The Lithgow Aged Care Home, 140km west of Sydney, which houses 73 residents and employs more than 120 staff, has gone into voluntary administration after losing its accreditation by failing to meet 38 of 42 industry standards.
We reported here that the aged care home appealed the ruling, which leaves residents with the prospect of finding a new home.
Ernst & Young have been hired to oversee and address solvency concerns and make sure residents receive the correct care while assessing the possibility of selling the home to another provider.
The Aged Care Quality and Safety Commission imposed sanctions on 18 December after identifying there was an immediate and severe risk to the safety, health, or well-being of residents.
Aged Care Qu…
Read the full article at: https://www.theweeklysource.com.au/lithgow-aged-care-goes-into-voluntary-administration-after-losing-accreditation/
In response to the emergence of the COVID-19 pandemic in Australia in 2020, the federal government injected an unprecedented level of stimulus into the Australian economy and introduced temporary law reforms aimed at protecting against an anticipated “tidal wave” of insolvencies. These temporary law reforms included a moratorium on civil liability for insolvent trading for directors and increased thresholds and time frames for responding to statutory demands.
The majority of these temporary relief measures came to an end on December 31, 2020, and in an attempt to address the expected resulting rise in insolvencies, the federal government has implemented a number of permanent insolvency law reforms intended to assist small businesses re…
Read the full article at: https://www.jdsupra.com/legalnews/legislative-update-new-australian-4386118/
Borrowers defrauded by their schools could see all of their direct federal student loans canceled.
Credit: Getty Images/iStockphoto
Call Now ButtonLast week, the Department of Education announced a change that waslargely summarized as the cancellation of $1 billion in student loan debt. The announcement garnered attention because of the Biden administrations past discussion of student debt forgiveness.
Butsome pointed out that the Department of Educations decision would only affect a small number of student borrowers and that it would barely dent a nationwide student debt total of more than $1.69 trillion.
THE QUESTION
Is the Biden administration canceling $1 billion in student loan debt and who would see that debt forgiveness?
WHY WE ARE V…
Read the full article at: https://www.abc10.com/article/news/verify/verify-billion-canceled-student-debt-fraction-total/507-243e6267-c361-4c2a-9cc3-619bdb251d38
Go to TopAdvertisement
Wednesday, March 24, 2021
The Government has issued aconsultation paperregarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We havepreviously summarisedthe proposals impacting the purpose and scope of an audit.
This post will focus upon the matters affecting directors duties, and how the proposals may interact with the existing frameworks and enforcement powers that are in play when a company enters into an insolvency process.
Current Regime
To recap (at a very high level), the current directors duties and enforcement regime is broadly as follows:
Directors are sub…
Read the full article at: https://www.natlawreview.com/article/uk-government-consultation-restoring-trust-audit-and-corporate-governance-directors
Another win for the Duchess of Sussex. One of Meghan Markles lawsuits has left a prominent paparazzi agency bankrupt nearly a year after they obtained private photos of her and Prince Harrys son, Archie.
The company, Splash News & Picture Agency, officially declared Chapter 11 bankruptcy following their legal battles with Meghan, The Hollywood Reporter shared on Wednesday, March 24. According to bankruptcy documents obtained by THR, Splash News president, Emma Curzon, cited three reasons for the declarationincluding their ongoing litigation case with the Duchess of Sussex.
Splashs financial problems stem from three sources, Curzon stated in a declaration as part of the bankruptcy filing. As a consequence of the global pandemic the avail…
Read the full article at: https://stylecaster.com/meghan-markle-paparazzi-bankrupt/
The sooner you begin, the more time you have to save. So start today. Living a debt-free life is one of many peoples dreams, but most dont get to achieve it for reasons as simple as not knowing how. In this article, lets look at verified and straightforward ways of saving, paying off loans and mortgages, and living a debt-free life.
Photo, Daniel Thiele.
Before diving deep into these tell-tale secrets, lets briefly explain what money management is
What is Money Management? Money management refers to the process(es) of budgeting money, saving money, investing money, and spending money. It involves monitoring how money is gotten and expended by an individual, company, or government. Money management is critical because it is a determini…
Read the full article at: https://www.we-heart.com/2021/03/23/living-debt-free-life-monthly-expenses/
Sometimes it actually does make sense to put all of your eggs in one basket.
