Insolvency Guardian Media Centre
CreditorWatch, in conjunction with McGrathNicol, launched a new white paper exploring insolvency trends, options for businesses working through debts and potential sources of funding post-31 March.
The credit reporting agency said that according to figures published by the Australian Securities and Investments Commission, each year, roughly 8,000 businesses are placed into external administration.
But it noted that, in 2020, only 5,000 businesses entered administration, meaning 3,000 businesses that should have become insolvent last year are due to fail this year.
Further, an additional cohort of businesses is likely to enter administration as a result of the pandemic, which could prompt an additional 2,000 businesses to fail this quart…
Read the full article at: https://www.mybusiness.com.au/management/8047-5k-business-insolvencies-in-months-following-jobkeeper-report-predicts
It was the offer from the gambling company which he is convinced started his addiction. If he deposited up to 300, they’d match it.
James – not his real name – says: “That was basically the initial hook that got me into slot machines.
“Gambling on the internet and particularly on smartphones, using apps, you in effect have a super casino in your pocket.
“I’ve never actually been in a physical bookmaker’s shop.”
In three months, James went from gambling a hundred pounds a month to five thousand pounds in a day. When he finally stopped, he was 80 thousand pounds in debt.
“For a time it ruined my life – up until the point that I was seriously considering suicide. Basically, I had ruined myself financially”
Personal da…
Read the full article at: https://au.news.yahoo.com/gambling-apps-super-casino-pocket-170617966.html
The impact of climate change on the environment is now widely recognised, but there may also be an impact on businesses facing financial difficulties either as a result of climate change itself or due to the impact of transitioning to a cleaner world.
A total of 196 countries are seeking to implement the aims of the 2015 Paris Agreement on Climate Change which set global goals to reduce carbon emissions. The UK, which is one of the signatories, has set a target of net zero greenhouse gases by 2050.
The United Nations (UN) has also adopted 17 sustainability and development goals which include targeting climate change and its impact. As a result, businesses can expect to see increased regulation and disclosure in this area and may need to…
Read the full article at: https://www.pinsentmasons.com/out-law/analysis/restructuring-can-be-useful-tool-amid-climate-challenges
A lifeline for struggling businesses in the United Kingdom the most significant insolvency reforms for a generationCorporate Insolvency and Governance Act 2020The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least, the widespread introduction of administration under the Enterprise Act in 2003. The Act was brought into law very quickly to bring abount changes seen as necessary to support struggling businesses as they deal with the economic fallout from Covid-19. It should be noted, however, that many of the changes are permanent rather than temporary in nature and they will transform t…
Read the full article at: https://www.jdsupra.com/legalnews/the-corporate-insolvency-and-governance-7964467/
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Beauty clinic operator Wellness & Beauty Solutions (ASX:WNB) has fallen into voluntary administration.
The move comes nearly 2 months since it failed to lodge its quarterly report and has been suspended ever since.
Shareholders were informed the administrator, Laurence Fitzgerald of William Buck, had formally assumed control of the groups assets and said he would try to maximise the outcome for all stakeholders.
This essentially means the administrators will try to avoid a liquidation of the company potentially by finding a buyer for the companys assets.
The collapse comes just 2 days after the expiration of the JobKeeper wage subsidy which the company told shareholders in last years June quarterly it rec…
Read the full article at: https://stockhead.com.au/news/wellness-beauty-solutions-enters-voluntary-administration/
UNITED STATESOne of the statistics published a couple of years ago by a renowned website Overcoming Gambling reveals about fifteen million Americans display signs of gambling addiction, with the average debt incurred by a male pathological gambler being as high as $90,000. With figures such as this it is clear that millions of people find themselves sucked into the gambling trap. In fact, they are sucked into one of the biggest traps or deepest pitfalls. However, what is the mentality behind such compulsive behavior, and what is it about the pursuit of easy money that leads so many into financial woe and ruin?
Before I knew it I was taking ridiculous chances just to try and win back what Id lost.
The Trap, The Pitfall and The Risk
It is…
Read the full article at: https://www.canyon-news.com/the-dangers-and-downsides-of-gambling-trap/143444
Facts
High court decision
Court of Appeal decision
Key takeaways
Comment
In Sunrise Megaway Sdn Bhd (In Liquidation) v Kathryn Ma Wai Fong,(1) the Court of Appeal was tasked with deciding whether a liquidator’s decision to admit a proof of debt (POD) could be challenged. A ‘POD’ is a document which quantifies the sum owed to a creditor by a company, which is indispensable for the creditor to be able to claim the outstanding debt from the company in liquidation.
