Insolvency Guardian Media Centre
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| Timothy Dunn |
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| Stephen Skorbinski |
As we promised in our first article in this series, we will now discuss the advantages available to municipalities if it is determined that they can rely upon Canadas insolvency legislation to restructure their affairs.
If applicable, the Bankruptcy and Insolvency Act (BIA) or the Companies’ Creditors Arrangement Act (CCAA) federal legislation that governs the restructuring of larger or complex corporate entities could provide municipalities with much needed flexibility to restructure their affairs and recover from the financial difficulties caused by the pandemic.
It is important to note that bankruptcy often confused with the concept of insolvency is a legal status carrying with it specif…
Read the full article at: https://www.thelawyersdaily.ca/business/articles/23894/the-pandemic-and-municipal-insolvency-part-two
Lotus Dining Group Pty Ltd is a dormant holding company which doesn’t trade or operate any restaurant and its voluntarily liquidation did not impact on the operation and trading of Lotus restaurants.
Lotus temporarily closed all but its Barangaroo restaurant in March due to lockdown laws imposed at the height of the pandemic.
“It is no secret that the hospitality group has taken a massive blow from the outbreak of the coronavirus, the group said on its Instagram account in March.
Chinese restaurants have been hit especially hard since the outbreak started three months ago. As with the rest of the industry, we have been devastated by the unprecedented drop in patronage.”
According to ASIC information, Saffron Felix Joop Investments, whi…
Read the full article at: https://www.afr.com/companies/retail/lotus-dining-still-trading-after-group-restructure-20210121-p56vx4
January 20, 2021
Global Restructuring Review listed Gibson Dunn in the GRR 100, the annual guide to the worlds leading law firms for cross-border restructuring and insolvency matters. The publication noted that, Gibson Dunn & Crutcher has long been considered a leading name in US bankruptcy litigation and out-of-court restructurings. The profile was published in November 2020.
The Business Restructuring and Reorganization Practice Group advises companies in financial distress, their creditors and investors, and parties interested in acquiring assets from companies in distress. We also guide hedge funds, private e…
Read the full article at: https://www.gibsondunn.com/gibson-dunn-recognized-in-2020-grr-100/
(Image: Shutterstock)As people struggle to hold their financial lives together during the COVID-19 pandemic, reducing or eliminating debt has become a critical area of concern. Debt reduction services are a way for advisors to tap into this trend and position their practices as more solution-focused and less about products.
(Related:Social Security COLA: Whats Working, Whats Not)
Handing your clients and prospects an understandable broad-spectrum debt reduction/elimination plan will go a long way toward increasing your marketings effectiveness and make you unique and memorable. Reducing client debt makes it easier for you to sell the products and services that will improve their lives.
No Magical Solutions
As an advisor, you are proba…
Read the full article at: https://www.thinkadvisor.com/2021/01/20/why-you-should-offer-debt-reduction-help/
Real estate firm The Agency has made a bid in court to fight an administration action brought by a former director over a disputed fee, winning a ruling that the administration will end on February 1.
The ruling is subject to the real estate group paying$400,000 into the court by January 22.
Investment group Magnolia said it appointed voluntary administrators BDO on Tuesday to pursue the real estate firm over a disputed debt of approximately $385,000, saying it had lost confidence in The Agency Groups board and its unknown financial position.
Magnolia previously said it bid for shares in The Agency.
The court ordered that the administration would stay in place until February 1 with a hearing scheduled on the same day to allow any cred…
Read the full article at: https://www.domain.com.au/news/real-estate-firm-the-agency-fights-administration-action-over-disputed-fee-1019579/
PARIS–(BUSINESS WIRE)–Regulatory News:
Europcar Mobility Groups (Paris:EUCAR) Extraordinary General Meeting was held on January 20, 2021 under the chairmanship of Mr. Jean-Paul Bailly, Chairman of the Supervisory Board. A quorum of 37,25% was reached.
In light of the COVID-19 epidemic and in accordance with Order No. 2020 – 1497 of December 2, 2020, the Extraordinary Shareholders Meeting was exceptionally held without the physical presence of its shareholders, in closed session.
