Insolvency Guardian Media Centre
A restructuring and insolvency business has moved into the Scottish market with the opening of its first Scottish office in Glasgow.
Opus Business Advisory Group has poached local insolvency and restructuring specialist Mark Harper from Wylie & Bisset to lead the Scottish office.
The expansion makes Glasgow its 11th base, in addition to Bristol, Maidstone, Croydon, London, Milton Keynes, Nottingham, Birmingham, Liverpool, Leeds and Newcastle.
Since it was established in 2013, Opus has grown from five partners and two locations to 21 partners and more than 40 team members in 11 locations.
The new office in West Regent Street will be led by Harper, who has been active in the Glasgow business rescue market for more than a decade.
He speci…
Read the full article at: https://www.insider.co.uk/news/restructuring-firm-moves-scottish-market-23751138
When flight paramedic Rita Krenz boards a helicopter, she knows her patients are about to face problems she cant fix
When flight paramedic Rita Krenz boards a helicopter, she knows her patients are about to face problems she cant fix a health care system that buries people in debt after a car accident or stroke.
So she decided to do something about it. She turned for help to RIP Medical Debt, a nonprofit that buys and forgives medical debt.
Krenz started a fundraising campaign that brought in more than $18,000 for the charity. That money has helped RIP Medical Debt forgive the debt of more than 900 people so far, with the average bill abolished totaling a…
Read the full article at: https://abcnews.go.com/Health/wireStory/good-thing-flight-paramedic-treats-patient-medical-debt-76534191
Michael Reid, managing partner at Meston Reid & Co, gives his take on how changes to insolvency law could come into play for one key industry sector the fishing industry.
Whether it is the continuing impact of Covid-19 or the more recently reported effects of Brexit, media comments proliferate about the financial distress faced by numerous businesses in Scotland who are involved with fish catching, processing and selling.
Although a fund has been established by the UK government to try to help businesses survive in the short term, it may be insufficient to deal with all applicants.
Last June, the Corporate Insolvency and Governance Act 2020received Royal Assent. A key focus was to try to prote…
Read the full article at: https://www.scottishlegal.com/article/michael-reid-can-insolvency-legislation-save-struggling-fishing-industry-firms
WHAT is the future of Lithgow Aged Care? That’s the question that’s been circulating throughout the community for weeks and after Tuesday nights (March 16) meeting, there may be more questions to come. The Board of Lithgow Aged Care has elected to put the nursing home facility into voluntary administration. So what happens now? The Board has appointed Ernst & Young (EY) as administrators to address and attempt to resolve the company’s immediate concerns. EY issued a statement on Tuesday evening outlining their role and course of action. “The role of the administrators will be to ensure that residents receive appropriate care, access whether the facility could be sold as a going concern or in the absence of a viable transaction, wo…
Read the full article at: https://www.lithgowmercury.com.au/story/7170936/what-happens-now-lithgow-aged-care-put-into-voluntary-administration/
![](data:image/svg+xml;charset=utf-8,%3Csvg%20height="736"%20width="982"%20xmlns="http://www.w3.org/2000/svg"%20version="1.1"/%3E)
Former employees of Tommy Robinson have accused the far-right leader of mis-spending donations made via fundraising campaigns.
According to The Independent, claims were made that the former EDL-leader transferred donation money to his business account, with one colleague saying that he was giving it to his friends who were selling him coke and who he owed for nights out.
Robinson would also brag about being f***ing loaded and making mad money, according to the colleague.
Tommy Robinson has denied misusing funds and declared bankruptcy earlier this month ahead of a lib…
Read the full article at: https://www.yorkshireeveningpost.co.uk/news/people/tommy-robinson-why-has-ex-edl-leader-been-declared-bankrupt-and-accusations-of-misusing-donations-explained-3170684
A Vietnamese crop-sitter caught with more than 180kg of cannabis at a Cobram property has pleaded guilty to cultivation of a commercial quantity of a narcotic plant at the County Court.
Khanh Quoc Nguyen, 43, admitted he had grown the plants between May 19 and August 19, 2020, with police having found 180 plants weighing 49.5kg along with 130.6kg of dry harvested cannabis after executing a search warrant on August 18.
