COPENHAGEN, Denmark (AP) Low-cost carrier Norwegian Air Shuttle said Wednesday it is seeking restructuring and bankruptcy protection in Ireland, where its fleet is held, saying the decision was in the interest of its stakeholders.
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Executive summary
On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt to shore up its tax take.
The reform in context
Prior to the Enterprise Act 2002 (Enterprise Act), HMRC ranked ahead of floating charge security holders (such as banks) in respect of unpaid taxes of insolvent companies. The Enterprise Act then removed this preferential status. Currently and prior to 1 December 2020, HMRC is an ordinary unsecured creditor in a companys insolvency. This means …
Read the full article at: https://www.jdsupra.com/legalnews/covid-19-uk-insolvency-reform-crown-86239/
MONTGOMERY, Ala. (WSFA) – It is a staggering number. About 45 percent of all bankruptcies in Montgomery County alone are tied to massive medical debts.
But two Montgomery churches and a synagogue are doing their part to help lift the burden from those saddled with the debts.
Kreg Sherbine is a member of First Christian Church Disciples of Christ in east Montgomery, a church connected with the RIP Medical Debt Charity based in the state of New York.
We are called to care for those in need, Sherbine said.
And those in need in Montgomery County include about 1,200 people who have had their medical debts either dramatically reduced or forgiven altogether. They represented a combined total of $1.2 million in medical debts.
In man…
Read the full article at: https://www.wsfa.com/2020/11/18/montgomery-churches-synagogue-take-part-national-debt-relief-charity/
Norwegian will continue to operate its route network and both its bonds and shares will trade as normal on the Oslo Stock Exchange, the carrier said.
Like other airlines, its fleet is now mostly grounded as the pandemic has caused a near-total halt to global travel.
It said that its top priorities remain safeguarding as many jobs as possible, while rightsizing its asset base. It did not provide further detail but said the process under Irish law may last for up to five mo…
Read the full article at: https://scnow.com/business/norwegian-air-seeks-bankruptcy-protection-to-restructure/article_d01068f7-a85d-5fcb-8a81-fe2f99a92619.html
As the pandemic-induced global recession continues to batter African economies, the Group of Twenty (G20) governments have sidestepped the pressing need for assistance to countries hardest hit by the downturn. Instead, they have focused on aligning their interests in preparation for the next stage of the regions deepening crisis: the restructuring of unsustainable debt burdens.
That is the inescapable conclusion of last weeks special meeting of G20 finance ministers, which laid the groundwork for the November …
Read the full article at: https://www.atlanticcouncil.org/blogs/new-atlanticist/from-debt-relief-to-restructuring-the-g20-wakes-up-to-reality/
Wednesday, November 18, 2020
Executive Summary
On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt to shore up its tax take.
TheReformin Context
Prior to the Enterprise Act 2002 (Enterprise Act), HMRC ranked ahead of floating charge security holders (such as banks) in respect of unpaid taxes of insolvent companies. The Enterprise Act then removed this preferential status. Currently and prior to 1 December 2020, HMRC is an ordinary unsecured creditor in a compan…
Read the full article at: https://www.natlawreview.com/article/covid-19-uk-insolvency-reform-crown-preference-returns-1-december-2020
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“We had become very formal and formulaic in doing what we were doing and were spending too much time trying to copy other competitors.”
Virgin launched as the budget carrier Virgin Blue 20 years ago but in 2011 reinvented itself as a full-service airline targeting Qantas’ rusted on corporate travellers. It ran up huge financial losses and struggled on the ASX until COVID-19 pushed it into voluntary administration in April.
Ms Hrdlicka, who Bain tapped to replace former boss Paul Scurrah, said Virgin would not step back from its fight with larger competitor Qantas and would hold steadfastly onto about a third of the domestic travel market.
