Insolvency Guardian Media Centre
A lifeline for struggling businesses in the United Kingdom the most significant insolvency reforms for a generationCorporate Insolvency and Governance Act 2020The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least, the widespread introduction of administration under the Enterprise Act in 2003. The Act was brought into law very quickly to bring abount changes seen as necessary to support struggling businesses as they deal with the economic fallout from Covid-19. It should be noted, however, that many of the changes are permanent rather than temporary in nature and they will transform t…
Read the full article at: https://www.jdsupra.com/legalnews/the-corporate-insolvency-and-governance-6820529/
Reuters reports that a USDA spokesperson said the agency will be ready to process payments on an estimated $4 billion in debt relief for 17,000 Black, Indigenous, Hispanic and Asian farmers once legal battles are resolved. It planned to start the payments in June.
“USDA will continue to forcefully defend its ability to carry out this act of Congress and deliver debt relief to socially disadvantaged borrowers,” a USDA spokesperson said on 15 June.
The spokesperson said the government cannot appeal the restraining order, which pauses payments until the US District Court for the Eastern District of Wisconsin rules more broadly on a lawsuit over whether or not the debt relief program discriminates against non-minority farmers.
For decades,…
Read the full article at: https://www.thepigsite.com/news/2021/06/usda-defends-debt-relief-for-minority-farmers-despite-legal-fight
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Law360, London (June 17, 2021, 1:37 PM BST) — The government has announced that it is extending by three months a COVID-19 relief measure thatprotects companies from enforcement action by creditors if they have fallen into debt because of the pandemic.
The Insolvency Service s…
Read the full article at: https://www.law360.com/financial-services-uk/articles/1394967/uk-extends-creditor-enforcement-protection-for-cos-
North Carolina-based HomeTrust Bank has announced plans to close nine branches as part of a wider business restructuring plan.
The bank will also repay loans and bring its small business loan function in-house.
HomeTrust said in an announcement this week that the closures would affect locations in North Carolina, Tennessee, and Virgina, totalling 22% of its branch operations. It expected to incur a $1.5 million cost for employee redundancies, disabling an operating lease, and writing down facilities costs, among other costs directly related to the closures.
Affected customers would still be able to access its digital offering and remaining network of 32 branches.
These strategic initiatives, along with the continued maturity of our dive…
Read the full article at: https://www.bankingexchange.com/news-feed/item/8757-hometrust-bank-to-close-branches-in-restructuring-move?Itemid=639
York-based family owned business, Riccall Carers Ltd, has ceased trading after more than 20 years of providing home care for vulnerable and elderly people throughout York and Selby.
The business was established in 1998 and provided personal care home visits to around 180 private and local authority-funded clients in the region.
It held contracts with both the City of York Council and North Yorkshire County Council as well as privately funded clients.
However, following pressures within the care sector, exacerbated over the last year by the pandemic, the directors of the company have today 15June 2021 given instructions to Begbies Traynor in York to assist with placing the company into liquidation.
Insolvency director at Begbies Trayno…
Read the full article at: https://www.thebusinessdesk.com/yorkshire/news/2077029-challenges-exacerbated-by-pandemic-force-care-company-into-liquidation
(BLOOMBERG) – Troubled flag carrier Garuda Indonesia faces a key deadline on Thursday with a payment on its Islamic debt that will reflect its ability to deal with a financing crunch.
The South-east Asian airline has been trying to avoid bankruptcy as it struggles with the decimation of the global travel industry due to the pandemic. The government said early this month that it’s considering a debt standstill for the carrier to allow it to restructure.
The state-owned company missed the distribution payment on a US$500 million sukuk on June 3, and the 14-day grace period ends on Thursday. The Sharia-compliant note due in June 2023 has dropped around 35 cents on the dollar so far this month to a record low of about 41 cents, prices comp…
Read the full article at: https://www.straitstimes.com/business/companies-markets/garuda-faces-key-debt-deadline-with-restructuring-on-the-line
Question: H.G. in Butler County: Can you help? I have about $20,000 in credit card debt and not much in savings. Should I focus more on paying down the debt or building my savings?
A: If it makes you feel any better, others are in the same boat: three 1 in 3 Americans have more credit card debt than savings,according to Bankrate.com. And while its obviously not an ideal situation in which to find yourself, whats important is that youve recognized the problem. Now lets help you take some steps to solve it.
