Insolvency Guardian Media Centre
* 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-idUSL1N2IO0PW
Part of NRDC’s Year-End Series Reviewing 2020 Climate & Clean Energy Developments
With millions of Americans drastically behind on their energy and water utility bills, no additional federal assistance on the horizon, and moratoria on utility shutoffs expiring, the United States is facing a deepening economic and public health crisis. While some states and utilities are stepping up to help, much more can and must be done to help low income and communities of color who are most heavily burdened by high energy and water costs, and for whom this accumulating debt can be crippling.
iStock-urbazon
Millions are still out of work and unable to pay their bills. The National Energy Assistance Directors Associationestimatedthat between…
Read the full article at: https://www.nrdc.org/experts/sheryl-carter/customers-need-debt-relief-commissions-utilities-can-help-0
TOKYO (Reuters) – U.S. Treasury Undersecretary for International Affairs Brent McIntosh said on Tuesday that continuing vigilance was needed to check that China and other countries participate transparently in a Group of 20 debt relief framework.
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 that.
Were going to need to see (…
Read the full article at: https://uk.reuters.com/article/g20-debt-usa/u-s-treasury-official-says-g20-debt-relief-scheme-must-be-transparent-idUKKBN28I1BE
Dubai-based online marketplace for mothers and children, Sprii, has hired Guy Wall of Grant Thornton as the companys liquidator after its dual quest of raising additional funding and selling the business, went south.
A board resolution passed on December 6 has formally placed the company into liquidation.
I have been advised that the liquidator is currently undertaking an urgent financial assessment of the business to determine its ability to enter into an accelerated sale campaign. In the interim, all ongoing trading of the business will cease until this assessment is completed, read a letter by founder and CEO Sarah Jones.
If a sale of the business is not possible, I will be working hard to rehouse all of our team, she added.
In H1 2…
Read the full article at: https://gulfbusiness.com/dubai-e-commerce-platform-sprii-goes-into-liquidation-after-failing-to-raise-more-capital/
Creditors at print giant Ovato have unanimously agreed to support the companys restructuring plan, which will see unsecured creditors take a 50 per cent haircut on outstanding invoices, the company closing its Victoria print operation, and receiving a $40m cash injection.
Subject to the successful completion of certain other restructuring initiatives, Ovato will proceed to the second hearing in the Supreme Court of NSW currently scheduled for 18 December, seeking orders that the creditors scheme of arrangement and members schemes of arrangement be approved.
Ovato CEO Kevin Slaven said: The vote is the next key…
Read the full article at: https://www.print21.com.au/commercial/ovato-creditors-all-back-company-restructuring
Focus Resources on the Development of Crazy Sports
Proposes a Name Change to Reflect its Leading Position in Internet Sports
HONG KONG, Dec. 8, 2020 /PRNewswire/ — V1 Group Limited, (“V1 Group” or the “Company“, together with its subsidiaries, the “Group“; stock code: 00082.HK) today announced a business restructuring plan which will make explicitly Crazy Sports as the principle business of the listed Company; the plan involves disposal of China Arab TV and the telemedia business and discontinuation of the e-commerce business Liangzi Port. As China’s leading sports lottery and entertainment platform, Crazy Sports will continue to thrive, amalgamates its online sports lottery paid knowledge, sports events information and offline retail…
Read the full article at: https://finance.yahoo.com/news/v1-group-announces-business-restructuring-032300322.html
The department had originally been made aware the land could have been purchased in January, 2011.
By January 2013, the Ottones had received close to $1.3 million in payments from the department before the completion of the housing project in 2014.
CCC acting commissioner Scott Ellis, in an opening statement, told the hearing at the very best the department had missed out on an opportunity to buy some cheap land.
“At worst, there was corrupt diversion of funds for housing to underwrite Mr Whytes gambling,” he said.
