Insolvency Guardian Media Centre
Member Article
February 2021 corporate and individual insolvency statistics R3 response
Corporate insolvencies fell by 9% to 686 in February 2021 compared to Januarys figure of 754, and were 49% lower than February 2020s figure of 1,348.
Personal insolvencies fell by 18% to 6,816 in February 2021 compared to Januarys figure of 8,321, and were 21% lower than February 2020s figure of 8,574.
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of the February corporate and individual insolvency statistics for England and Wales:
The fall in corporate insolvency numbers shown in the figures published today has been driven by a reduction…
Read the full article at: https://bdaily.co.uk/articles/2021/03/17/r3-the-uks-insolvency-and-restructuring-trade-body-media-statement
image copyrightPatrick FosterPatrick Foster hit rock bottom in March 2018. The teacher had racked up huge gambling debts and could not see a way forward.
Looking back on his life, the 33-year-old recalled placing his first bet at university. It was just a bit of fun with his friends.
But his taste for gambling became an addiction when his career as a cricketer ended abruptly and he started working in the City.
Things only got worse when he left to be a teacher, borrowing money from his students’ parents and lying to his colleagues.
He decided he could win it all back with one final bet and staked 50,000 on a single …
Read the full article at: https://www.bbc.com/news/uk-england-northamptonshire-56251835
The enormity of the student debt crisis is staggering. The Federal Reserve has reported a record-breaking $1.7 trillion in federal and private student loan debt,which is currently held by more than 44 million Americans.
This burden has enormous repercussions. Recent graduates may experience a narrowed sense of possibility; decisions like when to start a family or buy a home can become overwhelming in the shadow of debt obligations. The challenge of saving for retirement while paying off student debt may also deter entrepreneurship and risk-taking, which are crucial economic drivers. Moreover, the stress and strain caused by economic insecurity can impact everything from well-being to productivity. Financial issues are commonly cited a…
Read the full article at: https://hbr.org/2021/03/companies-can-and-should-help-employees-pay-student-loans
Insolvency proceedings at Greensill Bank, sought by Germany’s BaFin financial regulator, now have court backing as German municipalities fear hefty deposit loses.
A German court appointed an insolvency administrator to Greensill Bankon Tuesday, as requested by BaFin, Germany’s previously criticized financial regulator.
Specialist lawyer Michael Frege will wind up the bank, reportedly with 3.6 billion ($4.3 billion) at stake from depositors attracted by margins above Europe’s negative interest rates.
The previously obscure Bremen bank entered insolvency last week after Greensill Capital, a Britain-Australian financier headquartered in London, lost insurance coverage for its short-term debt repackaging business.
That financial service w…
Read the full article at: https://www.dw.com/en/german-court-orders-greensill-bank-windup-after-british-parents-insolvency-filing/a-56892342
ROME (Reuters) – Alitalia is close to launching open tenders to sell off its handling and maintenance businesses as the government is negotiating and revising the new carriers industrial plan with Brussels, Italys industry minister said on Wednesday.
I think (Alitalia) is close to open tenders for handling and maintenance. We can think of simplified formulas, but its not an easy task, Giancarlo Giorgetti told a parliamentary committee.
Italy has earmarked 3 billion euros ($3.6 billion) to launch a new state-owned airline, dubbed ITA, to replace Alitalia, which has been run by state-app…
Read the full article at: https://www.reuters.com/article/us-alitalia-italy/alitalia-close-to-open-tenders-for-units-as-rome-revises-relaunch-plan-idUSKBN2B91JD
AIG has won a claim dispute after a warehouse owner failed to reveal that he owned half the business renting his property, or make it known that it had been placed under administration prior to the policy commencing.
The landlord bought an AIG business insurance policy via his broker for the large warehouse in January 2019. It was in his name and the name of a holding company.
