Insolvency Guardian Media Centre
If you have a pile of debt even if youre managing to pay the bills every month it might feel like youre not making headway on what you owe. Thats when debt consolidation can help.
Debt consolidation is when you roll multiple debts into one loan that has one monthly payment and one (hopefully lower) interest rate. This can help you stay organized and possibly save money.
What is a debt consolidation loan?
A debt consolidation loan is one way to refinance your debt. Youll apply for a loan for the amount that you owe on your existing debts, and once approved, youll use the funds to pay off your debt balances. Then youll pay down the new loan over time.
When choosing a debt consolidation loan, youll have to evaluate a few different featu…
Read the full article at: https://www.bankrate.com/loans/personal-loans/how-debt-consolidation-loans-work/
As the economic effects of the COVID pandemic spread across the world in March and April, the air was filled with promises that poorer countries would be assisted with aid and debt relief to deal with a crisis that threatened to plunge millions, above all children, into the most abject poverty.
In April, International Monetary Fund Managing Director Kristalina Georgieva announced immediate relief on IMF debt owed by 25 countries. She said the move would help our poorest and most vulnerable members to channel scarce resource toward emergency medical and related measures.
In March, the United Nations had issued a call for the G20 to organise a $2.5 trillion relief package to deal with the pandemic.
Six months later, these pronouncements r…
Read the full article at: https://www.wsws.org/en/articles/2020/11/04/imfb-n04.html
Our latest primer takes a closer look at the Corporate Insolvency and Governance Act (CIGA), the UK’s new ruleset that introduces new guidelines for companies in financial distress as a result of the economic crisis brought on by the Covid-19 pandemic.
What is CIGA and what does it do?
In June 2020, the UK Corporate Insolvency and Governance Act (CIGA) took effect, making both permanent and temporary changes to the restructuring landscape. CIGA is largely modeled on the English scheme of arrangement but with significant changes and enhancements. Some of the permanent changes include new moratorium protections, the abolition of ipso facto clauses from certain contracts and the creation of a restructuring plan.
Read the full article at: https://www.iflr.com/article/b1p2xr0skyqdvr/primer-the-uk-corporate-insolvency-and-governance-act-ciga
Distressed micro and small companies will be able to restructure their debts quickly to deal with the economic impact from the pandemic, with help from a new scheme.
The Simplified Insolvency Programme (SIP), which also includes processes to help companies which are no longer viable to wind up efficiently while maximising returns to creditors and company stakeholders, was introduced as part of changes to the Insolvency, Restructuring and Dissolution Act yesterday.
Presenting the Bill for debate in Parliament, Second Minister for Law Edwin Tong said the proposed amendments provide temporary processes that benefit company stakeholders such as employees, creditors and shareholders by reducing the time needed for both restructuring and liqu…
Read the full article at: https://www.straitstimes.com/singapore/politics/simplified-lower-cost-insolvency-processes-for-firms
EXECUTIVE SUMMARY
R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdoms insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company voluntary arrangements (CVAs). A CVA is a contractual arrangement between a financially distressed company and its creditors. The Standard Form has been drafted in consultation with insolvency professionals and is being made available to the public at no cost. This comes in light of the COVID-19 pandemic (COVID-19) and the subsequent negative economic implications on businesses, especially small and medium-sized enterprises (SMEs).
BACKGROUND
Larger businesses, including retailers such as New Look, have used the CVA …
Read the full article at: https://www.jdsupra.com/legalnews/covid-19-uk-insolvency-reform-53627/
Debt has become a major issue everywhere, and many Texas residents are now struggling with tens of thousands of credit card debt and personal loans made even worse by recent events.
If you are not struggling to pay your debt, have a good income relative to your debt payments, and your credit scores are 720 or higher, Debt Redemption Texas Debt Relief recommends first looking into a debt consolidation loan.
Eliminating high-interest credit card debt with a low-interest debt consolidation loan may be possible if you apply at a local bank. Start with one where you have your primary checking account since they may take into account your banking history.
