Insolvency Guardian Media Centre

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Our ref: FOI20/21-095 Date: 28 October 2020 Re: Freedom of Information Act 2000 Thank you for your email of 30
Friday, November 6, 2020 Introduction By the fourth amendment to the Insolvency and Bankruptcy Code, 2016 (IBC), Section 32A was
Deloitte is kicking off talks with potential buyers of its British restructuring business amid expectations of a surge in activity
EXCLUSIVE: Dawn French and Jennifer Saunders are shuttering their production company, Saunders & French Productions, after it has been operating
State Rep. Richard McGrew, right, draws for a ballot position at the Garland County Election Commission building on Nov. 15,
Published 6 November 2020 Lord Turnbull A former IT worker for Dundee City Council who was sentenced to five years
MILAN Another style icon of the Eighties risks disappearing from the fashion map. Denim brand Rifle, which celebrated its 60th
BREAKING: Perth-based Indigenous health provider Derbarl Yerrigan Health Service was placed under special administration on Friday despite protest from two
NEW YORK--(BUSINESS WIRE)--Schulte Roth & Zabel (SRZ), a leading law firm serving the financial services industry, has announced the addition
The Illawarra name will return for the upcoming NBL season, if the Hawks reach a new membership target. Following a
Bank didnt think about gambling problem The Commonwealth Bank of Australia (CBA) has been fined AUD$150,000 (USD$107,580) after a Federal
Debt consolidation gathers debt from multiple sources and puts it in one place, which simplifies paying off what you owe.

Our ref: FOI20/21-095

Date: 28 October 2020

Re: Freedom of Information Act 2000

Thank you for your email of 30 September 2020 in which you requested the following from the Insolvency Service:

I would like to know the number of HR1 Advance Notice of Redundancy forms submitted in the UK in the month of September, for the years 2019 and 2020.

I would also like to know the aggregate number of positions mentioned as at risk of redundancy in those filings in the month of September, for the years 2019 and 2020.

Your request has been dealt with under the Freedom of Information Act 2000 (FOIA).

I can confirm the agency holds the information that you have requested, and the requested information is included in the tables in the annexe enclosed wi…

Read the full article at: https://www.gov.uk/government/publications/insolvency-service-foi-responses-october-to-december-2020/response-95-freedom-of-information-act-2000

Friday, November 6, 2020

Introduction

By the fourth amendment to the Insolvency and Bankruptcy Code, 2016 (IBC), Section 32A was introduced. Section 32A states that any liability of the corporate debtor for an offence committed prior to or during corporate insolvency resolution proceedings (CIRP) will stand extinguished from the date the resolution plan is approved by the National Company Law Tribunal (NCLT). This immunity, however, is subject to conditions set out in Section 32A, which have been analyzed in this article.

The rationale behind the amendment is that an incoming investor, who is going to deploy significant money, resources and time into turning around the corporate debtor should not be punished for offences which the erstw…

Read the full article at: https://www.natlawreview.com/article/how-do-you-ring-fence-antecedent-liabilities-insolvency-proceedings-india

Deloitte is kicking off talks with potential buyers of its British restructuring business amid expectations of a surge in activity triggered by swathes of coronavirus-inspired insolvencies.

Sky News has learnt that Daniel Butters, who heads the big four audit firm’s UK restructuring operations, briefed hundreds of staff this week that he had been given a green light to begin discussions with private equity bidders.

The news effectively scotches speculation in the Financial Times in September that Deloitte’s global executive team had vetoed the plan – which had been revealed by Sky News earlier that month.

One insider said the global firm had ordered a strategic review of the UK restructuring arm, which culminated in the decision this…

Read the full article at: https://news.sky.com/story/deloitte-kicks-off-talks-with-bidders-for-uk-restructuring-unit-12125701

EXCLUSIVE: Dawn French and Jennifer Saunders are shuttering their production company, Saunders & French Productions, after it has been operating for more than 28 years.

The UK comedy heroes first set up their TV company in 1992 and it co-produced the iconic BBC series Absolutely Fabulous, which was adapted into a movie by BBC Films four years ago.

French and Saunders have filed for voluntary liquidation, and Mustafa Abdulali and Neil Dingley of insolvency company Moore, have been appointed to wind down the production outfits affairs.

According to a notice to creditors, the process is a solvent liquidation, meaning that people or businesses owed money by Saunders & French Productions are expected to be paid in full.

Saunders & French Pr…

Read the full article at: https://deadline.com/2020/11/dawn-french-jennifer-saunders-close-production-company-1234610243/

State Rep. Richard McGrew, right, draws for a ballot position at the Garland County Election Commission building on Nov. 15, 2019. - File photo by Richard Rasmussen of The Sentinel-Record State Rep. Richard McGrew, right, draws for a ballot position at the Garland County Election Commission building on Nov. 15, 2019. – File photo by Richard Rasmussen of The Sentinel-Record

State Rep. Richard McGrew, R-District 22, of Piney, is ready to stop campaigning and start legislating.

The House race he won by a three-to-one margin Tuesday concluded his fourth political campaign in less than a year. The District 12 Justice of the Peace Republican primary in May 2018 was the first of five races he won in a 30-month period.

McGrew defeated Judy Bowers 12,361-4,129 Tuesday night, his second victory over the Hot Springs Village Libertarian in eight months. He defeated her in the March 3 special election to serve the remainder of Mic…

Read the full article at: https://www.hotsr.com/news/2020/nov/06/district-22-house-race-extends-mcgrews-winning/



Lord Turnbull
Lord Turnbull

A former IT worker for Dundee City Council who was sentenced to five years and four months imprisonment for fraud has successfully appealed against the length of his sentence.

