Insolvency Guardian Media Centre
Hospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month.
There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month.
Revive Financial partner Jarvis Archer said his office had seen an increased number of insolvency appointments and inquiries in February with the impact of COVID-19 cited by most company directors as the cause of their financial troubles.
“Some businesses have remained closed since the early onset of COVID restrictions in March 2020,” said Mr Archer.
“Others have reopened but have been unable to return to profit following a dramatic decline in ongoing revenue.”
Hospitalit…
Read the full article at: https://www.frasercoastchronicle.com.au/news/full-list-36-qld-company-collapses-in-28-days/4207685/
Back in 2003, just a year after his loss to fellow legend Lennox Lewis, Mike Tyson declared bankruptcy with reported debts of $23 million (16.5 million). And while he has made more than $300 million (216 million) in his entire carrier, Tyson was forced to sell off many of his assets, which also included his lavish Connecticut mansion that had 21 bedrooms and 25 bathrooms back then. The property was bought by rapper 50 Cent for a whopping $4.5 million (3.3 million), which he later sold to someone else.
Also Read lMike Tyson bankrupt:Lewis open to fight Mike Tyson in mouth-watering rematch
Mike Tyson mansion: Inside Tyson’s former Connecticut mansion
According to The Sun, when 50 Cent bought the property, Itset a record for the most ex…
Read the full article at: https://www.republicworld.com/sports-news/other-sports/mike-tysons-lavish-mansion-that-50-cent-bought-for-4-dot-5m-when-boxer-went-bankrupt.html
Credit Suisse is understood to be concerned about the rising level of noise surrounding Greensill over the past two years and its fiduciary duty to investors.
This includes Greensills financial exposure to British billionaire Sanjeev Guptas GFG Alliance, which owns steel, aluminium and iron ore mining businesses, and operates the Whyalla steelworks in South Australia.
Financial exposure
Greensill has provided funding to GFG through Greensill Bank, a German lender it bought in 2014. The Financial Times reported in February that Germanys banking regulator, BaFin, had been putting pressure on Greensill Bank to reduce its financial exposure to Mr Guptas companies.
In addition, some of Greensills insurance on its packaged securities, which p…
Read the full article at: https://www.afr.com/companies/financial-services/lex-greensill-fights-to-save-empire-20210302-p5770w
The multi-billion dollar financial empire built by Bundaberg farmer’s son Lex Greensill faces unravelling.
London-based Greensill Capital, founded by Mr Greensill a decade ago, has appointed Grant Thornton to look at restructuring options as it faces the possibility of filing for insolvency, according to people familiar with the company. The financial strife came after Credit Suisse Group suspended $10bn of investment funds.
The potential insolvency of Greensill Capital, which offers finance to allows businesses to extend the time they have to pay bills, would spell the end of a dream run for Mr Greensill, whose views of capitalism were forged growing up on a melon and cane farm where his parents often waited years to be paid.
The fami…
Read the full article at: https://www.dailymercury.com.au/news/bundy-billionaires-company-facing-insolvency/4207808/
MILAN (Reuters) – A revamped Alitalia will start with 45 planes, have around 4,500 workers and get just over 1 billion euros ($1.2 billion) in state support, less than half of what was previously envisaged, newspaper La Repubblica reported on Tuesday.
Newly-appointed Prime Minister Mario Draghi met with the transport, economy, industry and labour ministers on Monday and was pushing for a speedy resolution but not at all costs, the paper said. The cabinet office declined to comment.
Under Draghis predecessor, Giuseppe Conte, Rome had earmarked 3 billio…
Read the full article at: https://www.reuters.com/article/us-alitalia-revamp/revamped-alitalia-to-start-with-45-planes-get-1-billion-euros-in-aid-paper-idUSKBN2AU0T8?il=0
One of the most unfortunate outcomes of the pandemic is that many businesses who started 2020 confident about their prospects could never have imagined confronting challenges that have put many of them right on the edge.
The Governments COVID Safe Harbour laws kept many businesses in play last year, but these safeguards are no longer in play.
