ANYONE CAN HAVE OVERWHELMING DEBT
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.
Australian Fashion Labels has emerged from voluntary administration, the business has posted to its social media accounts.
The business has been purchased by a new owner, the identity of which is being sought out byRagtraderat the time of writing.
Administrator Brett Lord from Duff & Phelps toldRagtraderon January 15that he was looking for a bidder for the assets of the business, as a deal with a potential buyer for the entirety of the business fell through.
The terms of the purchase are also being sought out as we go to print.
What is known, is that a brand new customer care team has been assigned to the new BNKR w…
Read the full article at: http://www.ragtrader.com.au/news/brand-saved-australian-fashion-labels-emerges-from-collapse
THE NUMBER of restaurant bankruptcies rose sharply at the end of February in Finland, reports Asiakastieto.
The Finnish provider of business and consumer information reported yesterday that 14 restaurants were declared bankrupt between 22 and 28 February. Although the number is high in comparison to previous weeks, the number of bankruptcies in the first eight weeks of the year remains markedly lower than last year.
Its data review indicates that the total number of bankruptcies fell by 23 per cent year-on-year to 153 in February.
Also Statistics Finland has published preliminary data on bankruptcy proceedings initiated in the first couple of weeks of the year. The statistical bureau reported last month that the number of bankruptcy pr…
Read the full article at: https://www.helsinkitimes.fi/finland/finland-news/domestic/18789-asiakastieto-restaurant-bankruptcies-spiked-late-last-month-in-finland.html
Queensland’s three-year run as the nation’s bankruptcy capital has continued with damning new figures revealing the significant number of people facing financial distress.
In the 2020 calendar year, 4458 personal bankruptcies were recorded in Queensland ahead of 4413 in NSW.
Victoria – which was locked down for four months – recorded 2724 personal insolvencies.
In Queensland Logan, Gold Coast, Ipswich and Moreton Bay South were the regions with the highest rates of personal insolvency.
The results continue Queensland’s run as the nation’s bankruptcy capital, however the number has steadily fallen across the state over the past five years.
Economist Marcus Smith said the number of personal bankruptcies remained a blight on Queensl…
Read the full article at: https://www.qt.com.au/news/qlds-damning-bankruptcy-figures-the-worst-in-natio/4208207/
The past year has fractured our world in countless ways. Now, as people look to pick up the pieces, those managing debt need to account for their position in our uneven economic recovery.
In this so-called K-shaped recovery, one part of the population is rebounding quickly while another has a longer, slower path. For example, in January the unemployment rate for whites was 5.7%, compared to 8.6% for Hispanics and 9.2% for Black workers and 6.6% for Asians, according to the Bureau of Labor Statistics.
Those who remain unemployed or underemployed might continue to rely on debt to get by. Meanwhile, those whose finances have held steady or improved may be primed to wipe out debt.
MANAGING DEBT IN THE BOTTOM HALF
Some consumers have had no…
Read the full article at: https://abcnews.go.com/Lifestyle/wireStory/millennial-money-debt-strategies-unequal-recovery-76198356
Court documents from a mid-February hearing in New Zealand’s High Court have revealed the financial position of Pacific Aerospace Limited (PAL) and concerns that the Civil Aviation Authority would revoke the companies certifications.
The hearing was to consider the application of parts supplier International Aviation Support to have a liquidator appointed to PAL over unpaid debts totalling $NZ1.38 million, and an outstanding tax bill of $NZ770,839.
PAL CEO Mark Crouch filed an affidavit stating that the company was unable to pay its debts.
Associate Judge Peter Andrew noted concerns that it would be difficult to find a buyer for the company if the CAA took action to revoke PAL’s manufacturing certifications.
“The companys assets are i…
Read the full article at: http://www.australianflying.com.au/latest/court-documents-set-out-pal-situation
The Premier Cru ponzi scheme has left thousands out of pocket, but there may be a glimmer of hope.
By W. Blake Gray | Posted Wednesday, 03-Mar-2021
There’s a little light ahead for the victims of John Fox’s Ponzi scheme at the bankrupt Premier Cru wine shop they may soon get some of their money back.
People who shelled out thousands of dollars for wines that they never received can expect to get about 5-10 percent of their money back, according to Mark Bostick, an attorney for bankruptcy trustee Michael G. Kasolas.
“It’s not a huge amount but, considering we started at zero, it’s not bad,” Bostick told Wine-Searcher.
