Insolvency Guardian Media Centre
Law360, London (July 29, 2021, 5:28 PM BST) — Victoria’s Secret’s U.K. business move from administration into liquidation in June was valid, a London judge ruled on Thursday, after concerns were raised over a typographical error on the paperwork.
Judge Sally Barber signed off an order declaring that the liquidators of Victoria’s Secret UK Ltd. correctly filed notice that the lingerie company had entered into creditors’ voluntary liquidation a year after the COVID-19 pandemic pushed it into administration.
The judge said at a virtual hearing at the Insolvency and Companies Court that she accepted the liquidators’ explanation about why the mistake did not affect the validity of the notice….
Read the full article at: https://www.law360.com/bankruptcy/articles/1407797/victoria-s-secret-gets-green-light-for-uk-liquidation
Tamworth charity One of a Kind Community Support faces allegations it traded insolvent and that managers misspent thousands of dollars before the organisation went into administration in 2019, according to the report of a voluntary administrator published this week. The 49-year-old charity was forced to sell almost all its assets, including several buildings it owned, close most of its stores and drastically downsize during administration after 2019. It also laid off 21 of 22 of its staff. The charity’s new volunteer President and Treasurer Michael Ticehurst, appointed after the charity emerged from voluntary administration, said the charity remained both solvent and operational, but said the “emotional hurt” of the turmoil “is still be…
Read the full article at: https://www.northerndailyleader.com.au/story/7361859/charity-faces-allegations-it-traded-insolvent-misspent-money/
WASHINGTON, July 29, 2021 /PRNewswire/ — More than 30,000 women cancer victims would retain their constitutional right to have juries decide if talc in Johnson & Johnson’s (NYSE:JNJ) baby products caused their ovarian cancer under bankruptcy reforms proposed Wednesday by key lawmakers in the U.S. Senate and House of Representatives.
The Nondebtor Release Prohibition Act of 2021 would close controversial bankruptcy loopholes, including non-consensual third-party releases and the so-called “Texas Two-Step.” Recent media reports indicate that Johnson & Johnson with a market cap of more than $400 billion is contemplating bankruptcy to avoid paying claims and damages that would likely cost a fraction of that amount. In a quarterly earnin…
Read the full article at: https://finance.yahoo.com/news/women-cancer-victims-opposed-johnson-151400604.html
SINGAPORE – When Alex (not his real name) was 14, his friends introduced him to illegal football gambling through bookies.
“We thought, wow, we can make money out of this, it looks simple and easy,” he said.
Little did he know then that it would be the start of a decades-long addiction to gambling that he would try to quit several times, yet come back to each time.
At his lowest point, he was in a six-digit sumof debt, having borrowed from friends and family and “literally everyone I knew” for the purpose of gambling, he said.
Alex, now 37, is still going through counselling and is part of a Gamblers Anonymous support group at We Care Community Services. He is working as a safe distancing enforcement officer and volunteers with We Care…
Read the full article at: https://www.straitstimes.com/singapore/once-mired-in-six-digit-debt-former-gambling-addict-now-shares-his-story-to-help-others
What does employment law in the Czech Republic require of employers when it comes to making redundancies? It is an important question if you’re a business with a presence in the Czech Republic where, just like the rest of the world, mass redundancy exercises are commonplace as businesses restructure in an effort to survive the pandemic. We will come on to the procedure shortly, but first the background.
The first three confirmed cases in the Czech Republic were reported on 1 March last year. On 12 March, the government declared a state of emergency and four days later the country closed its borders, stopped the entry of foreigners without residence permits, and issued a nationwide curfew. The measures were originally planned to be in fo…
Read the full article at: https://www.pinsentmasons.com/out-law/news/restructuring-a-view-from-czech-republic
Australias Small Business and Family Enterprise Ombud is calling on the federal government to reactivate temporary insolvency protections that will help cushion small and family businesses during public health ordered lockdowns.
The number of businesses going into administration increased by 75% in the last week of June 2021, according to new data released by CreditorWatch.
It is amid this backdrop that Bruce Billson, the Small Business and Family Enterprise Ombud, argues the government should reintroduce temporary changes to help protect small and family businesses that may be trading insolvent due to lockdown restrictions.
