Two men were remanded to police custody on Monday for the murder of a former local politician from Mohan nagar area of Pimpri-Chinchwad after fallout of a gambling debt on March 9, according to Krishna Prakash, commissioner of Pimpri-Chinchwad police.

The deceased man was identified as Vijay Surve (40), a resident of Mohan nagar area of Chinchwad, and was the former local leader of Shiv Sena in Mohan nagar. The former politician is believed to have a history of previous cases against him and operated as a bookie, according to the police.

The two arrested were identified as Harshad Ashokkumar Rathod (29), a resident of Nigdi area of Pimpri-Chinchwad, and Mohammad Ikhlaq Mohammad Iqbal Idrisi (33), a native of Delhi who was living in Nigd…

Read the full article at: https://www.hindustantimes.com/cities/pune-news/two-arrested-for-murder-over-cricket-betting-debt-101615915863726.html

The chief executive of Capita will on Wednesday unveil a fresh restructuring of the embattled outsourcer alongside a plan to raise 400m from a string of disposals.

Sky News has learnt that the company, which is responsible for collecting the television licence fee and recruiting Army personnel, will announce alongside annual results that it will slash the number of operating divisions to just three.

The restructuring by Jon Lewis, who has run Capita since 2017, may heighten expectations of hundreds of job cuts in the company’s central functions.

Capita employs approximately 55,000 people, the vast majority of whom are based in the UK.

It is one of the government’s most …

Read the full article at: https://news.sky.com/story/capita-chief-to-unveil-restructuring-and-400m-disposal-plan-12248023

A small business financial counsellor is urging small and family businesses in Mackay to seek help urgently if they deferred debt during the pandemic.

Financial management expert Kristy Wilson encouraged businesses owners to be on the front foot so they can survive the next 12 months.

The Rural Financial Counselling Service North Queensland is funded through the state and federal governments to provide small business financial counsellors in Mackay, Whitsunday,

Townsville, Cairns and Western Queensland.

They can provide help to small businesses at risk of financial hardship for free.

Ms Wilson said she had experience a wave of inquiries in Mackay and was bracing herself for extra demand.

Many small businesses utilised deferrals of debt…

Read the full article at: https://www.dailymercury.com.au/news/mackay-business-owners-who-deferred-debt-urged-to-/4218023/

In war, as the saying goes, truth is often the first casualty. During the pandemic and its economic shocks, however, truth has become a blessing for some. Take the African country of Chad. When its debt levels grew too onerous late last year, it was forthcoming with creditors about its finances. By February, the International Monetary Fund (IMF) agreed to loan it $560 million. In return, Chad promised to improve its debt transparency.

For poor countries with rising foreign debts, honesty in financial data has become a necessity if they expect credit relief. Even before the pandemic, nearly half of low-income countries were alreadyin debt trouble. Now with the worst recession in peacetime since the Great Depression…

Read the full article at: https://www.csmonitor.com/Commentary/the-monitors-view/2021/0316/The-first-necessity-in-debt-relief

Tuesday, March 16, 2021

This article summarises the findings of the High Court inRe 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 (theRestructuring Plan) and is substantially modelled on the existing UK scheme of arrangement under Part 26 of the Companies Act 2006 (theScheme). Restructuring Plans primarily differ from Schemes in the following respects:

• A company may use R…

  Read the full article at: https://www.natlawreview.com/article/gategroup-what-s-fuss-about

  A German court on Tuesday declared that a small bank tied to a collapsed U.K. finance company was insolvent, triggering losses for dozens of small German towns.

  Greensill Bank AG was deemed insolvent by a local court, leaving the towns as creditors that will likely sustain losses. Around Germany, at least 12 towns with a combined 200 million, equivalent to about $238 million, in deposits are in the same situation. Individual depositors are covered by insurance.

  Among them is Mengen, a tiny municipality in southwestern Germany. Like most towns that put money into the bank, Mengen was trying to avoid the small losses that come with negative interest rates.

  Bremen-based Greensill Bank, formerly known as NordFinanz Bank AG, was acquired in 20…

  Read the full article at: https://www.wsj.com/articles/greensill-owned-bank-declared-insolvent-causing-losses-for-small-german-towns-11615919420

  Dublin-headquartered gambling software company Banach Technology has been acquired in a $43 million (36 million) deal by an Irish subsidiary of Australian online bookmaker PointsBet.

