Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Beleaguered AirAsia X has gained shareholder approval to proceed with its corporate restructuring plan, as it reiterated its commitment to an operational restart as soon as possible.
The shareholder approval, which took place at the airlines extraordinary general meeting on 1 June, comes as AirAsia X finalises negotiations with creditors on its restructuring process.
The carrier and its restructuring advisors New York-based Seabury Capital intends to hold a court-convened meeting with its lessors and other creditors in late-July or August.
Calling the latest development a major milestone in its plans to turn the troubled business around, AirAsia X says: [We are] committed to resuming commercial operations as soon as possible on a …
With almost 35% of USF Tampas undergraduate students stuck with over $30,000 in loan debt after getting a bachelors degree and many Americans struggling through the pandemic, student debt relief should be a top priority for the Biden administration. SPECIAL TO THE ORACLE/FLICKR/InvestmentZen
The American Jobs Plan, which is President Joe Bidens first major infrastructure bill, is gradually shrinking as its passed from one side of the aisle to the other, leaving out major promises Biden made to voters when he was running for president.
Biden promised to cancel $10,000 of debt per student loan borrower as well as cancel all debt for alumni from historically Black colleges and universities in his time as president, according todocuments…
PANDEMIC costs and the high price of cattle have been named as key impacts leading to the placing of prominent live cattle exporters the North Australia Cattle Company, and its southern counterpart, into voluntary administration.
The company, once the live export logistics business of Elders, has accumulated debts owed to trade creditors of approximately $3.6 million.
Western Australia’s Jimmy Trpcevski and Melissa Lau have been appointed as voluntary administrators on behalf of insolvency company Jirsch Sutherland.
A statement from Jirsch Sutherland said it was early days in the process and the administrators were undertaking investigations, assisted by the company’s directors.
“The company was impacted by COVID, due to delays in …
Small and medium-size enterprises are considered the backbone of the American and European economies. In Australia, approximately 95 per cent of all businesses are SMEs. Therefore, it is a reasonable assumption that the vast majority of formal insolvencies are also SMEs.
When companies get to the point where they are insolvent, there are typically two types of actions that occur: a court or creditor liquidation whereby the business is shut down and all assets are sold, with the proceeds used to repay creditors, or a voluntary administration where an administrator is appointed.
The existing solutions
The voluntary administration alternative came from a recommendation of the 1988 Harmer Report to mitigate the loss of business value result…
The NSW Government is partnering with local communities to help drive down fines and reduce the social impact of debt on vulnerable youth and First Nations people.
Revenue NSW Deputy Secretary Scott Johnston said the new initiative would bring communities together with Government to develop plans that address social issues that may arise out of fines debt.
For vulnerable customers and those experiencing genuine financial hardship, fines can create an overwhelming debt cycle that can cost people their driver licence and prevent them from getting a job, Mr Johnston said.
The Governments Community Action Plans will help identify the issues that are leading to fines in the first place and develop strat…
ASIC has banned John Carlton Martin, a director and former responsible manager of Union Standard International Group Pty Ltd (Union Standard) (in liquidation), from providing financial services for 10 years. ASIC has also disqualified Mr Martin from managing corporations for five years.
ASIC found Mr Martins lack of understanding or regard for compliance was so serious it justified the making of significant banning and disqualification orders.
Banned from providing financial services
Union Standard was a retail over-the-counter (OTC) derivatives issuer offering clients opportunities to trade in contracts-for-difference (CFDs). Union Standard and its former corporate authorised representatives, Maxi EFX Global AU Pty Ltd (also known …
Teneo announces that it is launching a global restructuring business following the completion of its purchase of Deloitte U.K.s restructuring services business.
Daniel Butters, formerly head of U.K. restructuring services at Deloitte, will become CEO of Global Restructuring for Teneo, and as part of the companys growth plans, the business will expand into the Irish market
The new restructuring business will comprise more than 300 specialists across Europe and the U.S., focused on four key service areas including business transformation, restructuring, capital advisory and bankruptcy & insolvency
Says the team from Goldin Associates, which Teneo acquired in August last …
Editors note: This weeks Future View asks whether President Biden should make student debt relief a priority. Next well ask: What do you think of companies embrace of Pride Month? Students can click here to submit opinions of fewer than 250 words before June 15. The best responses will be published that night.
Canceling student loan debt is a short-term solution that will only encourage universities to raise tuition. They wont lose applicants over cost increases. Parents who cant pay will expect the feds to step in. As a result, the next generation of students will be met with the same or worse debt problems, causing another student-loan cancellation initiative. According to the Federal Reserve Bank of New York, every dollar in subsidize…
Instagram posts promoting a debt advice company have been banned after the influencers failed to make risks and fees clear or to mark them as ads.
Influencers Helen Briggs, Myles Barnett and Chloe Ferry all posted Instagram stories for Debt Slayers, seen in December and January, featuring a link to the website.
Barnetts post read: One of my friends just got 81 percent of his debt wiped off. So if youve got debt above 5,000 it could be credit cards, catalogues, car finance a loan, anything like that, swipe up, theres more information on there you can wipe off a big, big chunk of your debt.
Ferrys post read: This is a new fully regulated scheme that can help you write off 85% of the debt!
Three complainants challenged whether the posts were…
Dewan Housing Finance Ltds erstwhile promoter Kapil Wadhawan has moved the Supreme Court, challenging the stay order passed by the National Company Law Appellate Tribunal (NCLAT) on his offer to lenders, according to two people aware of the matter.
The NCLAT last week stayed the ruling of the National Company Law Tribunal (NCLT), which had directed lenders of Dewan Housing Finance Corporation Ltd (DHFL) to consider Wadhawans settlement offer of 91,000 crore.
Wadhawan appealed in the Supreme Court on Monday evening. Date for hearing the case is not known yet,” said one of the persons cited above.
Last week, the committee of creditors (CoC) led by Union Bank, and the Reserve Bank of India-appointed administrator filed separate applica…
On May 14, 2021, the Department of Justice of the government of the Hong Kong Special Administrative Region announced that the Secretary for Justice of Hong Kong and the Vice-president of the Supreme Peoples Court (the SPC) had signed the Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region (the ROM). The ROM concerns the commencement and implementation of the much anticipated cross-border mutual recognition, assistance and cooperation arrangement between Hong Kong and mainland China (the Mainland) in relation to corporate insolvency and restructuring matters (the Cooperation Arrangement).
May 31EDITOR’S NOTE The MDJ sent six questions to each candidate in the June 15 special election to succeed former state Rep. Bert Reeves, R-Marietta. The questions were identical for each candidate, and candidates were asked to limit their responses to 250 words. This is the fourth installment of the six-part series.
Each session, the General Assembly debates the issue of gambling in Georgia (about a dozen bills in the last session), dealing with casinos, online, sports and pari-mutuel betting, etc. Do you support legalizing more forms of gambling in the state of Georgia?
DAVID BLINKHORN (R):
I oppose legalized gambling in Georgia. Beyond the moral objections I have to that expansion as a Christian of deep faith, I have important public …
