Insolvency Guardian Media Centre
During the worst recession Australia has seen in almost 100 years, you would think financial counsellors would be bombarded with calls.
You’d be wrong.
Despite the sharp economic downturn from the coronavirus pandemic, the phones are quiet.
Financial counselling services are trying to encourage people across the country, especially in Victoria, to get ahead of the ball and reach out for help before cuts to JobKeeper and JobSeeker take effect and moratoriums on evictions and rent deferrals end.
The Federal Government is considering extending the JobSeeker supplement into next year but has made no announcements.
The Salvation Army’s Moneycare team and the National Debt Helpline, managed by Financial Counselling Australia, have both told ABC N…
Read the full article at: https://www.abc.net.au/news/2020-11-10/jobkeeper-jobseeker-sees-people-not-reach-out-for-financial-help/12843610
Washington With President Trump refusing to acknowledge President-elect Joe Biden’s victory and continuing to falsely declare himself as the winner of the White House, the president and his campaign are soliciting donations from supporters for an “election defense fund” designed to “defend the integrity” of the election.
But the fine print shows that the full amount contributed to help the Trump campaign does not go toward efforts to ensure all votes are legally counted. Instead, at least half of each donation will go to paying off the campaign’s debts, donation pages state.
For each contribution made to the Trump campaign’s joint fundraising committee with the Republican National Committee, 60% will be deposited into the campaign…
Read the full article at: https://www.cbsnews.com/news/trump-campaign-legal-defense-donations-debt/
When the owners of a luxury resort-style estate on the NSW Hawkesbury River decided to sell, they asked agent Deb Cullen for her opinion of when would be the right time.
Right now, the co-principal of agency Cullen Royle said immediately.
At the moment, were seeing a huge upswing in demand for lifestyle properties since people cant travel too far with the COVID-19 restrictions, she said. So, everyone in Sydney is looking for retreats close to the city and, when the state borders reopen, visitors will be looking for domestic luxury as well.
[dm-listing-recommendation experimentname=midcontent-listings positiononpage=midcontent]
So, this is a time theres j…
Read the full article at: https://www.commercialrealestate.com.au/news/luxury-lodge-sentry-rock-on-the-hawkesbury-river-on-the-market-for-about-12-million-1003847/
10 November 2020: Proposed legislation which places certain conditions on connected person sales in administration is very much under the spotlight. Will the proposed regulations solve the perception problem?
A framework in which companies can be rescued or dissolved but endeavours to preserve jobs and look out for creditors is intrinsic to doing business.
COVID and the pressures it has put on the viability of some businesses has prompted changes to insolvency legislation, and it is hoped that the measures introduced in the Corporate Insolvency and Governance Act 2020 will help businesses bounce back and recover.
However, one element of the insolvency process namely pre-pack sales is still suffering from a perception problem. The perc…
Read the full article at: https://www.icaew.com/insights/viewpoints-on-the-news/2020/nov-2020/administration-key-questions-remain-about-prepack-sales
RIGA – The Restaurant Association has submitted a number of proposals to the government that is currently working on support mechanisms for the hospitality industry during the Covid-19 pandemic, which suggest partial compensation for a fall in catering companies’ turnover and reducing the value added tax for the industry for at least eighteen months after the state of emergency is over, the Restaurant Association’s President Janis Jenzis told LETA.
During the state of emergency, the catering industry’s turnover will fall steeply and companies will not be able to cover all costs, which is why the Restaurant Association proposes state compensation for the reduction in catering companies’ turnover, which could be set at, for instance, …
Read the full article at: https://www.baltictimes.com/restaurant_association_urges_government_to_compensate_part_of_catering_companies__losses/
TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) — With the country teetering alarmingly on the edge of a financial crisis, Canadas leading accrediting body for non-profit credit counsellors has released a Bill of Rights for Canadians in Debt.
Credit Counselling Canada has identified major structural gaps in the countrys consumer credit/debt infrastructure. With Canadians extremely vulnerable to economic shock due to the pandemic, the national association is urging a stark call to action for greater transparency and awareness around unbiased and affordable debt relief options as well as a progressive framework for financial education.
In these unprecedented times, the personal …
Read the full article at: https://www.globenewswire.com/news-release/2020/11/09/2122651/0/en/Credit-Counselling-Canada-releases-Bill-of-Rights-for-Canadians-in-Debt.html
In this note, we consider whether contracts provide any remedies, focussing on standard forms typically used in the region, and what happens when only the parent company of a contractor enters into insolvency. We also explain what an employer needs to know about insolvency of a contractor under UAE law and touch on the impact further down the supply chain. Further, we consider what happens in the alternative scenario of the employer, rather than the contractor, becoming insolvent, and also look at the potential impact of the very recent modifications that have been announced in relation to the UAE Bankruptcy Law.