  Banach is a sportsbook solutions provider that has developed a proprietary risk-management platform and quantitative-driven trading models for operators.

  It was founded by Mark Hughes, Alex Zevenbergen, Rob Reck and Hadrien Lepretre, who previously established the quants division of Paddy Power, now Flutter Entertainment. The company employs 40 people.

  PointsBet is to pay $43 million to purchase Banach on a cash and debt-free basis, with 55 per cent of this to be paid in cash and the remainder in shares. The deal is being done via its Dublin-based subsidiar…

  Read the full article at: https://www.irishtimes.com/business/technology/gambling-software-company-banach-technology-sold-in-43m-deal-1.4511839

  The automotive industry, globally, faced significant challenges before the onset of the coronavirus (COVID-19) crisis. On the eve of the pandemic, original equipment manufacturers (OEMs) were preparing for major change and the attendant disruption, as the transition to electric vehicles began to gain pace. Online searches in the UK doubled overnight, for example, when the UK government announced the phase out of sales of petrol vehicles by 2030.

  Faced with these major changes and with many OEMs carrying significant debt burdens when the pandemic began, the industry has suffered more than most through the period of the COVID-19 crisis and will find emerging from lockdown and the related governmental support packages even harder. Does thi…

  Read the full article at: https://www.financierworldwide.com/restructuring-in-the-automotive-sector

  The successive defaults of large companies such as Boashang Bank, Yongmei Group, Huachen Automotive and Tsinghua Unigroup recently sent shockwaves across the market. Restructuring lawyers discuss the defaults, how they feel the Chinese government will ensure orderly bankrupt

  At the start of 2020, bankruptcy and restructuring experts had predicted more bond defaults in China. A series of surprising events eventually confirmed the prophecy. Data showed that in 2020, there were around 33,700 bankruptcy investigations in China, up nearly one-half compared to 2019. There were also around 83,600 bankruptcy cases, double of that in 2019.

  2020 reversed many of our inherent understanding. First, the insolvent companies were not limited to priv…

  Read the full article at: https://www.legalbusinessonline.com/features/boom-time-busts

  BALTIMORE (WJZ) Maryland Attorney General Brian E. Frosh has filed charges against a California-based tax debt relief company in connection to their offer and sale of tax debt relief services to Marylanders.

  The Consumer Protection Division alleges National Tax Experts, Inc. mailed advertisements to Maryland consumers that looked to be from a Maryland court or another government agency. The mailings threatened imminent bank account seizures or other collection actions unless the consumer immediately called a toll-free number that connected them to National Tax Experts.

  READ MORE: Bark Social ‘Dog Bar’ Opens In Bethesda

  They then allege consumers were not actually threatened with any imminent action but instead were offered and so…

  Read the full article at: https://baltimore.cbslocal.com/2021/03/16/california-based-tax-debt-relief-company-charged-with-deceiving-maryland-consumers/

  Democratic senators say a provision in the $1.9 trillion stimulus package signed by President Joe Biden last week paves the way for him to cancel student debt for a broad swath of borrowers.

  As part of the law, borrowers who have any student debt cancelled through the end of 2025 wont face a tax bill over the discharged debt. Previously, cancelled student loan debt (with a few exceptions, including debt discharged through Public Service Loan Forgiveness) was typically considered income for tax purposes.

  That tax treatment has been one of the major arguments critics have leveled against proposals urging Biden to cancel student debt. Senator Chuck Schumer, the majority leader, told reporters Monday that with the provision now law, that argu…

  Read the full article at: https://www.marketwatch.com/story/schumer-with-relief-bill-major-argument-against-student-debt-cancellation-vanishes-11615903993

  

  Kerry Katona, 40, has been on more roller coasters financially than a week at Alton Towers.

  As a founding member of chart toppers Atomic Kitten and a winner of Im A Celebrity she has made millions but also been declared bankrupt twice. Now Kerry is back in the green and fighting fit.

  After finding true love on a dating app, Kerry Katona and her fianc, Ryan Mahoney have worked with the UK developer of online dating solutions Appmi to launch their own new dating app, Marnii, to provide singletons with a safe and secure platform to find long-term relationships.

  Have you always had an entrepreneurial spirit?

  Yes. I have worked since the age of 14. I cam…

  Read the full article at: https://metro.co.uk/2021/03/16/kerry-katona-on-how-passion-for-luxury-cars-led-to-bankruptcy-14234295/