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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.
Li Nanxing worked as a Hollywood ‘calefare’ in the 90s to pay off his gambling debts – Mothership.sg
Follow us on Telegram for the latest updates: https://t.me/mothershipsg Guo Liang's new talkshow, "The Inner Circle", started airing on Feb.
Debt consolidation through a personal loan can be an effective strategy to pay down existing debt; however, these four types of debt consolidation loan options are not ideal and should be avoided. (iStock)
Many Americans are faced with the personal finance challenge of overcoming student loan debt, credit card debt, and mortgage debt; so much so that some believe they may never be able to fully pay down their debt. Even if you have a significant balance across multiple loans, a personal loan allows you to pay down debt affordably and responsibly.
Whenever you’re considering taking out a personal loan whether it’s to consolidate debt or help with a home renovation, utilize Credible’s free online tools to compare rates and lenders…
Read the full article at: https://www.foxbusiness.com/money/debt-consolidation-loans-to-avoid
First Choice Debt Relief is not one of our top-rated life debt relief companies. You can review our list of the best debt relief companies for what we think are better options.
Like many other debt relief companies, First Choice Debt Relief helps clients get out of debt using a strategy known as debt settlement. While debt settlement does have its risks, including the potential for damage to your credit score, this debt payoff strategy can help consumers settle debts for less than they owe.
Unlike credit counseling and debt management plans (DMPs), debt settlement requires program participants to stop making payments on their bills and begin setting aside a specific amount of cash each month instead. Once the separate savings account …
Read the full article at: https://www.investopedia.com/first-choice-debt-relief-review-5112524
Insolvency is stalking many UK businesses in the wake of coronavirus and Brexit. This has been particularly visible in retail, with 2021 already seeing stationery chain Paperchase in administration and former high-street leaders Debenhams and Topshop being mopped up by online upstarts Boohoo and Asos.
Meanwhile, pubs and restaurants are lobbying hard to be allowed to open sooner rather than later, while Chancellor Rishi Sunak is signalling that the March budget will give more support to businesses and workers.
But when the support measures finally stop, we can expect an insolvency tsunami. According to a recent report, the number of UK businesses in significant distress rose 27% year on year in the final quarter of 2020 to 630,000, with…
Read the full article at: https://theconversation.com/when-companies-go-bust-the-law-does-little-to-help-suppliers-get-repaid-heres-a-possible-solution-155579
Insolvency is stalking many UK businesses in the wake of coronavirus and Brexit. This has been particularly visible in retail, with 2021 already seeing stationery chain Paperchase in administration and former high-street leaders Debenhams and Topshop being mopped up by online upstarts Boohoo and Asos.
Meanwhile, pubs and restaurants are lobbying hard to be allowed to open sooner rather than later, while Chancellor Rishi Sunak is signalling that the March budget will give more support to businesses and workers.
But when the support measures finally stop, we can expect an insolvency tsunami. According to a recent report, the number of UK businesses in significant distress rose 27% year on year in the final quarter of 2020 to 630,000, with…
Read the full article at: https://theconversation.com/when-companies-go-bust-the-law-does-little-to-help-suppliers-get-repaid-heres-a-possible-answer-155579
Follow us on Telegram for the latest updates: https://t.me/mothershipsg
Guo Liang’s new talkshow, “The Inner Circle”, started airing on Feb. 17, 2021.
The actor and host kicked off the first episode with Li Nanxing as guest.
While Li has recently gained publicity for his hae bee hiam products, long-time fans would also have heard of his struggles with debt and gambling in the past.
The 45-minute episode also saw Li discussing the high and low points of his acting career with Guo.
Gambling addiction
In one of the conversations, Li shared about how he was juggling both his business and acting commitments.
He admitted to developing a gambling addiction after ending his business.
He was looking for a quick way to pay off his debt and b…
Read the full article at: https://mothership.sg/2021/02/li-nanxing-gambling/
Besides, it was found that companies, in general, lack a proper documentation model83% of insolvency professionals opined that companies lacked this for both statutory register and non-statutory register.
By Neeti Shikha & Urvashi Shahi
Timely resolution proving elusive has become the biggest bottleneck in the corporate insolvency resolution process. Indeed, there is an inordinate delay from the adjudicating authority. But there are several other stages where the courts role is limited but are beset by constant delays. In our recent research of 25% of the companies (305 companies) that completed CIRP before March 2020, we found that availability of information and quality of information is one of the biggest challenges in attaining qui…
Read the full article at: https://www.financialexpress.com/opinion/corporate-insolvency-making-the-resolution-process-better/2197479/
HOUSTON–(BUSINESS WIRE)–Grant Thornton LLP is expanding its restructuring-services offerings for oil and gas by hiring Loretta Cross and John Baumgartner. Based in Houston, Cross and Baumgartner join as managing directors who will be part of the firms Strategy and Transactions practice.
