Changes to Australias insolvency framework have been in effect since 1 January, allowing eligible businesses experiencing financial distress to access a new, simplified debt restructuring process, or enter into a new simplified liquidation pathwayto allow for a faster and lower-cost liquidation process.
The new processes will be available to incorporated businesses with liabilities of less than $1 million.
Businesses will also need to have paid all entitlements that it owes its employees and have their tax lodgements up to date.
The simplified debt restructuring process will involve a small business res…
Read the full article at: https://www.accountantsdaily.com.au/business/15217-small-business-insolvency-reforms-now-in-place
Whilst Australian businesses currently enjoy the financial comfort blankets provided by both the Governments COVID financial measures and an ATO approach to tax debts that is both forgiving and non-aggressive, it is inevitable that the financial tap will be turned off and the ATOs debt teams will
Whilst Australian businesses currently enjoy the financial comfort blankets provided by both the Governments COVID financial measures and an ATO approach to tax debts that is both forgiving and non-aggressive, it is inevitable that the financial tap will be turned off and the ATOs debt teams will be again unshackled. Winter is coming.
With some irony, the term unprecedented has been used in 2020 more than ever before. It is an apt description …
Read the full article at: https://www.businessnews.com.au/article/A-tax-storm-is-brewing
Credit card debt can add up fast, especially right after the holiday season. But for anyone looking to tackle their debt in 2021, there are a handful of credit cards that can help you wipe out a big balance without getting dinged with expensive interest charges.
The average credit card APR is 16.43%, but you could be paying even more if you have a less than stellar credit score. These interest charges can hinder your ability to repay debt since any payments you make go toward your principal balance and interest.
But if you move your debt to a balance transfer card that offers no interest for up to 20 months, you can save a large chunk of money and pay off your credit card faster. With an intro 0% APR balance transfer card, any payment…
Read the full article at: https://www.cnbc.com/select/using-balance-transfers-to-pay-off-credit-card-debt/
For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economi…
For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia. In an attempt to alleviate the financial impact of COVID-19, the Australian Government has implemented various reforms (both temporary and permanent) designed to provide relief to financially distressed businesses. One sector hardest hit is that of small businesses and the Australian Government has now finalised a new restructuring process for small businesses, commencing on 1 January 2021.
Although the reforms, set out in theCorporations Amend…
Read the full article at: https://iclg.com/briefing/15326-happy-new-year-the-small-business-insolvency-reforms-come-to-the-party
National Debt Relief is a company that offers relief through a process known as debt settlement, which aims to help consumers get out of debt. With debt settlement, you’ll set aside an amount of money in a savings account each month until you’re able to “settle” your debts for less than you owe.
You’ll pay National Debt Relief a percentage of the debts they settle, but only after you get results. This company claims that, even after accounting for their fees, customers save between 30% to 50% of their original debt by the time the process is complete.
A free consultation can help you decide if debt settlement is right for you.
Debt settlement can cause damage to your credit score since you’ll stop making payments on your debts dur…
Read the full article at: https://www.investopedia.com/national-debt-relief-review-5092836
On next weeks Neighbours in Australia, Hendrix is in serious trouble and resorts to extreme measures to protect himself. Yet his plan backfires, quite literally, as Shane ends up getting shot.
These episodes air in Australia from Monday 11th January, and in the UK four weeks later from Monday 8th February.
Hendrixs debt to Kane has been increasing rapidly, and now he owes him a house
In episodes airing this coming week in Australia, Hendrix (Benny Turland) loses Number 24 to criminal Kane after yet another blackjack bet gone wrong. He was simply trying to win enough to reduce his debt, and when he gets the chance to split his hand and ends up with 18 and 19 (two fairly strong hands, for the blackjack uninitiated), Kane offers him a …
Read the full article at: https://www.backtothebay.net/news/2021/01/04/neighbours-spoilers-shane-is-shot-as-hendrixs-gambling-problem-spirals/
Brothers Carlos Enrique De La Cruz Vidal (51), from South East London, and Fernando De La Cruz Vidal (52), from Granada in Spain, are now banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
Carlos 6-year ban became effective on 5 November, while Fernandos 6-year ban is effective from 30 December.
