Insolvency Guardian Media Centre

Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
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After 20 years of advocacy, Black farmers finally get debt relief – Grist
Get weekly climate politics updates from Grist Subscribe to The First 100 On Wednesday, Congress passed one of the most
Virgin Is Dropping a Heap of Half-Price Flight Specials Starting at $55 One-Way – Concrete Playground
Half-priced airfares have been quite the topic of conversation over the past 24 hours, with the Australian Government announcing a
Drop in insolvencies and bankruptcies is a ticking time bomb – Inside Retail
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have
7 Companies That Went Bankrupt Due to COVID – Yahoo News
As pandemic restrictions loosen, bankrupt companies get a new lease on life.As the pandemic swept across the globe in 2020,
MIRA/Aware split Vocus equity, mandate three for debt – The Australian Financial Review
A 50-50 split MIRA and Aware will each own 50 per cent of Vocus Groups equity, in what appears to
Nobel Prize economists call for vaccine equity and debt relief – Al Jazeera English
Nobel Prize-winning economists Joseph Stiglitz and Michael Spence are spearheading calls for urgent action to help poorer countries recover from
Government appoints insolvency committee members – AccountantsDaily
The federal government has announced six part-time appointments to its insolvency and disciplinary committees. The federal government on Thursday announced
A ticking time bomb: Why the economic stats for 2020 were so misleading – SmartCompany.com.au
Source: AAP/Bremdon Thorne. The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced
Saving Joel Silver: The Twisted Saga That Entangled Ari Emanuel, Ron Meyer, Anthony Pellicano and Even Mohamme – Hollywood Reporter
When the former power producer couldn't settle his beef with Canadian billionaire Daryl Katz, a who's who of industry players
7 Soccer Players who had Gambling Problems – BeSoccer EN
But did you know that some of the players they bet on are also trying their luck on casino games?
Biden to sign bill with $4 billion in debt relief for minority farmers – Successful Farming
With Republicans complaining of discrimination against white farmers, the House passed a coronavirus relief bill on Wednesday that would provide
Greensill companies pitted against each other in claims war – The Australian Financial Review
The Australian parent company, which is controlled by Greensill founder and chief executive Lex Greensill, is a creditor in the

Produced with FERN, non-profit reporting on food, agriculture, and environmental health.

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/

Half-priced airfares have been quite the topic of conversation over the past 24 hours, with the Australian Government announcing a scheme that’ll see the country’s airlines sell 800,000 flights at the discount rate. That starts in April but if you’re keen on getting away before then, Virgin is doing a flash sale that’ll also slash fares by half.

Hang on, Virgin? Yes. The same airline that, less than 12 months ago, entered voluntary administration. It has since been sold toUS private investment firm Bain Capital, launched a comeback sale in early July and its voluntary administration officially ended on Tuesday, November 17.

With so many folks talking about the government’s half-price fares, Virgin is capitalising upon the chatter…

Read the full article at: https://concreteplayground.com/sydney/travel-leisure/virgin-is-dropping-a-heap-of-half-price-flight-specials-starting-at-55-one-way

The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse.

What is particularly interesting is that the expected consequences have not shown up in the official statistics for financial distress insolvent companies entering administration and individuals declaring bankruptcy.

Indeed, a misleading impression of 2020 being one of economic good times could be gained from the statistics.

The big question is whether these statistics show government relief measures have averted economic pain or simply deferred it. As measur…

Read the full article at: https://insideretail.com.au/business/drop-in-insolvencies-and-bankruptcies-is-a-ticking-time-bomb-202103

As pandemic restrictions loosen, bankrupt companies get a new lease on life.

As the pandemic swept across the globe in 2020, a new sort of crisis began to emerge: bankruptcies. Companies that entered the year in a position of strength faced a new reality that kept consumers stuck at home and closed down stores, sometimes permanently. As virus cases mounted throughout the year, clothing retailers, travel companies and oil producers began to file Chapter 11 bankruptcy by the dozens. In the months since, many of these bankrupt companies have returned from the dead, exiting bankruptcy with a new lease on life. The return of many of these companies coincides with a reopening economy and the roll out of vaccines. For some bankrupt companies, it…

Read the full article at: https://news.yahoo.com/7-companies-went-bankrupt-due-210614903.html

A 50-50 split

MIRA and Aware will each own 50 per cent of Vocus Groups equity, in what appears to be a remarkable outcome for the deep pocketed Aware.

The Australian superannuation giant was a late arrival to the party, only joining MIRA after it had gone to great lengths to convince Vocus Group to go back down the takeover talks path aftera few embarrassing false starts.

Aware, which manages $140 billion in retirement savings, has money with Macquaries Macquarie Infrastructure Partners and heeded MIRAs call when it went looking for partners. It also shaped as a potential interloper, given its recent interest in another telecommunications infrastructure play OptiComm.