The UAE insolvency process
The UAE Bankruptcy Law (Federal Law No.9 of 2016) (as amended) is still relatively new and remains…
Read the full article at: https://www.pinsentmasons.com/out-law/guides/bond-calls-insolvency-uae-law
The Commonwealth Bank of Australia (CBA) has been hit by a huge fine – $150,000 AUD – for increasing the credit limit on the account of a known problem gambler
By: Andrew Burnett
The CBA is the biggest banking multinational in the southern hemisphere, but ran afoul of the Australian Securities & Investments Commission (ASIC) after bumping the gamblers limit up and violating the National Credit Act.
This happened despite the man, named in Federal Court as Mr Harris, telling the bank he didnt want any more credit until he had conquered his gambling addiction.
The ASIC investigation saw the bank offer a $6000 increase to Mr Harris credit limit, taking it to over AUD$35,000 (USD$25,000). This resulted in Mr. Harris being unable t…
Read the full article at: https://www.highstakesdb.com/10636-150k-fine-for-australian-bank-who-failed-problem-gambler.aspx
In Q2FY21,Voltas reported a healthy performance with consolidated revenue grew by 13 per cent year-on-year to Rs 1,613 crore led by revenue growth in all three segments.
Topics
Voltas|Buzzing stocks|Markets
SI Reporter | Mumbai
Last Updated at November 9, 2020 12:33 IST
Shares of Voltas hit a fresh record high of Rs 772.50, up 2.5 per cent on the BSE in the intra-day trade on Monday, after the company said its board has given “in-principle” approval for restructuring of B2B businesses.
The stock of the Tata Group consumer electronics company surpassed its previous high of Rs 768, touched on Friday, November 6, 2020. In the past three months, the stock outpaced the market by surging 30 per cent, as against 11 per cent rise in the…
Read the full article at: https://www.business-standard.com/article/markets/voltas-hits-fresh-record-high-on-restructuring-plan-of-b2b-business-120110900474_1.html
Malaysian operatorMaxishasannounced that its chief technology and information officer (CTIO) Morten Bangsgaard has resigned from his position within the company. He will be leaving Maxis at the end of this year, to pursue other career opportunities.
Bangsgaard has held the CTIO role for over six years. With Bangsgaards departure, Maxis has announced plans to streamline its Technology and Information division with its Digital and Transformation division, which will then be restructured into three standalone divisions: Information Technology (IT), Network and Technology Strategy, all of which will report to the CEO.
As a result of the divisions restructuring, Maxis has announced three internal promotions to lead the respective standalone d…
Read the full article at: https://www.telecompaper.com/news/maxis-announces-ctio-departure-business-restructuring–1360986
The latest research report on the Debt Consolidation Market Industry Analysis, Market Size, Opportunities and Forecast, 2020 2028 provides a comprehensive assessment of the Debt Consolidation market for the forecast period from 2020 to 2028, including market values for the years 2018 and 2019. The investigative report provides a detailed analysis of the impact of COVID-19 on various segments in the Debt Consolidation market based on product type, application, and end-use across numerous countries around the world. Further, the report also provides insights into market developments, trends, supply and demand changes across various regions across the globe. Thereby, the report provides a holistic view on the Debt Consolidation Market in…
Read the full article at: https://rejerusalem.com/291199/impact-of-covid-19-on-debt-consolidation-market-2020-2028-debt-negotiators-canstar-australian-debt-solvers-australian-debt-agreements-mozo-think-money-etc/
A company that once billed itself as Brisbane’s premier home extension and renovation business may have been trading insolvent for up to a year before going into liquidation with creditors unlikely to see any of their money, according to liquidators.
Total Lifestyle Builders Pty Ltd which went into liquidation in June this year owing more than $1.7m to 89 unsecured creditors as well as the ATO.
Liquidators Hall Chadwick’s Ginette Muller and Marcus Watters said in a report lodged with ASIC that in their view the company “may have been insolvent or likely to become insolvent from at least July 2019”.
They said Total Lifestyle Builders started to incur regular monthly net losses from as far back as August 2018 but still recorded an overa…
Read the full article at: https://www.qt.com.au/news/creditors-of-17m-builder-collapse-unlikely-to-see-/4135636/