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Insolvency and debt overhang following the COVID-19 outbreak: Assessment of risks and policy responsesLilas Demmou, Sara Calligaris, Guido Franco, Dennis
Thecompanybehind a32m development, intended to help regenerate Kilburn High Street,has gone into administration afteryears ofdelays. It has left buyers,who put
With the imminent inauguration of a new President and the mob attack on Congress dominating the news in recent weeks, the third branch continued humming along in the background. Late last week, the Court issued its sixth signed opinion of the term, in a low-profile bankruptcy case. The Court also added 14(!) new cases to its docket, but it has left several high-profile cert petitions dangling for two consecutive weeks. On Friday, however, the Justices did step briefly into the limelight, with another decisionover sharply worded dissentspermitting the outgoing Trump administration to go forward with a (once rare) federal execution.
Accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the appointment of Graeme Bain as an appointment-taking director.
Mr Bain (pictured), a licensed insolvency practitioner, joined the company as a director in 2017, can now be appointed to oversee formal insolvency appointments.
His progression comes after a 20-year career in restructuring, 16 of which were spent at a Big Four firm. He isexperienced in all aspects of personal and corporate insolvency and specialises in contentious creditor led cases.
He said: Becoming an appointment-taking practitioner is a proud moment in my insolvency career and it has been a long-held ambition for me since starting out in the profession 20 year…
Vale to progress Moatize mine plan until buyer found
Moatize has 22 mil mt/year coal production capacity
London Brazilian miner Vale said Jan. 21 that it will exit the coal market as part of its commitment to become carbon-neutral by 2050 and reduce 33% of its Scope 1 and 2 emissions by 2030.
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As a first step toward divestment of its coal business, Vale has signed a heads of agreement with Japanese company Mitsui, allowing both parties to structure Mitsui’s exit from the Moatize coal mine in Mozambique, controlled by Vale, and the related Nacala Logistics Corridor (NLC), Vale said in a statement.
Insolvency and debt overhang following the COVID-19 outbreak: Assessment of risks and policy responses
Lilas Demmou, Sara Calligaris, Guido Franco, Dennis Dlugosch, Mge Adalet McGowan, Sahra Sakha22 January 2021
A swift response by policymakers across OECD countries has helped businesses to bridge the short-term liquidity shortfalls due to the economic shock following the COVID-19 outbreak, avoiding immediate and widespread insolvency crises (Demmou et al. 2020, Demmou et al. 2021a). However, many countries have now entered a second wave of the health crisis, magnifying even further the economic shock of an unprecedented scale (Boot et al. 2020, Cochrane 2020). This situation, which forces firms to deplete even further their cash and equ…
MILLIONS of families that are dealing with stretched household budgets face a debt time-bomb when the coronavirus crisis subsides, the anti-poverty charity the St Vincent de Paul Society suggests.
Fewer people than usual are asking the Roman Catholic charity for help because most enforcement and eviction action has been temporarily suspended during the pandemic, and many creditors have cut back their collection efforts. This, coupled with the temporary raising of the Universal Credit allowance and the suspension of benefit deductions, can lead to a false sense of security, the charitys debt-advice supervisor, Luke Denison, said. They may not see the urgency in seeking help, as their debt problems appear to be on hold.
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake Macquarie, had left a string of defective work, failed to comply with rectification orders and placed “enormous pressure” and “financial strain” on his clients. She urged the government to “create the necessary protections” so homeowners can undertake the “big financial commitment” of building or renovating their homes “in good faith”. “With so much at stake, it is important that regulat…
Famed sports gambler Billy Walters was among the 143 people to which outgoing President Donald Trump granted clemency in his final day in office.
Walters was among the 70 people who were commuted, meaning the crime isnt wiped from his record but his required time served is being reduced.
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Walters was convicted in 2017 and sentenced to five years in prison and forced to pay back more than $40 million in ill-gotten gains for his role in an insider trading scheme involving milk-maker Dean Foods.
Walters moved to Nevada in 1980 after being convicted of bookmaking in Kentucky. He was part of a betting syndicate in the 1980s that used data and computer analysis to beat sportsbooks well ahead of their time.
The Aryza Group has today announced the acquisition of HubSolv, a move that will significantly strengthen Aryzas already dominant position within the financial services and insolvency market.
Aryza incorporates technology such as Open Banking and AI-informed decision making to seamlessly automate the financial restructuring and recovery journey.
HubSolv has developed a suite of fully automated tools designed to improve case management, customer onboarding and creditor engagement, currently servicing 90 per cent of companies working within the personal insolvency industry.
In 2019, HubSolv was approved by the Financial Conduct Authority as Registered Account Information Service Providers (RAISP), allowing them to integrate Open Banking funct…
More than 12,500 firms across the North East are now in financial difficulty, latest research reveals, with business trade bodies warning the figure is just the tip of the iceberg.
Business distress has soared by 31% across the region since the end of 2019, with more than 3,000 more businesses now reporting financial trouble, according to the latest Red Flag Alert report by business rescue and recovery specialist Begbies Traynor.
Distress levels also jumped by 14% in the last three months of the year, as a further 1,500 companies in the North East plunged into distress.
The Red Flag Alert research, for Q4 2020, also recorded significant distress affecting 630,000 businesses across the UK, a 27% year-on-year increase nationally, with Lo…
One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m.
Magnify in administration: John Duplock
Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being offered for sale on a sale or DOCA basis.
Magnify has known debts to unsecured creditors of $3.6m. Major creditors include the ATO which is owed $1.23m, Billboard Media owed $528,000, Freight Focus Management owed $474,000, HP owed $234,000, and Celmac, owed $228,000.
In addition, Magnify owes $1.13m in unpaid priority employee entitlements, including around $500,000 in unpaid…
Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were wound up in the public interest on 12 January before ICC Judge Prentis. The Official Receiver has been appointed liquidator of the companies.
During the proceedings, the court heard that Rationale Asset Management and Value Asset Management acted as property investment companies based in London and came to the attention of the Insolvency Service after concerns were reported about their business practices.
Confidential inquiries found that Rational Asset Management claimed to prospective clients that they purchased and developed businesses such as care homes, hotels and pubs to sell on for a profit
Thecompanybehind a32m development, intended to help regenerate Kilburn High Street,has gone into administration afteryears ofdelays.
It has left buyers,who put hefty deposits intoapartments,in limbo aftertheir move-in dates were repeatedly delayed.
Others, who have moved in,sayhave spentmonthsliving on aconstruction site.
The Park Placeproject a ten-minute walk from West Hampstead train station wasmeant to house 60 luxury apartments fromdeveloperGodfrey London.
But the limited partnership set up to deliver the scheme has now been declared insolvent. Godfrey London and its associated companies are still trading.
The developer hasapologised,claimingthe projectsufferedunprecedented setbacks caused by Brexit and Covid-19.
