Insolvency Guardian Media Centre
Like many other debt relief companies, New Era Debt Solutions aims to help consumers out of debt using a strategy known as debt settlement. With debt settlement, consumers stop making payments on their unsecured debts and instead begin saving a fixed amount of money in a separate account.
After some time passes, the debt settlement company (in this case, New Era Debt Solutions) begins using the money that you have amassed to negotiate and settle debts for less than the amount currently owed. New Era Debt Solutions claims that your first settlement will be made within six months of starting the program, but progress could be made in as little as 90 days.
New Era Debt Solutions does not charge any upfront fees to create your debt relief …
Read the full article at: https://www.investopedia.com/new-era-debt-solutions-review-5100865
Member Article
A sting in the tail of the official annual corporate insolvency figures for 2020 could indicate that North East businesses can expect to face challenges in the year to come.
Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the Insolvency Services official figures for 2020 showed a 27.1% year-on-year fall in the number of corporate insolvencies across England and Wales, from 17,224 in 2019 to 12,557 last year.
But despite the extension of government support mechanisms such as the furlough scheme, the final quarter of 2020 saw a 16.9% increase in the underlying number of corporate insolvencies from the previous quarter.
And with these support mechanisms scheduled to…
Read the full article at: https://bdaily.co.uk/articles/2021/02/04/sting-in-the-tail-warning-despite-significant-year-on-year-fall-in-corporate-insolvencies
The Simplified Insolvency Programme (SIP) has been instituted to facilitate the restructuring or liquidation of micro and small companies (MSCs). The SIP was ushered in by the Insolvency, Restructuring and Dissolution (Amendment) Act 2020 (IRDA Amendment Act), with the relevant provisions recently commencing on 29 January 2021. It modifies the Insolvency, Restructuring and Dissolution Act (IRDA) which itself entered into force only on 30 July 2020 (See The Insolvency, Restructuring and Dissolution Act 2018 A New Chapter in Singapores Insolvency Laws).
What is the SIPs purpose?
The SIP is in fact part of a suite of measures to help MSCs in view of COVID-19. It provides simpler, faster and lower-cost processes for:
- Debt restructuring
- W…
Read the full article at: https://www.jdsupra.com/legalnews/simplified-insolvency-programme-7774117/
With the Covid-19 pandemic driving up government debt across many nations, there are growing calls for debt swaps to be used to help developing nations achieve a green recovery.
This week, two separate research teams from the US and China have called for China in particular to implement such debt swaps in exchange for efforts by developing nations to increase nature conservation, as well as climate adaptation and mitigation.
The researchers conclude that by implementing such debt swaps, China could not only help to relieve fast-spreading indebtedness in the developing world, but also provide precious finance to countries that are vulnerable to both climate change and environmental degradation.
Triple-win solution
The firststudyis a poli…
Read the full article at: https://www.eco-business.com/news/explainer-how-china-could-offer-debt-swaps-to-help-developing-nations-tackle-climate-change/
British and Australian-owned tour operator Tucan Travel has become the latest industry player to succumb to the impact of COVID-19, ceasing to trade with immediate effect.
No further bookings are being taken by the company, and customers with existing bookings will not be able to travel as planned, according to a statement on its website.
Customers should review their confirmation email and travel itinerary which will confirm whether their booking is with Tucan Travels UK entity, Tucan Limited; or its Australian subsidiary, Tucan Travel Pty Ltd, the statement reads.
Tucan Travels board of directors have already placed its local entity into voluntary administration, with its UK entity expected to formally enter into administration on or …
Read the full article at: https://www.travelweekly.com.au/article/uk-and-australian-owned-tour-operator-collapses/
The agreement will make Jack Mas fintech giant subject to capital benchmarks similar to those for banks.
Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Mas fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
The plan calls for putting all of Ants businesses into the holding company, including its technology offerings in areas such as blockchain and food delivery, people familiar with the matter said. One of Ants early proposals to regulators hadenvisionedputting only financial operations into the new structure.
An official announcement on the overhaul could come before the start of Chinas Lunar New Year holiday next week…
Read the full article at: https://www.aljazeera.com/economy/2021/2/3/ant-reaches-deal-with-chinese-regulators-on-restructuring-plan
Vehicle logistics service feels pinch from car market downturn
The company says Covid-19 has also contributed to market volatility
Intermodal operator Linx Cargo Care Groups (LCCGs) car-carrying arm, Autocare Services, is placed into voluntary administration.
