Insolvency Guardian Media Centre
A bankrupt former multimillionaire British businessman who was jailed for crashing his 140k Porsche while high on cocaine died of a heroin overdose in a five-star Dubai hotel.
Martin Skinner, 42, was jailed in 2019 for crashing his Porsche 911 GT3 into a tree in Worthing, West Sussex, while high on cocaine.
He struggled with an addiction to the Class A drug for years, a coroner heard, and the incident resulted in him losing his 500 million property firms Inspire Asset Management and Inspired Developments London and being declared bankrupt.
West London Coroner’s Court heard the father-of-one, from Chelsea, west London, was found dead at the Grand Plaza Mvenpick Media City in Dubai on May 11.
No family members attended the brief hearing…
Read the full article at: https://www.mirror.co.uk/news/uk-news/bankrupt-500m-brit-businessman-dies-24412542
Smoke comes out of an electric plant on the shore of the polluted River Plate in Buenos Aires, Argentina, June 5, 2017. Picture taken on June 5, 2017. REUTERS/Marcos Brindicci/File Photo
WASHINGTON, June 28 (Reuters) – Three think-tanks will unveil a proposal on Monday to avert a looming debt crisis and help heavily-indebted countries accelerate moves toward more sustainable growth and a low-carbon economy as they recover from the COVID-19 pandemic.
The “Debt Relief for a Green and Inclusive Recovery” proposal is modeled o…
Read the full article at: https://www.reuters.com/business/sustainable-business/exclusive-groups-urge-g20-adopt-brady-style-debt-for-climate-swaps-2021-06-28/
A fragmented and reactionary response by banks to the Covid wildfire in greater Sydney is preparing the industry to reverse the reversal of provisioning that was the highlight of the most recent profit season.
By last night the four big banks had outlined boilerplate assistance measures.
CBAs CEO Matt Comyn said in a media release, We have a range of measures to help businesses to free up cash flow and provide some certainty, whether it’s through loan deferrals, fee refunds or new low cost funding through the SME Recovery Loan Scheme.
Westpac placed an emphasis on case management support for our small business customers experiencing financial difficulty as well as reduced or deferred repayments on asset and equipment finance and eli…
Read the full article at: https://www.bankingday.com/banks-back-away-from-provisions-hack
Vincent Fabian Thomas (The Jakarta Post)
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Jakarta Thu, June 24, 2021
National flag carrier Garuda Indonesia is leaning toward two options to extricate itself from a debt crisis without placing additional burden on government finances.
Garuda president director Irfan Setiaputra said the airline’s board was considering four major options in negotiations with creditors but was learning tothe second or third. The first option a loan or capital injection from the government was not preferredas it would weigh on the state budget.
The second option would involve a debt postponement petition (PKPU) to restructure Garudas liabilities, such as debt, owed lease and owed salaries….
Read the full article at: https://www.thejakartapost.com/news/2021/06/24/garuda-weighs-options-including-setting-up-new-flag-carrier.html
Staff Photographer/Stuff
Richard Freeman was found to have defamed earthquake advocate Bryan Staples.
A controversial Christchurch businessman who was once a director of a Headhunters-linked debt collecting firm has declared himself bankrupt.
Richard Logan Freeman, 52, a former heavyweight boxer and racing car driver, was put into bankruptcy on June 21. Its understood he declared himself insolvent after the High Court awarded $350,000 in damages against him earlier this year for making defamatory remarks about earthquake advocate Bryan Staples.
According to the Companies Office register, Freeman remains the director of three companies Black and White Property, Onyx Homes and Franchise Business Systems South Island.
Stacy Squ…
Read the full article at: https://www.stuff.co.nz/business/125579853/controversial-businessman-richard-freeman-declares-bankruptcy
As millions of Australians return to the nightmare scenario of lockdowns, the financial industry has come together to offer COVID support packages to customers and businesses.
CBA have announced a raft of measures to help their customers: SME customers ill have fees waived and access to deferrals on asset finance and some business loans, while home loan customers can switch to fixed rates and reduce repayments to the mandated minimum, among other measures.
Our thoughts are with our New South Wales customers who are tonight entering lockdown, said CEO Matt Comyn. We want to assure any of our customers who need assistance during this difficult time that we have measures in place to support them including short-term repayment deferrals….
Read the full article at: https://www.brokernews.com.au/news/breaking-news/big-banks-rally-round-locked-down-customers-277538.aspx
Six months after its chair Lai Xiaomin was found guilty of corruption and executed, the fate of Huarong Asset Management, Chinas biggest bad debt manager, is no clearer and the stakes for Beijing are rising.
