Insolvency Guardian Media Centre
Small businesses have been urged to secure assets and business loans ahead of an anticipated increase in insolvencies this year.
Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said small businesses need to secure their assets through the Governments Personal Property Securities Register (PPSR) in the event of an insolvency.
Operating under the Australian Financial Security Authority, the PPSR is the official government register of security interests in personal property, or loans that have been secured by personal property. The agency works as an online noticeboard where properties like cars, company assets, boats, used goods and intellectual property can be secured.
Given the incredibly tough past 12 mo…
Read the full article at: https://www.crn.com.au/news/smbs-urged-to-secure-assets-loans-ahead-of-insolvency-explosion-560472
Even small businesses have to struggle with the complexities of managing peak season opportunities, extending credit and motivating customers.
Take Jonathan Diolosa, an alleged sports bookie from New City in Rockland County.
The business model seems simple. Customers do not have to put up money in advance when they place bets, according to an FBI affidavit. If they lose, they pay the losing bet plus interest that accrues weekly, up to 800% annually.
In March 2019, the NCAA basketball tournament had begun but a Costa Rican betting site had shut down access to Diolosas customers who not paid their debts.
It turns out that one of his difficult customers was a confidential police informant, according to the affidavit. And a local judge had…
Read the full article at: https://westfaironline.com/132550/rockland-mans-debt-collection-methods-run-afoul-of-law/
Where many of the top debt relief companies help consumers out of debt using a process known as debt settlement, Trinity Debt Management takes a different approach. This company offers credit counseling to consumers, but they also enroll their customers into debt management plans (DMPs).
Where debt settlement plans have you stop paying bills so you can settle debts for less than you owe, DMPs ask consumers to make a single monthly payment to the nonprofit agency in charge of their plan each month. The nonprofit agency (in this case, Trinity Debt Management) negotiates with your creditors to secure lower interest rates and reduced fees. In the end, Trinity Debt Management aims to help their clients become debt-free over a timeline of thr…
Read the full article at: https://www.investopedia.com/trinity-debt-management-review-5097579
Ditching debt might seem like an impossible task amid ever-rising household costs, but Effie Zahos says there are simple strategies to get the job done.
The financial commentator and author’s third book, which launches on February 2, aims to take a positive approach to help people move forward by repaying debt and then building wealth through investment.
“If you are in debt you need to start from square one and ask yourself ‘how did I get here, and why?'” Zahos says.
“If you don’t answer the how and why, you will find yourself in the same situation. For example, you pay off the credit card then six months later you’re back with the monkey on your back because you didn’t address the question in the first place.”
Author and finan…
Read the full article at: https://www.qt.com.au/news/seven-steps-to-help-you-destroy-your-debt/4189362/
Ethiopia has asked for debt relief under a G20 programme to help poor countries reeling under the economic impact of coronavirus, making it the second African country to do so in the past week.
Ethiopia has long been seen as one of Africas most promising economies but the pressure the pandemic has placed on healthcare systems and economies means many developing nations are struggling to keep up with debt payments.
In a statement on Monday, its finance ministry said that it was preparing for upcoming discussions with official creditors as it looks to reduce debt vulnerabilities and lower the impact of debt distress.
Wehaven’t even inoculated one individual against Covid, so we need to redirect the resources that we have towards that, a…
Read the full article at: https://www.ft.com/content/4992e00e-557a-4c06-858b-e7e15bbf10ac
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Obviously any return will be a long, multi-year path back for Xinja, the letter said. If shareholders are willing to support it, the business may be able to reset and rebuild shareholder value.
Xinja shocked shareholders and customers when it announced plans to close all customer accounts and return its banking licence, 15 months after obtaining the licence and promising to shake-up the industry.
Mr Wilson told shareholders the companys vision was always to provide a new, better, ethical place for 25 to 45-year-olds to meet their financial need and outlined a series of business ideas for the future.
The most obvious is our US share trading platform, but we also have a personal lending product we have spent considerable time and…
Read the full article at: https://www.brisbanetimes.com.au/business/banking-and-finance/xinja-seeks-shareholder-support-for-plan-to-relaunch-as-us-share-trading-platform-20210201-p56yf9.html?ref=rss&utm_medium=rss&utm_source=rss_feed
Food, transport and building companies were among 25 Queensland firms that collapsed into liquidation or administration in January.
