Missing payments toward the new debt means that you could end up in a worse position than when you started.
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.
You could fall behind on payments
For example, if you fail to pay off your balance transfer card within the zero-interest promotional period, youll be stuck paying it at a higher APR potentially higher than the original debt.
If you fall behind on a consolidation loan, you could rack up late fees, and the missed payments would be reported to the credit bureaus, jeopardizing your credit scores.
Before consolidating, make sure the new monthly payment fits comfortably in your budget for the entirety of the repayment period.
You havent addressed the root problem
Though consolidation is a helpful tool, it isn’t a sure …
Read the full article at: https://journalnow.com/business/investment/personal-finance/the-pros-and-cons-of-debt-consolidation/article_e9dd9a46-fbce-511a-91d4-b80b670b85fd.html
There is plenty in the news about an upcoming wave (some still say avalanche) of insolvencies, especially once the federal government financial support mechanisms finish at the end of March.
And while initiatives such as the small business restructuring reforms were introduced to help COVID-19 impacted SME businesses and have now come into effect theyre not as simple as the politicians would have us believe.
The Corporations (Corporate Insolvency Reforms) Act 2020 and the Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020 were incorporated to, in part, introduce the Small Business Restructuring Process and the Simplified Liquidation Process.These reforms are intended to give financially challenged SMEs with debts …
Read the full article at: https://www.accountantsdaily.com.au/columns/15344-a-closer-look-at-the-small-business-restructuring-reforms
Landlords getting tough with so-called rent rebels could force 5,834 companies out of business and trigger 326m worth of insolvent debt that further decimates city centres, according to analysis from Stockport based insolvency score, Red Flag Alert.
Concerns are mounting that April will see companies fighting for survival after a COVID-19 moratorium on evictions ends on 31stMarch 2021 and business rates start again after a 12 month tax break for retail, hospitality and leisure businesses.
The end of these support measures is likely to see landlords demanding quarterly rent payments on 1st April and taking tougher action against non-payers, which forces struggling companies out of business.
Managing Director of Red Flag Alert, Mark Hals…
Read the full article at: https://aboutmanchester.co.uk/calling-time-on-rent-rebels-could-lead-to-over-5000-insolvencies/
Melbourne, Australia The image is striking.
Draped in a possum-skin cloak Senator Lidia Thorpe entered her first day in the Australian Federal parliament last September with her right fist raised in a Black Power salute.
In her left hand, she carried a stick engraved with 441 stripes representing the number of Indigenous people to die in custody since a landmark Royal Commission in 1991.
Thorpe tells Al Jazeera she raised her fist as a sign of resistance and as a sign of our struggle and in solidarity with Black people across the world.
She also described the responsibility as carrying the voice of my people into a place which denied our rights for so long and confirmed her intent: Im not saying anything different to what the people on…
Read the full article at: https://www.aljazeera.com/news/2021/2/12/lidia-thorpe-the-indigenous-woman-shaking-up-australia
Thursday, February 11, 2021
At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year however no one could sensibly have predicted the significant and far reaching impact of COVID-19.
In part 1 of our blog, we look back at 2020 and look forward to what the UK restructuring market can expect in 2021 considering the new Insolvency Laws, expected Rule changes, pre-pack sales and practice and procedural points.
Insolvency Laws all change in 2020, what about 2021?
Last year we saw the proposed corporate insolvency reforms fast tracked into the legislative books making both temporary and permanent changes to the UKs insolvency laws. See our Quickguide onChanges to the UK …
Read the full article at: https://www.natlawreview.com/article/changes-uk-restructuring-and-insolvency-market-predictions-2021
Equestrian Australia (EA) has exited the Voluntary Administration process following its Deed of Company Arrangement (DOCA) coming into effect.
Mark Bradley, EAs Chairman of the Board of Directors, said that Voluntary Administrators Craig Shepard and Kate Conneely from KordaMentha, have finalised all conditions of the DOCA and have handed back control of the organisation effective from February 11. EA had been placed in administration in June, 2020.
The new EA Board, who were appointed in October 2020, but were unable to formally act until the end of the DOCA now have the authority to govern the sport and lead it forward, Bradley said.
In my short time as Chairman of the new EA Board I have been impressed…
Read the full article at: https://www.horsetalk.co.nz/2021/02/12/equestrian-australia-rebuilding-leaving-administration/
The House Agriculture Committee approved a landmark $4 billion program of debt relief for socially disadvantaged farmers on Wednesday despite Republican objections that the aid was an unconstitutional form of reverse discrimination. Chairman David Scott, a Georgia Democrat, said minority farmers deserved the help because they had been overlooked in the mammoth trade war and coronavirus relief programs that began in 2018.
