Insolvency Guardian Media Centre
A couple whose company provided security for the Corrib gas pipeline in Co Mayo have been declared bankrupt by the High Court.
James and Grainne Farrell were majority (58 per cent) shareholders in Business Mobile Security Services Ltd (BMSS) which, among its services, supplied security personnel to Shell during the construction of the pipeline and refinery at Bellanaboy.
BMSS, of Tougher Business Park, Newhall, Naas, Co Kildare, which was also the holding company of Senaca, went into liquidation in July 2019.
Following a breakdown in relations, a dispute arose between the four shareholders in the company, Mr Justice Richard Humphreys said in a judgment published on Tuesday.
Arbitrator
As a result, an arbitrator made an award in February…
Read the full article at: https://www.breakingnews.ie/business/couple-whose-firm-provided-security-for-corrib-gas-pipeline-declared-bankrupt-1032953.html
Has money got you worrying? Has poor mental wellbeing got you neglecting your finances? The link between money and mental health is a complicated one. But, for most of us, it does exist.
More recently, the COVID-19 pandemic has intensified money worries for many people. It’s unsurprising that during such uncertain times making financial decisions can feel overwhelming. But for both your mental wellbeing and your finances, it’s important to take steps to understand the link and remain in control.
For example, you should keep up to date with what government support is available. The treasury has a dedicated page with information on things like income support payments and early release of superannuation. There are key financial assistance measurements to help Australians impacted by the COVID-19 virus.
Working out your relationship between money and wellbeing
You aren’t alone if you’re worrying about your financial wellbeing. CoreData reports that 81% of Australians are fearful about the potential impact of the pandemic on their personal finances and the broader economy. It’s an uncertain and scary time.
In general, poor mental health can make managing – or even earning – money more difficult than usual. And stressing or worrying about money can make us feel worse. These are both realities which have intensified because of COVID-19. It can just feel like a vicious cycle.
To start off, UK mental health charity Mind suggests working out your habits and thought patterns around money, reminding us that there are some common ways money and mental health can affect each other.
When do you spend or save money, and why? For example, spending may give you a brief high, so you might overspend to feel better.
What aspects of money management make you feel worse? For example, talking to your bank or opening envelopes might feel very anxious and uncomfortable.
You could start a diary recording your spending or saving, and your mood at the time. How were you feeling before? How did you feel after spending or saving? This could help you identify triggers or patterns. When you understand this a bit more, it will put you in control of making any appropriate changes.
If you discover you need to take action soon, you can contact your service providers to negotiate lower fees and extended payment terms. You can also ask your lender to pause your mortgage repayments, something which has become more commonplace during the pandemic, or speak to your leasing agent about rent relief.
Talking about money and mental health
Making any changes often involves talking to people. But as one guide explains, almost a third of Australians never talk about money – with anyone. Patrycja Slawuta, who conducted the study, explained that “money is more than just a number for most people. Our relationship with money is emotional, complex and personal and is influenced by many things.”
But if you’re serious about a secure financial future, it’s important to open up the conversation. Just remember that many emotions may be involved in a conversation about money, so always avoid judgements. As people talk and discover more about the link between money and mental health, these conversations will become easier. But you have to be brave to make the first step, to talk about finances, wellbeing and what can be done to make improvements.
How do your business finances affect your mental health? Let us know and keep the conversation going.
HOUSTON, Nov. 10, 2020 /PRNewswire/ –Luby’s, Inc. (NYSE: LUB) (the “Company”) today announced that Institutional Shareholder Services Inc. (“ISS”), a leading proxy voting advisory firm, has recommended that Luby’s stockholders vote in favor of the Company’s Plan of Liquidation and Dissolution (the “Plan”).
In recommending “FOR” the Plan, ISS noted that1: “The board appears to have conducted a robust, multi-year process prior to making the decision to dissolve and liquidate the company.” Further, ISS analyzed the financial condition of the Company and stated: “The board’s assertion that a dissolution is the most viable alternative seems reasonable.” ISS also stated that “the market appears to have reacted positively to the proposed …
Read the full article at: https://www.prnewswire.com/news-releases/iss-recommends-lubys-stockholders-vote-for-the-companys-plan-of-liquidation-301169262.html
Months after the initial lockdown, it has become clear that the pandemic will create long-term or even lasting changes that will mean some businesses are no longer viable. As the Government gradually withdraws the support packages available, it is vital that managers assess their business in light of the new normal.
The sooner you spot the warning signs and take action, the more options you will have to save the business. Insolvency and restructuring professionals are there to help struggling companies achieve the best possible outcome. The UK insolvency framework offers a whole range of tools they can draw upon, including some new measures which could benefit many more businesses.
Insolvency …
Read the full article at: https://www.businessupnorth.co.uk/insolvency-and-restructuring-trade-body-explains-how-to-spot-businesses-in-distress/
STA, 10 November 2020 – During the coronavirus epidemic, there were fewer cases of bankruptcies among companies compared to last year, show data by the AJPES agency for legal records. In the first nine months of 2020, a total of 845 companies went bankrupt, down 16% on the same period in 2019 and a 21% drop on the same period in 2018.
In the first quarter of 2020, 344 companies declared bankruptcy, somewhat more than in the January-March period in 2019.
However, in the second quarter this year, when the first Covid-19 wave peaked, the number of bankruptcies (222) declined by as much as 29% compared to the same period in 2019. Moreover, the number of companies going bust in the third quarter of 2020, 279, dropped by 22% year-on-year.
