Insolvency Guardian Media Centre
While dealing with financial difficulties is never easy, early identification of a companys financial situation is often the key to successfully implementing measures that will allow it to maximize its options, said Jean Fontaine, Montreal-based partner and member of the firms restructuring and insolvency group, in the news release.
Canadian businesses who are anticipating economic difficulties would benefit from leveraging time, a key asset in all situations, and from immediately considering their possible alternatives to bankruptcy, said the firms news release. Such businesses should venture into the restructuring efforts while armed with a game plan and while understanding their exit strategies, said Fontaine.
Stikeman Elliotts restr…
Read the full article at: https://www.canadianlawyermag.com/practice-areas/corporate-commercial/new-guide-provides-financial-restructuring-alternatives-for-businesses-hoping-to-avoid-bankruptcy/356475
Signage is seen at the United States Bankruptcy Court for the Southern District of New York in Manhattan, New York City, U.S., August 24, 2020. REUTERS/Andrew Kelly
Fashion brand owner, The Collected Group LLC, has secured court approval of its prepackaged reorganization plan that will put lenders in control of the company.
Collected, represented by Paul, Weiss, Rifkind, Wharton & Garrison, expects it to go into effect this week after U.S. Bankruptcy Judge Laurie Selber Silverstein in Wilmington, Delaware signed off on the plan during a virtual hearing on Tuesday. The plan, which is backed by private equity giant KKR & Co Inc, is expected to eliminate $150 million from the companys $185.3 million funded debt stack and allow the company to …
Read the full article at: https://www.reuters.com/business/legal/collected-group-restructuring-plan-scores-bankruptcy-court-approval-2021-05-25/
Up to 170 jobs are at risk at the debt advice charity StepChangebecause of reduced demand for its services.
The charity has slightly more than 1,500 staff, according to its latest accounts, in offices around the UK.
Unite the union said in a statement that the StepChange offices in Leeds and Newcastle upon Tyne would be the hardest hit,while pay levels for its remaining employees will be frozen.
The union said the charitys management had declined to consult its members to try to avoid the redundancies and had instead announced the decision to make about 10 per cent of the workforce redundant within weeks.
The redundancies had been planned to go ahead before the end of furlough and only months before a massive and imminent upsurge in dem…
Read the full article at: https://www.thirdsector.co.uk/170-jobs-lost-debt-advice-charity/management/article/1717192
Virgin Australia is driving analytics into every corner of its revived business, creating a playbook for every business unit that can be used to drive growth and profitability as the airline sector recovers.
Head of the analytics centre of excellence (COE) Paul Tran told the SAS Global Forum that the airline has elevated analytics to a groupwide function, supported by a three-year technology agreement with SAS.
Virgin Australia managed to exit voluntary administration at the end of last year after securing the backing of Bain Capital. It has since started to rebuild internal functions, including IT.
Before heading up the newly-centralised analytics function, Tran ran data science for the Velocity Frequent Flyer program.
There was still …
Read the full article at: https://www.itnews.com.au/news/virgin-australia-is-spooling-up-analytics-engines-for-air-travel-takeoff-565039
According to a report from Barrett Sports Media, ESPN college basketball analyst Dan Dakich has become a DoorDash delivery driver to pay off his gambling debts.
Dakich racked up a bunch of debt by recklessly betting on college basketball games during the 2021 NCAA Mens Basketball Tournament.
By being careless with his money, Dakich broke one of the rules that he has preached for years. That rule? Respect the value of a dollar.
I come from iron and steel workers, teachers, and I lost sight of the value of a dollar, said Dakich. I woke up at 5:30 in the morning and I told my wife I had to make it up. Seriously, I went to the hardware store about a mile from my house and applied for a job, because I wanted to make …
Read the full article at: https://detroitsportsnation.com/espn-college-hoops-analyst-becomes-doordash-driver-to-pay-off-gambling-debts/wgbrady/college-sports/05/25/2021/250342/
Foreign investors in Chinese groups that have gone bankrupt could be given powers to liquidate assets on the mainland in a deal with Hong Kong that aims to boost business confidence in the countrys legal system.
The mechanism will obligate courts in Shanghai, Shenzhen and Xiamen to recognise insolvency orders filed by company creditors in Hong Kong, conduit for Chinese companies raising money from global investors. It means that investors can more easily seek to wind up Chinese businesses assets on the mainland to recover their money. The scheme could be expanded to more Chinese cities in future.
