Insolvency Guardian Media Centre
Receivership activity in the U.S. insurance industry decreased sharply year over year in 2020, but insurers were still adversely affected by a struggling economy brought on by the COVID-19 pandemic.
Regulators placed eight underwriters into liquidation and four into rehabilitation last year, according to an S&P Global Market Intelligence analysis. That compared with 22 companies put into liquidation or rehabilitation in 2019.
Net total assets of companies under receivership in 2020 totaled $2.42 billion, a dramatic decrease from $7.85 billion in 2019.
Midwestern Dental Plans Inc. of Dearborn, Mich., was one company on the list directly affected by the pandemic. The company was a network of dental providers comprised of seven offices be…
Read the full article at: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/receivership-roll-call-2020-62251264
The private mental health services company Vastaamo, which has been at the centre of a hacking and blackmail scandal since October, has been placed into liquidation.
The decision was made by the companys owners, management and board of directors at an emergency general meeting held on Thursday and announced in a Friday morning press release.
“The decision was very difficult, and the situation is extremely unfortunate for the companys personnel and customers,” the release read.
Liquidation is a procedure by which a company can be wound up even if it is not bankrupt.
During the course of t…
Read the full article at: https://yle.fi/uutiset/osasto/news/hacked_therapy_centre_vastaamo_goes_into_liquidation/11762655
BENGALURU: Wipro CEO Thierry Delaporte’s reorganisation of the company structure has resulted in some 75 senior VPs and VPs and 300 general managers exiting the firm in the past few months.
TOI reported details of the planned reorg in November. One of its objectives is to reduce the number of layers in the firm as part of an effort to drive sharper client focus. Delaporte, who took over six months ago after a long stint with Capgemini, believes accountability has been adversely impacted by the multiple layers. There are some 200 SVPs and VPs in the company.
When TOI contacted Wipro on the exits of senior leaders, the company said, Effective January 1, Wipro replaced its earlier structure of seven strategic business units, service line…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/wipro-restructuring-leads-to-many-exits-at-the-top/articleshow/80553558.cms
Mazars has appointed 10 partners across the UK, six internally promoted and four joined Mazars as school leavers or graduates. The partners are: Lara Brennan, Rebecca Dacre, Leanne Finch, Alan Frost, Phuong Gomard, Ian Goodwin, Xavier Larrieu, Nick Nesbitt, Zoe Peck and Natalie Wright.
Grant Thornton has promoted Colin Diss to partner in its insolvency and asset recovery team. Diss has been with Grant Thornton for over 15 years, after first joining on the firms graduate scheme in 2005.Paul Wilsonhas also been promoted to partner in its north west practice. He has worked as a VAT director in the firms tax team for the last four years. He has been based in the region for 13 years of his two-decade career which has been focused entirely o…
Read the full article at: https://www.accountancydaily.co/people-news-mazars-johnston-carmichael-streets
Jobs will be at risk, flight prices may soar and regional areas will be under-serviced if the aviation industry doesnt get more help, Virgin Australia warns.
The airline, which went into voluntary administration in April and was then bought by US private equity firm Bain Capital, this week confirmed 350 corporate and head office staff would be sacked in coming months.
They form just part of 3000 workers a third of Virgin Australias staff let go under a restructure announced in August.
But Virgin Australia chief executive Jayne Hrdlicka said there was a risk more jobs could be on the line if support for the aviation industry, including JobKeeper, was not extended beyond March.
It will be devastating, Ms Hrdlicka told a Senate committe…
Read the full article at: https://www.perthnow.com.au/business/virgin-australia-warns-of-dire-consequences-if-aviation-support-is-cut-ng-816456ea83a35fe995dc5a9e00f6a784
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader.
According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant employees and $400,000 to the bank.
As part of the DOCA, creditors voted to accept a 10 cents on the dollar dividend, while employees will receive 100 cents on the dollar.
Speaking on the process, Purchas said that a restructuring option was the best course of action for the business, especially seeing as the IP holder of the Alice McCall trading name was not …
Read the full article at: http://www.ragtrader.com.au/news/alice-mccall-administrator-there-was-never-the-intention-to-close-it
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader.
