Insolvency Guardian Media Centre
Covid-19 has caused financial injury and distress to many Filipinos. By early 2021, after the grace periods for loans and other forms of financial assistance granted under Bayanihan 2 will have been exhausted, many more Filipinos will experience the stress and burden of their creditors demanding repayment. Unless a Bayanihan 3 or other legislative relief measure is enacted, defaults on debts are likely be the norm in 2021.
Some Filipinos may find some relief from their debts under Republic Act 10142, or the Financial Rehabilitation and Insolvency Act (FRIA) of 2010. For individuals, the remedies under the FRIA apply only to residents and citizens of the Philippines who are insolvent.
Under the FRIA, the term insolvent means the financi…
Read the full article at: https://www.manilatimes.net/2020/12/10/business/columnists-business/fria-remedies-for-insolvent-filipinos/807580/
Metso Outotec says it is reorganising its Metals business as part of an earlier announced turnaround program.
The target is to create an operational model for Metals capital and services that suits the scale and nature of the business today and meets the specific demands of the Metals refining segment customer base, it said.
Jari lgars, President, Metals business area at Metso Outotec, said: The restructuring and turnaround program aims to improve Metals competitiveness and financial performance as well as ensure more granular management of the various businesses and resources. The restructuring will enable us to size and scope our offering and resources in a more efficient way.
Around 1,100 employees working with the Metals capital and…
Read the full article at: https://im-mining.com/2020/12/09/metso-outotec-to-reorganise-metals-business/
BELGRADE (Serbia), December 9(SeeNews) -Serbia’s Bankruptcy Supervision Agencysaid it offering for saleinsolventengineering and construction company Projmetal at an auction on January 20, the agency has said.
The startingpricein the auction is set at 411.3 million dinars($4.2 million/3.5 million euro), the Bankruptcy Supervision Agency said in a notice.
A deposit of 164.5 million dinarswhich should be paid until January 14 is required in order to participate in the auction, the Bankruptcy Supervision Agency said.
An agreement for the sale of the company will be signed in a period of up to three days after the auction.
Projmetal was declared insolvent in April 2019 and its board of creditors approved the sale of the company in October 2…
Read the full article at: https://seenews.com/news/serbia-offers-for-sale-insolvent-engineering-company-projmetal-723887
The DNB headquarters in central Amsterdam
Life insurance company Conservatrix has been declared bankrupt at the request of the Dutch central bank.
Conservatrix did not have sufficient capital to meet its obligations and its 80,000 policyholders now face a rights downgrade, the Financieele Dagblad said on Wednesday.
It is the first time since 1993 that a life insurance company in the Netherlands has gone bust. The insurer has been in the hands of Trier Holding, a Dutch limited company owned by US investment group Global Growth, since 2017.
The central bank said the bankruptcy was inevitable given Conservatrix did not meet its capital requirements and that an alternative solution did not seem possible. The curators are now looking a…
Read the full article at: https://www.dutchnews.nl/news/2020/12/life-insurance-company-conservatrix-declared-bankrupt/
TOPSHOT – US President Donald Trump looks on during a ceremony presenting the Presidential Medal of … [+]
AFP via Getty Images
How does America address an unprecedented economic crisis amid a presidential transition?
In 2008, the Obama administration prepared to inherit a country in the throes of economic catastrophe.President George W. Bush announced an $80 billion bailout andsaidthat the government has a responsibility to safeguard the broader health and stability of our economy.
Bushexplainedthat not helping auto manufacturers would lead the next preside…
Read the full article at: https://www.forbes.com/sites/taxnotes/2020/12/08/trump-may-reduce-student-loan-debt-and-taxes/
“We will continue to pursue this proceeding as a primary initiative of the organisation. I hope that in the time ahead we can propose a Deed of Company Arrangements that will see creditors paid amounts owing to them, from the proceeds that flow from our court case against iNSW
“My primary goal as I look forward to the next year is to win that court case and take the company forward in new directions. I sincerely hope that you will be there with us as we work towards the future.”
Asset sale
Chair of the meeting and co-administrator Craig Shepard said there was expected to be a “significant shortfall” to creditors if the companies in administration were liquidated, following a preliminary review of the group’s financial position.
The 39 …
Read the full article at: https://www.afr.com/property/commercial/grocon-creditors-facing-significant-shortfall-20201209-p56lwu
Grocon boss Daniel Grollo has apologised to unsecured creditors for the companys deepening financial issues due to its long-standing legal battle involving the NSW government and James Packers Crown Resorts.
