The ABA has welcomed the Federal Treasurers release of new regulations that licence debt management firms on 30 April 2021, a change called for by the ABA.
ABA CEO Anna Bligh said, together with changes made last year by the banking sector, these new regulations would will strengthen protections for customers.
I welcome these changes from Treasurer Josh Frydenberg and believe theyre a necessary protection for customers and an important step for the industry, said Ms Bligh.
Its vital that consumers dont become victims of predatory credit practices in the debt management industry. These new regulations and stronger compliance measures will help prevent Australians from being ripped off.
When calling for these changes, the ABA noted th…
Read the full article at: https://www.miragenews.com/aba-welcomes-new-debt-management-regulations-554619/
- Former CFPB head Richard Cordray will lead the Federal Student Aid office, which oversees student debt.
- Elizabeth Warren helped create the CFPB and was key in nominating Cordray when she couldnt helm the agency.
- Warren wants to cancel $50,000 in student debt per person and Cordray has shared her agenda for much of his political career.
- See more stories on Insiders business page.
Since she was elected to the Senate almost a decade ago, Elizabeth Warren has been fighting to cancel student debt and hold loan servicers accountable. Now one of her closest allies is in charge of the federal student debt pile, and that could be a big deal.
Richard Cordray, the former head of the Consumer Financial Protection Bureau (CFPB), was selected to…
Read the full article at: https://www.businessinsider.com/elizabeth-warren-richard-cordray-student-loan-debt-cancelation-fsa-cfpb-2021-5
The sale of the business sees around 528 staff and 22 partners transferring to Interpath Advisory and will enable KPMG to accelerate its programme of investment in its core audit, tax, deals and consulting services for clients.
The professional services firm announced in March that it had sold its UK restructuring business to investment firm H.I.G Capital.
H.I.G Capital is a global alternative investment firm with over 35bn (30bn) of equity capital under management and invests in the long-term growth of consulting and professional services businesses across Europe and the US.
KPMGs decision to sell the business was driven by the significant changes in the insolvency and restructuring market in the UK over recent years. It also comes ahe…
Read the full article at: https://www.accountancydaily.co/kpmg-completes-sale-restructuring-business
Its been fun, though its not been easy, he said. Its been 25 years of building the business from effectively nothing. We started with the Yellow Pages at a boardroom table, as Direct Insurance Agency in 1996, bringing in the butcher, the baker and the candlestick maker, if we could place it Were proud of what weve achieved. Weve got fantastic colleagues in the business and a brilliant culture. And I think after 25 years of work, its time to take the sheet off and unveil that to the world.
The restructuring will bring together the groups UK and international teams into one combined global insurance group formed of two distinct businesses its international specialty wholesale (re)insurance broker, Consilium, and its international special…
Read the full article at: https://www.insurancebusinessmag.com/au/news/breaking-news/aventum-group-ceo-on-thought-process-behind-global-restructure-and-rebrand-254019.aspx
By Kevin Peachey
Personal finance correspondent, BBC News
image copyrightGetty ImagesA new “breathing space” scheme has begun in England and Wales to shield people in problem debt from further interest and charges.
People receiving debt advice can apply for the break, which lasts for up to 60 days, to prevent them falling into a spiral of debt.
The Treasury has estimated that up to 700,000 people could be helped by the scheme in its first year.
People receiving treatment for mental health issues can get more help.
The separate system for those receiving mental health crisis treatment lasts for the length of that treatment, plus another 30 days.
Debt charities have campaigned for years for the full introduction of …
Read the full article at: https://www.bbc.com/news/business-56945218
Member Article
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds , responds to the Q1 2021 England & Wales corporate and individual insolvency statistics, which were published this morning by the Insolvency Service.
Corporate
There were 2,384 seasonally adjusted corporate insolvencies in Q1 2021, a reduction of 21.9% compared to Q4 2020s figures of 3,053 and a fall of 38.3% compared to Q1 2020 (3,863).
The quarterly fall in corporate insolvencies to the lowest quarterly total on record has been driven by a drop in all corporate insolvency processes. However, the increase in corporate insolvencies between February and March of this year, which was reported earl…
Read the full article at: https://bdaily.co.uk/articles/2021/05/04/q1-2021-insolvency-statistics-for-england-wales-r3-response
Australian Treasurer Josh Frydenberg arrives to speak to the media during a press conference at Parliament House in Canberra. Source: AAP/Lukas Coch.
Insolvency practitioners have welcomed a federal government commitment to consult on further reforms for the industry, but say more piecemeal changes to Australias insolvency regimes could create even more complexity for business owners.
Ahead of next weeks federal budget, Treasurer Josh Frydenberg has announced the government will look to introduce a number of reforms that build on the insolvency changes that came into effect in January.
On Monday, Frydenberg revealed plans for a number of reviews aimed at further simplifying and streamlining insolvency laws to support viable business…
Read the full article at: https://www.smartcompany.com.au/business-advice/legal/further-insolvency-reforms-government-warned-piecemeal-approach/
Supreme Court accepts complex task made more difficult by range of challenges
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WITS assets were eventually auctioned off as part of its liquidation |
The Supreme Court of Victoria Commercial Court brings into sharp relief the cost of company failure as external administrators are approved remuneration of more than $320,000 for their work in winding-up Wadleys Interstate Transport Service (WITS) Holdings in 2019.
The case also sheds light on a messy ending for the 40-plus-year-old company, led by Brian Wadley and Ed Slade, which, in a 2017 interview,was still operating more than 40 trucks.
The administrators made the claim under the Insolvency Practice Schedule (IPS), which deems the court has an obligation to…
Read the full article at: https://www.ownerdriver.com.au/industry-news/2104/administrators-granted-massive-pay-day-in-wadleys-wind-up