- around 700,000 people struggling with problem debt to benefit from Breathing Space this year
- scheme will give those facing financial difficulties 60 days to get finances back on track without debts piling up, worrying letters or enforcement action
- people will also have access to professional debt advice, with stronger protections for people in mental health crisis treatment
Breathing Space will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts.
Under the scheme, people will be given legal protections from their creditors for 60 days, with most interest and penalty charges frozen, and enforcement action halted. They will also…
Read the full article at: https://www.miragenews.com/new-scheme-to-give-people-in-problem-debt-554006/
Today the Biden-Harris Administration posted visitor logs from January 2021. The Biden-Harris Administration will be the first administration to post visitor logs from its first full year in office. Visitor log disclosures will occur on a monthly basis.
This release was made in accordance with the reinstated policy to voluntarily disclose White House visitor logs. These logs give the public a look into the visitors entering and exiting the White House campus for appointments, tours, and official business making good on President Bidens commitment to restore integrity, transparency, and trust in government.
This set, from January 20 to 31, 2021, includes only 400 records. As vaccinations increase and the pandemic res…
Read the full article at: https://www.miragenews.com/biden-harris-administration-reinstates-visitor-556613/
Introduction
Pension plans
Financial leases
Instalment sales with reservation of title
Right to obtain a tax refund
Witholdings in guarantee
Article 192 of the Consolidated Text of the Bankruptcy Law (TRLC) introduces the concept of the ‘active mass’ of a bankruptcy, which constitutes all of the assets and rights integrated into the bankrupt’s assets on the date of the declaration of bankruptcy, as well as those that are reintegrated to the bankrupt or acquired before the conclusion of the bankruptcy proceedings.
The active mass incorporates the principle of universality derived from Article 1.911 of the Civil Code (ie, the debtor is liable for all of its present and future assets).
Under Article 198 et seq of the TRLC,…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Spain/Augusta-Abogados/Composition-of-active-mass-inventory-of-goods-and-rights-special-cases
Special Report
Numerous American companies struggled to stay afloat throughout the COVID-19 pandemic, which reshaped daily life and rendered some types of businesses unable to function. Economists at the Federal Reserve estimated that 200,000 more businesses closed in 2020 as compared to previous years.
People who run smaller companies generally decide to simply close up shop if their business flounders. But major corporations often choose to file for Chapter 11 bankruptcy protection to reorganize their finances an option that can be prohibitively expensive for many organizations. Many of Americas largest and most well-known brands filed for bankruptcy largely…
Read the full article at: https://247wallst.com/special-report/2021/05/07/american-brands-that-went-bankrupt-during-covid/
Clarke: Client and market reaction has been universally positive
The former restructuring advisory and employer covenant business of KPMG has rebranded and launched as Interpath Advisory.
The multidisciplinary practice was sold to H.I.G. Europe and Interpath’s managing directors in March. The retitled business formally launched this week.
Interpath employer covenant team leader David Clarke said: It is hugely exciting to have Interpath up and running. Client and market reaction has been universally positive and the benefits of being an independent and conflict-free business of significant scale have been seen from day one. We have had a number of inbound enquiries from both potential clients and people interested in joining the team….
Read the full article at: https://www.professionalpensions.com/news/4030957/kpmg-restructuring-covenant-business-rebrands-interpath-advisory
Tomas Campos and Tushar Vaish co-founded Spinwheel in 2019 after Campos saw how student loan debt was affecting his sister, who graduated from college over a decade ago, and his niece, who graduated in 2019.
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When she graduated, we thought it was an awesome milestone, but she was distraught over how she would pay her student loan debt, Campos told Crunchbase News. My sister, who worked for the government, was rejected for student loan forgiveness and had to take all of her savings and put it toward the student debt. She had been saving for a house.
Its that financial shock that Spinwheel is trying to help people avoid. It secured $11 million in its first round of financing to enable Americans to get out…
Read the full article at: https://news.crunchbase.com/news/exclusive-spinwheel-banks-11m-for-consumer-debt-management-tool/?utm_source=cb_daily&utm_medium=email&utm_campaign=20210506&utm_content=intro&utm_term=content
The future for McWilliams Wines looks to be assured once again after being acquired by Calabria Family Wines, in a deal announced by KPMG and selling agent Colliers International.
