Press release for 2021 Risk Report
Businesses buoyed by Government stimulus to face cashflow pressures in coming months
Corporate and personal insolvencies have declined to record low levels following the implementation of COVID-induced temporary protections, according to the 2021 AICM Risk Report.
Drawing on data insights and the AICMs network of credit industry professionals and thought-leaders, the report reviews both personal and corporate insolvencies in the context of the governments response to the pandemic.
The dramatic change in conditions is largely contrary to what would be expected given the level of disruption experienced.
Whilst creditors are carrying less delinquent debt than …
Read the full article at: https://www.miragenews.com/businesses-buoyed-by-government-stimulus-to-542434/
General Admission Events has gone into liquidation with debts of $150,000.
The Adelaide music events company provided hospitality services, including staff and bar operations, to national festivals Groovin The Moo, FOMO, Parklife, Soundwave and Future Music.
Its director Gareth Lewis told the Adelaide Advertiser that the company was affected after the collapse of FOMO Festival last year, which folded owing debts of $6.2 million.
FOMO director Anand Krishnaswamy partly blamed breaches of contract by its 2020 headliner Lizzo and significant pressure from government officials to increase safety measures.
It left us holding the debts in South Australia, Lewis said. With the festival industry shut down, there was no other way to raise the mo…
Read the full article at: https://themusicnetwork.com/general-admission-events-liquidation/
The Northern Ontario School of Medicine building on the Laurentian University campus in Sudbury, Ont., on Feb. 1, 2021.
Gino Donato/The Globe and Mail
Tenured professors at Laurentian University expect to know Monday whether they will be laid off as part of an extraordinary restructuring aimed at cutting costs at the insolvent and debt-burdened school.
For many professors, the secretive process, in which negotiations have been held behind closed doors, has been a cruel and uncertain time.
Rachel Haliburton, who has taught philosophy and bioethics at the university for 25 years, said its horrible to see the lives and plans of colleagues suddenly derailed. She fears she and many others will soon be out of a job.
Read the full article at: https://www.theglobeandmail.com/canada/article-laurentian-professors-in-precarious-spot-as-university-navigates/
The idea of forgiving debt held by poor countries in exchange for green investments gained ground this week during the spring meetings of the IMF and World Bank, with concrete proposals expected in time for a global climate summit this fall.
Low-income countries face a double crisis they are under pressure to pay down their debt while also confronting environmental problems.
That makes them highly, highly vulnerable, Kristalina Georgieva, managing director of the International Monetary Fund, said this week, adding that it thus makes sense for the world to pursue so-called green debt swaps.
A World Bank spokesperson underscored that point.
The COVID-19 crisis has made it significantly harder for developing countries to tackle the rising…
Read the full article at: https://www.voanews.com/economy-business/imf-world-bank-begin-push-swap-debt-relief-green-projects
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 …
Read the full article at: https://thewest.com.au/news/crime/star-doubles-down-on-asian-vips-43m-debt-c-2485267
With any business, no matter what its size, potentially facing a reversal of fortune, innovative thinking can be as important to your companys survival as capital.
The business challenges of the past 12 months have brought into focus that any director or manager can be too close to their own business; so close in fact that they can lose perspective over time. It is understandable that people want to protect the business they have nurtured and built – so they may delay seeking the very assistance that can guide them through difficulty.
Tim Drury, Principal at Private Broker Business Advisory, explains in tough times, the ability for companies in financial crisis to restructure defensively and minimise loss is critical. Assessing your sit…
Read the full article at: https://www.ausleisure.com.au/news/business-restructuring-and-new-solutions-a-consideration-in-tough-times/
Introduction
Inclusions
Exclusions
Active mass of married persons
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 until 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).
To be included in the active mass, assets and rights must belong to the debtor (subjective requirement…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Spain/Augusta-Abogados/Composition-of-active-mass-under-TRLC
A number of cruise ships sit laid up awaiting their fate due to the COVID-19 pandemic, whether its a new brand and a return to cruising, or the eventual demolition market.
Satoshi
Capacity: 1,590
Tonnage: 70,000
Year built: 1991
The Satoshi (pictured above) seems to have escaped the breakers after being sold to new owners. Previously Alang-bound, the vessel is now in Europe and may have a new life with a startup cruise line. The ship is the former P&O Australia Pacific Dawn.
Funchal
Capacity: 402
Tonnage: 9,845
Year built: 1961
Auctioned earlier this year, the Funchal remains languishing in Lisbon, Portugal. Built in the 1960s, the vessel was last owned by Standard Living, who planned to transform it into a ravers party boat.
Zenith
Capacit…
Read the full article at: https://www.cruiseindustrynews.com/cruise-news/24720-cruise-ships-that-sit-in-limbo-status.html
The NCLT plea had been filed by a Gurgaon hotelier, who had accused the company of defaulting on payments and violating an agreement. The NCLAT ruling has now halted a ruling by the Ahmedabad bench of the NCLT initiating corporate insolvency proceedings against the subsidiary, OHHPL.
File image of Oyo Founder and CEO Ritesh Agarwal
Softbank-backed Oyo got a reprieve when the National Company Law Appellate Tribunal (NCLAT) admitted a plea by its subsidiary Oyo Hotels and Homes Pvt Ltd (OHHPL) seeking a stay on insolvency proceedings against it, the company said in a statement onApril 8.
The Ahmedabad bench of the NCLT had ordered the initiation of corporate insolvency proceedings against OHHPL on March 30.
The NCLAT order has ha…
Read the full article at: https://www.moneycontrol.com/news/business/startup/nclat-stays-corporate-insolvency-proceeding-against-oyos-subsidiary-6744431.html
About GDMF
The Government Debt Management Function was established in 2017 to provide strong functional leadership at the centre of government, with the right technical expertise. Our vision is to create fair debt outcomes for all.
Good debt management is a key part of achieving the governments objectives for fiscal policy. When debt does arise, the government needs to deal with it efficiently and effectively.
The GDMF supports c.8000 people that work on debt management across government, engaging across 20+ Ministerial departments, their ALBs, and local authorities.
What we do
The Government Debt Management Function works to improve the management of government debt, which is set to increase as a result of the COVID-1…
Read the full article at: https://www.gov.uk/guidance/government-debt-management-function-gdmf
What is insolvency? What does it mean to be insolvent? And how does insolvency differ from bankruptcy?
If youve ever found yourself pondering these questions, then this article is for you. Well tell you everything you need to know about insolvency and the consequences it could have for you and your business.
What is insolvency?
To put it in the most basic terms, insolvency refers to a financial state in which an individual or a company can no longer pay their debts and other obligations on time.
It arises whenever your liabilities or debts exceed your assets and cash flow.
How does insolvency differ from bankruptcy?
Insolvency is commonly confused with bankruptcy. But there are signific…
Read the full article at: https://www.fool.co.uk/mywallethero/loans/learn/what-is-insolvency/