Insolvency Guardian Media Centre
The latest annual personal insolvency statistics for 2019, released by the Insolvency Service, show that even before the financial effects of Covid-19 hit peoples incomes, Yorkshire once again saw above average rates, and Scarborough recorded the highest level of personal insolvencies of any local authority in England and Wales.
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Insolvency trade body R3 said that even prior to the economic impact of the pandemic, many adults in the region were already struggling with Yorkshire and the Humber the third highest for personal insolvencies.
With the total insolvency rate increasing in all regions of…
Read the full article at: https://www.yorkshirepost.co.uk/business/personal-insolvency-takes-its-toll-region-3077273
The Gambling Health Alliance (GHA) from the United Kingdom is warning parents about a startling new statistic: over 1 in 10 young gamers are in debt because they spend too much on loot boxes. Indeed, almost one in six young gamers (15%) have taken money from their parents (without their permission, mind you) to buy loot boxes, one in ten (11%) have used their parents’ credit or debit card to fund their loot box purchases, and one in ten (9%) have borrowed money they couldn’t repay to spend on loot boxes. For three of the over 600 that were surveyed, young gamer’s loot box spending has resulted in their families having to re-mortgage their homes in order to cover the costs, which seems like the title to an article from The Onion.
Dunc…
Read the full article at: https://techraptor.net/gaming/news/1-in-10-young-gamers-are-in-debt-because-of-loot-boxes
Wednesday, December 23, 2020
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 Amendment (Corporate Insolvency Reforms) Act 2020(Cth) (Act), have appeal across sector…
Read the full article at: https://www.natlawreview.com/article/happy-new-year-small-business-insolvency-reforms-come-to-party
Sydney businessman Abdul Helou claimed to be on the cusp of buying the Mariners. Credit:LinkedIN
Sources close to the situation indicate that while Helou has claimed to have paid the Mariners a deposit, the money was not received by the club, , an allegation denied by Helou. The Mariners have since ordered Helou to stop speaking publicly about the subject and obey the NDA he signed, according to the sources.
The Mariners have also been unable to uncover any definitive proof that Helou is involved with Rayo Vallecano, who have spent most of the past decade bouncing between Spain’s top two tiers.
According to Australian Financial Security Authority records, Helou was declared bankrupt in September 2020.
Chief executive Shaun Mielek…
Read the full article at: https://www.smh.com.au/sport/soccer/false-claims-mariners-shoot-down-outspoken-sydney-investor-20201223-p56pw0.html
The former director of a major building firm which collapsed with debts of about $31 million has avoided bankruptcy with creditors to receive between 0.4 and seven cents in the dollar.
Former RGD Group Pty Ltd and RGD Constructions Pty Ltd director Ron Grabbe entered into a Personal Insolvency Agreement with creditors of his estate in mid-November, avoiding bankruptcy after a dramatic collapse of his building empire earlier this year.
The agreement was carried out on December 9, with creditors now given until January 7, 2021, to lodge a proof of debt, to claim between 0.4 cents and seven cents in the dollar of the dividend set to be declared.
First crane goes up on $78m luxury development
Mr Grabbe, a prominent Coast businessman and out…
Read the full article at: https://www.news-mail.com.au/news/ex-rgd-boss-avoids-bankruptcy-with-100k-deal/4162830/
SsangYong will continue to trade as usual, despite declaring bankruptcy in its home country of Korea.
The struggling carmaker, currently on the sales block after Indian owner Mahindras failure to turn the company around after a decade, has entered what the company is calling a private rehabilitation program that resembles an American Chapter 11 bankruptcy.
Its designed to give the company a reprieve to find funding or to finalise a new buyer while it restructures its business.
During this period, SsangYong Motor company, including the Australian subsidiary, remains fully operational, business as usual, said Australian managing director Chris Mandile in a statement.
After a couple of false starts, SsangYong returned to Australia in 201…
Read the full article at: https://www.whichcar.com.au/car-news/ssangyong-declares-bankruptcy-in-korea
Law360, London (December 22, 2020, 2:12 PM GMT) — The Pensions Regulator said workplace savings plans for failed high street giant Arcadia Group will soon be assessed by theU.K.’s lifeboat schemeto determine if they need support.
The watchdog said Monday the Pension Protection Fund would begin the assessment as soon as it had carried out a validation exercise, which normally takes around 28 days after a company has been declared insolvent.