“Were not walking away from market share,” she said. “Well be very competitive with both …
Read the full article at: https://www.smh.com.au/business/companies/fun-and-relaxed-virgin-to-target-mid-market-travellers-20201118-p56fmr.html
Lubys, which operates Lubys Cafeterias and Fuddruckers restaurant chains, has received approval from its stockholders for the liquidation and dissolution of the company.
The approval enables the sale of the companys assets and distribution of the net proceeds to the stockholders before completing the remaining operations.
Lubys said that 99% of its shareholders voted in support of the liquidation.
The company is looking to convert its complete assets into cash and satisfy or resolve its remaining liabilities and obligations before filing for dissolution.
The assets to be sold include operating divisions Lubys Cafeterias, Fuddruckers chains and its Culinary Contract Services business and real estate holdings.
Commenting on the develop…
Read the full article at: https://www.verdictfoodservice.com/news/lubys-stockholders-approval-liquidation/
Banco Santander has released a statement confirming its acquisition of tech assets from insolvent payment processor Wirecard.
Although not confirmed in the companys official document, other sources report the total figure exchange as being 100m.
Wirecard, which declared insolvency earlier in the year following revelations that it had misplaced over US$2.3bn in funds, was formerly renowned for its technologys widespread usage among leading fintechs.
Distancing itself from the aforementioned controversy, the bank has made it explicitly clear that the deal does not include Wirecard companies.
Accelerating plans
Specific assets purchased in the deal include payment solutions for merchant acquiring and issuance services.
Santander will use t…
Read the full article at: https://www.fintechmagazine.com/technology-and-ai-2/santander-acquires-wirecards-assets-tech-expansion
LONDON (Reuters) – One morning, after years of financial prudence and solid creditworthiness, you wake up and its all gone. Youre no longer worthy. Youre a risk. In fact, youre sub-prime.
That is the fate facing thousands of Britons who, often for no fault of their own, could begin 2021 as subprime borrowers if they have had more than six months of relief from COVID-19 debt woes.
This could have dire consequences for people who have historically struggled to access credit, especially those on lo…
Read the full article at: https://www.reuters.com/article/uk-health-coronavirus-britain-credit-ins/from-haves-to-have-nots-how-covid-19-is-swelling-uks-subprime-ranks-idUKKBN27Y0J0
Colin Llewellyn, 56, siphoned off cash from the 1st Bayston Hill Scouts in Shrewsbury to fund his gambling problem – money the children had painstakingly raised for a trip to a summer camp in Bern.
Llewellyn, a scout master of 27 years, was subject of a proceeds of crime act hearing at Shrewsbury Crown Court on Tuesday.
Rob Edwards, defending, told the court Llewellyn had been declared bankrupt but had offered to make payments.
Judge Anthony Lowe adjourned the hearing until December 1 for further enquiries to be made to see if the cash can be recovered.
Bank statements showed he had been using scout money for bets for around 12 months, and sometimes he reimbursed the coffers when he had a win.
But his gambling got out…
Read the full article at: https://www.shropshirestar.com/news/crime/2020/11/18/shropshire-scout-leader-who-stole-childrens-8000-holiday-fund-declared-bankrupt/
- Virgin Australias sale to US private investment company Bain Capital is officially complete.
- It comes after the airline went into voluntary administration amid the coronavirus pandemic, appointing Deloitte as administrators.
- Virgin Australia has also appointed a new CEO, former Jetstar boss Jayne Hrdlicka, and outlined its new direction under her leadership.
- Visit Business Insider Australias homepage for more stories.
Virgin Australia has become the first major Australian airline to rise out of voluntary administration and has revealed its plans under its new CEO.
The airlines administrators, Deloitte, announced on Tuesday that the sale of Virgin Australia Group to US private investment firm Bain Capital was complete after a seven …
Read the full article at: https://www.businessinsider.com.au/virgin-australia-sale-complete-2020-11
November 18, 2020
Read the full article at: https://pitchbook.com/newsletter/santander-picks-up-wirecard-europe-assets-for-100m