relief options share a common goal: to help individuals and their families get out of debt. Although their purpose is the same, they can have varying effects on your short and long-term financial health. Comparing debt settlement vs. other relief options like debt consolidation loans, bankruptcy, and making minimum payments can help you choose the best method for your needs, including reducing your monthly payments.
Debt Settlement vs. Debt Consolidation Loans
Debt settlement allows you to pay off your debt for less than you owe while also combining and lowering your monthly payment obligation, by up to 50%.
A debt consolidation loan also combines your monthly payments on multiple debt…
Read the full article at: https://finance.yahoo.com/news/debt-settlement-vs-other-relief-175234249.html
Registered company insolvencies across England and Wales spiked 71% year-on-year to 1,348 in August 2021.
The figure, which was slightly below August 2019s 1,366 insolvencies, consisted of 1,256 CVLs, 35 compulsory liquidations, two CVAs, and 55 administrations.
This represented a year-on-year climb of over 50% for both CVLs and compulsory liquidations, while administrations and CVAs fell by 50% and 87% respectively when compared to August 2020.
As for Scotland and Ireland, which operate under partly devolved legislation, registered company insolvencies roughly doubled to 89 and nine respectively.
While Northern Ireland followed a similar pattern of remaining below August 2019s insolvency levels, company insolven…
Read the full article at: https://www.accountancytoday.co.uk/2021/09/21/company-insolvencies-jump-71-in-august/
Entain PLC updates
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DraftKings, the fantasy sports and betting company, has made a roughly 16.6bn offer for Entain, setting the stage for a battle with the UK gambling groups joint venture partner in the US, the casino giant MGM.
London-listed Entain said on Tuesday that it had received a takeover offer from its US rival, the consideration for which would include a combination of DraftKings stock and cash. DraftKings confirmed it had made the approach but declined to comment further.
The offer, submitted in recent days, valued Entain at more than 25 a share, according to a person with knowledge of the bid. The company did not reveal the terms of the offer but CN…
Read the full article at: https://www.ft.com/content/613a232a-5a77-4e58-a3b2-4a3af69af88f
David Orrell/CNBC/NBCU Photo Bank/NBCUniversal/Getty Images
- Jim Chanos holds a short position against US casino stock Wynn, saying it’s 50% overpriced.
- Wynn’s exposure to the potential overhaul of the gambling industry in Macau should not be ignored, he said.
- The US casino’s stock was last trading around $82 per share on Tuesday, but Chanos said it’s worth around $40.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Jim Chanos, the veteran short seller who predicted Enron’s collapse two decades ago, said his firm is betting that Wynn Resorts‘s share price will fall, given Chinese authorities are turning up the heat on casino operators.
Chanos, the founder of Kynikos Associates, told CNBC Monday he ha…
Read the full article at: https://markets.businessinsider.com/news/stocks/jim-chanos-wynn-stock-china-casino-short-seller-macau-crackdown-2021-9
MINNEAPOLIS–(BUSINESS WIRE)–Apogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2022 second-quarter results. Second-quarter revenue grew 2.0 percent to $325.8 million, compared to $319.5 million in the second quarter of fiscal year 2021, led by growth in Architectural Services and Large-Scale Optical. The company reported a net loss of $(0.08) per diluted share, which included $20.8 million of pre-tax costs related to previously announced restructuring actions. This compares to earnings of $0.67 per diluted share in the prior-year quarter, and $0.42 in the first quarter of fiscal 2022. Adjusted earnings, which exclude the impact of the restructuring costs, were $0.53 per diluted share, compared to $0.73 in the second qu…
Read the full article at: https://www.businesswire.com/news/home/20210921005252/en/Apogee-Enterprises-Reports-Fiscal-2022-Second-quarter-Results
published : 21 Sep 2021 at 20:10
writer: Reuters
Thailand’s increased public debt ceiling will give flexibility in policy implementation to cope with the coronavirus and support the economy as fiscal measures are still necessary, the central bank said on Tuesday.
The government on Monday raised the debt ceiling to 70% of gross domestic product (GDP) from 60%, allowing it to raise more funds to help a flagging economy with the key tourism sector still struggling.
The risk to fiscal stability is low as the new debt ceiling is not too high and most of the public debt is domestic with borrowing costs, Deputy Governor Mathee Supapongse said in a …
Read the full article at: https://www.bangkokpost.com/business/2185499/bank-of-thailand-says-increased-public-debt-ceiling-to-help-economy
It looks like I was right to predict the start of the autumn would herald the end of covid insolvency aid for limited companies, but fortunately for any contractors in distress, the aid officially running dry on Thursday September 30th wont make it business as usual on Friday October 1st, writes Gareth Wilcox, partner at Opus Restructuring & Insolvency
Contractor refresher: what is covid insolvency aid?
Following the onset of the covid-19 pandemic, the government implemented the Corporate Insolvency and Governance Act 2020 (CIGA).
This provided a life-raft of protections for companies including forbearance with statutory filing requirements, a suspension on wrongful trading and a prohibition on creditors presenting winding-up petitions …
Read the full article at: https://www.contractoruk.com/limited_companies/covid_19_insolvency_aid_ending_limited_companies_can_wean_themselves_first.html
Mrs Jemima Oware, the Registrar-General, says the implementation of the new Companies and the Corporate Insolvency and Restructuring Acts (CIRA) will turn the fortunes of businesses in the country.
The Companies Act, 2019 (Act 992) and the CRIA 2020 (Act 1015) were passed into law on August 2, 2019 and April 30, 2020 respectively, to improve corporate governance standards for companies operating in Ghana and rescue distressed ones.
Speaking at the launch of a User Guide on the CIRA, 2020 (Act 1015) and the Public Education Programme in Accra on Monday, Mrs Oware said the passage of the Acts were major reform that would improve the operations of businesses in the country.
The Companies Act, 2019 (Act 992) was a major business reform Act…
Read the full article at: https://www.modernghana.com/news/1105799/new-companies-act-cira-will-turn-fortunes-of-busi.html
Mrs Jemima Oware (middle), Registrar General, making some remarks as Mr Felix Addo (left), President, Ghana Association of Restructuring & Insolvency Advisors, and Mr Hamidu Solo (right), Project Lead, International Finance Corporation, look on. Picture: NII MARTEY M. BOTCHWAY
The Registrar Generals Department (RGD), in collaboration with its partners, has launched a soft copy of a user guide on the new Corporate Insolvency and Restructuring Act (CIRA), 2020 (Act 1015) to provide businesses and companies in the country with the needed information on the act.
The purpose of the CIRA is to provide the legal regime for the administration of the business, property and affairs of a distressed company in a manner that provides an opportunity f…
Read the full article at: https://www.graphic.com.gh/news/general-news/user-guide-on-corporate-insolvency-and-restructuring-act-launched.amp.html
By Anthony O. Goriainoff
Manolete Partners PLC said Tuesday that its performance to date has been in line with management’s expectations despite the effect of the Corporate Insolvency and Governance Act 2020, known as the “temporary measures,” which led to a fall in corporate insolvencies.
The act came into force on June 26, 2020, and introduced temporary provisions linked to the pandemic. Among other things, it required courts to temporarily assume that directors weren’t responsible for any worsening of the financial position of a company or its creditors between March 1, 2020, and Sept. 30, 2020.
The U.K. insolvency litigation financing company said that upon recent confirmation that these temporary measures were to be phased out …
Read the full article at: https://www.marketwatch.com/story/manolete-partners-says-performance-to-date-in-line-with-management-s-expectations-271632209833