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/

In a mythical American past, families took out one 30-year mortgage, worked at one company for 30 years while paying off the mortgage and sailed off into retirement free of debt.

Today, the reality is that the dream of retiring debt free is fading, and debt among older Americans is soaring. The percentage of households headed by someone aged 65 and older who held any debt increased to 61% in 2016 from 38% in 1989, according to the Federal Reservewhile real average debt increased to $86,797 from $29,918 (in 2016 dollars).

While its always been fashionable to advise old people to pay off their debts before retirement, for many people its just not realistic. And at the same time, paying down debt while in retirement can be extremely challe…

Read the full article at: https://www.forbes.com/advisor/retirement/how-to-pay-debt-in-retirement/

In the beginning, Rongrong and Ralf Szydlewski were optimistic. They launched their start-up Fresh Tasia in 2019 and have since grown Indian spinach, beans and Vietnamese coriander in a greenhouse in Kladow. With their company, the couple wants to bring Asian vegetables into German kitchens – not imported, but grown locally.

Inside the greenhouse / Photo: Fresh Tasia

“It got off to a good start,” says Ralf Szydlewski now in an interview with the Berliner Morgenpost. “The response and the acceptance were great.” But the Corona pandemic hit the young company hard. Because restaurants fell away as customers, there is a lack of income. According to the company itself, the situation is even threatening its existence and insolvency cannot be …

Read the full article at: https://www.hortidaily.com/article/9288906/berlin-start-up-fresh-tasia-on-the-brink-of-insolvency/

Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on the 2020 corporate and personal insolvency statistics for England and Wales:

Corporate insolvencies

• There were 12,557 underlying corporate insolvencies in 2020 a fall of 27.1% from 2019s figure of 17,224.
• Underlying corporate insolvency numbers increased by 16.9% between Q3 and Q4 2020.

The annual reduction in corporate insolvency levels to the lowest total figure for more than a decade has been driven by a decrease in all types of company insolvency. The most significant factors behind it are the support measures the Government has introduced for busines…

Read the full article at: https://www.businessupnorth.co.uk/annual-insolvency-statistics-r3-response/

Disputes included those arising from vehicle rents and real estate settlements.

The Ajman Police helped settle financial disputes worth over Dh10.6 million in 2020. Through their special initiative called Falak Tayeb, the police helped restore the amounts to 724 rightful claimants.

Colonel Ali Jabr Al Shamsi, Director of the Comprehensive Police Stations at Ajman Police, said the initiative helps out people who cannot repay their debts.

Disputes included those arising from vehicle rents and real estate settlements. The police helped the disputing parties agree on a repayment mechanism.

Colonel Al Shamsi explained that the initiative reduced work volumes at courts and freed up prisons.

How it works

When a financial dispute complaint is…

Read the full article at: https://www.khaleejtimes.com/news/uae-debt-help-cops-help-settle-dh106-million-worth-financial-disputes

Covid-19 induced economic uncertainties are a reality in the current business landscape.

The UAE governments proactive stimulus packages have been successful in limiting its impact, but some companies have fallen prey to the pandemic. Companies such as Sprii and Gulf Greetings Trading closed their operations in the UAE due to cashflow problems. Firms that decide to wind up their operations usually file for voluntary liquidation in the UAE, which allows them to exit gracefully by settling their debts and other liabilities.

However, regulatory compliance requirements such as VAT, Ultimate Beneficial Ownership (UBO), and Economic Substance Regulations (ESR) have made it critical for companies to plan their liquidation well-ahead.

Here are…

Read the full article at: https://gulfbusiness.com/revealed-8-factors-key-for-company-liquidation-in-the-uae/

The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose of this column is to fill this gap by providing brief summaries of latest decisions, from the various fora dealing with Insolvency Law.

These case summaries are not an exhaustive review of the cases under the Code; only significant rulings on the Code in the month of December 2020 have been summarized. However, this does not negate the possibility of some important decisions be…

Read the full article at: https://www.livelaw.in/columns/insolvency-law-december-2020-review-ibc-supreme-court-nclt-169164

A ray of light shone on the owners of troubled SMEs when the Company Law Review Group (CLRG) published its much-anticipated report on restructuring small companies. The owners of SMEs in difficulty have long awaited legislation to make formal corporate rescue, already available to larger companies through examinership, accessible to them. The need for this was recognised by the CLRG in a report published in 2012 and solutions have been promised in programmes for government ever since. The economic impact of Covid has finally forced Government to take action.

he “Summary Rescue Process” envisaged by the CLRG would allow an insolvent company with a prospect of survival to enter a six-week consultation period with creditors. At the end of …

Read the full article at: https://www.independent.ie/business/small-business/insolvent-companies-could-get-a-fighting-chance-under-new-process-40026147.html