Insolvency Guardian Media Centre
It was the kind of news that should have spelt big trouble for James Packer’s Crown casino empire.
In September 2014, Four Corners revealed Crown’s joint venture in Macau, Melco Crown, was bringing in high rollers from mainland China using junket operators with links to organised crime triad gangs notorious for laundering drug money and the proceeds of sex trafficking, as well as for violent debt collection.
The junket operators included Suncity, long identified by law enforcement agencies around the world as having Triad ties.
Four Corners revealed it was “not just running some of Melco Crown’s VIP rooms in Macau it’s bringing Chinese high rollers to James Packer’s Crown Casinos in Australia”.
The fallout from these bombshell revelat…
Read the full article at: https://www.abc.net.au/news/2020-11-30/regulators-still-in-the-dark-on-crown-casinos-criminal-ties/12929312?section=world
Updated: November 2, 2020 6:52:26 pm
The Supreme Court on Friday transferred to itself all the petitions challenging the Insolvency and Bankruptcy Code (IBC) provisions relating to initiation of insolvency proceedings against personal guarantors.
The Supreme Court on Friday transferred to itself all the petitions challenging the Insolvency and Bankruptcy Code (IBC) provisions relating to initiation of insolvency proceedings against personal guarantors.It will now hear these cases on December 2.
What is a personal guarantee?
To secure loans easily and effectively and to showcase their intent to repay bank dues on time, the promoters of some of the big business hou…
Read the full article at: https://indianexpress.com/article/explained/supreme-court-insolvency-bankruptcy-code-personal-guarantors-wilful-defaulters-6911352/
Observe these dos and donts when using a Debt Consolidation Plan (DCP) to manageoverwhelming credit card debt.
When debt coming from multiple credit cards becomes too much to handle, a Debt Consolidation Plan (DCP) can help rebuild your financial life.
Weve explained how a DCP works in Singapore. In a nutshell, it combines all your existing unsecured debt into a single loan with a potentially lower interest rate.
A DCP has a fixed term and monthly payments that go towards paying off your total unsecured debt. If used properly, this should eliminate your debt efficiently and can even save you money on interest payments.
However, like any other financial product, using a DCP requires discipline and a serious commitment towards paying off …
Read the full article at: https://www.asiaone.com/money/dos-and-donts-debt-consolidation-plan
Ticket Rocket
Those in charge of Ticket Rockets liquidation have painted a grim picture for unsecured creditors.
People owed money by a much-maligned ticket company may be out of luck, with liquidators doubting everyone will be paid.
Companies associated with Ticket Rocket were placed in receivership in August, after multiple reports the ticket agent was not paying refunds for events cancelled due to coronavirus lockdowns.
One of those companies, Fortress Information Systems Ltd, was subsequently placed in liquidation in October over debts owed to the Hurricanes and Crusaders Super Rugby franchises.
The Hurricanes were owed $186,000 and the Crusaders $155,000.
READ MORE:
* Ticket Rocket owes millions but receivers have questions …
Read the full article at: https://www.stuff.co.nz/business/300170124/ticket-rocket-liquidator-doubts-unsecured-creditors-will-be-paid
image copyrightReutersBreaking up the Arcadia retail empire, which includes Topshop, Burton and Dorothy Perkins, is “the only way” forward as it faces collapse, its former chief executive said.
Lord Rose, now chairman of Ocado, said “people will come and pick over the carcass” but not all the brands and infrastructure are likely to sell.
“If you aren’t relevant, you’re probably going to die,” he said.
Administrators could be appointed on Monday, putting 13,000 jobs at risk.
Lord Rose, who was chief executive of Arcadia until it was bought by retail tycoon Sir Philip Green in 2002, said the company had been “caught ou…
Read the full article at: https://www.bbc.com/news/business-55113812
Early action is the key to businesses avoiding or surviving financial difficulties. This guidance covers: how to recognise issues when they arise, what advice to seek and who to approach. It explains the role of licensed insolvency practitioners, the six signs an organisation is in distress and the seven stages of business recovery.
Most people launching a new business do so with hope and optimism. All hope it will succeed, but most also know that along the way they will experience challenging times.
