Insolvency Guardian Media Centre
This is up 71% when compared to the 788 figure reported in August 2020 though it is similar to the 1,366 registered in August 2019.
As for creditors voluntary liquidations (CVLs), there were 1,256 handed in August 2021 – which is the highest level seen in the series since January 2019. The number of registered company insolvencies were also similar to pre-pandemic levels, driven by a higher number of CVLs – although other types of company insolvencies remained lower.
For individuals, 614 bankruptcies were registered in August 2021 – this was 22% lower than in August 2020 and 54% lower than August 2019. However, the 1,714 debt relief orders (DROs) registered were 29% higher than in August 2020 but remained lower than pre-pandemic levels….
Read the full article at: https://www.creditstrategy.co.uk/turnaround-restructuring-insolvency-news/turnaround-restructuring-and-insolvency-news/company-insolvencies-up-71
August 2021 saw the number of company insolvencies reach their highest level since the first UK lockdown, with businesses balancing the easing of restrictions with the end of government support.
There were 1,348 registered company insolvencies in August 2021, according to figures released by the Insolvency Service 71% higher than in the same month in the previous year, but 1% lower than the pre-pandemic figure in August 2019.
August 2021 saw 1,256 Creditors Voluntary Liquidations (CVLs), the highest level seen since January 2019, more than double the number in August 2020 and 30% higher than in August 2019. Other types of company insolvencies, such as compulsory liquidations, remain comparatively low, driven in part by temporary restric…
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/sep-2021/Company-insolvencies-hit-18-month-high
The number of gamblers banned from Swiss casinos rose sharply last year to over 10,000, driven by the growth in online gambling sites, the Swiss newspaper NZZ am Sonntag has reported.
This content was published on September 20, 2021 – 12:26
NZZ am Sonntag/RTS/sb
At the end of last year, a total of 72,322 people were banned from playing at Swiss casinos in person and online according to new statistics from the Federal Gambling Commission (CFMJ)External link, published in th…
Read the full article at: https://www.swissinfo.ch/eng/gambling-bans-spike-in-switzerland/46962054
Shares of Evergrande have plunged to over 11-year lows, extending losses as executives try to salvage its business prospects and as default fears grow over a looming deadline for payment obligations this week.
Evergrande has been scrambling to raise funds to pay its many lenders, suppliers and investors, with regulators warning that its $US305 billion of liabilities could spark broader risks to the country’s financial system if not stabilised.
As of 0740 GMT on Monday the stock was off 12.2 per cent to $HK2.23, after earlier plummeting 19 per cent to its weakest level since May 2010.
The company’s property management unit dropped 12 per cent, while its electrics car unit declined 2 per cent. Movie streaming company Hengten Net, major…
Read the full article at: https://7news.com.au/business/housing-market/china-evergrande-shares-hit-11-year-low-c-4017813
Meanwhile, the White House has ruled out offering policy concessions to Republican lawmakers to lure GOP votes, according to three senior administration officials familiar with the matter. McConnell has not communicated any requests to the administration of what he wants in exchange for support for the suspension, the people said. Even if McConnell does outline a proposal, the White House has no intention of rewarding the GOP for trying to use the debt ceiling as leverage in other negotiations, the officials said, with one describing the position as a matter of principle.
Instead, the Democrats and Republicans have spent recent days publicly bludgeoning each other over the debt ceiling, yet another sign that there are no negotiation…
Read the full article at: https://www.washingtonpost.com/us-policy/2021/09/20/white-house-debt-ceiling/
According to the State Department, 14 au pair agencies operate in the U.S. These private companies are required to offer the child care workers who contract with them basic health coverage. But the plans often amount to emergency or travel insurance not the kind of full coverage ACA health plans offer. Petri Oeschger/Getty Images hide caption
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Petri Oeschger/Getty Images
In 2016, Isis Mabel, of Mexico, was in her 20s and wanted to improve her English. On advice from an aunt, she enrolled with an au pair agency to come to the United States to live with a family and care for the children. The job typically pays about $200 a week on top of lodging and meals. Along with her application, the agen…
Read the full article at: https://www.npr.org/sections/health-shots/2021/09/20/1037348795/health-insurance-au-pair-affordable-care-act
The official liquidator for the defunct Fund Management Companies (FMCs) will on Thursday, September 23 have an investor class meeting with customers of some defunct FMCs.
