Insolvency Guardian Media Centre
Sydney man kidnapped child in attempt to recover gambling debt sentenced to jail
A Gold Coast child was kidnapped to recover a Sydney mans $5.5 million gambling debt, the Southport District Court has heard.
The ABC reports that Zhen Jie Zhang, 55, has been sentenced to seven years jail after admitting he acted irrationally and said he wanted to formally apologise to his young victim, whose head he tied to a chair in 2018.
I want to say Im deeply sorry, Zhang said through an interpreter.
If you feel afraid please forgive me for that your father was acting terribly and owed me a substantial amount of money.
I felt I had no other option.
The boy, who was 12 years old at the time, was snatched from outside his house in May 2018 as he walke…
Read the full article at: https://www.casinoaus.com/news/sydney-man-kidnaps-child-over-gambling-debt/
An attorney in the bankruptcy case of CBL & Associates Properties Inc. said Monday that the Chattanooga-based mall operator is taking care of its centers as it moves into the holidays.
“This company has been managing these properties for decades,” said CBL attorney Ray C. Schrock. “We’ve been able to keep operating and move onto what we hope is a very successful reorganization and be out of Chapter 11 as soon as possible in 2021.”
U.S. Bankruptcy Court Judge David Jones said during a hearing that he “wanted to make sure we’re taking care of visitors first.” CBL operates Hamilton Place and Northgate malls in Chattanooga along with more than 100 other properties in 26 states.
During the hearing in Houston where CBL filed for reorganizat…
Read the full article at: https://www.timesfreepress.com/news/business/aroundregion/story/2020/nov/23/chattanoogmall-company-cbl-hopes-successful-r/536627/
The agreement additionally includes $165 million in new equity investments from a fund managed by the private equity group of Guitar Centers controlling owner Ares Management Corporation (which acquired a majority stake in the company in 2014), new investor Brigade Capital Management, a fund managed by The Carlyle Group and other lenders.
The company says its business operations will continue uninterrupted during the debt restructuring process and that it will continue to pay its vendors, suppliers and employees; operate its stores, websites, call centers and social media pages; and receive goods and ship orders. It will additionally honor all merchandise credits, prepaid lessons, rentals, gift cards, deposits, orders, financing and war…
Read the full article at: https://www.billboard.com/articles/business/9488875/guitar-center-bankruptcy-debt-restructure
WASHINGTON (Reuters) – The head of the International Monetary Fund on Sunday called for prompt and effective implementation of a new G20 framework set up to help the worlds poorest countries reach permanent debt relief, but said other countries needed help as well.
It is critical to operationalize this Framework promptly and effectively, IMF Managing Director Kristalina Georgieva said in a statement after addressing the leaders of the Group of 20 major economies. Going forward, we must also help those countries not covered by the Framew…
Read the full article at: https://www.reuters.com/article/us-g20-saudi-imf/imf-calls-for-expansion-of-debt-relief-beyond-worlds-poorest-countries-idUSKBN2820L5
President-elect Joe Biden expressed support for student debt forgiveness up to $10,000 at a press conference on Nov. 16 in Wilmington, Delaware. Joe Raedle/Getty Images
About 42 million Americans hold a total of $1.6 trillion in student loan debt. The hot-button issue of student loan cancelation, or forgiveness, has once again been top of mind after Sen. Chuck Schumer said in an interview that President-elect Joe Biden could wipe out the first $50,000 of federally-held debt with the pen as opposed to legislation in other words, with an executive order.
Schumer and Sen. Elizabeth Warren co-authored a resolution in September calling for the next president to do just that. The senators cited analysis from the Legal Services Center of H…
Read the full article at: https://www.marketplace.org/2020/11/23/would-canceling-10000-in-student-debt-really-help/
Lenders to Lavasa Corporation, a bankrupt hill city near Pune, have been left disappointed as none of the bidders for the company submitted a viable financial plan
Topics
Coronavirus|tarun gogoi|Lavasa
Last Updated at November 24, 2020 07:17 IST
Serum Institute, Bharat Biotech gear up to export Covid-19 vaccine shots
Indian vaccine makers are gearing up for exporting the Covid-19 vaccine overseas as they start manufacturing the doses at risk at their plants. It would be critical to recover the costs these firms have incurred to develop the vaccine candidates, which are now in the final stages of trials. Read on…
Centre planning mechanism to solve tax issues in real time: FM Sitharaman
There should be a simult…
Read the full article at: https://www.business-standard.com/article/current-affairs/top-headlines-lavasa-to-go-for-liquidation-urban-company-gears-up-for-ipo-120112400096_1.html
Daniel Patchett received a 10-year ban for managing a company when bankrupt, while his wife, Yasmin Patchett has been disqualified for six years.
