Insolvency Guardian Media Centre
COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) today announced that it and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court). The Company enters Chapter 11 after executing a restructuring support agreement (the RSA) with creditors, led by SVPGlobal, that hold approximately 73% of the principal amount outstanding of the Companys secured corporate debt and 67% of the principal amount outstanding of the Companys unsecured notes (collectively, the Consenting Creditors). The Company will utilize Chapter 11 to implement a comprehensive and consensual…
Read the full article at: http://www.businesswire.com/news/home/20210613005044/en/Washington-Prime-Group-Commences-Voluntary-Chapter-11-Financial-Restructuring-with-RSA-Supported-by-Over-70-of-Holders-of-Secured-and-Unsecured-Corporate-Debt
Rousselle Industrie SA, a maker of machinery for paint manufacturers in northern France, almost collapsed in 2020 after the pandemic disrupted supply and its clients businesses.
The 10-person company was saved by the equivalent of $360,000 in loans under a government program that guaranteed debt and deferred interest payments for 12 months.
One year later, the company is still facing repeated delays in supplies and payments, making the prospect of servicing the debt difficult. Aware of the troubles facing Rousselle Industrie and hundreds of thousands of other companies, the French government delayed loan repayments by one more year.
We would not have survived this complicated phase without the governments help, Eric Plaisant, the compan…
Read the full article at: https://www.wsj.com/articles/europe-keeps-aiding-companies-to-avoid-surge-of-covid-19-insolvencies-11623576603
A deceased estate is insolvent when the deceased persons liabilities exceed the value of their assets. This leads to creditors being owed money by the estate, which must be repaid as far as funds allow.
A hierarchy of payment exists for deceased insolvent estates. The executor, or personal representative, is responsible for ensuring debts are paid in accordance with insolvency laws.
This is a serious responsibility with regards to any deceased estate but, when the estate is insolvent, the personal representative can become personally liable if they distribute payments incorrectly.
Insolvency Administration Order
When a person dies and their debts are higher than the value of their assets, the debts must be repaid where possible. They ar…
Read the full article at: https://www.todayswillsandprobate.co.uk/guest-writers/what-is-a-deceased-insolvent-estate/
The conference will take place on 19 November 2021 and the purpose is to:
- provide a platform for current insolvency research and technical discussion
- facilitate a stronger link between academia, the insolvency sector and policy-makers
- encourage comment and feedback from interested parties
The working title and theme of the conference are:
Forward Thinking: Insolvency strategies for a post-pandemic economy
We invite all scholars, researchers, postgraduate students, insolvency practitioners and others with interests in insolvency law and related areas to participate by submitting for presentation at the conference:
- an academic research paper OR
- a technical issue relating to insolvency practice
The Insolvency Service welcomes submissio…
Read the full article at: https://www.gov.uk/government/news/call-for-papers-insolvency-research-and-technical-conference
HOT SPRINGS — The old Social Security Administration Office here needs to be preserved, U.S. Sen. John Boozman, R-Ark., said after a recent tour of the vacant building.
The two-term Republican senator from Rogers was joined on the tour by Garland County Judge Darryl Mahoney, County Attorney John Howard and former County Judge Larry Williams, who serves on the board of directors for the Area Agency on Aging of West Central Arkansas.
The property at 225 Hazel St. reverted to the federal government in December.
The complaint the U.S. Department of Health and Human Services filed in the U.S. District Court for the Western District of Arkansas in September against Malvern National Bank and Quapaw House Inc. said the property was mortgaged w…
Read the full article at: https://www.arkansasonline.com/news/2021/jun/14/senator-urges-preserving-old-social-security/?news-arkansas
Restructuring experts have warned that many of the businesses that took Covid-related financial help in 2020 will be in distress again this year as UK government measures to support companies unwind next month.
Almost a third of global restructuring experts said that more than half of their clients that needed financing during the pandemic in 2020 would find themselves in financial distress again, according to an industry-wide survey by consulting firm AlixPartners.
Joff Mitchell, global joint head of the firms turnround and restructuring services practice, said one of the biggest threats facing companies at the moment is the inevitable increase of the cost of debt and the withdrawal of pandemic-related public funding.