That was half the number of companies that failed in December but experts warn that the tally will likely increase in coming months as pandemic-related support measures are withdrawn.
Hall Chadwick partner Ginette Muller said there could be an uptick in insolvencies once the Job Keeper program ended in March.
“We have not seen much of an increase so far but that could change when the Job Keep tap is turned off completely,” Ms Muller said. “The majority of insolvencies come from the smaller end of town and they are still beneficiaries of government largesse.”
Hall Chadwick partner Ginette Muller. Picture…
Read the full article at: https://www.qt.com.au/news/retailers-builders-towies-first-company-collapses-/4189299/
Creditors of 22 companies connected to the flagging Dyldam Group are reportedly chasing $500 million in debt, as the company wades through voluntary administration proceedings.
According to the Australian Financial Review, minutes of the first creditors meeting held in January and lodged with ASIC show total debt claims of $510 million.
McGrathNicol was appointed as receiver on January 5 for 22 entities and development sites connected to the Dyldam Group following ongoing financial woes for the western Sydney real estate developer.
Lauded as one of Australias biggest builders and developers of apartments, Dyldam Group has been plagued with financial problems and litigation in the past two years.
Dyldam Group had been voted as one of HIA…
Read the full article at: https://theurbandeveloper.com/articles/dyldam-group-creditors-chase-500-million
By Joe McDonald|AP,
BEIJING Companies that are part of HNA Group, a Chinese conglomerate that says creditors want it declared bankrupt after a global acquisition spree, want to recover as much as $15 billion that might have been paid out improperly to major shareholders.
The announcements highlight the tangled finances of HNA, the latest in a series of Chinese would-be global conglomerates that are struggling with debt and accusations of mismanagement after explosive growth and foreign acquisitions.
HNAs status was unclear Monday, three days after it said creditors want the company declared bankrupt by a court in Hainan, the southern island province where the company is headquartered, to declare HNA bankrupt because it couldnt pay its…
Read the full article at: https://www.washingtonpost.com/business/troubled-chinese-conglomerate-missing-up-to-15-billion/2021/02/01/b0d1896a-646a-11eb-bab8-707f8769d785_story.html
McGrathNicol has kicked off the year in style with the appointment of three new partners across its Melbourne and Sydney offices.
Matthew Hutton is a partner in the firms heritage Restructuring practice. He has been with the nationalconsulting firm for more than 12 years, and specialises in turnaround, restructuring and insolvency matters.
Hutton works closely with lawyers, lenders, private equity principals and business owners, assisting them with crisis management, delivering turnaround strategies or when it is too late, the administration process. His focus is on market businesses within the construction, property, manufacturing, industrial and retail sectors.
Siobhan Hennessy is a partner in the Forensic practice, and has been hired…
Read the full article at: https://www.consultancy.com.au/news/2912/mcgrathnicol-appoints-partners-in-melbourne-and-sydney
ROME (Reuters) – Italy, this years president of the Group of 20 rich and emerging nations, will push its members to extend debt relief to poor countries struggling to deal with the coronavirus pandemic, a top official from Romes G20 financial team told Reuters.
Italy was also confident the Biden presidency would herald a more cooperative stance from the United States on …
Read the full article at: https://www.reuters.com/article/us-g20-italy-exclusive/exclusive-italy-g20-presidency-to-push-for-debt-relief-new-imf-drawing-rights-idUSKBN29Y1UN
Dyldam Development boss Sam Fayad is facing the threat of bankruptcy after being ordered by the NSW Supreme Court to pay a debt of $1.6 million.
A bankruptcy notice served by Barrak Lawyers on behalf of their client Eid Azzi obtained by The Australian Financial Review orders Mr Fayad to pay $1,638,421.16 within 21 days of service of the January 13 notice or bankruptcy proceedings may be taken against you.
Mr Fayad declined to comment on the matter, when contacted by The Australian Financial Review.
The Azzi family owns Sydney Excavations Group, a large demolition and earthworks company that has carried out work for major developers including Greenland and Poly Global.
[dm-listing-recommendation experimentname=midcontent-listings pos…
Read the full article at: https://www.commercialrealestate.com.au/news/dyldam-ceo-sam-fayad-facing-bankruptcy-threat-1021981/