Arcadia, a company run by businessman Philip Green that includes high street store Topshop, fell into insolvency on Nov. 30 as a result of a downturn caused by the COVID-19 pandemic.
The industry-funded PPF, which pays pension benefits to…
Read the full article at: https://www.law360.com/articles/1340062/lifeboat-scheme-poised-to-weigh-arcadia-pension-fund
Wednesday, 23 December 2020
Mega World, the company that took over 123 Blokker stores in Belgium in February, has been declared bankrupt, with the jobs of all 650 employees now at risk.
Blokker sells mainly household goods, from kitchen equipment to soft furnishing and decoration. In the past few years the chain suffered losses from a switch by consumers to online shopping with the likes of Bol.com, as well as undercutting from even cheaper chains like Action.
In 2016 the company suffered a loss, and since then was struggling for life, when Dutch serial entrepreneur Dirk Bron stepped in this year to take over the chain in Belgium and rename it Mega World.
His promises were…
Read the full article at: https://www.brusselstimes.com/news/business/146705/blokker-parent-mega-world-is-bankrupt-650-jobs-at-risk/
Former rugby league Test star Elijah Taylor was reportedly scammed out of hundreds of thousands of dollars by his former agent, and may not see a cent in return despite winning a legal case against it.
Wide World of Sports reports Taylors former manager Ian Miles scammed more than $350,000 from the New Zealand international.
The veteran forward won a court battle in Christchurch where Miles was ordered to pay $484,824 in damages to his one-time client.
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But WWOS says Miles has been declared bankrupt, meaning Taylor may not see any of that money.
Miles managed Taylor for more than four years before the player co…
Read the full article at: https://www.foxsports.com.au/nrl/nrl-news-elijah-taylor-agent-money-scammed-court-wests-tigers-contract/news-story/630d1ccbfbbe61a63cdeb132f38af7e8
The former director of a major building firm which collapsed with debts of about $31 million has avoided bankruptcy with creditors to receive between 0.4 and seven cents in the dollar.
Former RGD Group Pty Ltd and RGD Constructions Pty Ltd director Ron Grabbe entered into a Personal Insolvency Agreement with creditors of his estate in mid-November, avoiding bankruptcy after a dramatic collapse of his building empire earlier this year.
The agreement was carried out on December 9, with creditors now given until January 7, 2021, to lodge a proof of debt, to claim between 0.4 cents and seven cents in the dollar of the dividend set to be declared.
First crane goes up on $78m luxury development
Mr Grabbe, a prominent Coast businessman and out…
Read the full article at: https://www.qt.com.au/news/ex-rgd-boss-avoids-bankruptcy-with-100k-deal/4162830/
As 2020 comes to a close, it is clear that the year will be marked by a series of somber statistics. More than 300,000 Americans have died due to Covid-19. There are still 10 million fewer U.S. jobs than before the coronavirus pandemic began
And as college students across the country pivoted between on-campus and remote learning, 2020 was also the year the United States surpassed owing over $1.7 trillion in student debt for the first time.
The Federal Reserve estimates that in quarter three of 2020, Americans owed more than $1.7 trillion in student loans an increase of nearly 4% compared to quarter three of 2019.
The decades-long increase in student debt is even more noticeable when compared to decades prior. In quarter three of 2010…
Read the full article at: https://www.cnbc.com/2020/12/22/us-student-debt-has-increased-by-more-than-100percent-over-past-10-years.html
The former director of a major building firm which collapsed with debts of about $31 million has avoided bankruptcy with creditors to receive between 0.4 and seven cents in the dollar.
Former RGD Group Pty Ltd and RGD Constructions Pty Ltd director Ron Grabbe entered into a Personal Insolvency Agreement with creditors of his estate in mid-November, avoiding bankruptcy after a dramatic collapse of his building empire earlier this year.
The agreement was carried out on December 9, with creditors now given until January 7, 2021, to lodge a proof of debt, to claim between 0.4 cents and seven cents in the dollar of the dividend set to be declared.
First crane goes up on $78m luxury development
Mr Grabbe, a prominent Coast businessman and out…
Read the full article at: https://www.dailymercury.com.au/news/ex-rgd-boss-avoids-bankruptcy-with-100k-deal/4162830/