Shareholders were able to follow the proceedings of the meeting from a distance, which were webcasted live and are also available in replay mode on the Company’s website at the following address: https:///europcar/#!/europcar/20210121_1.
Europcar Mobility …
Company Achieves $1.3 Billion Reduction in Funded Debt and Preferred Equity; Names New Board and Leadership; Commences Trading on NASDAQ Under XOG on January 20, 2021
Extraction to embrace new E&P business and governance model
DENVER, Jan. 20, 2021 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (Extraction or the Company) today announced it has successfully completed its financial restructuring process and emerged from Chapter 11. The Company officially concluded its reorganization after completing all required actions and satisfying the remaining conditions of its Plan of Reorganization (the Plan).
Extraction also announced the appointments of Tom Tyree as…
Read the full article at: https://www.globenewswire.com/news-release/2021/01/20/2161694/0/en/Extraction-Oil-Gas-Completes-Financial-Restructuring.html
- President Biden will take immediate action on student loan debt, extending the freeze on federal loan payments until at least October.
- His long-term agenda also calls for $10,000 loan forgiveness, tuition-free public college, and more.
- Here are four other ways President Biden might affect your money.
What will a Biden administration do about student loan debt, which has surpassed $1.5 trillion, according to Federal Reserve data?
Its one of the most pressing issues facing the new administra…
Read the full article at: https://time.com/nextadvisor/in-the-news/joe-biden-student-loan-relief-extension/
Like many other companies that advertise debt relief services, CuraDebt uses a process known as debt settlement to help consumers get out of debt for less than their current balances. This process asks customers to stop making payments on unsecured debts they owe, and to instead begin saving a set amount of money in a dedicated savings account each month. Once enough savings have accumulated, CuraDebt will negotiate with your creditors to help you settle debts for less than you currently owe in balances, interest, and fees.
In addition to helping you settle debts for less, CuraDebt also promises to help you use laws like the Fair Debt Collection Practices Act (FDCPA) and the Telecommunications Consumer Protection Act (TCPA) in your favo…
Read the full article at: https://www.investopedia.com/curadebt-review-5094931
American Debt Relief uses a process known as debt settlement to help consumers erase debt after paying a fraction of what they owe. After talking with a debt consultant during a free debt assessment, customers are asked to begin saving a set amount of money in a dedicated savings account each month. Once the required savings threshold is reached, American Debt Relief will use the funds to help settle debts for less than the amount currently owed.
Interestingly, this company also claims to help settle debts through what they call a “bulk negotiation program.” This program is based on their relationships with major creditor networks, and it allows them to submit your accounts for settlement through various partnerships.
Either way, Americ…
Read the full article at: https://www.investopedia.com/american-debt-relief-review-5094576
Fast Track Debt Relief is not one of the top-rated life debt relief companies we profiled in our internal study. You can review our list of the best debt relief companies to learn which firms ranked the highest.
Fast Track Debt Relief is unique in the fact that they offer more than one potential debt relief solution to consider. First, this firm offers debt settlement, which is a type of debt relief that asks you to stop making payments on your bills and save your money in a dedicated savings account instead. Once you have enough money saved up to reach your debt settlement program goals, Fast Track Debt Relief gets to work negotiating debts on your behalf. While this company does not disclose their debt settlement fees, they show man…
Read the full article at: https://www.investopedia.com/fast-track-debt-relief-review-5095659
For the first time since lockdown measures were introduced, monthly insolvency filings were higher in 2020 than the same month a year before.
The Insolvency Service reported 1,228 registered company insolvencies in December 2020 with the bulk of those being creditors voluntary liquidations (CVL). Duncan Swift, past president at R3 says given the general mood of the industry this comes as no surprise.
The volume of inquiries and the nature of conversations are moving increasingly towards, implementing formal insolvency procedures, says Duncan Swift, past president at R3 The tide is turning.
However, Swift cautions against reading too much into one months data.
Whether this will be a sustained uptick in corporate insolvency number, its…
Read the full article at: https://www.accountancyage.com/2021/01/20/uk-insolvencies-hit-pre-pandemic-highs/