The appellant was a company within the WTK group, while the respondent was the petitioner. The appellant was wound up by a court order and a liquidator was appointed upon the winding-up order. Subsequent to the appellant’s winding up, one of the creditors and part of t…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Litigation/Malaysia/Gan-Partnership/Challenging-a-liquidators-decision-to-admit-a-proof-of-debt
There is information lacking on assets that sit outside the group … creditors could be better offer if these loans [to Mr Grollo] can be clawed back.
Chair of the meeting Craig Shephard from KordaMentha argued strongly against an adjournment, saying it would not result in further clarity creditors and would cost money.
But Mr Grollo said he supported it, as did the ATO, which is owed $14.4 million, and fund manager Impact. Mr Shephard used his powers as chair to enforce the adjournment.
Addressing the meeting earlier, Mr Grollo again blamed Infrastructure NSW for the appointment of administrators and said his hand had been forced by the state government entity.
The DOCA is the best option for creditors. Creditors have been first and f…
Read the full article at: https://www.afr.com/property/commercial/grocon-liquidation-vote-adjourned-to-april-16-20210329-p57f16
The National Anti-Corruption Bureau of Ukraine (NABU) has placed former board chairman at PrivatBank Oleksandr Dubilet on the wanted list, Acting Chairman of the Specialized Anti-Corruption Prosecutor’s Office Maksym Hryshchuk has told Ukrinform.
Dubilet is suspected of involvement in the embezzlement of UAH 8 billion from the bank before it was nationalized in late 2016.
“A [NABU] detective has made the decision to put Oleksandr Dubilet on the wanted list,” Hryshchuk said.
On March 15, NABU approved suspicion notices for three former PrivatBank officials former board chairman Oleksandr Dubilet, his deputy and the head of the bank’s division on interbank operations. They are suspected of embezzling UAH 8 billion.
According to the in…
Read the full article at: https://www.ukrinform.net/rubric-economy/3217314-nabu-places-former-privatbank-official-on-wanted-list.html
from the huckster,-llc dept
There’s a new cottage industry of Section 230 lawsuits springing up from the law offices of Tycko & Zavareei in Washington, DC (with the assistance of Pearson, Simon & Warshaw of California, the state where the lawsuits are being filed).
Over the past few years, we’ve seen a plethora of lawsuits alleging vicarious liability for terrorist attacks being filed against social media platforms by opportunists at 1-800-LAW-FIRM and Excolo Law. Not a single one of these lawsuits has made it past the pleading stage, even if one Ninth Circuit judge went off the rails a bit during oral arguments last spring. Whatever Section 230 immunity doesn’t eliminate, the law firms’ decision to sue the wrong parties (i.e., a…
Read the full article at: https://www.techdirt.com/articles/20210326/16452846500/law-firm-hoping-to-add-legal-losses-to-plaintiffs-gambling-losses-suing-google-apple-over-casino-apps.shtml
Mackay Goodwin also calls for Government to modify and extend JobKeeper for vulnerable industries
FOR IMMEDIATE RELEASE
NEWS RELEVANCE: All Business; All SME; Travel; Tourism; Hospitality; JobKeeper; Government
When Job Keeper ends on 28 March, many businesses, especially those associated with travel and tourism, may find themselves financially struggling to meet their financial commitments. Leading restructuring adviser Mackay Goodwin is urging all businesses in crisis to seek help before the 28 March deadline, but also calls for the government to make special consideration for industries unable to resume normal business operations (travel, tourism and associated sectors), especially in light of the recently announced delay in opening…
Read the full article at: https://prwire.com.au/print/restructuring-adviser-urgently-calls-for-struggling-businesses-to-seek-help-before-jobkeeper-ends
UN Secretary-General Antonio Guterres called Monday for greater debt relief and new creative financing to help poorer nations deal with the pandemic and prevent their economic recoveries from falling behind.
A “new debt mechanism” to provide more options — including debt swaps, buy-backs and cancellations — is needed, he said, as many nations have been reluctant to add debt during the global health crisis, fearing a hit to their credit ratings.
Guterres also called on G20 nations to extend the suspension of debtors’ loan payments into 2022, and expand the Common Framework for Debt Treatments to include middle-income countries that request it. The G20 agreed to suspend debt payments in April 2020, but that measure is set to expire at the…
Read the full article at: https://au.news.yahoo.com/un-chief-calls-more-pandemic-161200037.html