The scheme, which was launched this month, comes as international investors increase their exposure to China. The country has at the same time…
Read the full article at: https://www.ft.com/content/b5ea88fd-45f6-4763-bb19-c30745c035ae
The Volkswagen Group has fielded an offer for its supercar brand, Lamborghini, from a Swiss-based … [+]
SOPA Images/LightRocket via Getty Images
A consortium connected to the family of the late Volkswagen Group strongman Ferdinand Piech has made a stunning 7.5 billion unsolicited bid to buy Automobili Lamborghini.
The deal would come with five-year parts supply contracts with Lamborghinis nominal parent, Audi, and with five-year job security for middle-to-senior managers.
The Volkswagen Groups official position on Lamborghini has long been that the Italian supercar maker is not for sale, though it is not averse to offloading brands, with Bugatti set …
Read the full article at: https://www.forbes.com/sites/michaeltaylor/2021/05/25/volkswagen-recieves-75-bid-for-supercar-brand-lamborghini/
Katie Price is heading back to court in a bid to get out of paying off her 3.2million debt, it’s claimed.
The former glamour model, 42, was declared bankrupt in 2019 and was meant to pay off 12,000 a month to her creditors after taking out an individual voluntary arrangement (IVA), but failed to do so.
Her attempts to pay back her debts will now be reviewed, two years after she went bankrupt.
Over the years Katie has blown through her 45million fortune, and her bankruptcy was extended in November 2020, giving her extra time to earn back her large debts.
Katie has reportedly failed to attend meetings and address paying bac…
Read the full article at: https://www.mirror.co.uk/3am/celebrity-news/katie-price-heading-back-court-24181623
The insolvency and restructuring profession rescued 297,000 jobs and returned 1.82bn to creditors in insolvency cases in 2019 the equivalent of around 800 jobs and 5m a day, according to a new report from R3, the insolvency and restructuring trade body.
The report, The value of the profession: how insolvency and restructuring supports the UK economy, is based on responses to a survey of representatives of 71 companies from the insolvency and restructuring profession in the UK carried out by Savanta ComRes.
Of the 1.82bn members of the insolvency and restructuring profession returned to creditors in 2019, 353m was from corporate insolvency and restructuring cases, …
Read the full article at: https://www.businessupnorth.co.uk/insolvency-and-restructuring-profession-rescued-297k-jobs-in-2019-r3-report-shows/
25 May 2021
Many companies across the UK are emerging from lockdown with a sense of cautious optimism. While the majority expect top-line revenues to return to pre-pandemic rates within the next two years, more than half also expect to encounter a liquidity shortfall in the next 12 months.
The last year has understandably seen a spike in restructuring and insolvency procedures across UK markets. Firms across all industries have struggled to maintain liquidity amid the coronavirus pandemic, and its deep recession with consumer-facing businesses relying on bricks-and-mortar presences and the manufacturing and construction sectors having been especially hard hit.
Now, however, aPwC survey of 400 major businesses …
Read the full article at: https://www.consultancy.uk/news/28012/four-in-10-firms-considering-restructuring-over-next-12-months
Black women were hit the hardest with income loss this year. Whether you lost a job or had to close down your business or downsize your clientele, collectively, the pandemic hit our pockets the hardest. According to U.S. News, Black women had a 6% drop in employment in 2020. That income loss affects how we manage our debt. Student loans, credit cards and medical bills are hard to pay when you are experiencing income loss. Its also hard to manage debt when there are no savings. Four in 10 Americans say they dont have adequate savings to cover an unexpected expense of just $400 or more, according to the Federal Reserves. With no savings, its challenging to manage the debt you were already trying to rid yourself of before losing a j…
Read the full article at: https://www.essence.com/news/money-career/debt-during-a-time-of-income-loss/
Student federal loan repaymentsand interest on that debthave been paused during the pandemic, thanks to federal COVID-19 relief legislation. As of October 2021, however, some 44 million borrowers who owe an estimated $1.7 trillion will have to start repaying debt that has grown exponentially over the past decade and a half.
Many are ill-prepared to do so. That massive debt is causing consternation and concern not only for those who owe the money, but for their employers as well.
Employers recognize the emotional toll that employee debt can cause. That stress affects their mental health and their work performanceand organizational productivity.
For many students, the pandemicand the switch to remote learningdid not reduce tuition costs. …
Read the full article at: https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/employers-student-loan-assistance-tackles-the-college-debt-crisis.aspx