Selling a portion of your business may bring in cash, provide access to resources, or reduce financial risk. (Photo credit): Gettyimages.com/pixelfit

How selling certain portions and assets of your business can be part of your strategy to save it

Cash is a lifeline. But with the prolonged pandemic, lower overall consumer spending and lack of federal funding, many businesses are struggling to maintain cash flow and keep their doors open. A September report by Yelp found that 60% of businesses that closed due to COVID-19 have now closed permanently. Data suggests that in the U.S., almost a quarter of all small businesses remain closed, the World Economic Forum reports.

I know its hard, in this time of C…

Read the full article at: https://www.eastwestbank.com/ReachFurther/en/News/Article/Selling-Part-of-Your-Business-as-a-Restructuring-Strategy

Recently we learned that two mall real estate investment trusts, or REITs, declared bankruptcy after the COVID-19 pandemic decimated their already-fragile businesses. Pennsylvania Real Estate Investment Trust (NYSE:PEI) and CBL & Associates (NYSE:CBL) were the first two victims of the pandemic, but will there be others in the mall REIT space? In this Fool Livevideo clip from our Nov. 2 Industry Focusshow, host Jason Moser and Fool.com contributor Matt Frankel, CFP discuss why these two mall operators ran into trouble, what comes next, and whether mall REIT investors should be worried about other major operators.

Jason Moser: Let’s move over to one of your specialties, real estate investment trusts, REITs. We love ta…

Read the full article at: https://www.fool.com/investing/2020/11/16/2-mall-reits-went-bankrupt-should-investors-be-wor/

The Indian label has been suffering from financial troubles for years and is now facing legal action from vendors and employees alleging unpaid wages,according to a report by the New York Times.

Earlier this year, Arora parted ways with his long-time business partner Deepak Bhagwani, who told the NYT that thebrandsFrench holding company went into liquidation in July.

Arora has been described asthe John Galliano of India and is one of the most highly recognised Indian fashion designers in the world. A former creative director at Paco Rabanne,hewas one of the first Indian designers to make a splash at Paris Fashion Week.In the past he has collaborated with global brands includingMAC Cosmetics, Reebok and Swatch.

The company did not immedi…

Read the full article at: https://www.businessoffashion.com/news/news-analysis/report-manish-arora-in-liquidation

There are growing fears about the number of zombie companies being artificially propped up by wide-ranging government support and the damage they could do to other small businesses.

Data from the Australian Securities and Investments Commission shows the number of companies entering administration in WA in September was down almost 42 per cent on last year.

But while on the surface these numbers look encouraging, experts have warned they could be a sign that insolvencies could rocket once the JobKeeper subsidy ends.

Many insolvent companies are still trading as they have not been filtered out of the economy because the Federal Government gave directors temporary amnesty from insolvent trading claims. This ends on December 31.

Brendan …

Read the full article at: https://thewest.com.au/business/wa-firm-sm-solvency-accountants-offering-digital-solution-in-tough-times-ng-b881723143z

A home previously owned by MEP Mick Wallace which was the subject of legal proceedings after he was declared bankrupt has gone sale agreed.

AIB placed his Clontarf home on the market after repossessing the property over unpaid mortgage debts.

No 13 Clontarf Road, a three-bedroom bungalow in Dublin, had a price tag of 725,000 some 225,000 less than was owed to AIB.

It is understood the price offered for the house by an Irish buyer was close to 745,000.

A spokesperson for the estate agents, REA Grimes confirmed the property had just gone sale agreed.

Last year the politician and property developer from Wexford threatened to burn down the 169sq m property before handing it over to the bank, according to an affidavit filed by a bank offici…

Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/sale-agreed-on-house-previously-owned-by-mep-mick-wallace-1.4410483

Member Article

Corporate insolvencies decreased to 856 in October 2020 compared to Septembers figure of 925, and remained well below October 2019s figure of 1,485.

Personal insolvencies increased to 11,939 in October 2020 compared to Septembers figure of 7,458, and were higher than October 2019s figure of 10,030.

Eleanor Temple, chair of the insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of Octobers Corporate and Personal insolvency statistics for England and Wales:

Corporate insolvency numbers in October were slightly down on September, and as has been the pattern since the onset of the pandemic sharply down on the same month in 2019. Month on month,…

Read the full article at: https://bdaily.co.uk/articles/2020/11/16/r3-responds-to-october-insolvency-statistics

A Kiwi-designed tourism and hospitality software system and business has been placed on the market for sale by its liquidators Lynda Smart and Geoff Brown of Rodgers Reidy.

The business and IT software system allow small-to-medium sized tourism and hospitality operators to take third-party on-line bookings and payments with real-time availability updates.

The Real Time Booking System (RTBS) is utilised by tourism and hospitality operations across New Zealand and Australia. The internet-based operation was created by Whyte Waters Group Limited (In Liquidation).

Both the Whyte Waters Group business and Real Time Booking System operations are continuing to trade. Prior…

Read the full article at: https://www.scoop.co.nz/stories/BU2011/S00283/tourism-booking-it-software-business-placed-up-for-sale-in-liquidation-process.htm

GamCare has shown its support for the Money & Pensions Services (MaPS) annual Talk Money Week (#TalkMoney) national campaign, which encouraged the general public to openly speak about their personal finances.

Hosted from 9-13 November, the #TalkMoney campaign placed financial concerns related to problem gambling as a key topic, as the public finance body encouraged the public to seek open advice on their personal finances, securing stronger guidance with regards to their personal debt, credit cards, loans and savings accounts.

Supporting MaPS objectives, GamCare highlighted that financial well-being was a fundamental process in the recovery of gambling addicts. Furthermore, the charity noted that at-risk and vuln…

Read the full article at: https://www.sbcnews.co.uk/europe/uk/2020/11/16/gamcare-backs-talkmoney-campaign-to-broaden-public-financial-advice/

Approached by The Australian Financial Review to comment, Mr Porter said: “The government is considering Australias personal insolvency settings to make sure they best support our economic recovery from the impacts of COVID-19, including considering the default bankruptcy period.

“The nature of the personal insolvency system, and the bankruptcy default period, is that it necessarily requires balancing the interests of debtors and creditors, and the governments focus will be on ensuring the right balance is struck, especially in helping businesses and individuals deal with the impacts of COVID-19.”

‘Punitive’ by international standards

Australian Restructuring Insolvency and Turnaround Association chief executive John Winter said the t…

Read the full article at: https://www.afr.com/policy/economy/bankruptcy-reform-to-lift-economic-recovery-20201113-p56ebh