The Morrison Government continues to implement its economic recovery plan with the commencement of the most important changes to Australias insolvency framework in 30 years.
From today, 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 reforms reposition our 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 the necessary flexibility to either restructure or to wind…
Read the full article at: https://www.miragenews.com/insolvency-reforms-to-support-small-businesses-start-today/
Hunter Business Chamber expects a “shaking out” of unviable companies after a suite of emergency protections ends on January 1. Many vulnerable businesses face the reversal of rules which have shielded directors from personal liability and allowed companies to trade while insolvent. The period for temporary debt protection for debtors will revert from six months to 21 days, and the minimum debt threshold required for creditors to apply for a bankruptcy notice will fall from $20,000 to $10,000. Businesses also face a drop in JobKeeper payments on Monday from $1200 to $1000 a fortnight for full-time employees and $750 to $650 a fortnight for part-timers. “The tide came in, and now it’s starting to go back out again,” chamber chief executi…
Read the full article at: https://www.newcastleherald.com.au/story/7071822/troubled-businesses-face-end-of-parachute-rules-protecting-them-from-insolvency/
Two high rolling gamblers rolled the dice in a court battle over almost $3 million in loans – but only one came away the winner.
On one side was Epping-based casino junket operator Xiogming Xie.
His big-spending client Wenxin Chen was on the other.
Both men claimed the other owed them more than $1 million thanks to two separate loans they claimed to have made to each other in 2018 and 2019 respectively.
But their case in the NSW Supreme Court saw Justice Stephen Campbell provide a warning to big gamblers everywhere – if you’re going to call in a gambling loan make sure it is legally enforceable.
Chen launched legal action against Xie in March 2020.
In his statement of claim, Chen alleged he lent Xie $1 million when the two were gamblin…
Read the full article at: https://www.northernstar.com.au/news/gambling-whale-loses-15m/4166910/
Yiren Digital Ltd Enters Into Definitive Agreements In Relation To Business Restructuring With Creditease Holdings
Yiren Digital Ltd – Agreements to Streamline Cos Service Lines & Reposition Co As Comprehensive Personal Financial Service Platform.
Yiren Digital Ltd – Discontinued Operations of & Ceased Control Over Business Currently Operated by Hengcheng Technology Development Co Ltd.
Yiren Digital Ltd – Discontinued Business Operated by Hengcheng,paid Designated Units of Co Rmb67.0 Million in Cash.
Adjusted EPS is expected…
Read the full article at: https://www.cmlviz.com/recent-development/2020/12/31/YRD/yiren-digital-ltd-enters-into-definitive-agreements-in-relation-to-business-restructuring-with-creditease-holdings
Everything has been going right for Tash Drujinin of late.
A few months ago the 29-year-old landed a stable job in the financial services sector. When many thousands were being laid off with the pandemic, she was made permanent and the security meant she could finally pay off the $20,000 she owed in credit card bills and personal loans.
It had been a long time coming. As the country celebrated nearly three straight decades of economic prosperity, Drujinin had fallen into debt in her early 20s to finance her escape from family violence.
While Centrelink refused her application for social security, her bank was willing to approve a $15,000 platinum card with a 19% interest rate for the barely employed university graduate. That debt would …
Read the full article at: https://www.theguardian.com/australia-news/2021/jan/02/young-people-drowning-in-debt-dont-borrow-your-way-out-of-a-recession
On December 7th, 2020, both the House and the Senate have approved new legislation intended to establish criminal penalties for those who knowingly access student loan information from the U.S. Department of Education (ED) information technology systems for “commercial advantage” or their own financial gain. Violators can be subject to fines, a prison stay of up to five years, or both.
The bill, which has been dubbed the Stop Student Debt Relief Scams Act, would also expand requirements for loan exit counseling for colleges and universities that participate in federal student aid programs.
