Insolvency Guardian Media Centre
For most directors, COVID-19 has caused a shock to their business. Either a bad shock, where business viability and sustainability has been challenged, or a good shock that has led to a surge in demand for products and services.
Usually shocks lead to action you suffer a heart attack, and you and your family reassess lifestyle, diet and exercise. At 15, I came off my motorbike, and both my bike and I ended up in the harbour. I havent come off a motorbike since.
Embrace the shock
There is a 19th-century fable of the boiling frog: once a frog jumped in a pot of water that had been put on a stove. As the water in the pot heated up the frog remained in the water, and as frogs do, adjusted its body temperature to the temperature of the wate…
Read the full article at: https://www.theceomagazine.com/opinion/business-turnaround-insolvency/
A Victorian principal spent almost $23,000 of his government-funded school’s money on gambling, booze, gift cards and an overseas holiday. Between 2016 and 2018, cheques for school equipment were deposited into the principal’s own bank account, at his request, resulting in the misuse of $22,850. Ombudsman Deborah Glass declined to name the principal or school in her report released on Monday but said the case showed problems with the financial governance of Victorian schools. It’s the fifth time a school principal has been publicly criticised by the ombudsman in recent years. Ms Glass said the education department missed red flags and opportunities to hold this principal to account, and the school’s leadership lacked the qualificatio…
Read the full article at: https://www.bellingencourier.com.au/story/7127223/vic-principal-used-school-money-to-gamble/?cs=9676
New Hampshire lottery sales, particularly from online games, are surging during the pandemic, and with that increase comes a jump in another statistic the number of problem gamblers who seek assistance for a disorder that can destroy lives.
The National Council on Problem Gambling received 443 calls to its 24-hour helpline (800-522-4700) from New Hampshire last year, compared to 337 in 2019. Thats an increase of 24%.
Keith Whyte, executive director of the National Council on Problem Gambling, said there are valid concerns that the pandemic is worsening the problem of compulsive gambling. The problem is so severe that the organization released a statement on problem gambling during the pandemic.
Social isolation, job loss, stress, depre…
Read the full article at: https://www.concordmonitor.com/Online-Gambling-A-Concern-During-The-Pandemic-38840564
Reforms to small business insolvency rules are designed to relieve the debt burden on small businesses hit hard by COVID-19. Photo: File.
Small businesses struggling with debt have been offered a lifeline through reforms to small business insolvency rules.
The changes to Australias insolvency rules were designed to assist with restructuring and relieving the debt burden of small businesses impacted by the COVID-19 pandemic.
The changes, including a new debt restructuring process and a simplified liquidation process, will apply to incorporated small businesses that have less than $1 million in debts. Small businesses comprised around 76 per cent of the companies that entered into external administration during the 2019 financial year….
Read the full article at: https://the-riotact.com/new-options-for-small-businesses-struggling-with-debt/433819
For debt consolidation, you should take a new loan with a lower interest rate, long repayment tenure, and no prepayment or pre-closure charges.
People take loans to achieve their short- and long-term financial goals in anticipation that they will repay the debt in the future. While many are able to do so in time, some fail and their dues snowball damaging their credit scores. Here are a few points to remember while planning debt consolidation.
Identify target debts
First segregate your loans on the basis of interest rates. Long-term high-interest debts could be on top of your priority list while short-term low-interest debt may come down. Debts such as personal loans, credit card dues, etc., could top the list whereas low-interest loans…
Read the full article at: https://www.financialexpress.com/money/your-money-four-tips-for-a-successful-debt-consolidation-plan/2194057/
However, to be able to do so, a stressed MSME will require the approval of unrelated financial creditors who account for at least 25% of outstanding claims.
Only debtors can trigger their own bankruptcy process under the special insolvency resolution framework for micro, small and medium enterprises (MSMEs), which the government and the regulator are working on, sources told FE.
However, to be able to do so, a stressed MSME will require the approval of unrelated financial creditors who account for at least 25% of outstanding claims. If creditors want to initiate bankruptcy proceedings against MSMEs, they would need to go through the usual Corporate Insolvency Resolution Process (CIRP) under the extant rules, the sources said.
Related …
Read the full article at: https://www.financialexpress.com/industry/sme/msme-insolvency-only-debtors-may-get-to-start-bankruptcy-process/2194673/
Debt aid scheme directed at credit cards, personal loans
BoT adds consumer loan solutions
The Bank of Thailand (BoT) has added consumer loan solutions to cover debtors involved with the legal system through an online debt mediation scheme.