The tenant had ceased operating when the policy was incepted, although its owner was regularly at the warehouse, and had not made rental payments since the previous October. The landlord arranged the AIG policy for the tenant as it was unable to meet premium payments.
He lodged a claim around seven months later for theft of copper wiring and extensive damage. He w…
Read the full article at: https://www.insurancenews.com.au/daily/landlord-with-undisclosed-ties-to-robbed-tenant-loses-claim-dispute
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 2020 received Royal Assent.
A key focus was to try to protect otherwise economically viable businesses who are experiencing significant trading difficulties brought about by the impact of Covid-19.
Indeed, the all-pervasive impact of the pandemic has meant that virtually …
Read the full article at: https://www.insider.co.uk/news/can-insolvency-legislation-save-struggling-23743324
Businesses have been hit hard this year by the pandemic, with many stores closing every week. Bankruptcy has been on the rise as the economic toll continues to affect almost every industry. Here in the Upstate, stores we used to visit to often such as Brooks Brothers, Belk and Stein Mart are now going through bankruptcy proceedings.
While some of these locations wont have to shut their doors, the companies are still in dire shape thanks to 2020 and the novel coronavirus.
Weve been seeing a lot more [bankruptcies], Harriet Wallace, partner with Fox Rothschild LLP in Greenville, says.
Greenvilles rise in bankruptcies is far from unique. According to investment bank Jefferies, large companies declared bankruptcy 244% more between July a…
Read the full article at: https://upstatebusinessjournal.com/retail-hospitality/bankruptcy-can-be-a-means-to-an-end-or-to-a-better-future/
image copyrightPatrick Foster
Patrick Foster hit rock bottom in March 2018. The teacher had racked up huge gambling debts and could not see a way forward.
Looking back on his life, the 33-year-old recalled placing his first bet at university. It was just a bit of fun with his friends.
But his taste for gambling became an addiction when his career as a cricketer ended abruptly and he started working in the City.
Things only got worse when he left to be a teacher, borrowing money from his students’ parents and lying to his colleagues.
He decided he could win it all back with one final bet and staked 50,000 on a single …
Read the full article at: https://www.bbc.co.uk/news/uk-england-northamptonshire-56251835
Activision Blizzard Esports today will announce a restructuring that will result in the layoffs of about 50 people, moves that top executive Tony Petitti says are a result of how the group has had to re-invent itself amid the coronavirus pandemic.
In an interview this morning with SBJ/TEO, Petitti didnt divulge specifics on what roles would be affected. But he noted that the division which runs the Overwatch League and Call of Duty League is planning for a future where its business will look different and less dependent on live events.
The company said it retained the vast majority of its staff during 2020 but is now having to implement change. Activision says it is informing those who are losing their jobs today and that they will re…
Read the full article at: https://esportsobserver.com/abe-restructure-layoffs/
THE AUSTRALIAN operations of Greensill Capital officially ceased at 5pm on Monday, raising questions about impacts to Australian agricultural companies which accessed supply chain finance through firm.
It is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday.
Parent company Greensill Capital filed for insolvency in the United Kingdom last week after a failure to secure ongoing insurance coverage for its global supply chain financing business and concerns over its asset valuations led to major partners including Credit Suisse withdrawing funding support. Corporate insolvency firm Grant Thornton was appointed as administrators of the UK a…
Read the full article at: https://www.graincentral.com/news/financier-greensill-australia-closes-doors-will-ag-be-affected/
Adelaide-based outfit Max Print Group is in voluntary administration, the five-year-old business now in the hands of the Dissolve Group.
Its ownership changed hands nine months ago, with Ting Kong taking over from Goawei and Gaohui Shi in June last year.
The company operated from a unit in Melrose Park, with digital print and wide format print in-house, and worked in signage, posters and interior dcor, as well as general commercial print.
NB: Max Print Group SA has no connection with Max Printing in Ravenhall, Victoria.
Read the full article at: https://www.print21.com.au/commercial/max-print-group-into-administration