Mr Michell, who says he was involved in the buying and selling of several blocks of land in the Pilbara during the mining boom, provided inconsistent evidence to the hearing around the timing of events involving the block th…
Read the full article at: https://www.watoday.com.au/national/western-australia/corrupt-government-official-s-bookie-faces-ccc-hearing-over-pilbara-land-deal-20201207-p56lbu.html
Shadow Minister for Employment, Industry and Small Business Brendan O’Connor. Source: AAP Image/James Ross.
The pandemic has hit small businesses hard, with many about to go to the wall. At the end of this month an avalanche of insolvencies is predicted after a regulatory freeze on bankruptcies expires.
To counter this, the Treasurer and Assistant Treasurer announced in September what they described as US Chapter 11-style insolvency reforms. These changes would see small businesses at risk of collapse able to keep trading and work out their problems with a small business restructuring practitioner instead of appointing an administrator.
On paper this looks like a great solution. In reality, we see a photo op with no follow throug…
Read the full article at: https://www.smartcompany.com.au/business-advice/politics/brendan-oconnor-insolvency-reforms-safeguards/
NEW YORK (TNS) All they want for Christmas is their debt paid off.
Students and elected officials huddled in the cold Monday to urge President-elect Biden to show some holiday spirit and wipe the slate clean on more than $90 billion of student loan debt across the state.
U.S.Sen.Chuck Schumer, D-N.Y., said the new administration doesnt need a team of elves or a sleigh to deliver the gift to students and the American economy. All Biden needs, he said, is to sign his name on an executive order.
We have come to the conclusion thatPresident Bidencan undo this debt on his first day in office, Schumer told reporters outside his Midtown office. You dont needCongress. All you need is the flick of a pen.
TheU.S.Senate minority lead…
Read the full article at: https://www.oleantimesherald.com/news/schumer-debt-relief-plan-would-erase-50-000-from-each-ny-student-loan/article_1d10bf58-7429-5337-a34f-827005904898.html
Dentsu International revealedin a Tokyo Stock Exchange filing on Monday that it will workto eliminate 12.5% of its46,560-person workforce, totaling aloss of about 6,000 roles, as part of its ongoing restructuring to reduceits agency brands from 160 to just six. The Financial Times first reported the job cuts.
A Dentsu spokespersonattributed the staff cuts as well as its larger restructuring to the negative impactbrought on by the pandemic. The holding companysaid its640 million ($855 million) restructuring will involve reducing redundancies across its international businessthe groupformerly known as Dentsu Aegis Network composedof agencies like 360i and Carat, whichis owned by Japanese parentDentsu Group.
“In our [first half]2020 financ…
Read the full article at: https://adage.com/article/agency-news/dentsu-cut-6000-jobs-part-restructuring/2299176
Joe Biden promised he would push to cancel a significant portion of Americans student debt during his presidential campaign. Fulfilling this promise entails politically fraught decisions over how to do it and who would benefit.
Mr. Biden, a Democrat, campaigned on forgiving hundreds of billions of dollars of student debt, starting with a $10,000 write-off for all 43 million Americans with federal loans. Some congressional Democrats and activist groups are pushing him to go further, forgiving most or all of the $1.6 trillion in student debt.
Student debt is the largest type of debt held by Americans after mortgages. The amount has tripled since 2007. Defaults are high. Many economists say that canceling at least some debt would boost the…
Read the full article at: https://www.wsj.com/articles/on-student-debt-biden-must-decide-who-would-benefit-11607356246
Dubai-based baby products ecommerce platform Sprii has been placed into liquidation after running out of cash,MENAbytes has learned. A board resolution was passed to place the company into liquidation, appointing accounting firm Grant Thornton as its liquidator.
Spriis founder and CEO Sarah Jones wrote a letter to stakeholders informing them about the decision.
As a result of our inability to raise further capital to support the ongoing trading of Sprii, coupled with the conclusion of an unsuccessful campaign to sell the business, I have been forced to take significant steps that will impact the future of the business, said Jones in the letter, which was seen by MENAbytes.
The startup had raised close to USD 15 million, including USD 8….
Read the full article at: https://kr-asia.com/dubais-sprii-enters-liquidation-after-running-out-of-cash