Insolvency Guardian Media Centre
The fall-out from a multi-billion dollar fintech insolvency is being felt in the steel industry which has thousands of workers across Australia, including in Ballarat. Greensill Capital, a UK-based financial services company set up by former Queensland entrepreneur Lex Greensill to offer supply chain financing, entered into administration on March 8. The former foreign minister Julie Bishop was a high-profile adviser who cut ties with the company earlier this month. One of the companies that has been heavily reliant on its complex system of providing finance is GFG Alliance, a company run by billionaire Sanjeev Gupta. Subsidiaries of the company provide employment in the steel industry in Australia for around 4500 workers. The steelworks…
Read the full article at: https://www.thecourier.com.au/story/7165350/ballarat-recycling-sites-link-to-fintech-insolvency/
The Greensills have snapped up more than $40m of land in the Bundaberg region over the last five years as they expanded their agricultural operations into one of the biggest in the state.
The acquisitions have allowed the Greensills to expand their broadacre production of sweet potatoes, peanuts and cane to gain lucrative supply contracts with national food brands including Coles, Bega and Edgell.
But there are worrying signs the operations could be collateral damage in the fall out from the Greensill Capital collapse, with signs the farms are under some financial pressure. Greensill Capital was worth an estimated $7bn before it collapsed and entered voluntary administration on Tuesday morning.
Greensill, founded by Bundaberg-born Lex G…
Read the full article at: https://www.qt.com.au/news/bundy-billionaire-clans-40m-land-buying-spree/4215329/
A High Court judge has refused to approve a personal insolvency arrangement (PIA) for a golf shop director which would have seen a 198,000 debt secured on the shop in Birr, Co Offaly, written down to 80,000.
Alan McGee, a personal insolvency practitioner (PIP) acting on behalf of Michael Horan, of Rapemills, Banagher, sought approval of the arrangement under the Personal Insolvency Acts.
Mr Horans main creditor, Promontoria (Oyster) DAC, owed some 740,000, of which some 198,000 is secured on the Birr premises, objected to the PIA.
After the Circuit Court refused approval of the insolvency arrangement, the PIP appealed to the High Court.
On Friday, Mr Justice Mark Sanfey dismissed the appeal after finding a relevant debt had not been est…
Read the full article at: https://www.irishtimes.com/business/financial-services/personal-insolvency-arrangement-for-golf-shop-director-refused-1.4508975
The court held that restructuring plans, introduced by the 2020 Corporate Insolvency and Governance Act(CIGA), are ‘insolvency proceedings’ for the purposes of the Lugano Convention. As the plan fell within the bankruptcy exception in the Convention, the UK court had jurisdiction despite an exclusive jurisdiction clause in favour of the Swiss courts.
- Restructuring plans fall within the bankruptcy exclusion of the Lugano Convention, so recognition outside the UK will need to be achieved through more challenging means such as an application to the relevant foreign court
- Distressed companies should carefully consider matters of jurisdiction and recognition when adopting an appropriate restructuring tool
- Re gategroup Guarantee Ltd [2021]…
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/high-court-restructuring-plans-insolvency-proceedings
Michigan Legacy Credit Union CEO Carma Peters was alarmed by the volume of online bets placed by her institution’s members within the first weeks of legal online betting in Michigan.
In less than two months since the Jan. 22 launch in the state, Peters said 187 members made more than 1,200 transactions with online betting sites totaling $82,715.
That’s just about 1 percent of the credit union’s 20,000 members, many of whom are in the low-income bracket. Peters quickly sensed the risks it posed for members and her business.
“They’re not calling their gaming apps; they’re calling us,” Peters said, adding that gaming merchants are not implementing spending floor limits. “From a reputation standpoint, this is not good for us. While we…
Read the full article at: https://www.crainsdetroit.com/banking/some-michigan-banks-credit-unions-cut-access-accounts-online-gambling
Nearly 2,500 jobs are at risk if Virgin Actives British creditors block a restructuring of the gym chain part-owned by Sir Richard Branson.
Sky News has learnt that the company is drawing up contingency plans to appoint administrators by early June unless it convinces lenders and landlords to support a wide-ranging restructuring.
In documents circulated this week to creditors, Virgin Active said it hoped to complete a rescue deal in late April.