So, the two joined up. And now Aware is only a few months, a big debt…

Read the full article at: https://www.afr.com/street-talk/mira-aware-split-vocus-equity-mandate-three-for-debt-20210311-p579ol

Nobel Prize-winning economists Joseph Stiglitz and Michael Spence are spearheading calls for urgent action to help poorer countries recover from the economic ravages of the coronavirus pandemic, including measures to advance vaccine equity, debt relief, and bolstering fiscal resources for cash-strapped nations.

The proposals were outlined in a new interim report released on Thursday the one-year anniversary of the global pandemic by the Institute for New Economic Thinkings Commission on Global Economic Transformation, co-chaired by Stiglitz and Spence.

Extraordinary times call for extraordinary measures, Spence said in the report. Failing bold action, developing countries could be on track to lose years or even decades of progress in…

Read the full article at: https://www.aljazeera.com/economy/2021/3/11/nobel-prize-economists-call-for-vaccine-equity-and-debt-relief

The federal government has announced six part-time appointments to its insolvency and disciplinary committees.

The federal government on Thursday announced six new appointments to its insolvency practitioner registration and disciplinary committees, each for a three-year period.

Both committees are regularly convened by ASIC on matters related to liquidator registration applications and disciplinary matters.

Among the six appointed is Julie-Anne Berry, following a three-year tenure on the Tax Practitioners Board. Before that, Ms Berry spent nearly five years as legal counsel at Hewlett Packard, before joining Optus as contract manager for two years.

Ms Berry will be joined by Natalie Bhardwaj, who has a wide range of experience spanni…

Read the full article at: https://www.accountantsdaily.com.au/appointments/15446-government-appoints-insolvency-committee-members

Retail-vacancy-epidemic

Source: AAP/Bremdon Thorne.

The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse.

What is particularly interesting is that the expected consequences have not shown up in the official statistics for financial distress insolvent companies entering administration and individuals declaring bankruptcy.

Indeed, a misleading impression of 2020 being one of economic good times could be gained from the statistics.

The big question is whether these statistics show government relief measures have averted economic pain or…

Read the full article at: https://www.smartcompany.com.au/finance/economy/australian-economy-2020-covid-stats/

When the former power producer couldn’t settle his beef with Canadian billionaire Daryl Katz, a who’s who of industry players became embroiled in the feud. The question is, why?

In April 2019, Endeavor CEO Ari Emanuel and Ron Meyer, then vice chairman of NBCUniversal, made their way to Canadian billionaire Daryl Katz’s compound at the Bighorn Golf Club in Palm Desert, about 15 miles east of Palm Springs.

The two top Hollywood players were on a mission to help their friend, high-rolling producer Joel Silver, whose deal with his latest financial backer had, unsurprisingly, fallen into acrimony. The shaggy-haired Katz who had built a drugstore chain into an empire that includes the NHL’s Edmonton Oilers as well as the arena in which t…

Read the full article at: https://www.hollywoodreporter.com/features/saving-joel-silver-the-twisted-saga-that-entangled-ari-emanuel-ron-meyer-anthony-pellicano-and-even-mohammed-bin-salman

But did you know that some of the players they bet on are also trying their luck on casino games? This article will explore seven gambling addiction stories from some of the worlds most famous soccer players.

Before we start, its essential to know that gambling is highly addictive and can lead to massive losses. If youre considering playing casino games, you should at least make informed decisions.

Our recommendation is to use a specialty site like Casinobonusca, where you can get all the necessary information for a responsible gambling session, including wagering requirements, terms and conditions, and RTP. Suppose you know that youre vulnerable to gambling addiction. In that case, you should look for a platform that allows you to set …

Read the full article at: https://www.besoccer.com/new/7-soccer-players-who-had-gambling-problems-965849

With Republicans complaining of discrimination against white farmers, the House passed a coronavirus relief bill on Wednesday that would provide an estimated $4 billion in debt relief for socially disadvantaged farmers. The financial assistance comes at the end of a generation-long campaign dating from the so-called Pigford settlement of 1999, in which the USDA acknowledged decades of bias against Black farmers in its farm loan and other assistance programs.

President Bidensaid he would sign the $1.9 trillion coronavirus bill on Friday at the White House. Agriculture SecretaryTom Vilsacksaid the package, which includes $16 billion in public nutrition and agricultural aid, provides historic debt relief to Black, Indigenous, Hispanic, and…

Read the full article at: https://www.agriculture.com/news/business/biden-to-sign-bill-with-4-billion-in-debt-relief-for-minority-farmers

The Australian parent company, which is controlled by Greensill founder and chief executive Lex Greensill, is a creditor in the UK administration process and is understood to be owed hundreds of millions of dollars. Mr Greensill is also a director of Greensill Capital UK.

Grant Thornton has told the Australian Securities and Investments Commission (ASIC) that Credit Suisse Asset Management, which held invoices arranged by Greensill in its supply chain finance funds, has security over some of the parent companys assets, and that Japans Softbank – which lent $US1.5 billion to Greensill in 2019 – is also a significant creditor.

Filings for the Greensill parent group, which is headquartered in Bundaberg, show shareholdings for a mix of Gree…

Read the full article at: https://www.afr.com/companies/financial-services/greensill-companies-pitted-against-each-other-in-claims-war-20210311-p579ro