One of four state-owned asset management companies established in 1999 to clean up the banking sectors debts following the Asian financial crisis, the turmoil at Huarong has deepened since the death of Lai.
The failure to release its financial accounts for 2020 and uncertainty over the Rmb1.7tn ($261bn) of assets on its balance sheet has triggered wild swings in the $22bn of dollar-denominated bonds the group sold to international investors.
The prospect of $100bn of Chinese corporate debt coming due this year is injecting further …
Read the full article at: https://www.ft.com/content/7561bc50-29d0-44b7-955d-bb299af51206
Ausbil Investment Management MicroCap and SmallCap Strategies co-portfolio manager Mason Willoughby-Thomas has tendered his resignation to the $12 billion fund manager.
Willoughby-Thomas has been with the fund for almost four years, having joined from Australian Ethical Investment in October 2017. It is understood he is now joining SG Hiscock.
Ausbil MicroCap and SmallCap Strategies co-portfolio Mason Willoughby-Thomas has resigned.
Willoughby-Thomas has more than two decades of experience in financial services working across sell-side research, corporate insolvency and advisory positions.
He will be replaced by Ausbil deputy head of stock research Andrew Peros, who will work alongside Arden Jennings as co-portfolio manager.
Street …
Read the full article at: https://www.afr.com/street-talk/ausbil-s-microcap-team-gets-new-co-portfolio-manager-20210628-p584xb
No political interference! RBI bars MPs, MLAs from holding MD post in urban cooperative banks
In a crackdown on political interference, the Reserve Bank of India has barred MPs, MLAs and members of municipal corporations or other local bodies from holding the office of managing director (MD) or whole-time director (WTD) in urban cooperative banks.
These directions are applicable to all Primary (Urban) Co-operative Banks (UCBs). The RBI had exempted UCBs with a deposit size of less than Rs 100 crore from the requirement of seeking prior approval of the Reserve Bank for appointment / re-appointment / termination of appointment of MDs or WTDs.
Under the propriety criteria, the person to be nominated as MD or WTD sh…
Read the full article at: https://www.indiatvnews.com/business/news-rbi-bars-mps-mlas-from-holding-md-post-in-urban-cooperative-banks-715148
SINCE the onset of the Covid-19 pandemic last year, many businesses have been faced with challenges to sustain their operations. On the flip side, opportunities abound in certain sectors, and some have experienced exponential growth and prospered as a result of the pandemic.
Regardless of which side of the coin you are on, restructuring or reorganisation of businesses, mergers, and acquisitions can be a strategy to achieve growth and efficiency, improve financial position or put your house in order. In doing so, tax issues must be given weight along with other factors. Unintended tax consequences can be the stumbling block in some situations.
Capital vs revenue gains
In difficult times, companies resort to divestment of assets to sustai…
Read the full article at: https://www.thesundaily.my/business/accountant-s-pespective-restructuring-in-challenging-times-FY8010171
A senior official said the details came into the public domain “inadvertently” as the regulator is working on a beta project to host the information of creditors
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IBBI|Aadhar card|Pan card
The Insolvency and Bankruptcy Board of India (IBBI) “inadvertently” put out on its website Aadhaar and PAN details of creditors, including workmen, of some companies undergoing resolution process, and the issues are expected to be sorted out in the next few days.
A senior official said the details came into the public domain “inadvertently” as the regulator is working on a beta project to host the information of creditors of companies undergoing Corporate Insolvency Resolution Process (CIRP) and liquidation.
The IBBI, a key institutio…
Read the full article at: https://www.business-standard.com/article/economy-policy/ibbi-puts-out-aadhaar-pan-info-of-creditors-on-website-removes-them-later-121062700521_1.html
Despite what the SEC called his extraordinary and continuing” assistance in helping the agency shut down an alleged $1.4 billion investment scam, Mr. McPherson was notified last year that his whistleblower award would likely be close to zero.
The reason? The target company, Life Partners Holdings Inc., had declared bankruptcy, and the SEC never collected financial penalties it was owed. Investors, however, were able to recoup more than $1 billion through the bankruptcy process.
Mr. McPhersons experience illustrates a little-known facet of the SECs whistleblower program: The regulator wont pay awards for financial recoveries in bankruptcy proceedings, even if the affected company entered bankruptcy as a result of the agencys enforcement …
Read the full article at: https://www.livemint.com/companies/news/whistleblower-thought-he-would-get-a-big-payout-instead-he-got-nothing-11624807659472.html