In a statement, LCCG notes the decision to place Autocare Services into voluntary administration was necessary due to successive years of operating amongst volatile market conditions, declining vehicle volumes and increasing operating costs, which have impacted Autocare Services ongoing financial viability.
Voluntary administration allows the business to affect restructuring activities with the intent it can emerge post the voluntary administration p…
Read the full article at: https://www.fullyloaded.com.au/industry-news/2102/linxs-autocare-services-in-voluntary-administration
Aussie car mover Autocare Services has entered into voluntary administration as volatile market conditions and low sales of new cars put enormous pressure on the businesses’ bottom line.
Autocare Services specialise in shore-to-door vehicle delivery, which boils down to storing and distributing new cars to dealers, corporate clients and leasing companies.
The business employs almost 600 Aussies across 20 sites.
Autocare Services specialises in new car delivery logistics. (Autocare Services) “Autocare Services has been a major player in Australia’s automotive industry for 60 years, with almost 600 employees currently working at 20 sites across Australia to deliv…
Read the full article at: https://www.9news.com.au/national/autocare-services-voluntary-administration-low-car-sales-collapse-business-employs-600-australians/dff1d07c-9f32-4e86-a7ce-69bdd55139d1
Posted on: February 3, 2021, 11:43h.
Last updated on: February 3, 2021, 12:17h.
Joel Silver, one of Hollywoods most successful producers over the last 40 years, reportedly paid a $1.7 gambling debt in 2014 for entertainment colleague Ron Meyer.
Joel Silver (left) and Ron Meyer are seen here in 2014 at the premiere of Non-Stop at the Regency Village Theatre in Westwood, Calif. A report has surfaced that Silver paid a $1.7 million casino debt held by Meyer the same year. (Image: Getty) Anthony Pellicano, a former high-profile private investigator in Los Angeles, tells Variety that Silver sent a payment of $1,736,000 to Wynn Las Vegas in 2014 to cover Meyers debt. However, Pellicano contends that the…
Read the full article at: https://www.casino.org/news/hollywood-producer-joel-silver-reportedly-paid-ron-meyer-debt/
By Ben Price
BBC News
image copyrightGetty Imagesimage captionMental health charity Hafal said it was being “swamped” by people needing help with their finances The pandemic is creating a “debt time-bomb” according to charities concerned about the impact it is having on people’s mental health.
More than 280,000 people in Wales have fallen behind on payments since the start of the Covid pandemic, according to research by Citizens Advice Cymru.
The charity estimates households in Wales are 73m in arrears on the likes of rent, energy bills and council tax.
Mental health charity Hafal said it was being “swamped” by people needing help.
Wales’ minister for mental health said 115,000 people had accessed the 10m made avai…
Read the full article at: https://www.bbc.com/news/uk-wales-55904379
Corporate insolvencies fell by 27.1 percent for 2020 in England and Wales but the statistics dont convey the distressed situation many businesses across the UK find themselves in, according to Azets restructuring and insolvency partner, Stephen Grant.
At face value, the reduction in corporate insolvencies seems like cause for celebration, but these numbers mask the true extent of the damage done by the pandemic, Grant said in a press statement.
Theres a bit of a wartime spirit out there as well people are being quite forbearing. The government has obviously put in some support, and also the courts are effectively closed so nobody can really enforce anyway, Grant said.
The president of insolvency trade body R3, Colin Haig said the go…
Read the full article at: https://www.accountancyage.com/2021/02/03/insolvency-figures-mask-dire-reality-for-uk-business/
Jack Mas Ant Group has reached a deal with Chinese regulators to restructure its business after they raised issues that halted its $37bn initial public offering last year, according to several people familiar with the situation.
The proposed restructuring will involve Ant placing all of its major businesses, including its technology units, inside a financial holding company to comply with a new regime implemented by the Peoples Bank of China in November.
The change, which is likely to be announced before the Chinese new year holiday begins on February 11, according to two of the people familiar with the process, will leave Chinas largest mobile payments company subject to stricter capital requirements, making it more like a bank than a …
Read the full article at: https://www.ft.com/content/25e311e0-a489-4a2e-9533-76c8f2ba60ab
