LONDON (Reuters) – Fears of credit rating downgrades will deter the worlds poorest countries from taking advantage of debt relief being offered under the G20 common framework, World Bank chief economist Carmen Reinhart said.

In November, the G20 group of major economies launched a framework designed to streamline a process to help countries defer or negotiate down their debt as part of a wider relief programme.

Ethiopias application in January to the programme – which foresees private creditor participation – prompted Fitch and S&P to slash its sovereign rating.

Countries will weigh that in… especially those countries which are still hoping to access private capital, to tap capital markets, Reinhart said in an interview. The prospect …

Read the full article at: https://www.kitco.com/news/2021-02-23/Downgrade-fears-will-deter-countries-from-joining-G20-debt-relief-framework-World-Bank.html

KYIV, Feb 23 (Reuters) – Ukraine listed the former CEO of its largest bank and two other top former managers on Tuesday as suspects in an embezzlement case, the first criminal case opened in a long-running dispute over the bank whose nationalisation dominates domestic politics.

The fate of PrivatBank has overshadowed Ukraines politics and relationship with international lenders since the lender was declared insolvent and seized by the state in 2016. Its former owner, Igor Kolomoisky, has fought to reverse its nationalisation, leading to hundreds of lawsuits.

International lenders such as the IMF, which supported the nationalisation at the time, have suggested they would end support for Kyiv if PrivatBanks nationa…

Read the full article at: https://www.reuters.com/article/ukraine-privatbank/ukraine-adds-embezzlement-case-to-privatbank-dispute-ex-ceo-listed-as-suspect-idUSL8N2KT33Y

Read the full article at: https://www.wjhl.com/news/local/church-leverages-10000-to-help-pay-off-1-million-in-medical-debt-for-more-than-500-people/

By Karin Strohecker

LONDON (Reuters) – Fears of credit rating downgrades will deter the world’s poorest countries from taking advantage of debt relief being offered under the G20 common framework, World Bank chief economist Carmen Reinhart said.

In November, the G20 group of major economies launched a framework designed to streamline a process to help countries defer or negotiate down their debt as part of a wider relief programme.

Ethiopia’s application in January to the programme – which foresees private creditor participation – prompted Fitch and S&P to slash its sovereign rating.

“Countries will weigh that in… especially those countries which are still hoping to access private capital, to tap capital markets,” Reinhart said in a…

Read the full article at: https://whtc.com/2021/02/23/downgrade-fears-will-deter-countries-from-joining-g20-debt-relief-framework-world-bank/

A Bristol-based M&E specialist has ceased trading and is set to go into liquidation.

Priddy Engineering Services, which was too small to be required to register its turnover on Companies House, held current assets worth 1.8m in its latest accounts for the 18-month period to 31 July 2019. Of this, the firm held 357,500 in cash at bank and in hand. At the same time, Priddy owed creditors more than its current assets, with 1.9m due to be paid in one year.

The latest accounts, which showed that the firm employed 50 staff, said the period had been extremely challenging for the business for three main reasons. In 2018, the company said it undertook major unnamed projects that proved to be problematical. Secondly, it claimed protracted and unr…

Read the full article at: https://www.constructionnews.co.uk/financial/administrations/bristol-me-firm-goes-into-liquidation-23-02-2021/

By Natalia Zinets

KYIV, Feb 23 (Reuters) – Ukraine listed the former CEO of its largest bank and two other top former managers on Tuesday as suspects in an embezzlement case, the first criminal case opened in a long-running dispute over the bank whose nationalisation dominates domestic politics.

The fate of PrivatBank has overshadowed Ukraine’s politics and relationship with international lenders since the lender was declared insolvent and seized by the state in 2016. Its former owner, Igor Kolomoisky, has fought to reverse its nationalisation, leading to hundreds of lawsuits.

International lenders such as the IMF, which supported the nationalisation at the time, have suggested they would end support for Kyiv if PrivatBank’s national…

Read the full article at: https://news.trust.org/item/20210223131149-a0jnz/

Elifinty, a London-based fintech tech start-up, and Fair Money Advice, a London-based debt advice charity, announce a game changing partnership to help deliver better financial services and debt advice for people in the UK.

