COVID has unquestionably caused unprecedented distress in many industries. Many businesses are facing liquidity constraints or are being required to redesign their business model to respond to evolving consumer trends or supply-chain disruptions. But businesses can take steps to manage risk and survive.
Call in the professionals. A prudent step is to engage outside restructuring or financial advisers to help develop and implement short- and long-term plans. Incurring the expense of outside advisers while the company is focused on reducing expenses might seem incongruous. But existing management will likely already be overextend…
Read the full article at: https://www.ibj.com/articles/kayla-britton-restructuring-considerations-for-the-distressed-company
The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail.
Executive Summary
The bankruptcy law that came into effect in the Kingdom of Saudi Arabia in 2018 reshaped the legal landscape with regards to the restructuring and liquidation of companies in the Kingdom. It established the framework for the administration of restructuring and liquidation procedures in Saudi Arabia, through the Commercial Courts and a newly formed Bankruptcy Commission. In addition, it set out a number of clearly defined restructuring and liquidation procedures to which a company may be subject, depending on its circumstances, …
Read the full article at: https://www.jdsupra.com/legalnews/the-saudi-bankruptcy-law-a-seismic-shift-8579637/
That Australian women earn less than Australian men is well-known. The latest calculation put the gap the extent to which the average female full-time wage is less than the average male full-time wage at 13.4%.
Women are also less likely to be employed than men, about 14% less likely, in part because women give birth to and are more likely to care for children.
What is less well known is that women are 32% less likely to work full-time than men and have an average commute that is 20% shorter.
Could womens shorter hours (even when working full-time), and shorter commutes be part of the reason for the gender gaps in wages and employment?
If women are willing to endure longer periods of unemployment and lower rates of pay in order to ge…
Read the full article at: https://theconversation.com/why-do-women-get-paid-less-than-men-hours-and-commuting-provide-clues-155883
A hunt for the assets of Tommy Robinson has begun after he declared himself bankrupt this week.
The founder of the English Defence League, whose real name is Stephen Yaxley-Lennon and who was one of Britains best-funded activists, filed for bankruptcy before a trial in which he is being sued for libel by a Syrian refugee.
Robinson once had more than a million social media followers and was able to raise huge amounts with regular appeals for donations. He drove expensive cars, was pictured wearing clothes and watches worth thousands of pounds and had cosmetic dentistry.
In 2018 he claimed to have received 350,000 of donations in two weeks and was said to have banked more than 2 million. He has suffered a loss of
Read the full article at: https://www.thetimes.co.uk/article/search-for-tommy-robinsons-assets-after-edl-founder-declares-bankruptcy-nbtk7v356
Debt Reduction Services is not one of our top-rated life debt relief companies. You can review our list of the best debt relief companies for what we think are better options.
Unlike many other debt relief services who help clients out of debt with a process known as debt settlement, Debt Reduction Services offers assistance via debt management plans (DMPs). With a debt management plan, clients get help negotiating payments and interest rates with their creditors, after which they’ll make a single monthly payment to the agency they’re working with. Once their plan is underway, Debt Reduction Services will disburse payments to each of the creditors in the plan each month. This strategy helps clients simplify their finances with one m…
Read the full article at: https://www.investopedia.com/debt-reduction-services-review-5114311
The leaders of two rival automakers one the world’s dominant electric vehicle maker, the other a legacy manufacturer looking to steal some EV market shareset aside their differences this week, if only for a brief Twitter interaction.
Elon Musk, Twitter starand billionaire CEO of TeslaInc., on Thursday tweeted a veiled jab at General Motors Co. and the old Chrysler Group, now more than a decade removed from their epic, taxpayer-funded bankruptcies.
“Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000s of car startups,”…
Read the full article at: https://www.detroitnews.com/story/business/autos/2021/03/05/ford-ceos-response-elon-musk-twitter-shout-out-respect/4601096001/
GAMBLING debts led a young father to buy several stolen caravans cheaply before rebirthing and selling them using a legal loophole.
The man was caught when a woman negotiating to buy one of the caravans went to police after becoming suspicious.
He was investigated and charged in relation to four stolen caravans worth more than $115,000.
Daniel John David Wood went before Ipswich District Court for sentence this week, – three years after his crimes were committed.
Wood, 34, from Augustine Heights, pleaded guilty to seven charges, including four of unlawful possession of caravans; fraud; aggravated fraud; and producing dangerous drugs.
He pleaded guilty to summary charges of unlawful use; and possession of property used in a drug offence….
Read the full article at: https://www.qt.com.au/news/dodgy-caravan-scheme-netted-desperate-dad-50000/4210102/
KPMG has become the latest Big Four accountancy firm to sell off its restructuring business, agreeing a 400m deal for the UK unit with private equity firm HIG Capital.
The business, which has 22 partners and 528 staff, will be renamed Interpath Advisory and run by KPMG partners Blair Nimmo, Will Wright and Mark Raddan, who led the move to sell, HIG said in a statement. It said the new group would be the UKs largest independent restructuring and turnround team.
The deal comes after Deloitte last month agreed to sell its restructuring business to Teneo, an advisory firm backed by private equity group CVC Capital Partners.
Senior executives in the restructuring practices of some of the Big Four accountancy groups have become concerned tha…
Read the full article at: https://www.ft.com/content/e4950ce1-9dff-4525-b080-00c075558e6c
Whether you overindulged during some retail therapy or had a large and unexpected bill, credit card debt has a way of creeping up on us. According to new Mozo research, 51% of Aussies incurred debt over the recent festive season with one in two concerned as to how theyre going to pay it off.
But the good news is, you dont have to just let it sit there accruing interest. In fact if youre ready to put an end to your mounting debt, there is a way to do it interest-free.
A balance transfer credit card allows you to move the balance on your current cr…
Read the full article at: https://mozo.com.au/credit-cards/articles/4-balance-transfer-credit-card-offers-to-help-get-you-debt-free
An aged care business operated by two bankrupt brothers convicted of shocking animal cruelty has been accused of serious probity failings, including the transfer of funds to pay for the owners mortgages and luxury cars.
Emails and SMS messages from staff at Chronos Care, seen by The Age, show them alleging that Gerry and Chris Apostolatos funnelled up to $500,000 from the aged care homes in 2014 to cover their luxurious lifestyles, despite them owing $5 million in combined debts when declared bankrupt and awaiting trial over the starvation of more than a million chickens.
Brothers Chris (front) and Gerry Apostolatos were found guilty of animal cruelty in 2015.Credit:Jason South
The accusations are supported by inconsistencies in th…
Read the full article at: https://www.brisbanetimes.com.au/national/victoria/chicken-killing-brothers-accused-of-siphoning-cash-from-care-homes-20210305-p5781p.html
PARIS (Reuters) – The French government launched on Thursday a new guarantee scheme for quasi-equity debt to help small and mid-sized firms bounce back from the coronavirus crisis.
The following are the main details:
How does the guarantee work?
The government guarantee will cover 30% of the potential losses on a total of 20 billion euros in debt expected to be purchased by institutional investors such a…
Read the full article at: https://www.reuters.com/article/us-france-economy-loans-eu-launch-factbo/factbox-frances-new-quasi-equity-debt-scheme-to-support-firms-idUSKBN2AW13P