PwC has further enhanced its business restructuring services (BRS) with the appointment of Rob Asplin as a senior adviser.
Asplin brings two decades of expertise in the restructuring and private equity sectors, specialising in protecting and creating value in turnaround situations.
His appointment at PwC will have a particular focus on working with private equity-backed businesses and private equity owners in designing and delivering value recovery plans.
He said :Im delighted to join PwC at such a critical time for the many businesses across the UK, many of whom play a vital part in driving local and regional economies.
I will be working with colleagues across the deals business at PwC to support the crit…
Read the full article at: https://www.accountancytoday.co.uk/2021/09/09/pwc-adds-to-its-business-restructuring-services/
Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October.
Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020.
This was to ensure that viable businesses affected by the restrictions on trading during the lockdown periods were not forced into insolvency unnecessarily. As the economy returns to normal trading conditions, the restrictions on creditor actions will be lifted.
New measures will be brought in to help smaller companies get back on their feet to give them more time to trade their way back to financial health before creditors can take …
Read the full article at: https://www.miragenews.com/end-of-temporary-insolvency-measures-629014/
Thu, 09 Sep 2021 | BUSINESS NEWS
The Insolvency Service has announced that temporary measures introduced last year to help viable businesses avoid being forced into unnecessary insolvency during the COVID-19 pandemic will be phased out from October 1. The end of the previous legislation will occur alongside the introduction of new measures to help businesses recover.
The Corporate Insolvency and Governance Act, which came into force in June 2020, introduced several temporary measures designed to help businesses through the COVID-19 crisis. These included temporary changes to prevent statutory demands and winding up petitions, as well as the suspension of wrongful trading provisions.
During the COVID-19 pandemic, measures such as th…
Read the full article at: https://www.business-sale.com/news/business-news/government-to-end-temporary-insolvency-measures-222070
The Minister of State at the Department of Justice, James Browne, is due to bring forward a new regulatory framework for gambling this autumn. Since previous minister for justice Alan Shatters Gambling Control Bill was drafted in 2013, each year brought more disappointment that successive governments failed to enact new legislation. Shatters legislation represented an excellent starting point for gambling harm minimisation and player protection but every year we were left wondering why it was apparently so difficult to implement.
Political inertia in modernising gambling laws is not unique to Ireland. The then UK sports minister, Tracey Crouch, handed her resignation to prime minister Theresa May in 2017 over a lack of progress in gambl…
Read the full article at: https://www.irishtimes.com/opinion/gambling-industry-must-pay-for-addiction-treatment-1.4668549
(Bloomberg) — Politicians and academics are turning their attention to a new trade pitch for South Africa: debt relief in exchange for progress toward global climate goals.
The debt-for-climate concept, which was floated by International Monetary Fund Managing Director Kristalina Georgieva in April, has been picked up by South African Deputy Finance Minister David Masondo and the South African Communist Party, which is part of the countrys ruling coalition. The IMF plans to raise the idea at the COP26 climate conference in Glasgow in November.
Backers of the proposal hope creditors can be persuaded that climate change is a global problem so urgent that its worth forgiving debts in developing nations to help them pay for costly transiti…
Read the full article at: https://www.bnnbloomberg.ca/new-trade-idea-for-south-africa-is-debt-relief-for-climate-goals-1.1649731
This week, scandal-besmirched retail group Steinhoff passed the first major hurdle on the way to what would be a world first: rescuing a company crippled by what seemed to be an inescapably fatal fraud.
Of the other multinationals in the same position, none survived. Overseas, Enron ended up bankrupt within months of its shenanigans emerging, while Wirecard was declared insolvent last year, weeks after it emerged that its financials had been falsified. Here in SA, gym operator LeisureNet collapsed promptly after fraud emerged, as did Masterbond.
Yet this week, Steinhoffs financial creditors and market purchase claimants (including ordinary investors) voted to accept a R25bn “settlement” by the company, which entitles them to a percentag…
Read the full article at: https://www.businesslive.co.za/fm/opinion/editorial/2021-09-09-editorial-a-new-sa-fraud-first/
Massive government-mandated and private-sector debt relief during the COVID-19 pandemic was well-targeted and helped mute economic distress for millions of Americans, finds a paper to be discussed at the Brookings Papers on Economic Activity (BPEA) conference on September 9.
About 60 percent of borrowers who entered debt forbearance have exited it as of May, but an important policy question looms for how to deal with any remaining forbearance overhang, particularly for mortgages, if mandated forbearance expires as scheduled at the end of September, write the authorsSusan Cherry and Amit Seru of the Stanford Graduate School of Business, Erica Jiang of the University of Southern California, Gregor Matvos of Northwestern University, and T…
Read the full article at: https://www.brookings.edu/bpea-articles/government-and-private-household-debt-relief-during-covid-19/
Banks have taken the initiative to implement personal insolvency against defaulting promoters buoyed by the Supreme Courts endorsement of the law in May.
The latest data released by the Insolvency and Bankruptcy Board of India (IBBI) show that 56 new cases were filed in the first quarter ended June, almost half of the total 128 cases filed in the whole of fiscal 2021, as banks stepped up their recovery efforts from personal guarantors.
Overall, a total of 201 cases have been registered against personal guarantors since the new law came into force in December 2019, 184 of which have been filed by financial creditors while 17 have been voluntarily filed by debtors.
Bankers said the new aspect of the law is an important tool in their hands to…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-use-personal-insolvency-to-chase-dues-from-guarantors/articleshow/86049486.cms
In the three months after the suspension on triggering insolvency was lifted on March 24, a total of 126 new corporate insolvency cases were admitted, according to the latest data released by the Insolvency and Bankruptcy Board of India (IBBI).
Till June, about 47 per cent of the corporate insolvency resolution processes (CIRPs), which were closed, yielded orders for liquidation. Against this, 14 per cent ended up with a resolution plan.
The IBBI, however, stressed that 75 per cent of the CIRPs ending in liquidation were earlier with the Board for Industrial and Financial Reconstruction (BIFR) or defunct. These companies on an average had assets valued at around 7 per cent of the outstanding debt amount.
The economic value in mos…
Read the full article at: https://www.business-standard.com/article/companies/3-4th-of-liquidated-companies-were-in-bifr-or-defunct-ibbi-data-121090801530_1.html
PwC has added to its business restructuring serviceswith the appointment of Rob Asplin as a senior adviser.
He brings two decades of expertise in the restructuring and private equity sectors, specialising in protecting and creating value in turnaround situations. Previously he has been a partner in a special situations fund, a portfolio chief restructuring officer, a non-executive director and he has held senior roles in corporate finance and banking.
His appointment at PwC will centre on supporting UK businesses of all sizes to maximise value through the critical post-Covid recovery period.
He will be particularly focused on working with private equity-…
Read the full article at: https://www.thebusinessdesk.com/westmidlands/news/2054976-people-pwc-strengthens-business-restructuring-services-senior-team-expands-at-computer-specialist-and-more