Cash rarely flows in the steady stream business owners would like. The cost of business can rise sharply and unexpectedly. This can make managing liquidity tough. The difference between businesses that survive and thrive and those that fail…
Read the full article at: https://www.icaew.com/technical/business-and-management/economy-and-business-environment/business-restructuring-and-insolvency
Even by the brutal standards of big business and the political arena, it is a spectacular fall from grace.
Lord Magan of Castletown, a former Tory party treasurer who owned one of Irelands grandest estates, has been declared bankrupt. His debts are estimated at 14 million and his marriage appears to be over. A search for any surviving assets has begun after the financier, once estimated to be worth 200 million, claimed to be penniless.
Castletown Cox, one of Irelands great Palladian mansions and which had a 30 million art collection, has been sold with its 513-acre estate in Co Kilkenny. The peers 6 million home in Kensington, west London, has also been sold and his wife, Lady Magan, 73, has tried to have him
Read the full article at: https://www.thetimes.co.uk/article/lord-magan-of-castletown-declared-bankrupt-with-debts-of-14m-7pg8dq2rb
By Howard Mustoe
Business reporter
Sir Philip Green’s retail empire Arcadia, which includes Topshop, Burton and Dorothy Perkins, is understood to be on the brink of collapse.
Sir Philip had been in talks with potential lenders about borrowing 30m to help the business through Christmas.
However, these talks have failed and administrators could be appointed on Monday, putting 13,000 jobs at risk.
Arcadia said it was working on “contingency options”.
Is this because of the pandemic?
Arcadia admitted that the coronavirus had had “a material impact on trading across our businesses”.
“As a result, the Arcadia boards have been working on a number …
Read the full article at: https://www.bbc.com/news/business-55099374
Effective talent management has never been more important than in such turbulent times when business restructuring has accelerated.
The coronavirus pandemic has not only brought about a deep, global economic recession, it has also forced significant numbers of organisations to shift their business models, working practices and routes to market almost overnight. Companies have embraced remote working, digital and online activity at unprecedented levels.
But this scenario is also having an impact in two other key talent management-related areas: on the one hand, it is leading some employers to make more or fewer redundancies depending on their circumstances; on the other, it is accelerating reskilling efforts often already begun in respo…
Read the full article at: https://www.raconteur.net/hr/talent-management/talent-management-restructure/
Business Planet heads to Brittany, France, to see how one baker is making dough again after he was forced to close his boulangerie in Paris.
For those companies going through the COVID mill right now, Ollivier Christiens story is proof that it is always possible to bounce back in business. The baker runs a successful boulangerie with his wife in the village of Saint Coulomb just outside the historic French city of Saint Malo.
But it wasnt always like this. In 2016, Ollivier was forced to shut his bakery in Paris after a dispute with a business partner. To close the company and start again he contacted Second Souffle (Second Wind), a nationwide association that helps entrepreneurs in difficulty bounce bank.
Explaining why he turned to t…
Read the full article at: https://www.euronews.com/2020/11/27/bouncing-back-after-business-failure
A woman whose husband had run up gambling debts was brought to Britain and forced to work as a prostitute by a married couple who ran a trafficking ring in upmarket areas of London.
Wai Tsang, 52, and Wenwen Pan, 40, known as Big Brother and Mimi, threatened their victims with violence and told one that her family in China would be killed if she did not work around the clock. The exploited women were only allowed to leave their rooms when they were driven to clients houses or hotel rooms.
The couple took the womens passports and ordered them to sell drugs including cocaine and crystal meth to their customers.
Scotland Yard launched an undercover operation and broke up the trafficking ring after a
Read the full article at: https://www.thetimes.co.uk/article/wife-sold-into-sex-slavery-to-pay-gambling-debts-csx3hz7jc
When experienced finance leader Amrish Shah worked at Unilever, he faced the task of restructuring its central European ice cream business due to rapidly melting profits. Some companies may have concentrated only on cutting costs in such a perilous situation.
But a cost-only focus would never have sufficed as it risked weak commitment or even resistance from employees, with no brighter future to inspire them, saysShah.
Instead, we decided the restructuring plan must go hand in hand with a five-year strategy of reinvesting benefits to deliver a winning, thriving organisation. It was rewarding to be part of that compelling change narrative.
The outcome was Unilever was able to action most of the restructure plans within two years and fin…
Read the full article at: https://www.raconteur.net/business-strategy/risk/restructuring-cost-cutting/