With Australias new insolvency laws in place, small business owners have the opportunity to keep control of their business while it is restructured, but they must be aware of restructurings likely negative impact on their cashflow.
ALSO READ: The changes in insolvency & restructuring rules that could catch out Australian businesses
There are four key actions that small business owners should take i…
Read the full article at: https://dynamicbusiness.com.au/topics/news/insolvency-laws-small-business-advice-tips-australia.html
The NCLAT by its judgment had approved continuation of parallel proceedings under Section 138 of the Negotiable Instruments Act even as the resolution process under the IBC was under way against the company subjected to moratorium.
By way of background, the National Company Law Tribunal (NCLT), Chennai had initiated Corporate Insolvency Resolution Process (CIRP) against Diamond Engineering Chennai Limited (Corporate Debtor) on June 6, 2017 on a petition by Shah Brothers Ispat Private Limited (Respondents in Supreme Court) and moratorium was imposed.
Shah Brothers Ispat Private Limited (respondents in Supreme Court) had earlier filed a complaint under Section 138 before the Metropolitan Magistrate Court, Kurla Mumbai against the appella…
Read the full article at: https://www.barandbench.com/news/litigation/moratorium-order-section-14-ibc-bars-parallel-proceedings-section-138-negotiable-instruments-act-supreme-court
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I am on the verge of being declared insolvent. In the next few years I will receive pension payouts from my pension fund. I am concerned, though, that my pension will also fall into my insolvent estate and I will lose my pension. Will this happen?..
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Read the full article at: https://www.dispatchlive.co.za/news/opinion/2021-03-01-legal-eagle-does-your-pension-payment-form-part-of-your-insolvent-estate/
Convicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court.
Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of affairs to the Official Receiver within 14 days of being made bankrupt by the court.
She pleaded guilty to that charge.
The Federal Bankruptcy Act states a person against whose estate a sequestration order is made that is, being declared bankrupt by the court before a trustee begins managing relevant assets has 14 days to file a statement of affairs with the Official Receive…
Read the full article at: https://www.riverineherald.com.au/shepp-news/2021/03/01/3438864/former-shepparton-financial-planner-fined
Increased datafication of debt raises ethical questions and calls for a new approach to regulating lending
Throughout history, society has debated the morality of debt. In ancient times, debtborrowing from another on the promise of repaymentwas viewed in many cultures as sinful, with lending at interest especially repugnant. The concern that borrowers would become overindebted and enslaved to lenders meant that debts were routinely forgiven. These concerns continue to influence perceptions of lending and the regulation of credit markets today. Consider the prohibition against charging interest in Islamic finance and interest rate caps on payday lenderscompanies that offer high-cost, short-term loans. Likewise, proponents…
Read the full article at: https://www.imf.org/external/pubs/ft/fandd/2021/03/new-morality-of-debt-aggarwal.htm
NEW DELHI: The Supreme Court on Monday held that the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.
The top court, however, did not extend the benefit of moratorium on judicial proceedings in cheque bounce cases to directors or signatories of cheques of such firms, saying criminal cases would continue against “natural persons”.
A bench headed by Justice R F Nariman was faced with the legal issue whether the institution or continuation of a proceeding under Section 138/141 (cheque bounce cases) of the Negotiable Instruments Act can be…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/cheque-dishonour-cases-cant-be-filed-or-continued-against-firms-facing-insolvency-proceedings-sc/articleshow/81277998.cms
The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.
The top court, however, did not extend the benefit of moratorium on judicial proceedings in cheque bounce cases to directors or signatories of cheques of such firms, saying criminal cases would continue against “natural persons”.
A bench headed by Justice R F Nariman was faced with the legal issue whether “the institution or continuation of a proceeding under Section 138/141 (cheque bounce cases) of the Negotiable Instruments Act can be said to be covered…
Read the full article at: https://www.businesstoday.in/current/corporate/cheque-bounce-cases-cant-be-filed-or-continued-against-firms-facing-ibc-proceedings-says-sc/story/432710.html