Monday, July 5, 2021

Last year, the Corporate Insolvency and Governance Act 2020 made a number of changes to the UK insolvency landscape. Amongst the changes, was the addition of the ipso facto regime, which prevents suppliers terminating supply contracts as a result of insolvency-related events. Up until 30 June 2021, small suppliers were exempt from the regime. However, now the exemption has ended, what does that mean for those suppliers that were formally exempt?

What is Ipso Facto?

Most supply contracts contain a termination clause (also known as an ipso facto clause) which, on the occurrence of an insolvency-related event, either:

1. automatically terminates the contract, or

2. entitles the supplier to …

   Read the full article at: https://www.natlawreview.com/article/small-suppliers-no-longer-sheltered-uk-ipso-facto-regime

   A builder who broke his bankruptcy order by taking thousands of pounds in deposits before carrying out substandard work has received a suspended jail sentence.

   Exeter Crown Court heard that James Prentice, 41, of Kingsbridge, Devon, was declared bankrupt in 2014 but was allowed to continue working through his company JSP Woodworx, provided he did not take more than 500 as a deposit without saying he was bankrupt. The Insolvency Service found Prentice took more than 600,000 in deposits for work over an 18-month period without mentioning his bankruptcy order.

   On one project, he was paid more than 271,000 between June 2016 and January 2018 to build a retirement home for a couple in their late 60s in Taunton. They dismissed him after findin…

   Read the full article at: https://www.constructionnews.co.uk/legal/bankrupt-builders-shoddy-work-left-pensioners-living-in-a-caravan-05-07-2021/

   You need to make sure that debt consolidation makes financial sense for you.

   Debt consolidation can be a good way to take control of your finances.

   One of the advantages of debt consolidation is that you’ll simplify the process of becoming debt free. You will have only one loan to pay instead of having multiple loans that you have to pay each month. And you aren’t going to have to decide which of your debts to focus on paying off first since there will just be this one loan to worry about.

   If you make a smart debt consolidation choice, there’s actually an even bigger benefit: saving money on the interest you pay on your debt.

   But whether or not your consolidation loan saves you money — or costs you money — is going to depend on th…

   Read the full article at: https://www.fool.com/the-ascent/personal-loans/articles/thinking-of-consolidating-debt-this-is-the-most-important-question-youll-have-to-answer/

   Personal Insolvency arrangements have been approved by the High Court that will allow former newspaper owner John Sheils and his wife businesswoman Susan Casey continue to make mortgage payments on their Co Kilkenny home until they are in their mid-eighties.

   The approval, made by Mr Justice Mark Sanfey, will see the couple retain their family home Annamult House, in Bennetsbridge in Co Kilkenny which also doubles up as their business.

   The house was destroyed following a fire in June 2009, but was rebuilt by the couple

   The court heard that the couple use the 702 sq m (7,556 sq ft) house, which dates back to the 1700s for events including weddings. The primary secured creditor associated with their home is Start Mortgages DAC.

   The court h…

   Read the full article at: https://www.breakingnews.ie/business/court-approves-personal-insolvency-deal-for-former-newspaper-owners-1152215.html

   Unsecured creditors in formerly ASX-listed, failed Gold Coast-based dental company Smiles Inclusive have been dealt the final nail in the coffin of their dreams to recover investments, including joint venture partner (JVP) debt claims of close to $100 million.

   Following a creditor vote last Wednesday in favour of liquidating Smiles Inclusive’s Totally Smiles (TS) dental practices and corporate brand, a follow-up meeting determined the remaining shell of the group would go to Brisbane-based Exit Solutions Ltd.

   With the same administrators Tim Heenan and Luci Palaghia from Deloitte appointed as liquidators of TS on Wednesday, the vote on the fate of the Smiles Inclusive (SI) corporate entity was postponed by two days in light of a Deed o…

   Read the full article at: https://www.businessnewsaustralia.com/articles/smiles-inclusive-partners-lose-chance-to-claim–97m-as-final-scraps-passed-to-brisbane-company.html

   

   Crown Resorts expects net debt of AU$900m ($676m) for the full year ended 30 June 2021.

   The companys EBITDA after closure costs is predicted to be between AU$90-100m. Crown also expects to record a statutory loss after tax for the full year.

   Last years AU$450m project finance facility, meant to support the construction of Crown Sydney, reportedly has been repaid from settlements to date from Crown Sydney apartment sales. Full results for the financial year should be published on 30 August.

   Crown stated that the declining figures were due to various closures, because of the ongoing pandemic, as well as Covid-19 related operating restrictions applying throughout the period; including capacity limits and physical distancing protocols.

   The …

   Read the full article at: https://www.gamblinginsider.com/news/12400/crown-resorts-expects-net-debt-of-676m-for-financial-year-2021