However, it said that if the restructuring was not implemented by the end of May, “the Plan Companies [a reference to the affected subsidiaries] consider (based on advice from Deloitte and its other professional advisers) that absent a prompt and significant liquidity injection they would have n…
Read the full article at: https://news.sky.com/story/virgin-active-warns-of-collapse-if-creditors-block-restructuring-plan-12243501
Czech Airlines A319 City of Prague OK-NEP Ivan Conincx The companys debts stand at CZK 1.8 billion (EUR 68 million), and the future will be clearer in June after the creditors meeting.
The Prague City Court has declared Czech Airlines bankrupt. The fate of one of the worlds oldest airlines will be decided by a court, insolvency administrators and creditors.
This is based on information published in the Insolvency Register. The companys creditors must file their claims as soon as possible and the court called a meeting of creditors in June. The insolvency administrator is now awaiting a decision on whether the airlines should continue to operate or sell their assets.
Self-judge Petr Pacholk requested and obtained the assignment of a…
Read the full article at: https://www.aviation24.be/airlines/czech-airlines/the-prague-city-court-has-declared-czech-airlines-bankrupt/
Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2017 March 304 2017 April 263 2017 May 281 2017 June 300 2017 July 266 2017 August 231 2017 September 237 2017 October 261 2017 November 251 2017 December 269 2018 January 273 2018 February 232 2018 March 266 2018 April 266 2018 May 259 2018 June 248 2018 July 251 2018 August 257 2018 September 224 2018 October 264 2018 November 277 2018 December 328 2019 January 286 2019 February 254 2019 March 277 2019 April 2… Read the full article at: https://www.cbs.nl/en-gb/news/2021/10/bankruptcies-in-february-at-lowest-level-in-30-years
Australia | 10:56 AM
A divestment process in the Americas has started as Treasury Wine aims for a leaner, more profitable business, but where will growth come from?
-Cautious reaction given lack of detail on further restructuring
-Significant uncertainty around volumes previously destined for China
-Takeover speculation continuesBy Eva Brocklehurst
Treasury Wine Estates ((TWE)) has commenced the restructure of its Americas business, flagged at the first half update, with the of exit of several low-priced brands. Additional restructuring, where both Penfolds and the Americas units are separated internally, should be undertaken over the next six months.
The latest announcement pertains to a significant share of volumes in Americas that is …
Read the full article at: https://www.fnarena.com/index.php/2021/03/12/caution-over-treasury-wines-restructure/
Low-cost carrierNorwegianhas sent its plan for financial restructuring to the Irish andNorwegiancourts, as it seeks permission from creditors and shareholders to continue the remodelling of its business and initiate a capital raise.
The examiner in Ireland will now present proposals for the restructuring based on the plan, which will then be passed to the Irish High Court for approval.
Norwegianis hopeful that the Irish court will make its decision within the next couple of weeks, after which the plan will be dealt with by the reconstruction process in Norway.
In November,Norwegianentered into an examinership and restructuring process which it hopes will enable it to reduce its fleet, cut its debt and secure new capital as part of i…
Read the full article at: https://www.flightglobal.com/airlines/norwegian-files-restructuring-plan-to-courts/142846.article
The regulations come into force on 4 May 2021 and establish protective periods, or breathing spaces under a debt respite scheme, during which creditors are prevented from carrying on certain activities in respect of breathing space debts. There is a standard, 60 day breathing space for people with problem debt and a mental health crisis breathing space for debtors receiving treatment for a mental health crisis.
Breathing spaces can only be started by an FCA-authorised debt advice provider, or a local authority providing debt advice to residents. Debtors who are unable or unlikely to be able to repay their debts apply for a standard breathing space by seeking debt advice from a debt adviser who then assesses if a breathing space is appro…
Read the full article at: https://www.pinsentmasons.com/out-law/news/2021/03/fca-confirms-rule-changes-clarify-firms-compliance-debt-relief-regulations
On Wednesday, Congress passed one of the most sweeping relief programs for minority farmers in the nations history, through a provision of President Bidens pandemic stimulus bill. Although the landmark legislation, which would cancel $4 billion worth of debt, seemed to emerge out of nowhere, it actually is the result of more than 20 years of organizing by Black farmers.
The Emergency Relief for Farmers of Color Act will forgive 120 percent of the value of loans from the U.S. Department of Agriculture, or from private lenders and guaranteed by the USDA, to Black, Indigenous, and Hispanic farmers and other agricultural producers of color, according to a release f…
Read the full article at: https://grist.org/food/after-20-years-of-advocacy-black-farmers-finally-get-debt-relief/
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