Mark Conwayscase was referred to the Scottish Criminal Cases Review Commission in August 2019. The SCCRC referred the sentence on the basis that there was evidence that Dundee City Council had recovered sums equal to the value of the fraud.

The appeal was heard in theAppeal Court of the High Court of Justiciaryby theLord Justice General, Lord Carloway, sitting withLord MenziesandLord Turnbull.

Gambling debts

The appellant was employed as an IT officer for Dundee City Council between 1986 and 2016. He was regarded as th…

Read the full article at: https://www.scottishlegal.com/article/man-who-defrauded-dundee-city-council-has-sentence-reduced-on-appeal

MILAN Another style icon of the Eighties risks disappearing from the fashion map.

Denim brand Rifle, which celebrated its 60th anniversary in 2018, has been declared bankrupt by a court in Florence, Italy.

Established by Tuscan brothers Giulio and Fiorenzo Fratini, who in the late Forties started importing denim cloth from North Carolina, the brand reached its peak in the Eighties, when it was distributed in several countries. For example, Rifle was one of the first fashion companies to open stores in Russia, and in 1988 it sold 3 million denim pieces at Moscows legendary Gum department store.

In the Nineties, increased international competition as well as lower demand for denim accelerated the decline of Rifle, which in 2000 went thr…

Read the full article at: https://wwd.com/business-news/business-features/rifle-jeans-declares-bankruptcy-seeks-new-owner-1234653116/

BREAKING: Perth-based Indigenous health provider Derbarl Yerrigan Health Service was placed under special administration on Friday despite protest from two Board Directors.

In an announcement via Facebook, Derbarl Yerrigan Deputy Chair Laurence Riley said six members of the Board moved a resolution at a meeting on Thursday night to put the health service into voluntary administration despite no substantiated reason or justification.

These directors have now put 15 thousand [sic] lives at risk. Because of these six people we may lose our Aboriginal Health Service, Riley said.

Riley alleged he and fellow Director Michelle Nelson-Cox were sent to a separate board room for the meeting while the remaining six Directors met at the Aboriginal …

Read the full article at: https://nit.com.au/derbarl-yerrigan-health-service-in-special-administration/

NEW YORK–()–Schulte Roth & Zabel (SRZ), a leading law firm serving the financial services industry, has announced the addition of Douglas S. Mintz as a partner and co-chair of the Business Reorganization Group. Mr. Mintz is resident in the Washington, DC office. He was previously a partner at Orrick, Herrington & Sutcliffe.

Mr. Mintzs practice focuses principally on the representation of creditors in financial restructurings, including secured and unsecured lenders, ad hoc committees of noteholders, equity sponsors and distressed investors. He has deep experience advising on public finance, energy, commodities and technology restructurings. At Orrick, Mr. Mintz co-led the firms hedge fund client initiative, representin…

Read the full article at: https://www.businesswire.com/news/home/20201105006245/en/Schulte-Roth-Zabel-Announces-Addition-of-Distressed-Investing-and-Restructuring-Lawyer-Douglas-S.-Mintz

The Illawarra name will return for the upcoming NBL season, if the Hawks reach a new membership target. Following a corporate and community backlash over the decision to dump the name and simply call the club ‘The Hawks’, the new owners and the NBL announced on Friday morning, Illawarra would be reinstated. However, it will only happen if a membership drive can secure a specific target of 4379 members for the 2021 season, a delayed start due to ongoing Covid concerns. The figure has been reached as a symbolic gesture, given the only remaining foundation club has been in the NBL for 43 seasons, starting in ’79 (1979). In a statement obtained by the Mercury, the NBL will also need to see “significant support from the local business comm…

Read the full article at: https://www.illawarramercury.com.au/story/6999851/hawks-to-reinstate-illawarra-name-if-new-nbl-membership-target-is-reached/

Bank didnt think about gambling problem

The Commonwealth Bank of Australia (CBA) has been fined AUD$150,000 (USD$107,580) after a Federal Court ruled that it had violated the National Credit Act for increasing a customers credit limit, even after that customer told the bank that he had a gambling problem. The bank also did not bother to verify the customers financial situation before offering the credit bump.

According to the Australian Securities & Investments Commission (ASIC) its investigation into the situation had to do with a credit limit increase on the customers bank-issued credit card from AUD$27,100 (USD$19,436) to AUD$35,100 (USD$25,174) on January 20, 2017. CBA offered the customer, Mr. Harris, the increase and installed it …

Read the full article at: https://www.pokernewsdaily.com/australian-bank-fined-aud150000-for-increasing-problem-gamblers-credit-limit-34069/

Debt consolidation gathers debt from multiple sources and puts it in one place, which simplifies paying off what you owe. Consolidation can also allow you to reduce the interest rate or total amount of your debt.

Most of us manage many forms of debt simultaneously, keeping track of due dates and balancing interest rates to avoid late fees or a bruised credit score. But one lump sum means one lender, one due date, one interest rate, and one set of login credentials. It can be a strategic personal finance move in the long run as long as its done right.

Heres everything you need to know about debt consolidation and whether its right for you.

What is debt consolidation?

Debt consolidation is an umbrella term for programs that turn multipl…

Read the full article at: https://money.com/understanding-debt-consolidation/