A statement by the Registrar-General stated that all the creditors of the under listed companies are being invited to a virtual first creditor meeting on the scheduled time for each company to be held on 23rd September 2021.
The statement added, a Virtual Class Meeting will be held on 24th September 2021 from 9:00 am to 11:00 am for investors of Fund Management Companies only.
Attached is the full statement
Notice to creditors
In the matter of the bodies corporate (official Liquidations) act, 1963 (act 180) and corporate insolvency and restructuring act, 2020 (act 10…
Read the full article at: https://www.myjoyonline.com/official-liquidator-to-have-investor-class-meeting-with-customers-of-defunct-fmcs-2/
Member Article
- Corporate insolvencies increased by 22.9% to 1,348 in August 2021 compared to Julys figure of 1,097, and increased by 71.1% compared to August 2020s figure of 788
- Personal insolvencies increased by 0.2% to 9,106 in August 2021 compared to Julys figure of 9,090, and were 42.7 % higher than August 2020s figure of 6,381
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to Fridays (17 September 2021) publication of the August 2021 corporate and individual insolvency statistics for England and Wales:
The insolvency figures published today highlight how much tougher the climate is for businesses and individuals than this time last year, and t…
Read the full article at: https://bdaily.co.uk/articles/2021/09/20/r3-responds-to-august-2021-insolvency-figures
William Je establishes a charity to help provide support to individuals and families as they relocate from Hong Kong to the UK
LONDON, Sept. 20, 2021 /PRNewswire/ — One of the most distinguished names in Hong Kong, esteemed entrepreneur and philanthropist, Mr William Je, has embarked upon a quest to help many of those 5.4 million eligible Hong Kong citizens seeking to relocate and set up residency in the UK.
Aptly named ‘The Hong Kong People Association’ the initiative is bountifully formed in the name of the people, for the people. As a UK resident, William understands first-hand the apprehensions and barriers in setting up a new life overseas.
William has acquired over 30 years of experience in corporate restructuring; M&A; IPO pr…
Read the full article at: https://finance.yahoo.com/news/one-hong-kongs-most-illustrious-050000703.html
An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo
HONG KONG, Sept 20 (Reuters) – Shares of Evergrande on Monday plunged to over 11-year lows, extending losses as executives try to salvage its business prospects and as default fears grow over a looming deadline for payment obligations this week.
Evergrande has been scrambling to raise funds to pay its many lenders, suppliers and investors, with regulators warning that its $305 billion of liabilities could spark broader risks to the country’s financial system if not stabilised.
As of 0740GMT, the stock was off 12.2% to HK$2.23, after earlier plummeting 19% to its weakest level since May 2010.
The company’s property management unit (6…
Read the full article at: https://www.reuters.com/world/china/china-evergrande-shares-plummet-default-risks-2021-09-20/
Mr Perrottet said the $11.1 billion received from selling the states remaining 49 per cent stake in the WestConnex motorway to Transurban Group would be sent to the Generations Fund as required by legislation, before being used to retire an equivalent amount of debt.
NSW Treasury Corp told the market the proceeds would be used to progressively repurchase bonds from investors. It will start retiring debt this financial year, with $11.1 billion in debt to be retired over two years.
It is perhaps the biggest state bond buyback in history.
For the first time in months, the interest rate on NSW debt fell towards or in line with other states, declining by about 0.03 of a percentage on Monday.
Moodys Investors Service credit analyst John Manni…
Read the full article at: https://www.afr.com/policy/economy/perrottet-s-11b-westconnex-sale-jolts-debt-markets-20210920-p58t7e
Following the closure of his multi-level-marketing business JN Jewellery, Jesper Nielsen has come under further fire as his fraught history with Pandora comes to light.
Posted September 20, 2021 | By Jeweller Staff
Following Jewellers report on the abrupt closure of multi-level-marketing (MLM) jewellery business JN Jewellery, many people came forward with additional information and complaints about its founder Jesper Nielsen, a former Pandora Jewelry executive.
Nielsen is believed to have launched the business in Europe in early 2020 and expanded into Australia in March 2021.
According to those involved in the venture, JN Jewellery had attracted more than 70,000 ambassadors a buzz term used to describe salespeople recruited as p…
Read the full article at: https://www.jewellermagazine.com/Article/9995/Jesper-Nielsen-under-fire-from-ambassadors-as-business-history-comes-to-light