Insolvency Guardian Media Centre
21 June 2021
Restructuring consultancy Buchler Phillips has appointed Jo Milner as a Partner. The move sees her return to the firm after 25 years working at a range of large professional services firms, including PwC.
Commenting on the news, Buchler Phillips co-founder and Chairman David Buchler said, Its great to have Jo back with us as a Partner, completing the circle of her distinguished career path As the UK plans its post-Covid return to work and government aid winds down, we are not surprised to see significant demand for our services, whether in business restructuring and turnaround, or administrations and insolvency. We look forward to working with Jo to support our clients as they work hard to build ba…
Read the full article at: https://www.consultancy.uk/news/28254/jo-milner-re-joins-buchler-phillips-as-a-partner
Asuransi Jiwa Kresna (Kresna Life) has been declared bankrupt by the Supreme Court which granted a petition for the insurer’s bankruptcy on 8 June 2021.
The petitioners were six Kresna Life customers. Other clients though are seeking a judicial review of the bankruptcy decision so that it could be overturned. They want Kresna Life to immediately settle their obligations to customers, reported CNN Indonesia.
According to customer representative Nurlaila, many customers are surprised by the bankruptcy decision because the insurer had been making some payments. Bankruptcy means that all assets of the insurer will be taken over by the official assignee. As a result, payments to customers will be stopped until all assets have been sold.
F…
Read the full article at: https://www.asiainsurancereview.com/News/ViewNewsLetterArticle/id/76939/Type/eDaily/Indonesia-Life-insurer-s-bankruptcy-decision-being-challenged
Move seen as precursor to LIC IPO; 5% minimum public shareholding compulsory on IBC relisting
Topics
IPO|LIC |market cap
Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporations IPO.
The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap.
Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares duri…
Read the full article at: https://www.business-standard.com/article/markets/easier-dilution-norms-for-large-ipos-where-post-listing-m-cap-tops-rs-1-trn-121062000460_1.html
A company director who owes businesses $20 million after his company went broke on an Andrews government road project has been accused of siphoning cash from a company he partly owned.
More than 200 civil construction firms were left thousands of dollars out of pocket on the $1.8 billion Western Roads Upgrade after a major subcontractor on the job, Civilink, ran out of funds and quit last year.
Rick DOvidio, director of Civilink, which has gone into liquidation.
Liquidators say Civilink director Rick DOvidio may have traded while insolvent when working on the taxpayer-funded road project in Melbournes west. His company owes the Australian Taxation Office more than $350,000.
The Age can reveal Mr DOvidio was involved in a dispute ov…
Read the full article at: https://www.theage.com.au/national/victoria/boss-of-collapsed-road-building-firm-was-accused-of-siphoning-cash-20210618-p5823l.html
Sara-Jayne King talks to SARGF’s Noxolo Adonis and a UK recovering addict who had to borrow almost R2m to pay off gambling debt.
– Problem gamblers can talk to counsellors 24/7 in SA on a toll-free helpline
– The South African Responsible Gambling Foundation says calls have spiked during lockdown
– A UK gambling addict shares her ongoing story of recovery and how she had to take out loans of almost R2m
South Africa’s Responsible Gambling Foundation has reported an increase in calls for help during lockdown.
In the UK, a study by Bristol University found online gambling among young people surged as the Covid-19 pandemic kept people confined to their homes.
Weekend Breakfast host Sara-Jayne K…
Read the full article at: https://www.capetalk.co.za/articles/419682/spike-in-online-gambling-during-lockdown-how-addicts-can-get-help
Covid-19 has put the cashflows of many businesses under severe pressure. While business levels are starting to recover, the withdrawal of government supports will lead to greater liquidity problems and increased creditor pressure.
Crowes corporate restructuring and insolvency advisors can help business owners find turnaround solutions and put the business back on the recovery pathway.
Many of the problems Irish SMEs face may look daunting at first, but Crowe can help take the complexity out of the situation and guide you through the best solution. Taking the right decisions sooner leads to better outcomes and we can help you take back control.