Under the proposal, the government would pay off USDA loans and USDA-guaranteed loans held by socially disadvantaged farmers and give an additional 20%to the farmers to cover income taxes associated with the debt relief. A similar proposal was pending in the Senate.
Debt relief was a salient part of $16 billion in addi…
Read the full article at: https://www.agriculture.com/news/business/multibillion-dollar-debt-relief-for-minority-farmers-is-backed-by-house-committee
The next season the revitalised Magpies went within a kick of winning the premiership.
His business reputation grew when he was Levi Strauss managing director at the start of the 2000s and then group CEO of Independent Liquor before he began as an entrepreneur that parlayed into investing in philanthropic works through his organisation PAN Australia Group which funds and adds intellectual capital to support projects that make a difference.
He chaired the Global Citizen project which devoted to eradicating extreme poverty telling the ABC last year if we can come together we can solve these issues an outlook the Magpies are hoping others will adopt as they look to accept the recommendations of the Do Better report and is now co-chair of …
Read the full article at: https://www.brisbanetimes.com.au/sport/afl/rescue-mission-for-collingwood-co-presidents-korda-murphy-20210211-p571pc.html?ref=rss&utm_medium=rss&utm_source=rss_feed
On average, studies show American households owe thousands in student loan debt.
Posted: Feb 11, 2021 8:45 AM
(WTHI) – On average, studies show American households owe thousands in student loan debt.
For many, they’ll consider trying just about anything to get relief.
According to The Better Business Bureau, student debt relief scams are extremely popular. That’s as people fall behind on payments during the pandemic.
It usually starts with an unsolicited phone call, or message, claiming to be from the Department of Education. During the conversation, the scammer claims to offer unrealistically low payments, or total forgiveness, on your loans.
CEO of the Better Business Bureau of Central Indiana, Tim …
Read the full article at: https://www.wthitv.com/content/news/Consumer-Alert-Student-Debt-Relief-Scams–573773671.html
Corporate insolvencies are set to double in 2021, with experts warning that targeted action is needed in next months Budget to avoid further damage.
![](data:image/svg+xml;charset=utf-8,%3Csvg%20height="524"%20width="982"%20xmlns="http://www.w3.org/2000/svg"%20version="1.1"/%3E)
RSM, the audit, tax and consulting firm, predicts that business failures will double when government support, such as the jobs furlough scheme and bounce back loans, come to an end.
According to the Insolvency Service, there were 12,557 company insolvencies in 2020, down on the 17,225 the previous year. In Scotland, according to the Accountant in Bankruptcy, there were 592 company insolvencies in 20…
Read the full article at: https://www.scotsman.com/business/demand-budget-action-amid-fears-corporate-insolvencies-may-double-2021-3131504
Pictured, artwork from Lake Land College student Abby Hartke, who will have her work displayed at the Effingham Public Library
EFFINGHAM The Suzette Brumleve Memorial Effingham Public Library is excited to host local artist and Effingham native, Abby Hartke.
Ive always been drawn to all the colors of the world and how they are used in everyday life and with that, how they arent.
Abby is currently studying art at Lake Land College and intends to continue her education at Eastern Illinois University studying graphic design.
Most of the pieces included here are from assignments she completed in her first three semesters at Lake Land College.
Wilb Walker Supermarket
1988: Dyalene Hawo…
Read the full article at: https://jg-tc.com/entertainment/arts-and-theatre/lake-land-college-artist-showcased-at-effingham-public-library/article_0e5d2b2c-48a7-564d-a2ab-c7af30313dd1.html
Air Namibia (SW, Windhoek Int’l) has announced the cancellation of all its operations, effective February 11, as the countrys government is poised to announce its flag carrier’s voluntary liquidation.
In a late-night notice on social media, the 75-year-old airline announced that all its aircraft would be grounded. Its reservations system was suspended with no new bookings being accepted from February 11, 2021. Passengers have been advised to register claims for refunds.
Air Namibia spokesperson Twaku Kayofa told ch-aviation the government was expected to make an announcement on February 11 to explain its decision.
Kayofa confirmed that trade union representatives had informed the companys 636 employees on February 10 that they would r…
Read the full article at: https://www.ch-aviation.com/portal/news/100474-air-namibia-ceases-operations-govt-to-announce-liquidation