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.
The height of a global pandemic may not seem like a particularly propitious time to roll out a transformative piece of corporate legislation, but in June 2020 the UKs Corporate Insolvency and Governance Act (CIGA) came into force.
The Insolvency Service described it as the most significant change to the UKs corporate insolvency regime in more than 20 years.
And one of its key provisions was the introduction of the new role of a monitor to oversee a corporate moratorium: an extendable, 20-working-day period giving businesses protection from creditor action unless they have the permission of the court while the business seeks professional restructuring advice.
Expanding debt help and advice firm Debt Support Service is relocating to Salfords Exchange Quay campus as the business gears up to double its workforce in the next two years.
Debt Support Service was founded in 2009 with the aim of providing fair and ethical consumer debt advice to UK residents.
Due to tightening of FCA regulations reducing the number of competitors, alongside an increase in the need for debt advice, the business has experienced sustained growth and is preparing for further expansion in the months ahead.
The companys 24 staff will move into a4,200 sq ft of office suite on the 8th floor of Building 8 later this month once North West contractor Aztec Interiors has completed the fit-out.
France has announced to cancel the debt of $5 billion and earmark another $1.5 billion arrears with the International Monetary Fund (IMF) to give relief to Sudan, reeling under the foreign debt.
We are one of the important creditors… and we are in favor of canceling the full debt of $5 billion that Sudan owes us. This is a real meaning of our support in the transition. France will put every effort to alleviate your foreign debt,
President Emmanuel Macron announced at a news conference, which he addressed jointly with President of the Sovereignty Council of Sudan Abdel Fattah Al-Burhan, and Prime Minister Abdallah Hamdok in Paris.
The measures to help Sudan were decided at an international conference to support Khartoums transiti…
Marcus Pesman, SC, who represented the Arrium directors in the liquidator action as well as Mr Bakewell across all three actions, argued an MAE had not occurred at all.
If the MAE can only be established by extensive analysis of the financial performance of Arrium … then it is logically, we say, impossible for Mr Bakewell or anybody else to perform that exercise as at the date of each of the drawdowns, Mr Pesman said on May 11.
So that whatever else is going on, there is no possibility that …
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Around half of the businesses surveyed said they had struggled to service debt payments within the past year. Photo: Dan Kitwood/Getty Images
A quarter of UK workplaces expect to reduce headcount next year and a third said they already have, according to study by consultancy firm PriceWaterhouse Coopers.
The forecasts come despite two-thirds saying in the PwC survey they expect revenue to return to pre-COVID levels within two years.
The research found that with the withdrawal of the job support scheme, staff cuts could be even higher.
The poll of 400 British executives also found that more than half (55%) of UK businesses expect to be saddled with debt on their balance sheets within a year, as earnings fail to keep pace with the rate of spen…
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Consolidating high-interest credit card debt with a lower-interest credit product could help you wipe out the debt faster and pay less interest.(iStock)
In theory, consolidating credit card debt sounds like a good idea. Replacing high-interest credit card debt with a credit product that has a lower interest rate could help reduce the amount of interest you ultimately pay on the debt.
There are a number of ways to consolidate credit card debt…
IRVINE, Calif., May 17, 2021 (GLOBE NEWSWIRE) — Millions of Americans are struggling to pay their rent during this pandemic. While on the verge of eviction, many have turned to credit cards and high-interest loans to keep up with their rent payments. Others are already late on rent and have bills piling up.
After criticism, federal judge Dabney Friedrich overturned the national eviction ban on Wednesday. For many, the policy was taking pressure off their situation in an attempt to save their home. Now millions are at risk of losing their homes two months earlier than expected.
An eviction is not a single event in a persons life, Emily Benfer said. It actually changes the trajectory of a life, because it has such catastrophic implicatio…
French President Emmanuel Macron has announced the cancellation of Sudans $5 billion debt to France in an effort to support the countrys transitional leadership and help its crippled economy recovering
BySYLVIE CORBET Associated Press
May 17, 2021, 7:11 PM
4 min read
PARIS — French President Emmanuel Macron announced the cancellation of Sudan’s $5 billion debt to France in an effort to support the country’s transitional leadership and help its crippled economy recovering, at a Paris conference gathering African leaders and international creditors.
Macron hosted the event Monday for Gen. Abdel-Fattah Burhan, head of Sudans ruling sovereign council, and Prime Mini…
MONTRAL, May 17, 2021 /CNW/ – The economic impact of the COVID-19 pandemic is leading some businesses to consider the avenues available to them if insolvency becomes inevitable. Several companies in sectors which have been the most impacted by the financial crisis in Canada have taken this opportunity to restructure their business operations as an alternative to bankruptcy.
Stikeman Elliott’s Guide to Financial Restructuring Alternatives
Stikeman Elliott’s restructuring lawyers have prepared this one-page guide to financial restructuring alternatives for Canadian businesses to help advise them when bankruptcy seems like the only available option. Our professionals work with businesses to outline solutions available for a successful fi…
AT&T Inc. is spinning off its WarnerMedia business in a deal with Discovery Communications Inc. as the telecommunications giant refocuses its attention on its wireless business and looks to reduce its debt position ahead of a costly 5G build-out.
The two companies formally announced plans to combine AT&Ts T, -0.87% WarnerMedia business with Discovery Inc.s DISCA, -5.43% entertainment business Monday, a deal that would create a stand-alone media company with greater scale in the streaming ecosystem.
AT&T T, -0.87% will receive $43 billion through the deal and the telecommunications giants shareholders will own 71% of the new company upon the close of the deal, which is expected to occur in mid-2022 while being tax-free to AT&T sharehol…
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday.
According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP).
In the last meeting of the CoC held on Saturday, financial creditors, which includes representatives of lenders and homebuyers, discussed their bids and sought various clarifications.
During the meeting, both NBCC and Suraksha were asked to make necessary changes and submit their revised bids.
In this fourth round of bidding process, NBCC is offering up to 1,903 acre, while Surakas…
