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If you u…

Read the full article at: https://www.gov.uk/government/statistics/company-insolvency-statistics-april-to-june-2021

Tom Jolliffe puts his chips on ten essential gambling films

The money goes down. Youve placed your bets. Now its time for the nitty gritty. Win or lose. If you win, do you quit while youre ahead or go again? Cinema has long held a fascination with gambling across its many forms, but the predominant focus comes back to the human element. Its the (often hapless) gambler who has dug himself into a hole. Whether its cards, horses, sports games, bets or the spinning roulette wheel, there are an array of ways the unlucky gambler can lose his money. It tends to be that cinema brings us into the well trodden lifestyle of the gambler, already burdened with debt at the start and feeling as if their only way out is a winning hand/bet/game. Inev…

Read the full article at: https://www.flickeringmyth.com/2021/07/ten-essential-gambling-films/

Yan Haojie, the man who killed his pregnant wife after she refused to help him repay his gambling debts, has been sentenced to death, the Shanghai No.1 Intermediate People’s Court announced on Friday.

Investigations revealed that Yan, who was saddled with a gambling debt of over 1 million yuan, demanded money from his wife and threatened her with a knife on the morning of March 20, 2020. He then stabbed her to death after she refused. He later set fire to the house to cover up his crim…

Read the full article at: https://global.chinadaily.com.cn/a/202107/30/WS6103b013a310efa1bd66592c.html

On 20 July 2021, the Hong Kong Court of First Instance granted an application by Hong Kong liquidators to issue a letter of request for assistance to the Shenzhen Intermediate Peoples Court. This was the first application made under the new cross-border cooperation mechanism, which we reported in a previous note (click here).

Background

The case concerns Samson Paper Company Limited (Samson), a Hong Kong company. It is part of a corporate group headed by a Bermuda company listed in Hong Kong, for which the Bermuda court appointed two provisional liquidators on a soft-touch basis. The appointment was recognised by the Hong Kong court. Subsequently, Samsons holding company resolved to wind up Samson on the grounds of insolvency. It appoi…

Read the full article at: https://www.jdsupra.com/legalnews/first-of-its-kind-application-by-hong-3113153/

Seattle The former President & CEO of Northwest Territorial Mint, a now-bankrupt company dealing in precious metals, was convicted today in U.S. District Court in Seattle of 14 federal felonies resulting from a Ponzi-like scheme that defrauded customers of millions of dollars, announced Acting U.S. Attorney Tessa M. Gorman. After more than three weeks of testimony and evidence, the jury deliberated about two days before convicting Bernard Ross Hansen, 60, aka Ross B. Hansen of multiple counts of wire and mail fraud. The jury also convicted Vault Manager Diane Renee Erdmann, 48, of 13 counts of wire fraud and mail fraud following the trial. Sentencing for both Mr. Hansen and Ms. Erdmann is scheduled for October 29, 2021.

Northwest Terri…

Read the full article at: https://www.justice.gov/usao-wdwa/pr/former-president-and-ceo-now-bankrupt-precious-metals-firm-convicted-mail-and-wire

Throughout the entirety of the worldwide pandemic that devasted businesses, regardless of age or size, across the country, changes had to be made to business models, however temporary, in order for them to remain solvent.

Now, finally, the countrys economy is slowly beginning to recover; there is no better time than now to restructure your business model with the ultimate aim of improving efficiency and increasing productivity.

Why Restructure Your Business Model?

There are many considerable benefits to restructuring your business. Although a sizeable task, such benefits will ensure the longevity and improved efficiency of both the companys internal workings and the products and services you provide.

There are several key types of res…

Read the full article at: https://www.cofmag.com/2021/07/how-to-restructure-your-business-model-to-increase-productivity/

Across the country, headlines in trade, local, and national press read that colleges and universities are cancelling student debt. A number of institutions of higher education have used recent federal relief dollars to provide some debt relief to students in recent months. But borrowers should understand that it is a much narrower kind of cancellation than some might real…

Read the full article at: https://www.forbes.com/sites/wesleywhistle/2021/07/30/how-colleges-and-universities-are-cancelling-some-student-debt/

The Insolvency and Bankruptcy Code, 2016, is an epochal legislation to bring a paradigm shift in the manner of resolution of stressed companies that were unable to pay off their debts. However, of late, numerous criticisms have surfaced that the IBC is facilitating high haircuts (lesser recovery than admitted claims) to the lenders, which is causing substantial losses of public monies. For instance, prominent financial journalist Sucheta Dalal, in her recent article in a leading blog, has criticised what she terms ridiculous haircuts being accepted by the lenders under the IBC.

The criticism of the IBC also seems to be fuelled by the fact that under it, the lenders have on average realised only around 40% of their total admitted claim …

Read the full article at: https://www.newindianexpress.com/opinions/columns/2021/jul/31/ibc-the-best-bet-for-timely-andeffective-resolution-2337865.html

If Captain Izham Ismail had his way, he would be happily retired after working at Malaysia Airlines for nearly 40 years.

The year was 2017, and the carrier, reeling from the loss of two aircraft three years prior, had witnessed the exit of its second chief executive in two years ex-Ryanair senior executive Peter Bellew had just left, a year after former Aer Lingus chief Christoph Mueller exited in 2016.

Izham, then the carriers chief operating officer, was handed a new task: to helm the ailing national carrier and hopefully turn its dire fortunes around. Little was he to know that a global pandemic might soon provide the perfect catalyst to get a financial restructuring over the line.

When I took over office in November 2017[and]…

Read the full article at: https://www.flightglobal.com/airlines/the-captain-piloting-malaysia-airlines-into-a-post-restructuring-future/144854.article

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