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.
ASIC has today released Consultation Paper 337 Externally administered companies: Extending financial reporting and AGM relief (CP 337) seeking feedback
Progressive Debt Relief uses a process known as debt settlement to help consumers negotiate and settle all other unsecured debts they might have, such as credit card debt. It has been a pioneer in the industry when it comes to helping consumers escape from a cycle of using payday loans to stay afloat.
According to the website, Progressive has “established relationships” with all the major payday loan companies and other known creditors. They use these relationships to help negotiate your debts for less than you owe so you can get out of debt once and for all.
Like other debt relief companies, Progressive Debt Relief is adamant that they do not charge fees upfront, and that you only pay fees as each debt is settled. However, they do not …
Due to the national public health emergency caused by COVID-19, the US Department of Agriculture announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA).
USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and referring foreclosures to the Department of Justice; and USDA will work with the US Attorneys Office to stop judicial foreclosures and evictions on accounts that were previously referred to the Department of Justice.
Additionally, USDA has extended deadlines for producers to respond to loan servicing actions, including loan de…
WASHINGTON (Reuters) – Chad has officially requested a debt restructuring, the first country to do so under a new common framework agreed by Group of 20 major economies last year, the International Monetary Fund said on Wednesday.
Chad’s President Idriss Deby attends a working session of the G5 Sahel summit in Nouakchott, Mauritania June 30, 2020. Ludovic Marin /Pool via REUTERS
The IMF said its staff had completed talks with Chad on a new medium-term financing program worth about $560 million under its Extended Credit Facility and the Extended Fund Facility. The deal must still be approved by the IMFs executive board.
Like several other African countries, Chad is struggling with a high debt burden against a backd…
The collapsed fundraising agency Home Fundraising is being liquidated, facing claims totalling more than 5m.
The liquidators report, published on the Companies House website this week, reveals it has received claims totaling 4.8m from 56 unsecured creditors, while a further 92 claims have yet to be received for sums totalling more than 300,000.
The unsecured creditors are expected to receive nothing, the report states.
The CVA a deal that allows companies to pay creditors over an extended period of time while still trading pledged to pay off more than 1.5m worth of debt, in…
SINGAPORE – Small and micro companies that have been hit hard by the Covid-19 pandemic and need to restructure their debts to stay viable or wind up their businesses can apply for support to do so under a new programme from Friday (Jan 29).
Applications for the Simplified Insolvency Programme (SIP) will be open until July 28 and the period may be extended if the need arises, the Ministry of Law (MinLaw) said on Thursday.
The SIP consists of two separate programmes which eligible companies can apply for.
One is the Simplified Debt Restructuring Programme (SDRP) for the restructuring of debts and the potential rehabilitation of viable businesses.
The other is the Simplified Winding Up Programme (Swup) for the orderly winding up of non-vi…
Nelson Loh, co-founder of the Bellagraph Nova spotlighted for a series of false claims including doctored photos with ex-U.S. President Barack Obama has been judicially declared bankrupt after DBS commenced proceedings against him over outstanding debt.
Nelson Loh was adjudged a bankrupt, according to a Business Times report citing Singapore High Court documents, over S$14.2 million ($10.7 million) of outstanding debt owed to DBS.
Loh also owes another S$2.7 million to Citi, which led a notice that supported DBSs bankruptcy application.
Loh was named as a guarantor for two loan facilities including a S$9 million term loan facility provided in January last year to Novena Global Healthcare Pte Ltd and a S$5 million temporary bridging lo…
Glenn Maud, an investor who during the last boom bought some of the worlds most expensive buildings, has been declared bankrupt after losing a near seven-year court battle.
The bankruptcy order comes after a complex legal battle involving the Libyan Investment Authority, Mauds former joint venture partner Derek Quinlan and fellow boom-time property investor Robert Tchenguiz. The case centred around the ownership of Santanders Madrid HQ, one of the worlds most valuable and highly leveraged property assets.
WASHINGTON, Jan. 27, 2021 Due to the national public health emergency caused by coronavirus disease 2019 (COVID-19), the U.S. Department of Agriculture today announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA). USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and referring foreclosures to the Department of Justice; and USDA will work with the U.S. Attorneys Office to stop judicial foreclosures and evictions on accounts that were previously referred to the Department of Justice. Additionally, USDA has extended deadlines for pr…
Law360, London (January 27, 2021, 5:30 PM GMT) — Since the coronavirus pandemic hit the U.K. in March last year, legislative protections and government packages have helped keep at bay the massive wave of corporate insolvencies that had been expected.
But the economic support has to come to an end at some point, and lawyers are gearing up for a surge of court filings when that happens. Until then, they are keeping busy with other actions, including the rising number of company voluntary arrangementsgoing through the courts, as well as debt recovery actions and fraud investigations.
Here, Law360 looks at these dispute hot-spots in insolvency and restructuring.
Brisbane Times takes a look back at how the virus spread through Queensland, and some of the states near misses.
January 2020
January 9: The World Health Organisation releases a statement regarding cluster of pneumonia cases in Wuhan. The WHO does not recommend any specific measures for travellers.
January 11: China reports the first death.
January 21: A Queensland man who visited family near Wuhan is the first person tested and quarantined for COVID-19 in Australia. He returns a negative swab.
January 28: A Chinese man tests positive for the virus on the Gold Coast, and is Queenslands first confirmed case. At this stage there are four confirmed coronavir…
ASIC has today released Consultation Paper 337 Externally administered companies: Extending financial reporting and AGM relief (CP 337) seeking feedback on proposals to reduce the regulatory burden for externally administered companies.
ASIC is proposing to expand the relief in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a voluntary administrator, controller or provisional liquidator (relevant external administrator) is first appointed by conditionally:
extending the deferral of financial reporting obligations for the period of the external administration up to a maximum of 24 months; and
allowing public companies to defer their obligation to hold an Annual General Meeting…
Law360, London (January 27, 2021, 5:30 PM GMT) — Since the coronavirus pandemic hit the U.K. in March last year, legislative protections and government packages have helped keep at bay the massive wave of corporate insolvencies that had been expected.
But the economic support has to come to an end at some point, and lawyers are gearing up for a surge of court filings when that happens. Until then, they are keeping busy with other actions, including the rising number of company voluntary arrangementsgoing through the courts, as well as debt recovery actions and fraud investigations.
Here, Law360 looks at these dispute hot-spots in insolvency and restructuring.
