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.
Sid Miller, a rancher and commissioner of the Texas Department of Agriculture, has filed a lawsuit backed by the new group America First Legal against USDA over a new aid program that eliminates FSA loan debt for socially disadvantaged farmers. Another group of white farmers filed a similar lawsuit as well. (DTN file photo by Chris Clayton)
UPDATE: Following up from Sid Miller’s litigation, a separate case has been filed now in a federal court in Wisconsin representing five farmers from Wisconsin, Minnesota, South Dakota and Ohio. The five farmers all have either direct loans with the Farm Service Agency or loans backed by USDA. The lawsuit, filed Thursday by the Wisconsin Institute for Law & Liberty, points to USDA running a Race…
The High Court has refused to approve a pensioners Personal Insolvency Arrangement (PIA) involving her making mortgage repayments on her home until she was aged 98.
In what is regarded as an important test case, Mr Justice Mark Sanfey said 69-year-old Ann Fennell, who owes Ulster Bank some 72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.
The bank opposed the PIA, which proposed to restructure the length of her mortgage repayments to 348 months from the coming into effect of the arrangement.
If the proposal had been approved, Ms Fennell would have been making monthly mortgage repayments until she was aged 98.
She had entered into an insolvency arrangement over her difficulties in repaying a …
A High Court judge has refused to approve a pensioner’s Personal insolvency Arrangement which would have seen her continue to make mortgage repayments on her home till she was 98 years of age.
The ruling was made in a Limerick appeal in what is being regarded as a key test case.
Mr Justice Mark Sanfey dismissed the application after finding that 69-year-old Ann Fennell, who owes Ulster Bank 72,500, would not be reasonably likely to be able to comply with the terms of the proposed PIA.
The bank opposed the PIA, which proposed to restructure the length of her mortgage repayments to a term of 348 months from the coming into effect of the proposed arrangement.
Insolvency arrangement
If the proposal was approved, Ms Fennell would be making …
There were 1,675 personal insolvencies recorded in the fourth quarter of last year, less than the previous year, but a figure that is masking a potential steep rise in cases once Covid-19 support stops and courts return to full capacity.
Official figures from Accountant in Bankruptcy (AiC) showed that that 67% of insolvencies were from people taking out protected trust deeds (PTD), something that has been on the increase since 2014, but was stemmed off last year by the furlough scheme.
AiC recorded 1,114 PTDs in the last quarter of 2020, stating that this followed a similar pattern to bankruptcies, which decreased when compared with the same quarter in the previous year. There were 561 bankruptcies awarded in the last quarter last year…
SINGAPORE (ICIS)–Siam Cement Group is studying a potential restructuring of its chemical business, including the possibility of a public offering of its shares, the Thailand-based producer said late on Wednesday.
This feasibility study for the restructuring is expected to be completed by the end of 2022, the company said in a filing to the Stock Exchange of Thailand.
The restructuring is aimed at furthering growth opportunities in the chemicals business, “such as a potential to further expand capacity in ASEAN”, SCG said.
SCG in the same statement said that it has signed a share purchase agreement on 27 April to acquire a 70% stake in Portugal-based Sirplaste.
Plastic recycling company Sirplaste has an annual capacity of 36,000 tonnes …
Whether its spending more time at home or a new perspective on life, many Aussies across the country have been taking great strides in smashing their financial goals by taking out a personal loan.
In fact, according to a recent Loan Book Update from peer-to-peer lender, Plenti, debt consolidation (27%) was the leading financial reason for applying for a Plenti personal loan.
Other major reasons for taking out a personal loan were for renewable energy spending (25%) and home improvements (13%), suggesting that more Aussies are…
This story features EZZ Life Science Holdings Ltd, and other companies. For more info SHARE ANALYSIS: EZZ
You beauty! Health and wellness stocks that deliver prosperity and vitality
By Tim Boreham, Editor, The New Criterion
It seems the only advertisers these days are Harvey Norman, sports betting shops and Chemist Warehouse and Priceline with their pages of pills and unguents.
Indeed, the term health and wellness might be overused and even tautologous, but tell that to the average household that spends many billions of dollars annually on cosmetics, dietary supplements and surgical nips and tucks.
According to Euromonitor, the Australian/New Zealand consumer healthcare market is worth $8.2bn and has been g…
CREDITORS of a century-old Ipswich manufacturing business which went into administration two years ago are set to receive what is owed to them in full.
Claypave Pty Ltd went into voluntary administration in March 2019 owing $4.9 million to the Commonwealth Bank and $70,000 to trade creditors.
It had accrued liabilities of $2 million in employee entitlements.
Former Claypave owner John Piele.
The business formally ceased trading in July last year.
It was originally called Rylance Collieries and Brickworks and began operation in the 1880s with its plant built in Ipswich in the 1930s.
Its last owners took over in 1985 and they sold clay bricks and pavers to clients nationally while also exporting products, predominantly to Japan.
Insolvency practitioners have been urged to steer clear of dual appointments, contentious referral relationships and other conflicts of interest as the regulator issues a new report shining a spotlight on independence threats.
The Australian Financial Security Authority (AFSA) on Wednesday released a new report, Practitioner independence in the personal insolvency system, to clarify what practitioner independence means in practice and to address the misconceptions surrounding it.
The report outlines the regulators expectations, explains common conflicts of interest, and provides examples of situations where practitioners have lost their registration by failing to act with independence.
Using examples from case law and industry guidance…
Restructuring plans were introduced into law at the height of the coronavirus crisis in 2020 to provide businesses with a new tool with which to overcome financial difficulty.
The hearing to approve the restructuring plans proposed by Virgin Active is scheduled to commence on Thursday 29 April. If approved, the restructuring would bind opposing landlords into writing off overdue rent and to accepting reduced future rental income. This is likely to have wide implications for landlords in other cases.
Background
The Virgin Active group, a health club business, says it has been severely impacted by the Covid-19 pandemic. It is seeking to urgently implement a restructuring of its financial debt and lease liabilities to avoid collapse when c…
The moratorium is provided for in The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 and will apply to eligible individuals who have debt problems.
The purpose of the Regulations is to give individuals a breathing space during which they can obtain professional debt advice and find a long-term debt solution. The breathing space is only accessible via a debt advice provider who will assess whether the individual is eligible. During the moratorium, creditors and their agents cannot take any enforcement action and interest or other charges are frozen. The moratorium is not a payment holiday and ongoing liabilities will need to be met. The new rules allow an eligible…
By Douglas Fraser Business and economy editor, Scotland
image copyrightGetty Images
image captionThe number of insolvencies is expected to rise despite coronavirus restrictions easing
The number of Scottish companies facing insolvency is expected to rise steeply as government loans have to be paid.
It comes despite restrictions on the economy being relaxed.
R3, the trade body for insolvency and restructuring accountants, said the first quarter of this year has seen a sharp drop in companies and individuals becoming bankrupt.
Corporate insolvencies in January to March were down 31% on the preceding quarter.
The figure was 63% lower than the first quarter of last year.
Personal bankruptcies and the procedure known as …