In the UK, the b…
Read the full article at: https://www.ft.com/content/19bb9e98-b167-4778-9ae7-ccb22c5d14a4
COLUMBUS, Ohio–(BUSINESS WIRE)–Washington Prime Group Inc. (NYSE: WPG) today announced that it and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court). The Company enters Chapter 11 after executing a restructuring support agreement (the RSA) with creditors, led by SVPGlobal, that hold approximately 73% of the principal amount outstanding of the Companys secured corporate debt and 67% of the principal amount outstanding of the Companys unsecured notes (collectively, the Consenting Creditors). The Company will utilize Chapter 11 to implement a comprehensive and consensual…
Read the full article at: https://www.businesswire.com/news/home/20210613005044/en/Washington-Prime-Group-Commences-Voluntary-Chapter-11-Financial-Restructuring-with-RSA-Supported-by-Over-70-of-Holders-of-Secured-and-Unsecured-Corporate-Debt
See Bahasa Indonesia translation/versi Bahasa Indonesia
90th Edition: May 2021.
Key Points
- Australian feeder steer prices remain above $4 per kg live.
- NACC, a major Aussie live exporter enters administration.
- Vietnam restarts live imports in May.
Indonesia : Slaughter Steers AUD $4.59/kg live weight (Rp11,100 = $1AUD)
Slaughter steer prices have firmed a little although the market has a very wide range of pricing levels at the end of May. The asking price spread stretches from Rp49,500 to Rp55,000 per kg live weight as demand and supply factors experience even more volatility than usual. Considering the many competing forces, I have fixed the indicator price for May at Rp51,000. Supply is certainly rest…
Read the full article at: https://www.beefcentral.com/live-export/se-asia-report-mar-2021-4-2-2-4/
EVER wondered what goes on in the mind of a person who has been served a bankruptcy notice or even declared bankrupt?
The likelihood of the mind being enveloped with fear, lack of information and misplaced pessimism of losing a family home, car, life savings and the inability to restart afresh is high. It can be a traumatic experience.
If for some reason you are declared bankrupt, you lose your assets as that will be sold off to pay your debts by your lender. Your credit ratings plunge and that limits your capacity to seek new funding in the future for your big-ticket purchases.
Bankruptcy proceedings are taken by creditors against individuals who have failed to pay up their debts. These creditors are usually banks, finance companies an…
Read the full article at: https://www.thestar.com.my/business/business-news/2021/06/14/avoiding-bankruptcy
ISLAMABAD: The National Assembly has passed major amendments in the The Corporate Restructuring Companies Act 2016 to enable Corporate Restructuring Companies (CRCs) operate efficiently and extend financing facilities for carrying out the purposes of the CRC Act.
The Corporate Restructuring Companies (Amendment) Bill 2021 was approved in NAs session on June 10, including other 20 legislations.
Sources told Business Recorder here on Sunday that the Corporate Restructuring Companies Act, 2016 was promulgated to facilitate revival of distressed assets and companies. Under the CRC Act, SECP licenses Corporate Restructuring Companies that engage in business of acquiring and managing non-performing assets (NPAs) from financial institutions an…
Read the full article at: https://www.brecorder.com/news/40099868/corporate-restructuring-companies-act-2016-bill-to-facilitate-revival-of-distressed-assets-cos
Several lenders, including the major banks, have announced relief measures for Victorian borrowers impacted by the floods.
High winds, damaging rains, and flash flooding have wreaked havoc in several communities in Victoria, including the Gippsland region, with homes damaged or left without power, and more rain is expected.
In response to the floods, major banks have announced that customers affected by the floods can access immediate financial support. They have also encouraged affected customers to contact their near bank branches for assistance.
ANZ
ANZ has announced that it would provide a financial support package for individual and business customers that have been impacted by storms and floods across Victoria.
Support measures …
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/15737-banks-offer-relief-for-flood-hit-victorians
Landlords are once again in talks with the UK’s largest car park provider NCP, this time threatening to remove the business from a string of premises ahead of a vote on the company’s new restructuring plan.
The Telegraph reported on Sunday that the vote could tip the business into administration.
The restructuring plan would see a radical shakeup of NCP’s business model, with many landlords facing large rent cuts.
Some landlords have even gone into discussion with other operators, according to The Telegraph.
In May, the car park giant described the rent cuts as “last resort”, having started a process to pull out of contracts for unprofit…
Read the full article at: https://au.news.yahoo.com/ncp-car-parks-restructuring-vote-next-week-163759242.html