Nguyen, who is not lawfully in Australia, was found hiding in a bush when police arrived, while a co-accused fractured both his legs after attempting to jump from the roof of the house to a neighbouring property. The co-accused, who has been charged, fled the Footscray Hospital while being treated and has not yet been locat…
Read the full article at: https://www.sheppnews.com.au/police–court/2021/03/17/3850265/man-pleads-guilty-to-commercial-cannabis-cultivation-at-cobram-house
CONCORD (KPIX) Contra Costa County is throwing a $75 million lifeline to renters and landlords with a new relief program funded by federal funds provided to the state.
Californias $2.6 billion in federal COVID-19 rent relief money is finally going to begin helping ease the crisis facing both renters and landlords. Its a chance for many across the Bay Area to escape the mountain of debt caused by the pandemic.
Concords Monument Corridor has a lot of apartments and a lot of residents like Hector Rodrigues. He hasnt worked for a year and cant pay the rent. Rodrigues now owes more than $7,000.
Theyre telling me to pay, pay…
Read the full article at: https://sanfrancisco.cbslocal.com/2021/03/17/covid-contra-costa-county-provides-debt-relief-for-renters-and-landlords/
NO liquidation appointment notices have been listed for businesses in the Rockhampton Local Government Area so far today. The total for the past year is four.
News Corp analysis of ASIC Insolvency Notices and ABN Lookup data shows the locations of company liquidations across the state.
Queensland-based companies operating without an ABN were omitted from the list below, however can be found in our monthly statewide list.
Here’s the list for Rockhampton, listed by postcode in date order:
4701
Q Facility Group Pty Ltd, ABN: 78602107988, Main Business Location: QLD 4701, Notice Date: August 20, 2020, Liquidator: David James Hambleton, Kaily Lyn Chua
Barrett Hasell Pty Ltd, ABN: 97148843878, Main Business Location: QLD 4701, Notice Date: …
Read the full article at: https://www.themorningbulletin.com.au/news/latest-business-liquidations-in-rockhampton/4219335/
You were probably taught by your parents to get a good education, a good job, buy a home, work really hard and pay off your debt.
But, in my mind, thats not productive use of the equity in your home.
Instead, you should recycle the equity in your home and convert it into productive debt to buy income producing assets.
But before we start delving into all things debt recycling, let’s start out by clarifying the difference between good and bad debt, and how having debt can actually benefit you and set you on the path to financial freedom.
The three types of debt
1. Bad debt: This is debt against assets which depreciate in value. Bad debt generally refers to things like credit card or other consumer de…
Read the full article at: https://au.finance.yahoo.com/news/debt-recycling-how-to-earn-money-from-your-debt-203828943.html
Shares in unloved support services provider Capita (CPI) climbed 7% to 49.5p after the firm unveiled a major restructuring plan involving large asset sales along with its full year results.
RESULTS IN LINE
The results themselves were in line with the expectations the firm set out at the half-year stage, with reported revenues down 10% to 3.32 billion due to contract losses and the impact of Covid.
Pre-tax losses were lower than 2019 at 49.4 million against 62.6 million, helped by cost savings, while free cash flow was higher thanks to improved cash collection and net debt was lower than expected meaning the firms gearing was well within its covenants.
Altogether, Capita is now a much better business than at the start of the transformat…
Read the full article at: https://www.sharesmagazine.co.uk/news/shares/capita-shares-jump-on-restructuring-plan
This article summarises the findings of the High Court in Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings.
IN DEPTH
The Restructuring Plan
The UK restructuring plan was introduced by the Corporate Insolvency and Governance Act 2020 as a new Part 26A of the Companies Act 2006 (the Restructuring Plan) and is substantially modelled on the existing UK scheme of arrangement under Part 26 of the Companies Act 2006 (the Scheme). Restructuring Plans primarily differ from Schemes in the following respects:
- A company may use Restructuring Plan…
Read the full article at: https://www.jdsupra.com/legalnews/gategroup-what-s-the-fuss-about-2276487/
Last May, struggling global luggage company Antler fell into voluntary administration, just three months after it was bought out by fashion veteran Michael Lewis, chairman of Foschini Group. But by July, the business brand, e-commerce and assets were sold to the ATR Group and now, its ready to turn over a new leaf. We chat with Antlers head of communications Elizabeth Rhodes about its new focus on premiumisation and the future of the travel industry. Inside Retail: How has Antler fared
wp-block-image size-large”>
Inside Retail: How has Antler fared since ATR took over the brand last year?…
Read the full article at: https://insideretail.com.au/sectors/travel-retail/antler-ushers-in-a-new-era-202103
