Insolvency Guardian Media Centre
This content was published on April 7, 2021 – 04:43
KUALA LUMPUR (Reuters) – Malaysia’s former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career.
Najib, who lost a historic election in 2018, is facing dozens of corruption and money laundering charges over the suspected theft of billions of dollars from 1Malaysia Development Berhad, a state fund he co-founded.
He has…
Read the full article at: https://www.swissinfo.ch/eng/malaysia-ex-pm-najib-served-with-bankruptcy-notice-over–400-million-tax-bill/46510188
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.canberratimes.com.au/story/7192090/star-doubles-down-on-asian-vips-43m-debt/
The effects of Hurricane Maria in Dominica in 2017 caused millions of dollars worth of damage to the countrys economy.Credit: Alejandro Cegarra/Bloomberg via Getty
Most governments astronomical borrowing during the current pandemic pays scant attention to the effects that climate change could have on their ability to repay the debt. Here we present an analysis of countries sovereign debt issued in 2020, showing that the vast majority of nations did not disclose the ways in which global warming might alter their credit-worthiness.
This is concerning. Even the anticipation of a climate shock might cause a debt crisis. If financial markets misprice the current risk, an event in one country could awaken investors sensitivity, trigg…
Read the full article at: https://www.nature.com/articles/d41586-021-00871-w
As rumors of Onkyo s bankruptcy along with Pioneer, keep swirling around the industry and despite local distributor Ambertech struggling to get stock, Company executives are still telling observers that they have a future.
Now as their fiscal year draws to a close on March 31st, the historic Japanese audio firm appears to be breathing new air with speculation that Klipsch owners Vox International has offered some funding.
Last year Onkyo USA delivered distribution to Klipsch (under 11 Trading Company).
This was just part of a plan that included much internal restructuring in both Japan and its global businesses after Sound United who recently acquired Melbourne based distributor Qualifi walked away from investing in the business.
During…
Read the full article at: https://www.channelnews.com.au/is-onkyo-pioneer-heading-for-bancruptcy-as-d-day-passes/
GOLD COAST, Australia The Star Entertainment Group has doubled down on its bid to sue an Asian billionaire who racked up an AUD 43 million ($32.8 million) gambling debt at its casino in Gold Coast in the south of Brisbane on Australias east coast.
VIP high roller Wong Yew Choy allegedly dishonored a blank check after a five-day losing streak playing baccarat at The Star Gold Coast.
After losing an international bid to pursue 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 an over Au…
Read the full article at: https://www.thefloridastar.com/articles/star-doubles-down-on-asian-vips-32-8-million-debt/
LONDON (Reuters) – The Bretton Woods Committee has formed a working group of senior bankers, academics and lawyers to propose ways to resolve a rise in sovereign debt distress in emerging markets as a result of the COVID-19 pandemic.
The influential U.S.-based non-profit organisation said it will examine how to promote greater transparency around sovereign debt and achieve equitable burden sharing among all creditors, namely official, bilateral and private sector.
Poor nations around the world are battling a large build-up in debt resulting from lower economic growth and higher budget deficits as the coronavirus crisis tightened its grip.
The group formed by the Bretton Woods Committee will also consider how to engage…
Read the full article at: https://www.reuters.com/article/emerging-debtrenegotiation/sovereign-debt-distress-rise-prompts-bretton-woods-group-action-plan-idUSL8N2LZ4GW
As recovery from the economic fallout of the pandemic occurs, richer countries appear to be progressing faster than poorer onesmany of them in Africa, where 60 percent of the worlds poor live.
Asia, notably China, is leading the global recovery, followed by the United States and other advanced economies. Behind the brighter outlook for these economies is disproportionate access to vaccines and the use of massive amounts of fiscal and monetary stimulus, totaling trillions of dollars. Concerns have even started to shift from reces…
Read the full article at: https://www.atlanticcouncil.org/blogs/africasource/keys-to-african-recovery-vaccines-debt-and-commodities/
NEW DELHI: The pre-pack framework for stressed assets under the insolvency law is a “liquidation-remote resolution mechanism” and will also help in avoiding protracted legal battles as there will already be a broad understanding among stakeholders concerned, according to IBBI chief M S Sahoo.
