Insolvency Guardian Media Centre
The federal government has sent more than 11,000 people Centrelink debt letters worth a total of $32m claiming they were overpaid due to jobkeeper, while resisting calls to claw back money from businesses who got the wage subsidy and then made a profit.
Services Australia has told Senate estimates 11,771 people have had a debt raised after the completion of a review of their income support payments and the jobkeeper income that was paid to them by their employer.
As at 30 April 2021, approximately $32.8m in debt has been raised through completed reviews, the agency said in response to questions from the Greens senator Rachel Siewert.
Debts that have been raised have only been issued to the welfare recipient, not yet recovered.
Siewert said t…
Read the full article at: https://www.theguardian.com/australia-news/2021/aug/10/centrelink-orders-jobkeeper-recipients-to-pay-back-32m-while-profitable-businesses-allowed-to-keep-funds
MUMBAI: The National Company Law Tribunal (NCLT) Mumbai on August 6 dismissed an application seeking the closure of Rolta Indias Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC).
A consortium of lenders to Rolta represented by advocates Rohit Gupta and Nausher Kohli had opposed a plea for closure of the process, saying that they have an outstanding of around Rs 5,400 Crores. The debt owed to them is substantial, said the public sector lenders and financial creditors, before the NCLT bench of Suchitra Kanuparthi, Judicial member and Chandra Bhan Singh. They said withdrawal of CIRP would only lead to multiplicity of proceedings against the corporate debtor before the tribunal which must necessarily be a…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/nclt-mumbai-dismisses-withdrawal-plea-continues-cirp-against-rolta/articleshow/85213961.cms
This issue includes the latest bulletins from HMRC, new Defence Against Money Laundering guidance for insolvency practitioners and a consultation regarding SIP 3.1 (Individual Voluntary Arrangements).
In this issue
SIP 3.1 consultation
The Joint Insolvency Committee (JIC) is consulting on changes to Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements.
JIC undertook a consultation issued in May 2020 which included revisions to SIP 3.1. At that time these revisions had been identified as being relevant changes as part of a review of SIP 3.2 on Company Voluntary Arrangements. No detailed review of SIP 3.1 was carried out. This consultation builds on the work carried out in 2020 and a draft revised SIP 3.1 is now bei…
Read the full article at: https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/insolvency-news/insolvency-news-issue-5-august-2021
By November 1st the UK governments furlough scheme will end, spelling fresh challenges and opportunities for the banking sector, writes Daniel Lanyon.
The UK could see a wave of consumers and SMEs entering into financial difficulties in Q4 2020 following the end of the governments furlough scheme. What does it mean for banking investors?
While the German and French equivalent furlough schemes continue into 2021, larger UK banks and fintech challengers are facing the furlough and self-employment schemes ending, as well as payment freezes on mortgages, credit cards and utilities ending in the last three months of 2020.
For digital challenger banks such as Monzo, Starling and Revolut, who have come through the coronavirus period relatively …
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/aug-2021/The-end-of-the-furlough-what-it-could-mean-for-banks
A gambling addict who wasasked to be banned from Melbournes Crown Casino due to extensive debt is now suing the casino for more than AU$4.5m (US$3.30m) he lost, after the Crown continued to encourage betting, The Sydney Morning Herald reports.
In a statement of claim filed with the Federal Court, Ahmed Hasna -who says he gambled at the Southbank casino almost every second day between 1993 and 2019, sometimes for 26 hours straight -accused Crown of incentivising him to continue gambling with free holidays and tickets to concerts, and the ability to bet “on credit.”
Crowns Head of VIP Customer Service, Peter Lawrence, told the Commission that the casinos treatment of Mr Hasna was irresponsible andprobably predatory.”
In his court applicat…
Read the full article at: https://www.gamblinginsider.com/news/12813/probably-predatory-addicted-gambler-sues-melbournes-crown-casino-over-au45m-loss
The Viking-inspired livery to be used by Norse Atlantic Airways on its Boeing Dreamliner aircraft.
Norse Atlantic Airways
Startup Scandinavian airline Norse Atlantic Airways has revealed more details on its much-anticipated launch plan, including its stylish Viking-inspired branding, first destinations and new website.