The collaboration comes on the back of Elifintys recent participation in the FCA & City of London Sandbox where they are piloting a two-app ecosystem to improve interactivity between consumers and debt advisors and financial wellbeing for the most vulnerable – who need help to secure a better life for themselves and their loved ones.

The partnership brings together high-quality debt advice from regulated debt advisors and transformative, game-changing technology to help consumers detect early signs of money problems, un…

Read the full article at: https://www.finextra.com/pressarticle/86279/elifinty-and-fair-money-advice-partner-to-disrupt-debt-advice-space

Member Article

Corporate insolvencies decreased by 39.1% to 752 in January 2021 compared to December 2020s figure of 1,235, and were 50.4% lower than January 2020s figure of 1,515.

Personal insolvencies decreased by 13.7% to 8,305 in January 2021 compared to December 2020s figure of 9,623, and were 20.8% lower than January 2020s figure of 10,482.

Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of Januarys corporate and personal insolvency statistics for England and Wales:

Januarys fall in corporate insolvency numbers has been driven by a fall in Creditors Voluntary Liquidations, administrations, and Company Voluntary Arrangemen…

Read the full article at: https://bdaily.co.uk/articles/2021/02/22/monthly-corporate-and-individual-insolvency-statistics-january-2021-r3-response

Directors no longer have the protection of the COVID Safe Harbour insolvency rules put in place to deal with the impact of the pandemic.

These rules, which absolved directors from personal liability if their businesses traded while insolvent, have been replaced by legislation that includes a new, streamlined SME restructuring process that came into force on January 1st.

The process essentially enables a business to draw up a restructuring plan for paying back creditors. Along with a proposal statement that includes a schedule and amounts, the plan can specify repayment options, such as repaying as proportions of debt owing or proposing the precise cents in the dollar creditors would receive.

Importantly, the restructuring plan includes …

Read the full article at: https://dynamicbusiness.com.au/topics/business-insolvency-restructuring-laws-news-australia.html

These charges are baseless and I will be defending them. This has already been dealt with and is very old news.

Ron Bensimon

Originally from Melbourne but based in Bondi since 2017, Mr Bensimon indicated he would fight the case against him.

These charges are baseless and I will be defending them. This has already been dealt with and is very old news, Mr Bensimon said.

Australian Financial Security Authority deputy chief executive Gavin McCosker said the case highlighted the need for people to comply with the law once declared bankrupt.

Honesty is a key pillar of the personal insolvency system and any attempts to act dishonestly are a serious bre…

Read the full article at: https://www.theage.com.au/national/victoria/diamond-dealer-in-joel-selwood-engagement-ring-saga-charged-with-defrauding-creditors-20210222-p574sg.html

By Reuters Staff

2 Min Read

* Scheme received unanimous support of relevant lessors

* Khazanah to pump 3.6 bln rgt to fund MAG until 2025

* Group restructuring expected to complete early March

KUALA LUMPUR, Feb 22 (Reuters) – Malaysia Aviation Group obtained court approval in Britain on Monday for an agreement between the airlines leasing unit and a majority of its aircraft operating lessors, allowing it to begin a restructuring plan with new capital of 3.6 billion ringgit ($891 million).

MAG, parent of Malaysia Airlines, said on Monday the scheme received unanimous support of relevant lessors and represented an important component of a wider restructuring which will help to reduce its liabilities of more than 15 billion ringgit.

Now that the s…

Read the full article at: https://www.reuters.com/article/malaysia-airlines-restructuring/malaysia-aviation-groups-court-approval-paves-way-for-891mln-capital-injection-idUSL1N2KS18E

The Part A1 Moratorium is an insolvency process that was introduced by the Corporate Insolvency Governance Act 2020 to help financially distressed companies obtain temporary protection from creditor action, while the company attempts to rescue itself as a going concern. A quick legal update on the Part A1 Moratorium and its effects can be found below.

Download the below infographic.

Joe Donaghey and Haania Amir, London Trainee Solicitors, contributed to the drafting of this update.

[View source.]

Read the full article at: https://www.jdsupra.com/legalnews/the-part-a1-moratorium-stop-right-now-4491843/