The new debt aid scheme is designed for credit card and personal loan products, covering all different statuses of repayment including performing loans and non-performing loans (NPLs).
The scheme aims to shield borrowers from their loan repayment liabilities turning into NPLs, as some borrowers are short on cash.
The scheme also helps borrowers in the NPL category who are on the verge of, or have already entered the litigation process.
In addition to the debt mediation scheme, the central bank has tw…
Read the full article at: https://www.bangkokpost.com/business/2066187/debt-aid-scheme-directed-at-credit-cards-personal-loans
The government has rolled out a debt mediation programme for debtors having problems repaying debts in light of Covid-19.
Deputy government spokeswoman Traisuree Taisaranakul said Prime Minister Prayut Chan-o-cha has instructed various agencies to help debtors by preventing them from missing repayments and suffering from its consequences on their work.
The Bank of Thailand, the Legal Execution Department and over 22 credit card and other credit providers, will arrange a fair to mediate credit card and personal loan debts on Feb 14 until April 14 to help debtors, she said.
The event seeks to relax debt repayments for three groups of debtors comprising NPL debtors who are being prosecuted, NPL debtors who have not yet been prosecuted and …
Read the full article at: https://www.bangkokpost.com/thailand/general/2067755/debt-event-offers-relief-for-those-hit-by-covid-19
Dewa Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year ago quarter. Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020.
Crisis-ridden DHFL, which is under the process of Corporate Insolvency Resolution Process (CRIP), under the provisions of Insolvency and Bankruptcy Code, 2016 said during this quarter, additional transaction amounting to Rs 1,039.84 crore has been identified and reported by the company to stock exchanges and National Housing Bank (NHB).
Also Read: DHFL resolution: Lenders back Piramal’s bid
The company has …
Read the full article at: https://www.businesstoday.in/sectors/banks/dhfl-posts-net-loss-of-rs-13095-crore-in-q3fy21/story/431213.html
Chocolates and flowers may be Valentine’s Day staples, but they’re also among the easiest gifts you can give your special someone. Booking a getaway doesn’t require too much additional effort; however, it’s certainly more exciting and it doesn’t have to fall on February 14.
No one has been travelling far to take a romantic vacation over the past year, so you and your significant other have probably spent the majority of 2020 in your own state and much of 2021 so far, too thanks to interstate border restrictions.But if you’re keen to take your date somewhere other than your own backyard, Virgin Australia is selling flight deals for couples. They’re available to multiple destinations around the country, with the cheap flights s…
Read the full article at: https://concreteplayground.com/adelaide/travel-leisure/virgin-has-just-dropped-a-heap-of-deals-for-couples-with-tickets-starting-at-69-each
Our ref: FOI 20/21-159
Date: 26 January 2021
Dear,
Re: Freedom of Information Act 2000
Thank you for your Email of 03 September in which you requested from the Insolvency Service:
I am trying to find out some information on the number of Orders typically made under the provisions of the 1986 AIEDPO.
I cannot locate the data on the monthly published statistics, and I have reviewed the notices in the Gazette and it appears that there were only a handful of Orders advertised in 2020.
I am sure that there are many many more deceased persons each year where the estate is insolvent, so assume that they will be dealt with by the executors as opposed to under the AIEDPO.
Your request has been dealt with under the Freedom of Information Act 2000…
Read the full article at: https://www.gov.uk/government/publications/insolvency-service-foi-responses-january-to-march-2021/foi-159-the-number-of-orders-typically-made-under-the-provisions-of-the-1986-aiedpo
The Sunday Age can also reveal that Peter Arvanitis, the co-owner of Epping Gardens aged care home where 38 residents died from COVID-19 last year, provided extensive advice to Chronos Care when it was established in 2014.
A series of emails obtained by The Sunday Age reveal Mr Arvanitis provided guidance on most facets of the business, including introducing the Apostolatos brothers to a banker at NAB, recruitment of staff and measures to cut catering costs.
After looking at the P/L [profit and loss statement] please consider the cost savings in removing the outsourcing of the kitchen. I believe you can save around $8000 per month, Mr Arvanitis said in an email from May 2014.
At the time, Mr Arvanitis was chief executive of listed for-…
Read the full article at: https://www.theage.com.au/national/victoria/bankrupt-chicken-farmers-banned-for-cruelty-running-aged-care-homes-20210211-p571lm.html