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.
Wednesday, February 17, 2021 COVID-19 continues to disrupt normal business operations, creating liquidity problems and negative working capital for many
Liquor World (Scotland) Ltd was wound up in the public interest on 11 February 2021 by order of Lord Clark in the Court of Session. Julie Tait and Stuart Preston of Grant Thornton UK LLP have been appointed joint interim liquidators of the company.
The company, which appeared to have traded as a retailer and wholesaler of alcoholic beverages, came to the attention of the Insolvency Service after concerns were raised about the accuracy of its filed accounts.
Following confidential enquiries, investigators found evidence that the company had used false and misleading documents to obtain loans and finance from lenders.
During 2019 and 2020 Liquor World filed accounts that showed a dramatic, and unexplained, improvement in its financial pos…
A representative of some of the largest companies in the Australian online gambling sector shared that local punters should not be prevented from going into debt to bet.
The remark made by Brent Jackson, CEO of Responsible Wagering Australia (RWA) follows Andrew Wallace MPs call for stricter measures to be taken when it comes to online gambling transactions with credit cards. Mr Wallace has urged Australian banks to establish a voluntary code of conduct that would guarantee that players would not be able to bet with money they practically do not have.
According to the Member of Parliament, gambling with debt and high interest rates of credit cards is a dangerous mix. Moreover, Australian gamblers have not been allowed to use credit…
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMFs Executive Board. This mission will not result in a Board discussion.
Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Borja Gracia, held virtual meetings during February 812, 2021, to discuss recent economic and financial developments and progress on the structural reform agenda. At the end of the visit, Mr. Gracia issued the following statement:
The COVID-19 pandemic has had a significant impact on San Marinos economy that has, however, shown resilienc…
The developer behind one of New Zealand’s biggest apartment jobs has put the company into voluntary administration, saying not all creditors will be paid.
Gary Groves engaged Dominion Constructors to convert the ex-Fonterra headquarters at 9 Princes St in Auckland’s CBD into luxury apartments in a $250 million job and Donald Trump ex-aide Chris Liddell was said to have bought an apartment there for around $15m.
Groves in a display suite in happier times. Photo / Dean Purcell
But Groves’ Sanctuary Developments No 8 is now in the hands of Jeff Meltzer and Mike Lamacraft of liquidation and receiver specialists Meltzer Mason, according to a statement issued this afternoon.
Credit card debt most of us have had it at some point in our lives. According to a recent WalletHub study, American families owe an average of $7,800 on their credit cards and total credit card debt in the U.S. is more than $926 billion.
If you are one of those with a lot of credit card debt, a personal loan may help you pay down your balances. Personal loans are best for people with good to excellent credit, because youll be able to get low interest rates.
Forbes Advisor experts say theyre good for debt consolidation, especially if you have multiple credit cards or ones with high interest rates.
The advantage of this is that you now have one debt payment per month, said Mike Cetera, Loans Editor at Forbes Advisor. And youll pay it of…
A former PPB Advisory partner who was found to have provided fabricated documents to ASIC has now had his liquidator registration suspended.
The Supreme Court of South Australia has decided to suspend Peter Ivan Macks liquidator registration for a period of three years, commencing once Justice Jeremy Doyle hands down final orders.
The penalty decision comes after the court found that in 2010, Mr Macks had fabricated documentation by placing on them the initials of other persons working at his firm in order to deceive ASIC during its investigation into his conduct as liquidator of Bernsteen Pty Ltd and Newmore Pty Ltd.
Mr Macks did so to create the false impression that he had justified the commencement and continuation of legal proceed…
COVID-19 continues to disrupt normal business operations, creating liquidity problems and negative working capital for many companies. As fund sponsors take actions to help their portfolio companies navigate through this time, they should alsosensitize directors to insolvency issuesand the associated litigation risks. As we have previously highlighted, bothfunds and fund managers may face increased risks of litigation exposurewhen a portfolio company is running low on cash and faces the possibility of restructuring or reorganizing. The COVID-19 pandemic and the havoc it has wrought in its wake has amplified these risks, as companies scramble to shore up their cash positions. These litigation risks are also m…
Pacific Debt helps consumers out of debt using debt settlement, a process that comes with a certain amount of risk. With debt settlement, clients are asked to stop making payments on their bills, even if they are 30 to 60 days behind. Instead, debt settlement participants are asked to begin saving money in a separate account, which the debt settlement company will use to help settle their debts for less than they owe.
According to the Federal Trade Commission (FTC), some of the core risks of debt settlement include the potential negative impact on your credit score, as well as the fact that creditors are not required to settle. However, debt settlement seems to work rather well in practice, and Pacific Debt has many satisfied customers …
The Government has confirmed that it intends to extend the power (granted through the Corporate Governance and Insolvency Act 2020) to make temporary amendments or modify the effects of corporate insolvency and governance legislation for an additional year.
The government laid the regulations on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021.
FTI noted the company failed the cash-flow test since it generated no income and it also failed the balance sheet test because it was in a negative net asset position.
Unless Nevhouse receives a standstill from its creditors and has a reasonable prospect to pay these creditors, Nevhouse is insolvent, the draft report said.
Nevhouse Invests largest creditor was Skywalker Invest Pte Ltd, solely controlled by former chief executive Tony Morris.
Mr Hyman recently told shareholders he has not retained any financial documents from the Singaporean company, and therefore could not reconcile where $8 million of investor funds was spen…
Stakenet, a US-based company, was alerted that about $62,000 worth of XSN cryptocurrency was being moved from its cold wallet (also known as an offline wallet) on February 1.
The wallet, which contained about $2.7m in total, had been dormant since the Cryptopia hack in January 2019.
A representative of some of the largest companies in the Australian online gambling sector shared that local punters should not be prevented from going into debt to bet./cloudfront-ap-southeast-2.images.arcpublishing.com/nzme/5V5MGNPV3AVPQKMCVDUELGE6C4.jpg)
