The Pennsylvania Commonwealth Court has approved the liquidation of Bedivere Insurance Company, formerly One Beacon Insurance Company, recognizing that the companys financial liabilities have exceeded its assets.
Bedivere, a domestic stock property/casualty company based in Pennsylvania, has consented to the liquidation process, in which policyholder claims will be paid through the state guaranty association system, subject to statutory limits and conditions.
Pennsylvania Insurance Commissioner Jessica Altman said in a Pennsylvania Insurance Department (PID) press release that the company wrote policies in all 50 states plus the District of Columbia, Puerto Rico, the U.S. Virgin Islands, American Samoa and Gua…
Read the full article at: https://www.insurancejournal.com/news/east/2021/03/22/606408.htm
Transport for London (TfL) has accepted the Governments offer to extend its bailout by seven weeks, despite calling for a longer-term deal.
A 260 million (US$360.5 million) injection will be provided to cover the 31 March-18 May period, plus another 225 million dependent on fare revenue.
The transit operator received a 1.8 billion (US$2.3 billion) government bailout in November, which followed a 1.6 billion deal agreed in May 2020.
Mayor of London, Sadiq Khan, said: This seven-week extension will enable TfL to carry on running the safe, reliable and frequent services that will be vital as lockdown restrictions begin to ease.
These discussions will continue as it is essential t…
Read the full article at: https://cities-today.com/transport-for-london-receives-bailout-extension/
When you see the word gambling, what comes to mind? Gambling is the act of placing something of value (most often money) on an uncertain outcome with the hope of winning something of greater value. By this definition, many things are gambling that we may not have even realized. One increasingly widespread form of gambling is that of sports betting. Sports betting most often occurs when someone places a wager on the outcome of a game or match. This is most apparent during Super Bowl Sunday when bets are placed on everything from the winner of the game, to the outcome of the coin toss, to how long it takes the national anthem to be sung! If you watched any of the Super Bowl and its coverage, you likely h…
Read the full article at: https://www.norwichbulletin.com/story/news/local/2021/03/22/healthy-living-help-available-sports-gambling-problem/4799161001/
American beverages giant Coca-Cola has weathered many storms in India but none like the one it is undergoing this time. Apart from the Covid-induced disruptions, it is also going through a massive global restructuring and is now under a new chief. Sanket Ray, the new president of Coca-Cola India and South West Asia, comes with a larger role than his predecessors as the local unit has been promoted from a business unit to an operating unit by the cola major. Ray, who finally got a homecoming after spending four-and-a-half years in China, shares his views with Arnab Dutta in an email interaction. Edited excerpts:
You have taken charge at a crucial juncture, when Coca-Cola is undergoing a massive restructuring. What is the mandate that yo…
Read the full article at: https://www.business-standard.com/article/companies/restructuring-will-make-us-stronger-after-covid-coca-cola-india-chief-121032201301_1.html
BUSINESS RESTRUCTURING REVIEWVOL. 20 NO. 1JANUARY – FEBRUARY 2021IN THIS ISSUE1 The Year in Bankruptcy: 20206 Focus on Health Care Provider Bankruptcies10 Texas Bankruptcy Court Allows Make-Whole Premium as Liquidated Damages and Requires Solvent Chapter 11 Debtor to Pay Postpetition Interest13 Energy Sector Update: More Bankruptcy Courts Join the Fray in Dispute Over Rejection of Gas Gathering Agreements17 Another Court Adopts Majority View in Approving Bankruptcy Trustees Use of Tax Code Look-Back Period in Avoidance Actions20 Restoration of Crown Preference and Erosion of the English Floating Charge21 Second Circuit: Madoff Ponzi Scheme Customers Did Not Receive Fictitious Profit Payments For Value25 Administration Sales to Be Subje…
Read the full article at: https://www.jdsupra.com/legalnews/business-restructuring-review-january-4257250/
If youre ever looking for debt advice or know someone who is going to make sure youre talking to a legitimate debt advice organisation and not an imposter firm
When you need help with debt from an organisation like StepChange, as many have done during the pandemic, you should feel confident that the organisation youre speaking to is genuine. Sadly, there are a number of imposter firms who use altered versions of our name (e.g. Step to Change or Step Changing) and others to convince people theyre genuine debt advice services.
