Insolvency Guardian Media Centre
Gambling addiction can cost people massive amounts of debt and disrupt relationships and careers. But it’s not as identifiable as substance addictions, according to Mercedes Kent. “It’s not a matter of willpower,” she said. “This is a brain disease.” Kent is a treatment provider and supervisor at Gateway Foundation, which runs addiction treatment centers, including one in Springfield. Gambling expansion is a moneymaker for the state, but as it expands, so do the rates of gambling disorders, Kent said.
Kent spoke as part of a recent weeklong series, hosted by Gateway, addressing gambling addiction throughout Illinois. Speakers included public health and addiction treatment professionals and various lawmakers, both Dem…
Read the full article at: https://www.illinoistimes.com/springfield/gambling-losses/Content?oid=13447275
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LONDON More businesses and individuals across Britain were declared insolvent last month than earlier in 2021 though levels remained mostly below those of a year ago as government support muted the impact of the coronavirus pandemic.
Britains economy shrank by almost 10% last year and millions of people have been unable to work due to lockdown restrictions, but state loan guarantees and wage subsidies have kept most companies and households financially afloat for now.
Government figures on Thursday showed 992 companies in England and Wales were declared insolvent in March.
This represents a rise since the start of the year but is still 20% fewer than in March last year at the start of the pandemic, and 37% down on two …
Read the full article at: https://financialpost.com/pmn/business-pmn/uk-insolvencies-rise-but-still-below-pre-pandemic-level
Metals magnate Sanjeev Gupta restructured his business empire last year in an attempt to maximise the amount of UK taxpayer-backed loans he could draw on through the governments coronavirus lending scheme.
Companies affiliated with Gupta applied for hundreds of millions of pounds of loans via Greensill Capital, which tapped the Coronavirus Large Business Interruption Loan Scheme (CLBILS). The government set up the programme at the height of the pandemic to help companies weather the crisis.
The collapse last month of Greensill, Guptas main lender, has left his GFG Alliance, which employs 35,000 people at metalworks stretching from Wales to Australia, battling for survival.
While Greensill was only authorised to provide 50m to a single …
Read the full article at: https://www.ft.com/content/b2c846db-2537-47e3-a75d-5118c69ba54a
(Reuters) -Dell Technologies Inc said on Wednesday it would spin off its 81% stake in cloud computing software maker VMware, in a move that will help the PC maker reduce its debt.
VMware will distribute a special cash dividend of between $11.5 billion and $12 billion to all its shareholders, including Dell, which will receive between $9.3 billion and $9.7 billion, in the transaction that is expected to be tax-free.
The spinoff, first proposed in a filing last July, will help Dell lower its long-term debt of $41.62 billion, much of w…
Read the full article at: https://www.reuters.com/article/us-dell-vmware-divestiture/dell-spins-off-vmware-stake-generating-up-to-9-7-billion-to-pay-down-debt-idUSKBN2C12SW
Lithgow Aged Care has been thrown a lifeline by the Not For Profit, just three weeks after its aged care homes days appeared to be numbered.
As we reported here, the stand-alone home, 140km west of Sydney, which has 73 residents and employs more than 120 staff, went into voluntary administration last month after losing its accreditation by failing to meet 38 of the 42 aged care quality standards.
A binding agreement has been executed this week to transfer ownership of the home to Respect, which has 12 aged care homes and two retirement villages across NSW, Victoria and Tasmania with over 1,300 residents and 1,500 staff.
Respect does have a history of aged care turnarounds.
In July last year, Respect took over the Woodhaven aged care hom…
Read the full article at: https://www.theweeklysource.com.au/respect-aged-care-acquires-lithgow-facility-after-it-lost-accreditation-and-went-into-voluntary-administration/
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For the 22nd time, yellow cab drivers from across New York City pulled over and went out of public service while they rallied for debt relief.
Cabbies banged drums and chanted into megaphones outside of City Hall on Wednesday afternoon with fingers pointed at the government building, they yelled: When the mayor lies, people die!
This protest is one of over 20 thatfor months nowhave been fighting for debt relief for yellow taxi drivers who owe hundreds of thousands in loans for their medallions.