First and foremost, you should prioritize building an emergency fund. Wh…
Read the full article at: https://www.cincinnati.com/story/money/2021/06/16/allworth-advice-which-takes-priority-paying-down-debt-saving/7705313002/
1. Data Sources
Company Insolvency data for England & Wales, Scotland and Northern Ireland are sourced from Companies House, except for compulsory liquidation data for England & Wales and Northern Ireland.
Compulsory liquidation data for England & Wales are sourced from the Insolvency Service case information system (ISCIS). Compulsory liquidation data for Northern Ireland are sourced from the Department for the Economy, Northern Ireland.
Individual insolvency data for England & Wales were sourced from ISCIS; individual insolvency data for Northern Ireland were sourced from the Department for the Economy.
More information on the administrative systems used to compile insolvency statistics can be found in the Statement of Administrative …
Read the full article at: https://www.gov.uk/government/statistics/monthly-insolvency-statistics-may-2021/methodology-and-quality-document-monthly-insolvency-statistics-may-2021
Solving the challenges facing this diverse group of nations, which are home to 3 out of 4 people, is critical to putting the world on a more sustainable and inclusive post-COVID-19 development path.
Middle-income countries (MICs) are home to 62% of the worlds poor, but the challenges they face are often overlooked or seen as less urgent than those of poorer nations.
Yet many MICs a group of 106 countriesthat includes small islands like Kiribati, landlocked nations like Uzbekistan and emerging economies like Brazil face some of the same vulnerabilities as low-income countries, such as crippling debt and a lack of economic competitiveness.
Despite being potential economic powerhouses, theyre at risk of stagnating in their development t…
Read the full article at: https://unctad.org/news/debt-relief-and-productive-capacities-key-recovery-middle-income-countries
OXLEY HOLDINGS LIMITED
(Incorporated in the Republic of Singapore under Registration No. 201005612G)
UPDATE ON SUBSIDIARIES UNDER VOLUNTARY ADMINISTRATION IN AUSTRALIA
The Board of Directors of Oxley Holdings Limited (the “Company“, and together with its subsidiaries, the “Group“) refers to the announcement on 18 May 2021 relating to the appointment of voluntary administrators by the Group’s wholly-owned subsidiary in Australia, Pindan Group Pty Ltd, and certain of its wholly-owned subsidiaries (collectively, the “Pindan Companies“) and wishes to provide an update below.
The administrators applied to the Supreme Court of Western Australia seeking orders to extend the convening period in which the second meetings of creditors of the Pi…
Read the full article at: https://www.marketscreener.com/quote/stock/OXLEY-HOLDINGS-LIMITED-11938739/news/General-Announcement-UPDATE-ON-SUBSIDIARIES-UNDER-VOLUNTARY-ADMINISTRATION-IN-AUSTRALIA-35624629/
The swift spread of coronavirus needed an equally rapid response from government, but with business coming back to life its time for the economy to stand on its own again, says the Insolvency Services Paul Bannister.
The sudden beginning of the pandemic and the imposition of the first lockdown brought about an economic scenario we’ve never seen before, Paul Bannister, Head of Policy at The Insolvency Service, told ICAEW Insights. It was obvious very quickly that the government had to bring in some extraordinary measures that it had never done before.
The swift spread of the virus needed to be matched by rapid government action – more specifically in the Insolvency Services case, the Corporate Insolvency & Governance Act 2020. It would n…
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2021/jun-2021/back-to-business-as-support-measures-wind-down
Ontarios government watchdog on Wednesday announced it will investigate cuts to French-language programs at Laurentian University.
The investigation comes after Ontarios ombudsman received 60 complaints about the transparency and fairness of the process by which the programs were shelved after the northern Ontario university sought creditor protection and declared itself insolvent in February.
The university underwent financial restructuring under third-party supervision after it initiated court proceedings to seek protection from its creditors using the Companies Creditors Arrangement Act (CCAA). On April 12, Laurentian announced it would be cutting 69 programs, including 28 in French, and laying off 100 faculty members.
Many Franco-On…
Read the full article at: https://ipolitics.ca/2021/06/16/watchdog-to-probe-french-program-cuts-at-laurentian-university/