At first meeting of creditors, the companys backers caught up in its $1 billion collapse heard they will likely get very little back if the 39 subsidiaries placed in administration by KordaMentha are liquidated.
The entities placed into administration, comprise just under a third of the 125 companies in the group, and include head company Grocon Pty Ltd, which acted as central treasurer for the other businesses.
Addressing roughly 30 creditors, Grollo again blamed its failed Central Barangaroo project for the cause of all its finan…
Read the full article at: https://theurbandeveloper.com/articles/grocon-administration-creditors-meeting
A travel company that organised overseas school trips has collapsed into liquidation, owing more than $2 million to hundreds of high school students.
David Coyne from BRI Ferrier was appointed as liquidator of Educational World Travel (EWT) on November 30.
The business has been operating overseas trips for school students, including its GDay USA program, for more than 32 years, according to information available from its LinkedIn page.
A Dun and Bradstreet listing for the business says it had around 20 employees.
Students in New South Wales, Queensland and Victoria have been affected by the companys collapse, with Coyne telling the ABC more than 800 students and their families are owed $2.3 million by the company.
However, these stud…
Read the full article at: https://www.smartcompany.com.au/industries/tourism/travel-company-ewt-collapses/
* G20 debt relief requires vigilance: U.S. Treasury Undersecretary McIntosh
* Initiative has helped 46 countries defer over $5 billion in debt service payments: McIntosh
* Need for extra economic aid remains: McIntosh (Adds quotes on extra economic aid)
TOKYO, Dec 8 (Reuters) – Continuing vigilance is needed to check that China and other countries participate transparently in a Group of 20 debt-relief framework, U.S. Treasury Undersecretary for International Affairs Brent McIntosh said on Tuesday.
Leaders of the worlds 20 biggest economies last month endorsed a plan to extend a freeze in debt-service payments by the poorest countries to mid-2021 and agreed to a common approach for dealing with debt problems beyond…
Read the full article at: https://www.reuters.com/article/g20-debt-usa/update-1-us-treasury-official-says-g20-debt-relief-scheme-must-be-transparent-idUSL1N2IO0PW
Many Texas residents are struggling with tens of thousands of dollars in credit card debt and personal loans, made even worse due to financial problems caused by the COVID-19 pandemic.
There are options to resolve overwhelming debt problems without a new loan or bankruptcy, and Debt Redemption Texas Debt Relief might be your answer.
Many people are unable to qualify for Debt Consolidation Loans because of the very high borrower requirements.
Debt Redemption Texas Debt Relief says it can provide multiple plans to help eliminate the stress caused by overwhelming debt — without new loans.
One form of management offered will provide lower interest rates, often between 6 to 10%. Known as traditional Credit Counseling, these programs do not…
Read the full article at: https://www.ksat.com/sa-live/2020/12/08/thinking-about-debt-relief-debt-consolidation-some-things-to-consider-before-diving-in/
The partial collapse of one of Australia’s most well-known construction companies has left a vast number of creditors in the dark about where they stand and whether they will retrieve any money owed to them.
Key points:
- Some creditors do not believe anyone will be paid
- Not all of Grocon is being put into administration
- Documents already show the company owes $500 million, and is owed $500 due to inter-company loans
The first creditors meeting into Grocon is being held virtually in Melbourne today.
The administration involves dozens of sub-companies, debts to parts of the empire that are not being declared insolvent, and a maze of inter-company loans in the hundreds of millions of dollars.
There is even a, $11.5 million debt owed to the company…
Read the full article at: https://www.abc.net.au/news/2020-12-09/grocon-first-meeting-of-creditors/12960820
Senate Minority Leader Chuck Schumer, Democrat of New York, holds a press briefing on Capitol Hill in Washington, DC, on November 6, 2020.
Nicholas Kamm | AFP | Getty Images
Senate Minority Leader Chuck Schumer, D-N.Y., has called on President-elect Joe Biden to forgive up to $50,000 for student loan borrowers.
“Ahead of the new administration, the four of us are calling on the president of the United States to take executive action to administratively cancel up to $50,000 of student loan debt, for federal student loan borrowers,” Schumer said.
He spoke in New York City on Monday, where he was joined by New York Democratic Congressmen-elect Mondaire Jones, Ritchie Torres, and via an iPad Jamaal Bowman.
Though debt cancellation …
Read the full article at: https://www.cnbc.com/2020/12/08/heres-the-tax-impact-if-schumers-call-for-student-debt-cut-is-adopted.html