Demonstrators worry that their voices are being drowned out after Mayor Bill de Blasio announced on March 9…
Read the full article at: https://www.amny.com/new-york/handcuffed-to-the-wheel-new-york-city-cabbies-continue-to-rally-for-debt-relief/
While businesses recover from cash shortfalls and adapt to constantly shifting public health measures, the financial health of all sized businesses remains at serious risk. Larger businesses with naturally more cash reserves than smaller businesses are well equipped to withstand the pressures posed by the pandemic, however, the impact is likely to be grave following the withdrawal of government support. The Bounce Back Loan Scheme is due to be replaced by the Recovery Loans Scheme from April 2021, with applications closing later this year.
If your business can no longer stay afloat due to deteriorating financial health, what happens to your Bounce Back Loan debt and will you be held personally liable?
Understanding the Bounce Back Loan …
Read the full article at: https://www.lawyer-monthly.com/2021/04/can-a-covid-stricken-business-walk-away-from-a-bounce-back-loan-debt/
What would it mean to cancel student debt? A variety of opinions were on display during a hearing convened Tuesday by Senator Elizabeth Warren, a Massachusetts Democrat, her first as chair of the subcommittee on economic policy.
For Warren, who has been urging President Joe Biden to cancel up to $50,000 in student debt since she campaigned for president, broad-based student-loan discharge would mean declaring the nations higher education finance system, a big failure.
Weve tried piling one complicated program on top of another to help people manage their debts, Warren said. Its time to go big and to go simple.
Warren convened the hearing to make the case for student-debt cancellation, a policy shes been pushing since her presidential ca…
Read the full article at: https://www.marketwatch.com/story/its-time-to-go-big-elizabeth-warren-makes-aggressive-push-for-student-debt-cancellation-11618409327
I am going to begin with two major words of advice for this reader stop spending! This is the first sensible move you need to make to begin your path to a debt and stress-free financial future.
I have seen it many times. People do not think anything of buying themselves the odd treat and putting this little debt on their credit card but when this then becomes senseless uncontrollable spending, it usually m…
Read the full article at: https://www.irishexaminer.com/lifestyle/relationships/arid-40264898.html
The provisional insolvency administrator isin the process of analysing the companys financial position
Nobiskrug, the German shipyard that specialises in the construction of custom superyacht projects over 60m, has filed for insolvency. The Neumnster district court has appointed Hendrik Gridmann, a restructuring expert from Hamburg law firm, Reimer, as the provisional insolvency administrator.
Gridmann and his team are currently in the process of analysing the companys financial position. His focus is to determine a variety of options for Nobiskrug over the coming weeks.
The operation will continue without restrictions including current yacht new build and the processing of repair orders. The wages and salaries of around 330 employees a…
Read the full article at: https://www.superyachtnews.com/business/nobiskrugs-insolvency-explained
The Star Entertainment Group has doubled down on its bid to sue an Asian billionaire who racked up a $43 million gambling debt at its Gold Coast casino. VIP high roller Dr Wong Yew Choy allegedly dishonoured a blank cheque after a five-day losing streak playing baccarat at The Star Gold Coast. After losing an international bid to pursue Dr Wong over the debt in Singapore, Star Casino has been granted leave to pursue the billionaire in the Queensland Supreme Court. The well-known Asian gambler had been lured to the Gold Coast casino as part of a marketing junket in July 2018 The gambling mogul opened his account with a $40 million cheque to buy gaming chips before hitting the baccarat table. Within three days, the billionaire lost the ent…
Read the full article at: https://www.victorharbortimes.com.au/story/7192090/star-doubles-down-on-asian-vips-43m-debt/
Chair Warren, Ranking Member Kennedy, and Members of the Committee, thank you for the opportunity to testify today.
Federal student loans impose a crushing burden on many borrowers, particularly those who enroll in programs where most students dont finish, programs where most graduates are unable to find a job, or programs where debts incurred are unpayable even with a good-paying job. Because of failures in federal lending programs, millions of Americans are drowning in student debt. The borrowers who struggle are disproportionately from lower-income families, first generation students, and students of color. And many more Americans miss out on the economic opportunities a college education provides out of fear of its cost.
But that i…
Read the full article at: https://www.brookings.edu/testimonies/the-student-debt-burden-and-its-impact-on-racial-justice-borrowers-and-the-economy/