One form of debt management provided can lower interest rates down to as little as 6% t…
Read the full article at: https://www.ksat.com/sa-live/2020/11/04/consolidating-your-debt-follow-these-5-tips-from-the-experts/
By Fanny Zhang, Business Advisory Services, Dezan Shira & Associates Beijing Office
In order to further improve the efficiency of social resources utilization, reduce the exit cost of market entities, optimize the business environment, and continue to stimulate market vitality, China has continuously promoted reforms to its system of enterprise deregistration.
As the COVID-19 pandemic broke out in early 2020, many entities had to undergo self-liquidation, compulsory liquidation, or bankruptcy liquidation due to the deterioration of the market environment and difficulties in carrying on their business operations.
For China investors and/or shareholders, the application of online deregistration (or e-deregistration) can speed up the exit…
Read the full article at: https://www.china-briefing.com/news/simplified-enterprise-deregistration-procedure-in-china-applicability-legal-risks/
Tuesday, November 3, 2020
Executive Summary
R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdoms insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company voluntary arrangements (CVAs). A CVA is a contractual arrangement between a financially distressed company and its creditors. The Standard Form has been drafted in consultation with insolvency professionals and is being made available to the public at no cost. This comes in light of the COVID-19 pandemic (COVID-19) and the subsequent negative economic implications on businesses, especially small and medium-sized enterprises (SMEs).
Background
Larger businesses, including retailers such as New…
Read the full article at: https://www.natlawreview.com/article/covid-19-uk-insolvency-reform-standardising-company-voluntary-arrangement-proposals
As the coronavirus pandemic has caused millions of Americans and their families to take a second look at their spending habits, it’s more important now than ever to recognize where you can cut back and save.
An easy place to look is where you may be spending when you don’t need to. This money could instead be added to your emergency fund or saved for holiday shopping, which often seems to come as a surprise each year.
“One of the most common ways I see clients get into financial trouble is through unnecessary spending that drags their budget down,” says Leslie Tayne, a debt-relief attorney atTayne Law Group. With people combing through their finances this year, it’s a good opportunity to zero in on what your money goes toward and b…
Read the full article at: https://www.cnbc.com/select/ways-people-waste-money/
An IT worker has been jailed after stealing hospital laptops worth more than 12,000 during the height of the coronavirus crisis.
Neil Murthick, 42, from Darlington, took 27 computers intended to be used by brave NHS staff in order to pay off his gambling debt.
The agency worker was employed at Darlington Memorial Hospital to set the laptops up so staff could work from home.
Teesside Crown Court heard how he snuck into the store room and took two or three computers at a time between December 31 last year and May 27 this year.
Kelleigh Lodge, defending, told the court Mu…
Read the full article at: https://metro.co.uk/2020/11/03/it-worker-stole-27-hospital-laptops-during-pandemic-to-pay-off-gambling-debt-13525508/
“The department is continuing its work on the wider decommissioning review including the recommendations and findings of the Independent Review into the Circumstances leading to the Administration and Liquidation of the Northern Oil and Gas Australia (the Walker Review),” Mr Pitt told The Australian Financial Review.
He said the department intends to publicly consult on the revised framework this year, with implementation of the changes “from 2021”.
But the timing remains difficult given the assets already up for sale, which include the 50 per cent stakes in the mature Bass Strait oil and gas venture held by ExxonMobil and BHP.
“The heightened government scrutiny towards decommissioning in the wake of the Northern Endeavour debacle pres…
Read the full article at: https://www.afr.com/companies/energy/decommissioning-crisis-clouds-oil-m-and-a-outlook-20201102-p56anf
Staff at Lithgow company Fairview got good news last week, after Creditors endorsed a business rescue package for the firm. In recent months, the business had entered voluntary administration after some challenging commercial headwinds. The highlights of the recommended business rescue package include: At a meeting trade creditors voted overwhelmingly to accept the independent resolution by Grant Thornton that a Deed of Company Arrangement (DOCA) submitted by FVA Group was in creditors’ best interests. Uniquely, all unsecured trade creditors will receive a full, 100 cents in the dollar under the FVA Group package. Another key group whose interests were fully protected by the FVA Group DOCA, were the 57 Fairview staff whose jobs and enti…
Read the full article at: https://www.lithgowmercury.com.au/story/6996301/57-lithgow-jobs-saved-as-business-rescue-package-protects-fairview-workers/