The…
Read the full article at: https://www.total-slovenia-news.com/business/7293-data-shows-fall-in-company-bankruptcies-during-epidemic
Member Article
Months after the initial lockdown, it has become clear that the pandemic will create long-term or even lasting changes that will mean some businesses are no longer viable. As the Government gradually withdraws the support packages available, it is vital that managers assess their business in light of the new normal.
The sooner you spot the warning signs and take action, the more options you will have to save the business. Insolvency and restructuring professionals are there to help struggling companies achieve the best possible outcome. The UK insolvency framework offers a whole range of tools they can draw upon, including some new measures which could benefit many more businesses.
Insolvency – seven warning signs to loo…
Read the full article at: https://bdaily.co.uk/articles/2020/11/10/eleanor-temple-yorkshire-chair-of-r3-the-insolvency-and-restructuring-trade-body-gives-some-tips-for-spotting-business-distress
IMAGES VIA ALICE MCCALL
WORDS BY JULIETTE CAPOMOLLA
Another one bites the dust.
In another blow to Australias fashion industry, popular Australian designer Alice McCall announced yesterday that her brand will be entering into voluntary administration. In a statement, McCall attributed the downfall of the brand to the coronavirus pandemic and unsustainable brick-and-mortar operations.
Designers like McCall have suffered through a year of sweatpants and hoodies where the demand for a new frock has been practically nonexistent. With events like the Melbourne Spring Racing Carnival and the Brownlow Red Carpet unfolding quite differently than normal this year, unfortunately, Alice McCall is unlikely to be the last Australian designer brand…
Read the full article at: https://fashionjournal.com.au/fashion/alice-mccall-voluntary-administration-coronavirus/
A Sydney man who kidnapped a Gold Coast child to recover a $5.5 million gambling debt from the boy’s father has been sentenced to seven years’ jail.
Key points:
- Zhen Jie Zhang kidnapped the 12-year-old son of a gambling associate who owed him money
- He offered an apology to the boy and his family, saying he was “deeply sorry” for his crime
- The boy tried three times to escape during his 16-hour ordeal
Zhen Jie Zhang, 55, admitted to the Southport District Court he had 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 I’m deeply sorry,” Zhang said through an interpreter.
“If you feel afraid please forgive me for that; your father was acting terribly [and] owed …
Read the full article at: https://www.abc.net.au/news/2020-11-10/gambler-tells-court-felt-he-had-no-other-option-child-kidnap/12836746
President-elect Joe Biden has gone on record saying he will forgive student loans and extend coronavirus relief in 2021. But if your federal student loans are currently in forbearance under the Trump executive order, you should still prepare for repayment to resume in January. Nothing is guaranteed until Congress passes new legislation.
“From a financial planning perspective, a good way to stay ahead in general is to plan for the worst case scenario,” says debt-relief lawyer and mother of five college students, Leslie Tayne ofTayne Law Group.
While it may sound pessimistic, being over prepared will help you no matter what 2021 brings.
Ahead, Tayne gives her advice on what to do if you have to start repaying your federal student loans …
Read the full article at: https://www.cnbc.com/select/how-to-prepare-for-student-loan-payments-restart/
John Winter, CEO of the Australian Restructuring Insolvency and Turnaround Association: Firms “well aware there are busy times ahead”.
The temporary insolvency relief measures have cut work in the area to the extent that “55 per cent of insolvency firms remain on JobKeeper themselves“, said John Winter, the CEO of the Australian Restructuring Insolvency and Turnaround Association.
“The market remains at the quietest levels on record, particularly for firms specialising in insolvency. Firms that are multi-disciplinary have been less hard hit,” Mr Winter said.
He said the number of insolvencies across the country was “50 per cent down on the usual pre-COVID baseline”.
“Most insolvency firms are well aware that there are busy times ahe…
Read the full article at: https://www.afr.com/companies/professional-services/surge-in-insolvencies-will-be-good-news-for-some-20201109-p56crn
Hundreds of thousands of dollars in compensation will be paid to a group of grey nomads and retirees after a Queensland motorhome dealer was found responsible for causing them financial loss.
Key points:
- The Queensland Office of Fair Trading is awarding nine motorhome owners a total of $700,000
- Beth Stephensen says it was “like Christmas” when she found out she would be repaid
- The investigation is a civil matter, but the former director of Motorhome Conversion Company could end up in criminal court
An investigation by the ABC’s 7.30 program in December last year exposed concerning allegations against John Jeffreys, the former director of the Motorhome Conversion Company, including that some customers were owed money relating to their vehicle…
Read the full article at: https://www.abc.net.au/news/2020-11-10/qld-motorhome-dealer-found-responsible-for-customer-losses/12853762
Luxury fashion brand alice McCALL has now gone into voluntary administration, sadly following a long line of retailers that have had to shut up shop due to COVID-19.
Fashion designer behind the brand Alice McCall herself gave a statement to 9News discussing her need to edit down the business and rework into a more sustainable business model for the future which sounds excellent!
Due to the unprecedented effects that COVID-19 has had on our economy, as well as some unsustainable bricks and mortar rental obligations, I have had to make necessary decision to edit down my business.
Although an insolvency firm has stepped in to give a helping hand in recovering the business, a number of stores will close and redundancies will be handed out.
…
Read the full article at: https://www.wsfm.com.au/lifestyle/fashion-brand-alice-mccall-has-gone-into-voluntary-administration-as-covid-19-takes-another/