The brothers were appointed directors of Santo Limited in April 2007 on the same date as the company was incorporated.
Santo Limited traded as a restaurant called Santo on Portobello Road, West London, but the company entered into creditors voluntary liquidation in December 2018 before the brothers conduct was referred to t…
Read the full article at: https://www.miragenews.com/brothers-banned-for-failing-to-pay-173-000-in-taxes/
If you plan to apply for a personal loan, here’s how to make it easier.
Personal loans are handy financial products. If you dream of a home makeover, need to get an old car running, or want to consolidate high-interest credit card debt, personal loans can help. Whatever your reason for a personal loan, do yourself a favor — take these five steps before you apply.
1. Check your budget
Dreams are fantastic, particularly if they’re realistic. Sit down with your monthly budget and figure out if you have room for another payment. Ask yourself this: After I pay all my monthly bills and put money away for the future, do I have enough to afford a loan payment easily?
“Money for the future” here refers to an emergency fund. Do you have enough…
Read the full article at: https://www.fool.com/the-ascent/personal-loans/articles/5-things-you-need-to-do-before-applying-for-a-personal-loan/
From December 1, 2016 till the end of September last year, total 4,008 CIRPs (Corporate Insolvency Resolution Processes) have commenced under the IBC.
The ground seems to be ready to experiment new options for resolution of stress and the market is anticipating a hybrid framework between a court-supervised insolvency framework and an out-of-court restructuring schemes, IBBI Chairperson M.S. Sahoo has said.
In place for more than four years, the Insolvency and Bankruptcy Code (IBC) is helping in resolution of stressed assets in a market-linked and time-bound manner, and the proposal for pre-pack framework is also in the works.
Since some tasks of an insolvency proceeding are completed before the formal process begins, and some elements …
Read the full article at: https://www.thehindu.com/business/ground-seems-ready-for-new-options-to-resolve-stressed-assets-ibbi-chief/article33485918.ece
The Federal Government says it has commenced with the most important changes to Australias insolvency framework in 30years.
From 1 January, eligible businesses experiencing financial distress can access a new, simplified debt restructuring process that allows them to restructure their existing debts while remaining in control of their business, the Government said in a statement.
Repositioning the countrys insolvency system
The reforms are aimed at repositioning the countrys insolvency system to help more incorporated small businesses with liabilities of less than $1-million restructure and survive the economic impact of the Covid-19 recession.
As the economy continues to recover, it will be critical that distressed businesses have t…
Read the full article at: https://www.australiantimes.co.uk/news/insolvency-reforms-to-support-small-businesses-start-from-1-january/
Last year was tricky for many. With the coronavirus pandemic causing havoc in mid-March, many were furloughed or lost their jobs.
It might have resulted in a struggle to make ends meet and turn to credit as a result – or maybe extending the debt they were already in.
Around three in 10 Britons have been negatively financially hit by the pandemic, with around 10billion of personal debt built up as a result according to StepChange research.
Out of the red: This is Money has revealed how Britons can get themselves out of debt in 2021
Rachel Springall of Moneyfacts said: ‘The impact of the pandemic on consumers may well have prompted them to take a step back to reassess their financial health and find ways to improve their situation…
Read the full article at: https://www.thisismoney.co.uk/money/cardsloans/article-9075821/How-debt-2021-Seven-tips-brighter-financial-future.html
What I am presenting here is a plea, or proposing a new year resolution for bankers, fund managers, and politicians to take a new approach to mortgage arrears in Ireland.
Back in October 2012, I broke from standard Civil Service practice in calling publicly for solutions that involve a much more dramatic write-off of debt for households that were facing levels of mortgage debt that they could never pay off.
Despite some headway, almost 10 years on and too much still remains undone.
In 2012, with help from the troika of the EU, IMF, and ECB, we battled to reset the balance of power between debtors and creditors.
Against much opposition, mortgage lending was included in newly introduced personal insolvency legislation.
Read the full article at: https://www.irishexaminer.com/business/economy/arid-40199277.html