Insolvency Guardian Media Centre
The Pension Protection Fund (PPF) has published interim guidance on the Corporate Insolvency and Governance Act 2020 around the newly-introduced concepts of moratorium and financial difficulty mitigation arrangements.
Under the act, a moratorium can be initiated by the directors of a company that, among other things, suspends payments of most historic debts and prevents action being taken by the creditors, including pension schemes, to recover sums due for 20 days.
The PPF said it expects company directors to fully engage with scheme trustees, the PPF and The Pensions Regulator (TPR), who are entitled to receive notice of the moratorium.
It also expects to be provided with all the relevant information necessary to permit the proper managem…
Read the full article at: https://www.pensionsage.com/pa/PPF-publishes-insolvency-act-interim-guidance.php
An NHS business consultant has been spared jail after conning his dementia-stricken mother out of almost 50,000 to pay off his gambling debts.
Gary Evans, 57, persuaded his mother Eileen to give him power of attorney in 2016 so he could look after her assets while she was living in a care home and her health was deteriorating.
Instead, Evans – also a former nurse – defrauded her of 47, 800 to fuel his gambling addiction, Maidstone Crown Court heard.
The fraud was exposed after unpaid care home bills for Eileen, who has since passed away, began to pile up.
Read: Rishi Sunak says Supreme Court made ‘right decision’ over Shamima Begum
As the debt grew, the care home referred …
Read the full article at: https://au.news.yahoo.com/nhs-consultant-fraud-mother-dementia-gambling-spared-jail-120446318.html
Football body says that because of large proportion of bets made on football, sport should benefit from the tax
28th February, 2021
Republic of Ireland play Bulgaria in a friendly at the Aviva Stadium: The gambling industry has worked particularly hard to create a strong link in our minds between major sports events and betting, according to senator Mark Wall INPHO/James Crombie
The Football Association of Ireland (FAI) has told the government it wants a cut of the money raised from gambling tax as part of its efforts to clear around 70 million in debt.
Representatives from the cash-strapped sporting body met with Jack Chambers, a junior minister in the Department of Justice, on February 4 and appealed for some of the money…
Read the full article at: https://www.businesspost.ie/sport/fai-asks-government-for-part-of-gambling-tax-to-help-clear-eur70m-debt-2695ef81
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=1614452400
San Jose Sharks left wing Evander Kane is a problem gambler whose six-week-old bankruptcy filing is designed to shield his considerable assets and stiff his lenders, one of his top creditors charged in a blistering and explosive motion Friday.
Kane made waves when he filed for chapter 7 bankruptcy protection last month, declaring $26.8 million in debts with $10.2 million of assets, despite having signed a seven-year, $49 million contract in 2018. That filing listed a $1.5 million gambling loss, but according to the motion from Zions Bancorp, that understated the issue.
Less than two months before the bankruptcy filing, Kane sold two Rolex watches for $75,000 to pay gambling debts, the bank wrote, citing changes Kane recently made to his ba…
Read the full article at: https://theathletic.com/2415103/2021/02/26/evander-kane-creditor-blasts-sharks-wing-in-scorched-earth-bankruptcy-filing/
Although President Joe Biden has supported canceling $10,000 in student debt for individuals, some lawmakers are pushing him to go higher and forgive $50,000. But Biden and other influential figures argue that former Ivy League students and Wall Street financiers would be the main beneficiaries.
At a CNN town hall last week, Biden said that forgiving $50,000 would be erasing the billions of dollars in debt for people who have gone to Harvard and Yale and Penn.
Similarly, former Treasury Secretary Larry Summers, once president of Harvard University and a partner at a hedge fund, said this subsidy would go toward high earners who work in finance.