For those businesses in Australia who have now weathered the impact of multiple lockdowns since the COVID-19 pa…
Read the full article at: https://www.themandarin.com.au/164487-ombud-advocates-for-return-of-temporary-insolvency-protections/
Heres what is happening in and affecting South Africa today:
Coronavirus: In South Africa, there have been 17,351 new cases of Covid-19, taking the total reported to 2,408,525. Deaths have reached 70,908 (+520), while recoveries have climbed to 2,186,988, leaving the country with a balance of 150,629 active cases. The total number of vaccines administered is 7,065,432 (+210,765).
- Peaking: While South Africa may be past the peak of the third wave, hospitals and medical staff are suffering aftershocks as admissions continue to rise. The peak of the wave reflects a topping out of new infections however, those new cases tend to flood healthcare facilities in the following weeks. Hospitals report being overwhelmed, and oxygen use increas…
Read the full article at: https://businesstech.co.za/news/government/509512/5-important-things-happening-in-south-africa-today-1091/
The cases that landed these billionaires in jail – Times of India
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Read the full article at: https://timesofindia.indiatimes.com/india/the-cases-that-landed-these-billionaires-in-jail/articleshow/84783988.cms
Gambling is a gigantic industry that inevitably affects other businesses. Casinos have an impact on companies on both macro and micro levels. The influence is not limited to betting in the office. In fact, there are many positive implications that are far less salient.
The Good Sides
Gambling is wildly popular, so it is a blessing for businesses in close proximity to the establishments. For example, think of all the companies supporting just one resort casino in Las Vegas. These are caterers, food vendors, hotels, technology providers, security agencies, repair services, as well as businesses where the casino staff and pundits spend their money.
This is a large ecosystem with gambling at its heart. Small businesses get their revenue ind…
Read the full article at: https://www.econotimes.com/Impact-of-Gambling-on-Other-Businesses-1613811
2017s Kakegurui follows Yumeko Jabami, a gambling addict who ends up at Hyakkaou Private Academy. However, Hyakkaou Private Academy isnt your typical school. Its hierarchy is decided by your skill at gambling, and its students rank from the worlds most elite families. Many have strange interests and compulsions that fuel their gambling.
This means that everything at the school is resolved via games and bets, from the usual to the strange. And the stakes can be incredibly high. Whether its social standing or body parts, students pay dearly for their losses.
Kakegurui is filled with some of the most eccentric characters in an anime and manga series yet, many of which wrestling with enormous demons that drive them into harms way. But w…
Read the full article at: https://wegotthiscovered.com/tv/the-best-characters-in-kakegurui/
Jason Saltzman is a serial entrepreneur. He first cofounded SeamlessDocs and then went on to found The Alley, a coworking space based out of New York City. Following Alleys joint venture partnership with Verizon, Saltzman left to build something new and became fascinated with the debt consolidation and relief space.
Thats how Relief, cofounded by Saltzman, Bryan Okeke, and Ram Barrouet, was born. Today, the startup is announcing it has raised $2 million via a convertible note, led by Collaborative Fund, BFV, Necessary Venture, The Fund. Angels also participated in the round, including Justin Kan, Ben Kaplan, Elliot Tabule, and David Galanter.
Saltzmans thesis came out of his observation of the space. Third-party debt collection agencies…
Read the full article at: https://techcrunch.com/2021/07/28/relief-looks-to-negotiate-on-behalf-of-users-struggling-with-debt/
Jet Airways staff has sought the intervention of Civil Aviation Minister Jyotiraditya Scindia in addressing their issues with respect to the resolution plan of the Jalan Kalrock Consortium
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Jet Airways|Jyotiraditya Scindia|Aviation ministry
A grouping of Jet Airways staff has sought the intervention of Civil Aviation Minister Jyotiraditya Scindia in addressing their issues with respect to the resolution plan of the Jalan Kalrock Consortium, which has emerged as the winning bidder for the defunct airline.
In a letter to the minister, the All India Jet Airways’ Officers & Staff Association has requested him to take up their issues with the representatives of the consortium.
Payment of all social security dues such as pro…
Read the full article at: https://www.business-standard.com/article/companies/jet-airways-staff-grouping-seeks-scindia-s-intervention-to-resolve-issues-121072801851_1.html