Loretta and John possess tremendous restructuring experience with deep roots in the oil and gas industry, said Paul Melville, national managing principal of Corporate Finance and head of the Restructuring practice at Grant Thornton. Their extensive consulting acumen along with the restructuring team under their leadership will allow Grant Thornton to assist its oil and gas clients who are facing stress, distress and litigation doing so at a time of…
Read the full article at: https://www.businesswire.com/news/home/20210218005700/en/Grant-Thornton-expands-oil-and-gas-restructuring-services
For consumers with high-interest debt to pay down, zero-interest debt consolidation can make a ton of sense. After all, a balance transfer credit card that gives you zero interest for a year or longer lets you chip away at your debt without any of your payments going toward interest charges. This means you can save money over the course of your repayment timeline and pay down debt faster.
Fortunately, saving money with a balance consolidation isnt that hard, nor does it take a lot of time. This guide aims to explain how you can consolidate credit card debt for savings and convenience, as well as highlights the top balance transfer credit cards that can make it happen.
How to consolidate debt with a bal…
Read the full article at: https://www.bankrate.com/finance/credit-cards/how-to-use-zero-percent-balance-transfer-card-debt-consolidation/
Veterans facing economic hardship during the COVID-19 pandemic will soon see extended debt relief options from VA. By extending debt relief through Sept. 30, VA reaffirms its commitment to helping Veterans getting through these hard times.
VA willcontinue suspensionof collection on all Veteran benefit overpayments and medical copayment debts incurred after April 1, 2020.
VA is suspending this debt collection to provide Veterans continued financial relief due to the COVID-19 pandemic.
My top priority right now is to do everything in our power to help our Veterans, caregivers and their families get through this challenging COVID-19 pandemic, said VA Secretary Denis McDonough. VA will continue to find ways to provide real relief to 2 milli…
Read the full article at: https://blogs.va.gov/VAntage/84848/veterans-see-continued-debt-relief-options-pandemic/
The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate insolvency and governance legislation for an additional year until April 2022.
The government laid the regulations on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021.
The government last updated the rules in December 2020, announcing a number of covid-19 related measures to support businesses.
At the time, it reinstated the temporary removal of the threat of personal liability for wrongful trading from directors until 30 April 2021. Previously, the deadline was the end of 2020.
Termination clauses are still prohibited, stopping su…
Read the full article at: https://www.accountancydaily.co/insolvency-protection-extended-april-2022-due-pandemic
In 2020, several significant judicial decisions were rendered across Canada relevant to commercial lenders, businesses and restructuring professionals. This bulletin summarizes the core issues of importance in each case and provides status updates on the cases reported on in our January 2020 bulletin, Key Developments in Canadian Insolvency Case Law in 2019.
CHARACTERIZATION AND TREATMENT OF ELIGIBLE FINANCIAL CONTRACTS
Bellatrix Exploration Ltd. (Action No. 1901-13767)
Date of Decision: February 4, 2020
Bellatrix Exploration Ltd. (Bellatrix) obtained protection under the Companies Creditors Arrangement Act (Canada) (CCAA). At the time of the CCAA filing, Bellatrix was party to certain contracts with an energy producer (EP) for the purch…
Read the full article at: https://www.jdsupra.com/legalnews/key-developments-in-canadian-insolvency-4642246/
News LBV Hub Legal Services Farleys Solicitors
North West law firm Farleys Solicitors have launched a free personal insolvency advice line as a response to the sharp rise in number of bankruptcies and IVAs in the last three months of 2020 as the Covid-19 pandemic continues to affect vast numbers of individuals and their finances, across the region.
Official data from the Insolvency Service shows there were more than 30,000 individual insolvencies in the last quarter of 2020, up 57% on the previous three months.
The firm has seen a significant increase in calls to the firms specialist team across the last 12 months and are expecting this to increase significantly further as payment holidays, state-backed furlough schemes wind down, and…
Read the full article at: https://www.lancashirebusinessview.co.uk/latest-news-and-features/solicitors-launch-specialist-personal-insolvency-advice-line