These firms are not genuine. The Advertising Standards Authority has recently issued judgments on some, and the Financial Conduct Authority regularly updates its list of clone firms impersonating legitimate, regula…
Read the full article at: https://www.bigissue.com/latest/finance/imposter-firms-are-posing-as-financial-support-heres-how-to-spot-them/
Primesite’s stalled The Rise has since been picked up by Legacie Developments
Dan Whelan
Having been declared bankrupt in January, the man behind several troubled Liverpool developments is now being investigated by the Insolvency Service.
The Government department confirmed this morning it had launched an investigation into the conduct of the directors of Certa Invest and Strand Plaza, two vehicles connected to Kerry Tomlinsons PrimesiteDevelopments.
Strand Plaza was delivering the 26m, 135-apartment conversion of the former Ministry of Defence office building on Liverpools Strand, but the project stalled after the eponymous special purpose vehicle was placed into administration in 2019. The administration, bein…
Read the full article at: https://www.placenorthwest.co.uk/news/kerry-tomlinson-under-investigation/
SINGAPORE: Saddled with gambling debts and bills for his wedding as well as his mother’s medical treatment, a man cheated StarHub of almost S$195,000.
Sim Zong Hui, whose wife has since left him, was sentenced to three years’ jail on Monday (Mar 22).
Sim, 31, pleaded guilty to two charges of cheating StarHub between June 2019 and September 2019, by using the identity details of existing customers to apply for mobile subscription plans. He then sold the phones that came with the plans and kept the proceeds.
The court heard that Sim was a sales consultant at Planet Telecoms, a mobile handset retailer engaged by StarHub to process its telco contracts. He had access to StarHub’s computer system for sales t…
Read the full article at: https://www.channelnewsasia.com/news/singapore/man-jailed-use-starhub-customer-details-sign-plans-cheat-phones-14463790
SINGAPORE – CapitaLand has proposed the group’s biggest-ever overhaul that will see the privatising of its real estate development business and consolidation of its fund management and lodging business.
Under the scheme, the group’s investment management and fund managing platformsas well as its lodging business will be consolidated into CapitaLand Investment Management (CLIM), which is to be listed by introduction on the Singapore Exchange.
With assets under management (AUM) of about $115 billion, CLIM is expected to be the largest real estate investment manager (Reim) in Asia, and the third-largest listed Reim company globally.
Singapore’s biggest property developer announced the restructuring on Monday (March 22) along with CLA R…
Read the full article at: https://www.straitstimes.com/business/property/capitaland-shareholders-to-get-shares-in-new-investment-lodging-entity-property
Financial literacy edu a vital tool against youth bankruptcy
Published on: Monday, March 22, 2021
By: Bernama
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The Star picture – for illustration only.
Kuala Lumpur: Financial literacy education is a must for students, advocates a financial services industry trainer.Education is vital, they should start young, whereby one or two periods on financial literacy can easily be incorporated into the secondary school syllabus, said Saw Ann Ping, who is also the managing director of Symphony Digest Sdn Bhd.She said financial literacy education includes topics on the value of money, the concept of financial discipline in spending within ones means and the repercussions if one didnt, and why saving from a young age meant one could c…
Read the full article at: https://www.dailyexpress.com.my/news/168356/financial-literacy-edu-a-vital-tool-against-youth-bankruptcy/
Source: Unsplash/Jonathan Ford
Support for small businesses affected by flooding in parts of New South Wales and southeast Queensland has been announced by federal and state governments and the big four banks.
The support comes after the New South State Emergency Service issued evacuation orders in Western Sydney and lower parts of the Blue Mountains over the weekend, following levels of flooding of the Hawkesbury-Nepean River unseen since 1961.
For southern parts of Queensland, the Bureau of Meteorology has issued a severe weather warning, saying there is a possibility of flash flooding in 14 catchment areas.
Heres the flood support for businesses that the federal and state governments and banks have so far announced.
Whats the fed…
Read the full article at: https://www.smartcompany.com.au/finance/flood-support-business-storms-rain-flash-flooding-federal-state-governments-banks/
By Kevin Peachey
Personal finance correspondent, BBC News
image copyrightMoney Advice and EducationLeonie’s financial plight was precarious. She had 3,000 in rent arrears and was struggling to keep up with bills.
Her physical health was poor, which meant she was unable to work, and her mental health was a problem too.
“It was hard,” says Leonie, who is in her 60s. “I lost a lot of weight. I was not eating.”
Nearly 11 million UK adults had low financial resilience going into this pandemic, meaning they could not cope with a financial shock such as a 50 a month cut in their income.
People in this group were disproportionately likely to be just like Leoni…
Read the full article at: https://www.bbc.com/news/business-56359863