Insolvency Guardian Media Centre
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Abstract Entertainment is winding up after entering voluntary liquidation.
The promoter and event planning business owes close to $700,000 to 95 individual creditors spanning ticketing companies, musicians, radio networks, venues and promoters.
Its related entity, Abstract Touring, is still trading, and recently announced the Belinda Carlisle Tour of Australia for February 2022.
Abstract Entertainment largely blamed COVID-19 for its deteriorating financial performance and position which led to the self-imposed wind up.
In the Report to Creditors, seen by TMN, the company noted that under normal circumstances, it would receive royalty fees and commissions from its related entity Abstract Touring. In th…
Read the full article at: https://themusicnetwork.com/abstract-entertainment-liquidation/
The founder and CEO of an Australian restructuring advisory is urging struggling travel companies to urgently seek financial advice before JobKeeper is wound back.
Last month, Mackay Goodwin was appointed to handle the voluntary administration process of JMW Travel, which traded as Victorian travel agencies Helloworld Monbulk and Helloworld Bentleigh, as well as Nexus Business Travel.
Mackay Goodwin chief Domenic Calabretta is worried the company is only the first of many in the travel industry who will find themselves in a similar situation by 28 March, which is when the federal governments JobKeeper payments are scheduled to end.
Sadly, we know there will be more travel businesses experiencing hard times, but acting now and seeking he…
Read the full article at: https://www.travelweekly.com.au/article/collapse-of-helloworld-agencies-prompt-urgent-warning-from-business-restructuring-expert/
I lost thousands gambling … then tried to kill myself: One lost her home and husband. Another borrowed money for bets from her son. As the number of female problem gamblers in Britain tops 75,000, four victims share their desperate stories
- Number of problem female gamblers in the UK hasrisen by a third in five years
- Tamsin, 40, who lives in Surrey, has gambled over 10,000 since last March
- Abbey Little, 24, revealed her addiction has cost her 5,000 and left her suicidal
- Kerri Nicholls, 38, from Birmingham, spent 100,000 on gambling addiction
- Therapist Liz Karter, says ‘for most women’ online gambling is a sense of calm
Read the full article at: https://www.dailymail.co.uk/femail/article-9322195/As-number-female-problem-gamblers-Britain-tops-75-000-four-victims-share-stories.html
The country’s loan restructuring program has reached nearly Rp 1 quadrillion (US$70.5billion) as borrowers reel from economic downturn during the pandemic. The Financial Services Authority (OJK) reported Friday the amount of restructured loans was recorded at Rp 987.48 trillion as of Feb. 8, involving 101 banks. Some 39.3 percent are from 6.15 million small business borrowers and the rest is from 1.79 million other borrowers. The loan restructuring program has led to increases in the loan-at-risk ratio (LAR) to 23.38 percent in December last year, up from 9.93 percent in December 2019. This means that we know many borrowers have been affected by the pandemic, so they have to restructure and thus show up in the LAR, Bambang Widjanarko, …
Read the full article at: https://www.thejakartapost.com/news/2021/03/03/pandemic-loan-restructuring-scheme-inches-toward-70-5-billion.html
Australian Fashion Labels has been acquired by a group of private investors, the company has shared.
Australian Fashion Labels entered voluntary administration on January 6th 2021.
The purchase includes the collective view to bring back employees, who were the heart of the company and grow further jobs in the fashion industry.
This acquisition includes the global trademarks, business assets and operations team in Singapore and Shanghai.
Australian Fashion Labels owns the online platform, BNKR, as well as Finders Keepers, C/MEO Collective, Keepsake and The Fifth Label.
It is our absolute focus to bring back the talent that sadly had to be made redundant through the administration process, said Andrew Nunn, an investor involved in th…
Read the full article at: https://powerretail.com.au/news/breaking-australian-fashion-labels-acquired-by-private-investors/
* Sudan struggling with long economic crisis
* Currency reform paves way for aid, debt relief
* Dollar trade in banks still subject to restrictions
* Black market currency activity has plummeted
By Nafisa Eltahir, Khalid Abdelaziz and Patrick Werr
KHARTOUM, March 3 (Reuters) – Sudans devaluation of its currency last month, a long-awaited step in tackling the countrys chronic economic crisis, initially caused confusion among banks, traders and clients.
Yet less than two weeks after Sudan slashed the value of its pound and put a managed float in place, its banks are gradually taking over currency trades, opening the way for billions of dollars in debt relief and the unlocking of new finance.