According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant employees and $400,000 to the bank.
As part of the DOCA, creditors voted to accept a 10 cents on the dollar dividend, while employees will receive 100 cents on the dollar.
Speaking on the process, Purchas said that a restructuring option was the best course of action for the business, especially seeing as the IP holder of the Alice McCall trading name was not …
Read the full article at: http://www.ragtrader.com.au/news/alice-mccall-survives-7-million-debt-collapse
Suddenly no one wanted to come to the shopping centre. It was pretty brutal, says Smith, who owns the Lollyology store in Westfields Knox City mall in Melbournes east.
He managed to hold on by launching a website in three days flat, selling the bulk of pre-ordered stock at cost, delivering orders himself and negotiating with Westfield to reduce his rent, a process that took six months.
Sweetshop owner Greg Smith.Credit:Luis Enrique Ascui
Now, while things are picking up, Smith says he still worries about what will happen when government support such as JobKeeper disappears. I do worry about the second half of the year, he says.
However, not all small business owners will be as fortunate. Insolvency and legal experts are bracing fo…
Read the full article at: https://www.smh.com.au/business/companies/tide-goes-out-small-businesses-under-pressure-as-insolvency-threat-mounts-20210114-p56u0j.html
Generali has announced that it has undergone an organisational restructuring, with several new appointments to support the major change.
The restructuring was proposed by Generali Group CEO Philippe Donnet, and was approved by the companys board of directors during a recent meeting. A release said that the new organisational structure is designed to address key strategic priorities for the continued successful delivery of the Generali 2021 plan.
Generalis restructuring seeks to accomplish three goals: to enhance further discipline in asset liability management; accelerate the implementation of the asset management multi-boutique platform strategy; and speed up the pace of digital transformation of the entire company.
As part of the …
Read the full article at: https://www.insurancebusinessmag.com/au/news/breaking-news/generali-puts-forward-new-organisational-structure-244813.aspx
Temple University graduate Ewan Johnson’s mother borrowed so he could go to college.
Growing up in a small town near Trenton, N.J., Ewan Johnson said there were birthdays when his mother couldn’t afford to buy presents for him and his sister, but she did her best by baking cookies. There were times whenshe worked overtime in her job helping people with disabilities.
I come from a low economic background. Going to college was literally my only way out, Johnson says.
But like many students, Johnson said, the maximum in Pell Grants he received wasn’t enough to pay for living expenses and tuition and fees atTemple University, where he earned a bachelor’s in strategic communications and political science.
He took out the $31,000 limit in …
Read the full article at: https://www.insidehighered.com/news/2021/01/28/large-debate-looms-over-canceling-parents-debt-student-loans
Many developing countries are experiencing mounting external debt distress owing to the economic consequences of COVID-19. G20 Finance Ministers were swift to adopt the Debt Service Suspension Initiative (DSSI) in 2020, suspending bilateral debt payments through July 2021 for 73 low-income countries. Globally, Chinese governmentsponsored banks have emerged as the largest bilateral creditors (1). For the 46 participating DSSI countries thus far, payments due to China constitute 68% ($8.4 billion) of all official bilateral payments originally due by the end of 2020 (2). G20 countries have now come to realize that they will need to go beyond debt suspension to include the cancellation of some portion of debt. Without substantial debt relie…
Read the full article at: https://science.sciencemag.org/content/371/6528/468.full
The Australian Securities and Investment Commission (ASIC) seeks industry feedback on its proposal to extend financial reporting and annual general meeting (AGM) relief in order to reduce the regulatory burden for externally administered companies.
ASIC has proposed expanding the relief available under the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a voluntary administrator, controller, or provisional liquidator is first appointed by:
- Extending the deferral of financial reporting obligations for the external administration period to a maximum of 24 months; and
- Allowing public companies to defer their obligation to hold an AGM until two months after the financial reporting…
Read the full article at: https://www.insurancebusinessmag.com/au/news/breaking-news/asic-consults-on-extending-financial-reporting-and-agm-relief-244867.aspx