Consolidating your debt can help you streamline your repayment plan and hopefully save you money in the long run. But when youre using your home as collateral to secure your existing debt, there are a few more factors to consider starting with the fact that a failure to repay could end up costing you your house.
How to Consolidate Debt Using Your Homes Equity
Debt can pile up fast, and you may find yourself facing mu…
Read the full article at: https://time.com/nextadvisor/loans/home-equity/home-equity-loan-to-consolidate-debt/
As a follow on to last weeks article on restructuring farm debt, personal insolvency may also be an alternative debt solution. If you are in financial difficulty and your loans have been sold to a vulture fund you will need specific professional advice from a personal insolvency practitioner (PIP). A PIP will help you decide on the best debt solution for you and the farm.
In an insolvency situation a meeting should be arranged with your accountant, solicitor and a PIP to discuss the various solutions available to you.
- Immediate Court protection from creditors.
- Restructure of loans, and/or extension of payment terms.
- Reduction in interest rates.
- Potential write down of debt.
- Retention of your home and farm land.
Why do I need a PIP?
A PIP …
Read the full article at: https://www.farmersjournal.ie/money-mentor-personal-insolvency-arrangements-an-option-for-farmers-607574
Farmland is intrinsically linked to farm family homes and debt secured against it should be considered relevant debt under personal insolvency legislation, according to IFA Farm Business Chairperson Rose Mary McDonagh.
n IFA delegation recently met with the Minister for Justice Helen McEntee and the Minister of State for Law Reform James Browne to discuss the ongoing reform of the Personal Insolvency Act.
Farmland is more fixed than typical business assets. The so-called vulture funds seek to immediately sell land belonging to farmers in arrears, which would have a devastating impact on a farms potential to generate revenue.
IFA said it will work with the Minister and her Department to explore if a distinction can be made for farmland…
Read the full article at: https://www.independent.ie/business/farming/news/farming-news/efforts-underway-to-secure-distinction-for-farmland-in-personal-insolvency-laws-40227976.html
Tasmania has passed voluntary assisted dying (VAD) legislation, making it the third jurisdiction in Australia to do so, after Victoria and Western Australia.
Ceara Rickard, who has been given a terminal diagnosis of metastatic breast cancer,is relieved it will now be legal to end her life in the late stages of her illness.
“I don’t have a death wish I would love to live until I was 80 or 90 [but] at the same time there will come a point where my body gives out,” she said.
How long will it be before people can access VAD?
Not for a while.There is an 18-month implementation period during which a Commission of Voluntary Assisted Dying will be established.
Th…
Read the full article at: https://www.abc.net.au/news/2021-03-24/tas-voluntary-assisted-dying-explainer/100026660
The pandemic has propelled debt distress to the forefront of the policy agenda. A series of debt defaults in developing countries has occurred in 2020. 2021 could see a lot more defaults as more low- and middle-income countries are running out of fiscal and monetary capacity while they still confront the health and economic challenges from the pandemic. These countries need more funding to fight the health crisis they face, more investment, and more infrastructure financing to combat climate change. Yet, debt sustainability issues represent a barrier to the flow of new financing toward value-creating investments.
The international community, the World Bank, the International Monetary Fund, and also regional development banks (RDBs), ha…
Read the full article at: https://www.brookings.edu/blog/future-development/2021/03/23/to-recover-from-covid-19-support-regional-development-banks/
If you’re struggling to keep up with bills and you feel like you’ll never be able to repay your debts without some outside help, there are plenty of companies who will assist you. In fact, entire industries and financial products have been built around helping people consolidate debt or settle for less than they owe. Examples include balance transfer credit cards and debt consolidation loans, as well as debt relief strategies like debt management plans (DMPs) and debt settlement.
Before you reach out to a third-party company for help restructuring or settling your debt, it’s always smart to do some research ahead of time. This is partly due to the fact that so many debt relief options exist, but it’s also because the debt relief in…
Read the full article at: https://www.investopedia.com/debt-relief-review-methodology-5116156