The Sudanese government is already getting some help fr…
Read the full article at: https://www.reuters.com/article/sudan-economy-devaluation/sudans-devaluation-debt-relief-path-eased-by-dollar-trading-idUSL5N2KY0G1
Freeport East go-ahead ‘delivers on PM’s words’
Plan to help decarbonize Sizewell construction site
Buses, then trucks, trains, vessels the first use cases
London Ryse Hydrogen plans to install a 6 MW electrolyzer at the Sizewell nuclear site in Suffolk as a launchpad for mass production of low carbon hydrogen in and around the future freeport of Felixstowe, company founder Jo Bamford told S&P Global Platts March 3.
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The Felixstowe/Harwich Freeport East bid was one of eight freeports given the go-ahead by the government in March 3’s Budget.
“The prime minister has said the UK will be putting a big bet on hydrogen, and…
Read the full article at: https://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/030321-interview-ryse-hydrogens-suffolk-freeport-hydrogen-vision-takes-shape
Medical debt is piling up for Americans but how do you handle it without ruining your credit? (iStock)
No doubt about it,Americans are drowning in medical debt.
One recent study indicated that 137 million Americanswere battling onerous medical debt- and that was just before the coronavirus pandemic rolled into the U.S. Another more recent study from Freedom Debt Relief noted the problem is only growing more severe, as 75% of these individuals say they have accumulated more medical debt since March 2020.
If you have medical debt and want to make sure it’s not hurting your credit,Credible can help.To ensure you’re staying up-to-date with your credit status,enroll in a credit monitoring service. Credible can help you get started.
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Read the full article at: https://www.foxbusiness.com/money/how-to-get-rid-of-medical-debt-without-damaging-your-credit
Ian Defty, partner at Begbies Traynor and insolvency advisor at Integrated Dispute Resolution.
By Ian Defty, partner at Begbies Traynor and insolvency advisor at Legal Futures Associate Integrated Dispute Resolution.
It is fair to say that there has, for many years, been a difference of opinion between the law governing personal insolvency and matrimonial law with each side believing that they are right and should take precedence.
The principal, sometimes conflicting, legislation is covered in the Insolvency Act 1986 and the Matrimonial Causes Act 1973. However, the differing courts can and will give wide discretion when determining whether and how a married couples assets are to be divided.
In accordance with the Matrimonial Causes A…
Read the full article at: https://www.legalfutures.co.uk/features/personal-insolvency-verses-matrimonial-law
by Mary Swire, Tax-News.com, Hong Kong
03 March 2021
The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership.
Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to fulfil certain duties prescribed in the Income Tax Act.
The rules include that a company in liquidation with receipts has to file its Declaration of Receipts and Payments with IRAS on an annual basis. A company in liquidation without receipts has to file its Declaration every four years.
With effect from May 1, 2021, a company in liquidation will no longer be required to split …
Read the full article at: https://www.tax-news.com/news/Singapore_Updates_Tax_Rules_For_Company_Liquidations____97924.html
The Finance Ministry, the largest shareholder of Thai Airways International Plc, signalled its support for a restructuring plan that includes raising fresh capital, a temporary freeze on repayment of borrowings and slashing its workforce by half to return the debt-ridden airline to profit.
The key elements of the debt rehabilitation plan are quite acceptable, Pantip Sripimol, director-general of the State Enterprise Policy Office under the ministry, said on Wednesday. The ministry will study the restructuring proposals in detail before deciding on its vote, she said.
THAI, with liabilities of about 330 billion baht last year,…
Read the full article at: https://www.bangkokpost.com/business/2077615/thai-airways-debt-revamp-plan-gets-support-from-finmin
Greensill Capital, the once high-flying financial company that counts former prime minister David Cameron as an adviser, is preparing to file for insolvency in the UK.
People familiar with the matter said that the filing will allow private equity firm Apollo Global Management to buy parts of the business out of administration, in a prepack deal.
The $455bn US private equity firms deal could wipe out shareholders such as SoftBanks Vision Fund, which poured $1.5bn into the business in 2019. SoftBanks $100bn technology fund has already substantially written down the value of its stake.
Greensills lawyers warned this week that the recent loss of a $4.6bn insurance contract could cause a wave of defaults among its clients and 50,000 job los…
Read the full article at: https://www.ft.com/content/968a1476-9d4b-478d-b3c7-84d22e54a8bf