Bostick said the sprawling Premier Cru bankruptcy case has been fascinating to untangle over the past five years. Bec…
Read the full article at: https://www.wine-searcher.com/m/2021/03/some-comfort-for-wine-ponzi-scheme-victims
The big four accountancy firm KPMG will on Wednesday announce the 400m sale of its UK restructuring arm, marking a further step in the professions preparation for tough new audit regulation.
Sky News has learnt that the new standalone company, which will comprise approximately 500 people, will be renamed Interpath Advisory.
Backed by HIG Europe, the private equity firm, it will immediately become the largest independent restructuring practice in the UK by number of employees.
The announcement will come just weeks after KPMG’s rival, Deloitte, sold its UK restructuring business to Teneo, a global strategic advisory firm…
Read the full article at: https://news.sky.com/story/kpmg-arm-to-be-renamed-interpath-in-400m-restructuring-deal-12233759
Regardless of your income or employment status, you may have too much debt to realistically pay off with a strategy like debt snowball. If all your monthly debt payments, including housing, total more than 50% of your monthly gross income, you may need to look into debt relief, like a debt management plan at a nonprofit credit counseling agency or bankruptcy.
The goal is to resolve your debt quickly and in a way that sets you up to meet future financial goals. Otherwise, you may spend years funneling money toward insurmountable debt, sacrificing retirement, an emergency fund and other goals.
Bankruptcy in particular may be a good option, as it can help you resolve what you owe in a matter of mon…
Read the full article at: https://wacotrib.com/lifestyles/millennial-money-3-debt-strategies-for-an-unequal-recovery/article_b386784d-c65c-54e6-bb21-4ce7a82d5058.html
The options open to landlords in Northern Ireland differ to those in England and Walesor in Scotland.These are addressed in our separate guides.
Restrictions on forfeiture for arrears in Northern Ireland have been extended to 31 March 2021 for all commercial leases under section 83 of the Coronavirus Act 2020. Restrictions on statutory demands and winding-up tenants have also been similarly extended under the Corporate Insolvency and Governance Act (CIGA) 2020.
This means that from 27 April 2020 to 31 March 2021, a landlord creditor cannot present a winding-up petition, unless it has reasonable grounds to believe that either coronavirus has not had a financial effect on the tenant company, or that the company was unable to pay its debts…
Read the full article at: https://www.pinsentmasons.com/out-law/guides/lease-arrears-options-landlords-northern-ireland
Queensland’s three-year run as the nation’s bankruptcy capital has continued with damning new figures revealing the significant number of people facing financial distress.
In the 2020 calendar year, 4458 personal bankruptcies were recorded in Queensland ahead of 4413 in NSW.
Victoria – which was locked down for four months – recorded 2724 personal insolvencies.
In Queensland Logan, Gold Coast, Ipswich and Moreton Bay South were the regions with the highest rates of personal insolvency.
The results continue Queensland’s run as the nation’s bankruptcy capital, however the number has steadily fallen across the state over the past five years.
Economist Marcus Smith said the number of personal bankruptcies remained a blight on Queensl…
Read the full article at: https://www.frasercoastchronicle.com.au/news/qlds-damning-bankruptcy-figures-the-worst-in-natio/4208207/
The key aspects of this new law are:
- Available for companies with liabilities under $A1 million.
- A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan.
- Directors remain in control while they collate the plan with the assistance of the SBRP.
- The plan is circulated to creditors within 20 business days (4 weeks).
- The plan must include certain prescribed matters but can otherwise be in any format the directors determine and would be expected to involve a discount or delayed timing of any return to creditors. Consideration of the plan and expected return is likely to be co…
Read the full article at: https://bluenotes.anz.com/posts/2021/02/anz-legal-insolvency-law-business-covid19?adobe_mc=MCMID=91931573662167745648708078606479228630|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1614704400
Czech Airlines insolvency petition sets out the scale of the companys financial problems, which it partly attributes to the inability to source rescue funding from the Czech government.
The company has 266 creditors, with the total liability to suppliers amounting to Kc809 million ($37.1 million) as of 25 February, its petition to a Prague municipal court states.
But the petition, seen by FlightGlobal, adds that there is a debt of nearly Kc1 billion to hundreds of thousands of passengers who are owed for the cancellation of flights.
[Czech Airlines] is unable to meet these obligations owing to a lack of liquid funds, the petition states, adding that the companys liabilities exceed the value of its assets.
For this reason the [company] i…
Read the full article at: https://www.flightglobal.com/airlines/czech-airlines-insolvency-petition-outlines-scale-of-financial-burden/142693.article