The Norway-based low-cost long-haul airline will seek to fill the shoes of Norwegian Air, which stopped its entire long-haul network as part of a drastic corporate restructuring earlier this year.
Inspired by the Oseberg ship
More than 1,000 years ago, Norse explorers set out from Scandinavia across the North Atlantic, arriving in Iceland, Greenland and eventually North America. Norse CEO Bjrn Tore Larsen said that …
Read the full article at: https://www.forbes.com/sites/davidnikel/2021/08/10/norse-atlantic-airways-unveils-viking-inspired-branding-launch-in-2022/
The National Company Law Appellate Tribunal (NCLAT)s April 13 order in the Aircel matter has precipitated various issues which will have implications on financing of assets such as telecom spectrum and restructuring of corporate debtors entitled to use said assets. The case has added relevance at this point of time as Vodafone Idea battles for survival with Rs 1.8 lakh-crore in debt.
In the order, NCLAT has held that the spectrum which a company can use after being granted a licence by the government is an intangible asset, and as such can be subject to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). However, spectrum cannot be treated as a security interest capable of being enforce…
Read the full article at: https://www.moneycontrol.com/news/opinion/nclat-ruling-on-spectrum-could-make-resolution-tough-if-vodafone-idea-files-for-bankruptcy-7308931.html
The Mount Gambier Private Hospital will cease to operate in late August and instead will dissolve into the public service where it is co-locatedafter a decision yesterday during a meeting with creditors and administrators.
Key points:
- The co-located private service will cease operations entirely on August 21
- Hospital directors decided the hospital was no longer financially viable
- Administrators and staff are stressing there will be no difference in services for the public
The 20-bed facility is the only private hospital in the South Australian regional city.
It comes after it was announced last month the private hospitalwould be placed into voluntary administration.
It was found over the past fiveyears the operating model resulted in “operation…
Read the full article at: https://www.abc.net.au/news/2021-08-10/mount-gambier-private-hospital-to-close/100364150
Vijay Mallya is Former two term Member of Parliament (Rajya Sabha), Chairman of The UB Group, Sports enthusiast, Veteran Formula One Team Principal, Championing Youth empowerment. On July 26, 2021, Mallya twitted, ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores. They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more. Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible.
Indian businessman and two term Member of Parliament (MP) Vijay Mallya was declared bankrupt on 26 May 2021 by the Insolvency and Companies Court of the London high court. Though the order takes effect immediately, he has the option to seek permissio…
Read the full article at: https://indiacsr.in/vijay-mallya-businessman-also-two-term-mp-declared-bankrupt-in-london/
CHICAGO–(BUSINESS WIRE)–The Claro Group (Claro) welcomes Bill Fasel as a Managing Director in the firms Corporate Finance & Restructuring Services practice. Mr. Fasel will be located in Claros Chicago office and will leverage the firms complex disputes, investigations and insurance claims expertise to deliver turnaround and restructuring, performance improvement and advisory services to underperforming and distressed companies and their creditors, lenders and other key constituents.
Mr. Fasel has more than 25 years of advisory experience assisting multinational and middle-market clients with corporate restructuring, business transformation, corporate finance and strategic advisory matters. He has provided a range of financial advisory…
Read the full article at: https://www.businesswire.com/news/home/20210809005490/en/The-Claro-Group-Welcomes-Bill-Fasel-to-its-Corporate-Finance-Restructuring-Services-Practice
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By Vishnu Makhijani
New Delhi, Aug 9 (IANS): India’s laws relating to insolvency and arbitration are in sync with global practices, but are not a “cure for all problems” and would undergo reform over time to keep pace with the needs of the economy, says Vivek Sood, a Senior Advocate of the Supreme Court who has authored the first comprehensive book on the two statutes.
Indicative of the movement ahead are the recent amendments in the Insolvency and Bankruptcy Board of India Regulations which “are in the right direction as they strengthen the CIRP (Corporate Insolvency Resolution Process),” Sood, the author of “Emergence Of Commercial Justice – Insolvency And Arbitration” (Bloomsbury), told IANS in an interview
The amendments “should …
Read the full article at: https://www.daijiworld.com/news/newsDisplay?newsID=861314