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Millions of student loan borrowers have just one month left to figure out how they’re going to resume monthly payments on their education debt while the coronavirus pandemic is still crushing the economy.
Monthly payments for most federal student loans have been on pause since March, when the CARES Act gave 42 million borrowers relief during the coronavirus pandemic. For the more than 37 million of those borrowers that haven’t made a payment in months, the unprecedented break is coming to an end. The moratorium will lapse in December, meaning payments will resume again in January unless another extension comes soon.
In addition to monthly payments, the Department of Education paused accruing interest and stopped c…
Read the full article at: https://www.cnbc.com/2020/12/01/for-42-million-student-loan-borrowers-monthly-payments-resumes-january-.html
Our Business Restructuring special report, published in The Times, explores how to avoid short-term cuts and long-term losses, new ways retail brands are thriving, the pivot of sales teams during a pandemic, and more. The featured infographic looks at the near-term outlook for chief financial officers and what measures they are taking to shore up corporate finances
Read the full article at: https://www.raconteur.net/report/business-restructuring-2020/
The Government has today announced the extension of the business debt relief through to October 2021 for those business affected by the Covid-19 pandemic.
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The Government announced the extension this morning. Source: 1 NEWS
In April, the Government announced a raft of new measures to provide relief for small and medium-sized businesses during the pandemic, in addition to a $20 billion support package.
New Zealands economy is recovering better than we expected, but the impacts of the pandemic are far-reaching and some businesses need continued support to keep trading, Finance Minister Grant Robertson said.
To help companies that are struggling due to Covid-19, we are keeping the business d…
Read the full article at: https://www.tvnz.co.nz/one-news/new-zealand/government-extends-business-debt-relief-another-10-months
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Life is harder when you have a lot of debt. Its even more challenging when you have bad credit. These two things together are going to limit how you live your life. Fortunately, there are options for people in this situation.
Heres what to do after debt consolidation with bad credit.
Stick to Your Budget
You dont want to let your guard down after consolidating your debt. While you might have gotten much better terms on your loans through the consolidation, its not wise to get lax with your second chance. Sticking to your budget is one of the most important things do after consolidating your debt.
One positive about consolidating debt is it simplifies the repayment process. This should make it easier to create and stick t…
Read the full article at: https://www.newsanyway.com/2020/11/30/what-to-do-after-debt-consolidation-with-bad-credit/
Any change to the order of payments on insolvency inevitably has consequences on the outcomes for creditors, and is therefore likely to drive changes in behaviour. While some of those changes would have been obvious and anticipated by the legislature, others risk undermining some of the stability that has been brought about by initiatives taken by the UK government to support companies through the pandemic and is arguably contrary to the spirit behind the changes introduced by the 2020 Corporate Insolvency and Governance Act (CIGA).
Changes to the waterfall
On 1 December 2020 HM Revenue and Customs (HMRC), the UK tax authority, will become a second-ranking preferential creditor in respect of certain taxes, most notably uncapped VAT, PA…
Read the full article at: https://www.pinsentmasons.com/out-law/analysis/crown-preference-implications-business-rescue
India may settle for a pre-packaged insolvency regime which is NCLT-facilitated and not entirely outside of the courts purview, said Sudhaker Shukla, whole-time member, IBBI. This is unlike the process in advanced jurisdictions like the UK, where the pre-packs are outside the court process.
A pre-packaged insolvency is an agreement between secured creditors and investors in lieu of public bidding. This statement comes even as the IBBI studies the best practices of pre-packs in various developed countries, including the UK.
Likely framework
Addressing a webinar on pre-packs organised by the IBBI and British High Commission, Shukla did not indicate by when India will have the pre-pack regime, but said that regulator was grappling with 10-…
Read the full article at: https://www.thehindubusinessline.com/economy/pre-packaged-insolvency-regime-india-is-studying-best-practices-of-other-nations/article33214698.ece
DUBAI (Reuters) – Dubai builder Arabtec Holding said on Monday it will go ahead with its earlier plan to file for bankruptcy and liquidation after shareholders did not agree for the company to continue its existing business and seek restructuring.
The statement came after a shareholder meeting earlier on Monday discussed a proposal from a group of investors to reverse a decision made in September to file for liquidation.
The board has concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process, Arabtec said in an email.
… it is in the best interests of the companys stakeholders that the company be placed into an insolvent liquidation (subject to court approv…
Read the full article at: https://www.reuters.com/article/arabtec-shareholders-bankruptcy-int/dubai-builder-arabtec-says-to-proceed-with-liquidation-idUSKBN28A0F8
The proposed restructuring of Telstra is an exciting new challenge for the company. It will now all depend on the direction the execution will take.
This is the thirdsignificant opportunity for Telstra to reinvent itself.
The first time was in the late 1990s when the digital companies started to enter the market. At that time Telstra had the Yellow Pages, the BigPond internet service and a 50 per centshare in Foxtel. In my market assessments I suggested that if these assets were combined, Telstra had the potential to build a national digital company.
However, infighting between the three divisions about their own importance to Telstra and the organisation focus on vertical integration (it controlled the infrastructure, wholesale, re…
Read the full article at: https://independentaustralia.net/business/business-display/time-will-tell-whether-telstra-can-become-a-leading-digital-company,14573
Staff at Debenhams are facing an uncertain future today, after the company confirmed it had started the liquidation process.
If completed, that would see the 242-year-old department store cease to exist, with all branches closed and 12,000 jobs lost.
As things stand, administrators are still looking for offers “for all or parts of the business”, and stores will reopen as planned on 2 December – but only to sell as much stock as possible in case buyers cannot be found.
“On conclusion of this process, if no alternative offers have been received, the UK operations will close,” the company said in statement.
And if they close, that means redundancy for staff.
Ross Meadows, Partner at Oury Clark solicitors, said: “If the employer is subject…
Read the full article at: https://www.mirror.co.uk/money/staff-rights-your-company-liquidated-23096959
PUTRAJAYA (Dec 1): A company in the midst of being wound up can still receive damages for defamation as vindication of its reputation and to avoid further disrespect which it may have suffered due to defamatory words published, a senior lawyer told the Federal Court today.
Tan Sri Cecil Abraham, who appeared for Raub Australian Gold Mine Sdn Bhd (RAGM), said in the two questions of law posed by Malaysiakini in its appeal to set aside payment of RM200,000 in damages, the news portal had stated that the cause of action in the suit was filed before the company was wound up.
Goodwill is capable of existing in an insolvent company. Further damages for loss of goodwill can be awarded to it. This is so because the goodwill of the company holds…
Read the full article at: https://www.theedgemarkets.com/article/lawyers-spar-over-whether-company-liquidation-can-still-receive-damages-defamation
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Read the full article at: https://www.skynews.com.au/details/_6213019184001
Arcadia’s administration would be the UK’s highest-profile retail insolvency in a sector that has already lost more than 125,000 roles in the country since January. It would also mark a stratospheric fall from grace for Sir Philip, who was once dubbed “King of the High Street”.
Arcadia would follow Debenhams, the struggling department-store retailer, which filed for the same type of proceedings in April, allowing the company to stay in business while seeking a buyer or fresh funding.
Like most UK retailers, Arcadia has been struggling under coronavirus restrictions. A second lockdown in England put additional pressure on the company as it was forced to keep its stores closed throughout November.
On Friday, it said in a statement it wa…
Read the full article at: https://www.afr.com/companies/retail/retail-empire-of-billionaire-philip-green-teeters-on-edge-20201130-p56j3z