This exit counseling intends to curb fraud even more by warning students about so-called student debt relief companies. The law would also require t…
Read the full article at: https://www.forbes.com/sites/robertfarrington/2021/01/01/get-ready-for-the-new-surge-in-student-loan-scams/
SO PAULO, Dec. 31, 2020 /PRNewswire/ — Ita Unibanco Holding S.A. (“Ita Unibanco” or “Company”), in accordance with Article 157, paragraph 4, of Law No. 6,404/1976 (“Brazilian Corporate Law”), and CVM Instruction No. 358/2020, both as amended, and Article 3 combined with Attachment 3 to CVM Instruction No. 565/2015, announces to its stockholders and the market in general, in line with the Material Facts disclosed on November 3 and 26, 2020, that, as of this date, the Company’s Board of Directors called the Extraordinary General Stockholders’ Meeting (“ESM”) to be held on January 31, 2021, according to the Call Notice disclosed as of this date, to resolve on the proposal for a corporate restructuring aimed at segregating Ita Unibanco c…
Read the full article at: https://www.prnewswire.com/news-releases/material-fact—corporate-restructuring-related-to-itaus-equity-interest-in-xp-incs-capital-stock-301199692.html
Property for sale owned by the bankruptcy debtor TRD Television NOVA DOOEL Skopje.
That was how the call for bids was made in May 2019. First under the hammer were Nova TVs computers, its furniture, vehicles and other property. Then came the actual television equipment, offered up in seven batches valued at approximately 500,000 euros. The online auction was a flop, however.
A few months later, in November, a new auction was held, this time offering satellite receivers, video mixers, receivers, backpacks, chargers, lights, recorders and cables. This attempt was more successful, though only one bid landed for the equipment valued at over 160,000 euros and it was four times less than the asking price and so was rejected. The auction raise…
Read the full article at: https://balkaninsight.com/2020/12/31/north-macedonia-media-from-glitzy-beginnings-to-asset-auctions/
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 74 |
| 2019 | 3 | 69 |
| 2019 | 4 | 82 |
| 2019 | 5 | 87 |
| 2019 | 6 | 71 |
| 2019 | 7 | 84 |
| 2019 | 8 | 64 |
| 2019 | 9 | 83 |
| 2019 | 10 | 74 |
| 2019 | 11 | 63 |
| 2019 | 12 | 85 |
| 2019 | 13 | 80 |
| 2019 | 14 | 85 |
| 2019 | 15 | 81 |
| 2019 | 16 | 88 |
| 2019 | 17 | 64 |
| 2019 | 18 | 58 |
| 2019 | 19 | 72 |
| 2019 | 20 | 56 |
| 2019 | 21 | 78 |
| 2019 | 22 | 83 |
| 2019 | 23 | 59 |
| 2019 | 24 | 64 |
| 2019 | 25 | 81 |
| 2019 | 2…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/53/32-bankruptcies-in-week-52 By WHSV Newsroom | RICHMOND, Va. (WHSV/Office of Va. Attorney General Press Release) A new law from Attorney General Mark Herring and Delegate Hala Ayala will ensure that the $600 economic support payments help Virginians support themselves and their families during the pandemic rather than getting swept up by debt collectors and creditors, a press release from the attorney generals office says. The release says the bill passed in this years special legislative session after it was discovered that the initial round of $1,200 support payments issued by Congress as part of the CARES Act was left vulnerable to seizure or garnishment. We knew that thousands of Virginia f… Read the full article at: https://www.nbc29.com/2020/12/31/new-law-will-help-ensure-economic-relief-payments-benefit-virginians-not-debt-collectors/ HOUSTON, Texas (KTRK) — If one of your New Year’s resolutions is to get your finances in order, you might consider debt consolidation.
Many are struggling right now, so dealing with debt could very well be an issue for months to come. Debt consolidation is just that, a company you hire takes your debts and condenses them down to one bill. If you have high interest debt or need to lower your monthly payments, this could be of interest. However, you need to make sure you understand the fees and penalties a debt consolidation company will charge you, how long the contract term will last, and what happens if you can’t make the payments. If you already have bad credit, you may be facing higher fees. One credit consultant we spoke with said a b… Read the full article at: https://abc13.com/debt-consolidation-new-years-resolutions-action13-bill-payment/9199378 Biopac India Corporation announced that the National Company Law Tribunal (NCLT), Ahmedabad Bench has passed an order on 04 December 2020 for liquidation of the Company under Section 33 of the Insolvency and Bankruptcy Code, 2016. In view of the above, the company has request to stop trading of the company’s shares on BSE. Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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