To help stressed MSMEs (Micro, Small and Medium Enterprises), the government has come up with the pre-packaged resolution mechanism for such entities under the Insolvency and Bankruptcy Code (IBC). The provision has been introduced by way of an ordinance amending the IBC.
The country’s insolvency law’s main feature is creditor-in-control, where creditors have unfettered rights to decide on the future course of a stressed company.
“In corporate in…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/pre-pack-is-liquidation-remote-resolution-mechanism-says-ibbi-chief/articleshow/81937856.cms
Reorganization is now increasingly favored over liquidation, according to an analysis of COVID-era corporate bankruptcy filings by S&P Global Market Intelligence.
Almost 62% of corporate bankruptcy filings last year sought to reorganize or restructure, the highest watermark since 2010, according to S&P dataand 2021 filings are set to outpace last years numbers. Conversely, in 2018 and 2019, liquidations were more commonly sought in bankruptcy filings.
Chapter 11 proceedings allow companies to file restructuring plans, while Chapter 7 filings liquidate the companys assets. Bigger companies tend to choose Chapter 11, particularly if they enjoy strong brands recognition and operation in niche markets Diane Shand, a senior director at S&P G…
Read the full article at: https://www.globest.com/2021/04/06/more-bankrupted-companies-opted-for-reorganization-not-liquidation-in-2020/
The acquisition of Finance Active was a strategic move by Altus after the amount of debt around the world hit an all-time high in 2020.
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Karl Tomusk
Altus Group has acquired debt management software provider Finance Active SAS for 106.5m
The integration of Altus and Paris-based Finance Active will enable clients to see assets, funds and debts in a single platform and simulate scenarios around loans and hedging to better manage the liabilities and risks of their investments.
As a global provider of commercial real estate software, data solutions and services, Altus already offers clients a range of services for all stages of an assets lifecycle. This acquisition will expand those capabilities into debt managemen…
Read the full article at: https://placetech.net/news/altus-introduces-debt-management-services-with-e107m-deal/
Struggling businesses have been handed additional assistance after the Government extended changes to insolvency laws that were brought in during the pandemic.
In response to the coronavirus pandemic and the resulting lockdown measures, the Government introduced the Corporate Insolvency and Governance (CIG) Act to bring in new tools to give struggling firms “the time they need to maximise their chance of survival”.
The Act introduced easements for Annual General Meetings and filing requirements for public limited companies but also brought in a number of measures that stopped creditors and suppliers from pressuring businesses.
These included:
- Preventing suppliers from ceasing to supply goods or asking for additional payments while a c…
Read the full article at: https://www.business-live.co.uk/professional-services/coronavirus-insolvency-act-deadline-extended-20327192
(Corrects to show D-reizen Dutch-owned since December 2020, paragraph three)
AMSTERDAM, April 6 (Reuters) – D-RT Group, the parent of Dutch tour operator D-reizen, has been declared bankrupt, a court spokesman said on Tuesday, potentially affecting more than 1,000 employees.
The Netherlands has largely avoided corporate bankruptcies during the pandemic as employers are able to receive government support to continue paying employees.
This is a pitch black day for us CEO Jan Henne de Dijn said in a statement. Henne de Dijn and another executive bought D-RT Group from German firm Raiffeisen Touristik Group GmbH on Dec. 23, 2020, and had been in talks with creditors to avoid bankruptcy.
Details of the bankruptcy, which …
Read the full article at: https://www.reuters.com/article/netherlands-travel-bankruptcy/corrected-dutch-travel-company-d-reizen-declared-bankrupt-idUSL1N2LZ0IT