Their company, DRP Distribution Ltd, was incorporated in November 2016, and provided storage and distribution services, working with several courier companies.
However, it was wound up by the courts in May 2019. The Official Receiver was appointed as liquidator before uncovering that Daniel Patchett had been running the company whilst being an undischarged bankrupt, in breach of his bankruptcy order.
Investigators established that Daniel Patchett was an appointed de jure director of DRP Distribution Ltd in November 2016. He resigned his position in February 2018 after being made bankrupt a mon…
Read the full article at: https://www.accountancydaily.co/undischarged-bankrupt-banned-director
Grocon, the Australian construction empire that grew from the family concreting business started by Luigi Grollo in Melbourne in 1948, is on its last legs.
But Grocon, the privately held property development empire headed by Luigis grandson Daniel Grollo, will continue to operate.
Media outlets have breathlessly reported Grollos announcement that Grocons construction business is insolvent, meaning it is no longer able to pay its debts, and that external administrators have been called in (as the law requires) to sort out if the business can be sold or its assets liquidated to pay off at least some of what is owed.
The Grocon group, though, is more than a construction business, having found better money-making opportunites in property de…
Read the full article at: https://theconversation.com/news-of-the-collapse-of-the-grocon-empire-is-greatly-exaggerated-150546
Croydon council has outlined a drastic renewal plan that would result in extensive staff job losses and major reductions to services at libraries and childrens centres, in one of the most dramatic cuts programmes ever seen in local government.
The Labour-run council, which in effect declared itself insolvent earlier this month after revealing a 67m hole in its budget, said it would in future adopt a bare legal minimum approach focused mainly on providing social care and refuse collection services.
This will mean some tough decisions for the council. We will stop delivering some services that we know our communities find valuable, the council said in a report discussed by the councils cabinet on Wednesday evening.
The south London boroug…
Read the full article at: https://www.theguardian.com/society/2020/nov/24/croydon-council-outlines-drastic-cuts-to-jobs-and-services
LOS ANGELES–(BUSINESS WIRE)–California Pizza Kitchen (CPK) today announced that it has successfully completed its financial restructuring process and emerged from Chapter 11, well positioned for long-term growth. As part of its financial restructuring, CPK completed a debt-for-equity transaction, and now has a substantially reduced debt load and increased liquidity, including exit financing that provides the capital to support CPKs business and build on the companys current business momentum. Upon emergence, the company eliminated more than $220 million of existing funded debt from its capital structure and now faces no near-term debt maturities. Substantially all of CPKs equity is now held by CPKs prepetition lenders.
CPK complete…
Read the full article at: https://www.businesswire.com/news/home/20201123006203/en/California-Pizza-Kitchen-Successfully-Completes-Financial-Restructuring-Process-Positioned-for-Profitable-and-Long-Term-Growth
The G20 has struck a deal on a common framework for extending more generous debt relief to the countries struggling most with Covid-19.
Following a summit on November 22, leaders endorsed the Common Framework for Debt Treatments beyond the DSSI, which will allow bilateral debt relief that goes beyond the Debt Service Suspension Initiative.
International Monetary Fund chief Kristalina Georgieva says the agreement could help countries tackle unsustainable debts through permanent debt relief
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Read the full article at: https://www.centralbanking.com/central-banks/economics/macroeconomics/7714831/g20-agrees-common-framework-on-debt-relief
Approximately 100 advisers will be forced to seek new network authorisation as Harwood Wealth Management puts its network services arm into voluntary administration.
As of Monday 23 November, Wolverhampton-based Network Direct Limited has been forced into administration, causing potential disruption for advisers, staff and clients.
The deal was worth up to 4bn.
Adviser Services Holdings Limited the new private company set up by advice market veterans that also recently took over the Sense network has acquired the future trade of Network Direct to provide a solution for advisers, staff and clients.
The firm said it …
Read the full article at: https://www.moneymarketing.co.uk/news/harwood-wealth-puts-network-into-voluntary-administration/