Crowes corporate restructuring and insolvency team expect to see the following trends over the…
Read the full article at: https://www.businesspost.ie/commercial-reports/the-road-to-business-recovery-starts-here-718a9608
Fuelled by a huge unsatiated appetite for freedom of exit, the insolvency law is changing the way the society perceives business failures as it becomes a reform by, for and of the stakeholders, according to IBBI Chairperson M S Sahoo.
Little over five years after its enactment, the Insolvency and Bankruptcy Code (IBC), which provides a time-bound and market-linked framework for resolution of stressed assets, has passed the constitutional muster.
In Sahoo’s words, with every judgement of the Supreme Court, the Code has developed deeper and stronger roots, and probably boasts of the largest body of case laws.
In value terms, the Code has rescued 70 per cent of distressed assets through insolvency resolution plans and has released …
Read the full article at: https://www.business-standard.com/article/companies/insolvency-law-changing-the-way-society-perceives-biz-failures-says-sahoo-121062000315_1.html
The chief executive of the Legal Aid Board (LAB) has said it is clearly unhealthy for one barrister, Keith Farry, to be given the vast majority of personal insolvency cases by personal insolvency practitioners (PIPs), which are then funded by the state.
The board is considering using its powers to force PIPs to use other barristers.
Figures released last week following a parliamentary question by Catherine Murphy, the Social Democrats co-leader, revealed that Farry has been paid 98 per cent of fees 1.28 million of 1.31 million that the Legal Aid Board (LAB) has paid to barristers since 2016 under the personal insolvency arrangement scheme.
LAB has set aside another 1.6 million in fees for barristers involved in cases that have not
Read the full article at: https://www.thetimes.co.uk/article/unhealthy-focus-single-barrister-keith-farry-personal-insolvency-cases-8pvkkcl09
image copyrightScience Museum GroupAn exhibition charting the rise of Factory Records from punk-inspired start-up to “influential force” has opened in the city it called home.
The Manchester label grew out of a club night, which started in 1978, and went on to find global success with bands like New Order and Happy Mondays.
Former manager Lesley Gilbert said there still being interest in the label would have surprised its founders.
Items such as a guitar used by Joy Division’s Ian Curtis will be shown.
The exhibition at the city’s Science and Industry Museum looks at the early years of the label, from its for…
Read the full article at: https://www.bbc.com/news/uk-england-manchester-57343300
A mortgage is much more than just a big, scary debt you have to pay to enjoy homeownership.
It’s an opportunity, thanks to today’s record-low interest rates, to get ahead financially, whether through building wealth or better managing your other debts.
First, understand the difference between good and bad debt.
Put simply, good debt is any debt that can increase your wealth or deliver you personal value. Bad debt is the stuff that’s used to buy things that lose value, such as credit cards, car loans and buy now, pay later schemes.
Some types of debt are worthwhile adding to your mortgage, especially with the low cost of borrowing.
Here are four examples.
INVESTMENT LOANS
Most people need money to make money
and investment debt is usu…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/good-debts-you-can-add-to-your-mortgage/4279953/
A partner with experience in aviation finance, restructuring and insolvency matters in Asia has joined K&…
A partner with experience in aviation finance, restructuring and insolvency matters in Asia has joined K&L Gates Hong Kong finance practice.
Eugene Yeung has joined K&L Gates Hong Kong finance practice as a partner after three years at Pillsbury Shaw Winthrop Pittman, leaving as counsel.
Yeung served Eversheds Sutherland as a consultant for just less than a year before joining Pillsbury in 2018. Prior to this, he spent six years at Mayer Brown, acting on local and international corporate restructurings, insolvencies, workouts and rescues.
Qualified to practise in Hong Kong, New York, Australia, and England and Wales, Ye…
Read the full article at: https://iclg.com/news/16574-k-and-l-gates-solidifies-hong-kong-aviation-finance-capabilities
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In May 2018, I quit my job as a youth leadership program director without having secured another. It was an abrupt decision to leave a role I had been doing for three years with nothing else lined up, but it was necessary for my mental health. The question for me wasn’t so much of if I would find another job, but when I would find one with comparable pay and benefits.
When I quit, we didn’t have much of a financial safety net. My husband was in graduate school and we had a 6-month-old baby we were already struggl…
Read the full article at: https://www.cnbc.com/select/how-a-balance-transfer-card-can-help-with-debt-payoff/