I find it ironic and pathetic that the progressive wing o…
Read the full article at: https://www.marketplace.org/2021/02/26/why-is-there-so-much-resistance-to-forgiving-50000-in-student-debt/
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=1614376800
PARIS–(BUSINESS WIRE)–Regulatory News:
Europcar Mobility Group2 (Paris:EUCAR) announces today the finalization of its balance sheet restructuring, thanks to the successful completion of the final steps of the accelerated financial safeguard plan approved by the Paris Commercial Court on February 3rd, 2021.
This will enable the Group to accelerate the implementation of Connect, its strategic roadmap, while actively preparing for the progressive recovery of domestic and international travel.
Caroline Parot, Chief Executive Officer, stated:
Today, it is with great ambition that we are opening a new chapter in the history of Europcar Mobility Group: with a significantly reduced corporate debt, the injection of new money combined with new …
Read the full article at: https://www.businesswire.com/news/home/20210226005609/en/Successful-Closing-of-the-Financial-Restructuring-of-Europcar-Mobility-Group1-the-Group-Opens-a-New-Chapter-in-Its-History-With-Renewed-Ambitions
When Nick Molnar and Anthony Eisen co-founded Afterpay more than five years ago, no one could have expected that the company’s market valuation would be nearing $40 billion today.
Thanks to a growing global base of millennials and Gen Z customers who keep ditching their credit cards in favour of the buy now, pay later platform, Afterpay has become the new darling of Australia’s share market.
As the COVID-19 pandemic locked down much of the world and turned more people toward online shopping, Afterpay’s business and share price has continued to surge.
This modern lay-buy service red-hot with young consumers, but now also growing in use among an older cohort has turned Mr Molnar and Mr Eisen into billionaires.
Afterpay, run by billion… Read the full article at: https://www.abc.net.au/news/2021-02-26/kim-kardashian-afterpay-millennials-zip-buy-now-pay-later/13194484
The boss of a signage and display printer has received a lengthy ban of 10 years after a six-figure false invoicing scandal.
The Insolvency Service has handed the 10 year ban to Russell Ivan Murch, who was managing director at Pure Point of Sale Limited, based in Lutterworth.
The case dates back to the spring of 2016 when Pure Point of Sale, which produced a range of products from shelf barkers and banners to permanent PoS, had experienced financial difficulties and began using a factoring company.
Subsequently, in August 2018, Murch forwarded two emails to the factoring company advising them to collect 185,000 from one of Pure Points clients, the Insolvency Service stated.
The factoring company paid 185,000 in advance to Pure Point of S…
Read the full article at: https://www.printweek.com/news/article/point-of-sale-boss-banned
When Carriageworks went into voluntary administration during the Covid-19 downturn last year, many artists lost work and Sydneysiders were robbed of one of their best venues. The rescue was protracted and involved both public and private funds.
The New South Wales governments Covid-19 rescue packages for artists were famously far smaller, and came far later, than support from other state governments: a double insult in view of the fact that Sydney rents are much higher. When Restart NSW was announced, Carriageworks jumped with No Show, a group exhibition of 11 artist-led initiatives. Featuring more than 50 mostly emerging and experimental artists, it is the ideal event to animate the cavernous foyer in the fallow period between the Sydn…
Read the full article at: https://www.thesaturdaypaper.com.au/culture/art/2021/02/27/no-show/161434440011158
Video gambling license and terminal fees located in unincorporated areas of the county temporarily would be cut in half as part of a coronavirus relief package for businesses the Cook County Board approved Thursday.
For the rest of the year, applications for video gambling licenses will cost $250 instead of $500, while the per terminal fee that operators pay will drop from $1,000 each to $500. The fee reductions would cost the county about $74,500, officials said.
They were among other pandemic relief efforts commissioners approved, including a drop in liquor license fees and vehicle wheel taxes.
There are particular parts of our economy that have been tremendously impacted by the closures and the requirements …
Read the full article at: https://www.chicagotribune.com/politics/ct-coronavirus-cook-county-gambling-liquor-wheel-relief-20210226-nnb7vamncbhgbnqpmhuemzm4v4-story.html