The sale, which is set to be complete by 30 April, will see the Griffith-based Calabria family take ownership of the McWilliams brands, intellectual property, and stock holdings as well as the Hanwood vineyard, winery and cellar door.
The Mount Pleasant brand and winery has been acquired in a separate deal by Sydney investment group Medich Family Office.
Third-generation Sales & Marketing Manager Andrew Calabria, told The Shout it was very exciting for the Calabria family to bring the McWilliams wines into its portfolio.
McWilliams is not only significant for…
Read the full article at: https://theshout.com.au/calabria-family-wines-acquires-mcwilliams/
Robert Thomas Cree appeared at Newcastle Crown Court where he was jailed for 4 years and 10 months for two counts of fraudulent trading and one count of perverting the course of justice.
The court heard that Robert Cree (41), from Newcastle Upon Tyne, ran a number of debt recovery companies: Monument Management Limited, Falcon Management Limited and Redwood Business Management Limited, trading as Rojen Recovery Services.
In November 2014, Monument Management Ltd was wound up and a criminal investigation was launched by the Insolvency Service.
Investigators found that the business was cold calling organisations, offering debt recovery services following payment of a subscription fee.
Robert Cree received substantial payments but, in…
Read the full article at: https://www.miragenews.com/fraudulent-debt-collector-jailed-for-almost-5-556383/
In what has been called an extraordinary case, Valaris$7bn financial restructuring made sizeable waves this week, as firms including Kirkland & Ellis, Slaughter and May and Akin Gump steered it to a successful conclusion.
The transaction sees offshore drilling service providerValaris emerge from Chapter 11 after the company filed in August 2020, eliminating $7.1bn of debt and securing a $520m capital injection through the issue of $550m of new secured notes.
The restructuring which was subject to a range of complex conditions, including Saudi and Mexican antitrust approvals was implemented through a UK administration proceeding and culminated in the pre-pack sale of the business and assets of Valaris to a newly-incorporated Bermuda co…
Read the full article at: https://www.legalbusiness.co.uk/blogs/dealwatch-elite-firms-drill-into-7-1bn-valaris-restructuring-as-eclectic-deals-epitomise-market/
Large-scale proposals of any kind have been ruled out for a contentious section of the country’s second oldest national park, as South Australia’s Environment Minister narrowshis scope for the unused land.
Key points:
- The former Belair Golf Course closed in 2018 and the land has been left in limbo since
- A draft master plan for several soccer pitches at the site drew strong opposition from the local community
- Only low impact acitivities such as mountain bike riding and walking trails will now be considered for the site
Just one day after public consultation closed over a draft master plan for a series of synthetic soccer pitches, Environment Minister David Speirs on Thursday said the plan was not “appropriate” and probably not “financially v…
Read the full article at: https://www.abc.net.au/news/2021-05-07/large-proposal-of-any-kind-ruled-out-at-belair-golf-course/100124052
The ACT Council of Social Service (ACTCOSS) has made a submission to the Australian Federal Parliament calling on all parties to act to protect Australians from gambling harm by restricting the use of credit cards for online gambling.
ACTCOSS and the Canberra Gambling Reform Alliance (CGRA) made this plea through their submissions to the Senate Standing Committees on Environment and Communications Inquiry into the Interactive Gambling Amendment (Prohibition on Credit Card Use) Bill 2020.
Dr Emma Campbell, ACTCOSS CEO said: ACTCOSS supports this amendment, which would prevent online gambling service providers from accepting credit card payments. This brings legislation governing online gambling companies in line with other forms of g…
Read the full article at: https://www.miragenews.com/actcoss-supports-ban-on-credit-card-gambling-555943/
The administrators will pursue a sale of the company and are encouraging interested parties to come forward.
The administrators are continuing to trade the business whilst they undertake an urgent appraisal of Data Republic, the administrators said in a statement.
The administrators will work closely with Data Republics employees, suppliers and customers to stabilise operations and to determine the appropriate strategy for the business. A recapitalisation and sale process will also be commenced immediately.
Data Republic is understood to have also approached possible buyers prior to placing itself in voluntary administration, but administrators believe a buyer may still emerge.
To date the company has raised about $36 million in venture…
Read the full article at: https://www.afr.com/technology/big-bank-backed-data-republic-collapses-after-failed-funding-round-20210506-p57pn2