While many Western Australian businesses have re-opened and returned to business as usual, there are fears some will not survive the financial impact of the COVID-19 coronavirus pandemic.
When a business closes its doors, consumers often call Consumer Protection with concerns about money paid for goods or services that are yet to be received, or unspent gift vouchers or credit notes.
How consumers and creditors are affected when a business goes bust depends on the circumstances of each case.
If the business is a company, it becomes insolvent and can be put into voluntary administration where steps are taken to save it. Should that fail, the next step is often liquidation where the companys affairs are wound up in an orderly way and …
Read the full article at: https://www.miragenews.com/your-rights-when-a-business-goes-bust/
Almost two-thirds of all businesses could be at risk of insolvency, according to official figures that reveal the UK could suffer a flood of bankruptcies over the coming months.
The Office for National Statistics (ONS) said that 64% of businesses across all industries were at risk of insolvency last month, with 43% of companies running on less than six months cash reserves.
The latest Business Impact of Coronavirus Survey (Bics) from the ONS found that the accommodation and food service industries and the administrative and business support industries had the highest percentages of firms at severe risk of insolvency, at 17% and 9% respectively.
Earlier this month the business secretary, Alok Sharma, reinstated rules that force directors…
Read the full article at: https://www.theguardian.com/business/2020/oct/28/uk-facing-flood-of-bankruptcies-over-coming-months-says-ons
Finance ministers and central bankers from the worlds largest economies plan to hold an extraordinary meeting on Nov. 13 to discuss bolder action to help poor nations struggling to repay their debts.
The Group of 20 ministers plan to meet a week prior to the annual gathering of heads of government on Nov. 21-22, according to a copy of the meetings agenda seen by Bloomberg.
The meeting could mark the next phase in the global debt-relief drive by bolstering coordination between government creditors over how to restructure the debts of poor economies hit hard by the coronavirus pandemic.
After some opposition, emerging economies led by China, the worlds largest official lender, agreed to the common framework to restructure bilateral debt a…
Read the full article at: https://www.bnnbloomberg.ca/g20-plans-extraordinary-nov-13-meeting-to-discuss-debt-relief-1.1514257
Khaitan & Co advised Resolution Professional and PwC.
Payne Realtors Private Limited completed a corporate insolvency resolution process.
The resolution plan submitted by City Gold Entertainment Limited has been approved by the NCLT and being implemented.
Payne Realtors Private Limited provides civil engineering services.
The Khaitan & Co team was led by Partner Siddharth Srivastava (Picture) and Harshit Khare (Principal Associate).
Involved fees earner: Harshit Khare Khaitan & Co.; Siddharth Srivastava Khaitan & Co.;
Law Firms: Khaitan & Co.;
Clients: PwC Corporate Finance and Recovery (Cayman) Ltd.;
Read the full article at: https://www.globallegalchronicle.com/payne-realtors-private-limiteds-corporate-insolvency-resolution-process/
LONDON: Creditors have approved a proposed individual voluntary arrangement (IVA) by Pramod Mittal, brother of one of the worlds richest men, Lakshmi Mittal, in which he is offering to pay back just 4.4 million (Rs 42 crore), after costs, of the 2.5 billion (Rs 24,000 crore) he owes them.
He can now apply to get his bankruptcy quashed.
Pramod (64) declared in the IVA proposal, which TOI has seen, that his total assets amount to just 115,669 (Rs 1.1 crore), he has no personal income, and his personal expenditure of 2,000 to 3,000 (Rs 1.9 to Rs 2.8 lakh) a month is mainly met by my wife and family.
He said: My wife is financially independent from me. We have separate bank accounts and I have very limited information regarding her income. …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/bankrupt-pramod-mittal-bailed-out-by-son-will-only-have-to-pay-rs-42-crore-out-of-the-rs-24000-crore-he-owes/articleshow/78918918.cms
The Kroger Co. is undergoing a transition that will affect an unspecified number of corporate office employees in Cincinnati, a spokesperson for the company confirmed to WGB this week.
The company, in the meantime, said it would add about 140 positions as part of a restructuring of its technology and digital group, with many of its current associates to be promoted based on changing responsibilities through the transition.
The moves are part of the retailers ongoing Restock Kroger initiative, the three-year journey designed to ensure the company is positioned to meet the changing needs of shoppers and changing shopping modalities. Restock, which was launched in fiscal 2018 and completes at the end of fiscal 2020 in early February, cont…
Read the full article at: https://www.winsightgrocerybusiness.com/retailers/kroger-restructure-corporate-tech-positions
SAN FRANCISCO, Oct. 28, 2020 /PRNewswire/ –SoFi, the digital personal finance company, announced today that it has launched its first-ever credit card, which incentivizes healthy financial habits and delivers on its mission to help people get their money right. Carrying no annual fee, the card, for which Mastercard is the exclusive card network, provides up to 2% unlimited cashback when redeemed into SoFi Money or SoFi Invest accounts, or used to pay down SoFi Student Loans or SoFi Personal Loans. The card is launching today to an initial batch of SoFi members, while interested individuals can join the waitlist.
With total consumer debt reaching a record $14.3 trillion this year, the SoFi Credit Card offers a revolutionary card experie…
Read the full article at: https://www.prnewswire.com/news-releases/sofi-announces-first-credit-card-that-can-help-people-pay-down-debt-301161393.html
Last year, NatWest introduced a unique partnership with gambling charity GamCare to provide support, advice and treatment for gamblers and their loved ones experiencing harm. This included the option to block credit cards allowing customers to take control of their spending and block all transactions linked to gambling.
The friction that has been built in to…
Read the full article at: https://www.finextra.com/pressarticle/84705/natwest-introduces-48-hour-gambling-block-feature-on-debit-cards
FRP, the specialist business advisory firm, has appointed Emma Turnbull as a restructuring advisory director in Scotland.
During a 15-year career Ms Turnbull has gained extensive experience working with a wide range of firms across the retail, oil and gas and real estate sectors on both consensual and non-consensual restructuring issues. She spent nine years at a Big Four firm.
As a key part of the FRP team, she will work with corporate clients and their stakeholders to identify and implement effective restructuring solutions.
Tom MacLennan, senior restructuring advisory partner in Scotland, said: Emmas knowledge and experience speaks for itself and puts her and FRP in a strong position to advise our clients on the best course of a…
Read the full article at: https://dailybusinessgroup.co.uk/2020/10/turnbull-takes-up-frp-restructuring-role/
New Delhi, Oct 28 (PTI) The Supreme Court Wednesday said it would pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India (IBBI) seeking transfer of all petitions pending before different high courts challenging the provisions of IBC with regard to personal insolvency.
A bench of Justices L N Rao, Hemant Gupta and Ajay Rastogi favoured transfer of all the writ petitions pending challenging provisions of IBC on insolvency of personal guarantors and reserved its verdict.
Additional Solicitor General Madhavi Divan, appearing for IBBI, said that questions of law raised in these writ petitions pending before different high courts are same and relate to the provision of IBC.
She argued that to avoid any conflicting ru…
Read the full article at: https://www.outlookindia.com/newsscroll/personal-insolvency-sc-to-decide-on-transferring-pending-cases-to-itself/1965849