Insolvency Guardian Media Centre
London Mayor Sadiq Khan has called the UK governments demand thatTransport for London (TfL) increase fares and expand the congestion charge zone ill-advised and draconian.
The Mayor also accused Boris Johnson of lying to parliament over the UK Prime Ministers claim that TfL was effectively bankrupt even before the start of the pandemic.
The extraordinary exchange comes as TfL seeks a 5.7 billion (US$7.5 billion) package to keep services running for the next 18 months, after passenger numbers and revenues plummeted by up to 90 percent in the aftermath of the March lockdown.
Speaking on Twitter, Khan said: The PM has lied to the House of Commons. Before Covid-19 I was fixing his mess at TfL- reducing the deficit…
Read the full article at: https://cities-today.com/london-mayor-slams-uk-government-over-transport-funding/
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The FPSO Umuroa, right, moored near the Tui Oil Field offshore of Taranaki.
Taranakis oil and gas industry has been delivered another blow with the company servicing the Tui Oil Field going into liquidation, a flow on from Tamarind Taranaki’s collapse.
Norwegian-based BW Offshore have put BWU, a wholly owned subsidiary which operates the floating storage production and offloading vessel (FPSO) Umuroa, into voluntary liquidation after incurring millions of dollars of unsustainable costs.
In a statement, BW Offshore chief executive Marco Beenen said BWU was liquidated to prevent further costs, which had amounted to $US21m ($NZ31.4m) in 2020.
The action stems from the previous owners of the Tui field, Tamarind Tarana…
Read the full article at: https://www.stuff.co.nz/business/300140476/tamarind-taranaki-collapse-leads-to-offshore-oil-field-supply-company-being-put-into-liquidation
Banks are not taking enough risk if no loans ever go bad after all banks are in the business of providing risk capital at an appropriate price. But given a certain proportion of loans will go bad, how should banks provide for them in their accounts without knowing exactly which ones will tip over?
“Businesses which are losing money because the economy has been brought to a halt but can be expected to survive on the other side are being propped up.
In this time of global pandemic, that is truly a multi-billion dollar question.
Back in the 1990s, after Australias last recession, the banks began to move towards dynamic or expected loss provisioning. Based on history and data modelling, they would set aside provide a certain percentage o…
Read the full article at: https://bluenotes.anz.com/posts/2020/10/andrew-cornell-column-insolvency-covid19-zombie-business?adobe_mc=MCMID=91157366216774564320807860647922863099|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1603396800
KPMG is considering selling its UK restructuring business as the accounting giant looks to shore up its finances after delaying its annual results amid the disruption caused by Covid-19.
The firm is exploring options for the division including a possible sale as the Big Four accountants prepare for extensive reforms of their business to comply with new audit regulations.
Read more: MPs demand update on audit reform progress from business secretary
A KPMG spokesperson confirmed the talks, news of which was first reported by Sky News.
We can confirm we are exploring options for our restructuring business. However, we have made no decisions over any eventual outcomes at this stage, and will not comment further at this time, the spokespers…
Read the full article at: https://www.cityam.com/kpmg-considering-selling-its-uk-restructuring-business/
Despite the pandemic, Americans are working hard to pay down their debts. Here’s how you can use that consolidation to get ahead of yours. (iStock)
Despite the financial upset of the coronavirus pandemic, Americans are taking charge of their debt and working to pay it down. According to a recent report by the credit bureau TransUnion,the average consumer credit card balance decreased from $5,893 to $5,369 between March and April of this year. In addition, the aggregate excess payment (AEP) on personal loans increased from $194 to $215 in the same time frame.
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Notably, while these two types of debt cannot be refinanced in the same way that mortgage debt or student loan debt can, borrowers who are intereste…
Read the full article at: https://www.foxbusiness.com/money/how-debt-consolidation-helps-expedite-payoff-goals
The company was directed by Canadian businessman Matthew Davey out of Dunedin but he is understood to have returned to Canada. Photo by Peter McIntosh.
The embattled company behind Ticket Rocket is now in liquidation owing nearly $350,000 to two Super Rugby franchises.
Fortress Information Systems Ltd was called before the High Court at Dunedin yesterday but a no-show by the firm meant the hearing was brief.
Lawyers for both the Crusaders and the Hurricanes confirmed there remained an unpaid debt and Ticket Rocket had taken no steps to oppose liquidation.
Associate Judge Kenneth Johnston made an order winding up the company and ordered liquidators costs would be paid from its assets.
Statements of claim from the plaintiffs reveal the …
Read the full article at: https://www.odt.co.nz/business/ticketing-company-liquidation
Banks are not taking enough risk if no loans ever go bad after all banks are in the business of providing risk capital at an appropriate price. But given a certain proportion of loans will go bad, how should banks provide for them in their accounts without knowing exactly which ones will tip over?
“Businesses which are losing money because the economy has been brought to a halt but can be expected to survive on the other side are being propped up.
In this time of global pandemic, that is truly a multi-billion dollar question.
Back in the 1990s, after Australias last recession, the banks began to move towards dynamic or expected loss provisioning. Based on history and data modelling, they would set aside provide a certain percentage o…
Read the full article at: https://bluenotes.anz.com/posts/2020/10/andrew-cornell-column-insolvency-covid19-zombie-business?adobe_mc=MCMID=91157366216774564320807860647922863099|MCORGID=67A216D751E567B20A490D4C@AdobeOrg|TS=1603393200
(Reuters) – German tennis great Boris Becker pleaded not guilty on Thursday to charges that he had failed to hand over his Grand Slam trophies in order to settle his debts, the Press Association reported.
The former tennis player, who was declared bankrupt in June 2017, is also accused of not complying with obligation to disclose information.
Becker, 52, pleaded not guilty to all the charges brought by the Insolvency Service when he made a 45-minute appearance at Southwark Crown Court in London, the report said.
A 28…
Read the full article at: https://www.reuters.com/article/us-tennis-becker-finances/becker-pleads-not-guilty-over-failing-to-return-trophies-to-settle-debts-report-idUSKBN2771YG
Imagine you want something so bad that you put in every bit of your effort in trying to acquire it. Nothing is too big a price to pay for it. After all, the stakes are as high. You risk losing everything you have if you fail to obtain this object your friends, your family, the very last dregs of your money, your sanity and even your life! And then you realise that you are separated from that object by an impenetrable, transparent wall.
The frustration, the excitement that is bordering on anxiety and nail-biting thrill is what you experience with Howard Ratner, the protagonist of Uncut Gems (2019). It feels as real as sitting on a ticking time bomb, only that you dont know when it might go off. Ratner (played by Adam Sandler) is a jewe…
Read the full article at: https://www.dailyo.in/arts/uncut-gems-adam-sandler-josh-safdie-benny-safdie-hollywood-dailyrecco/story/1/33777.html
The UK financial regulator is urging borrowers affected by coronavirus lockdowns to seek support fromtheirbanks, as its figures show 12m Britons are likely to struggle with bills or loan repayments.
In its strongest call to action yet, the Financial Conduct Authority has told consumers in difficulty to ask their lenders for more support and seek free debt advice from government-backed bodies and charities. It has also stressed that it had told banks to offer more options to borrowers after October 31, when three-month repayment holidays will no longer be automatically available.
Thursdays message from the FCA follows a nationwide study that found 31 per cent of adults had experienced a drop in household income during the Covid-19 pandem…
Read the full article at: https://www.ft.com/content/72bf5779-2dd4-48bf-8c09-00e0421efe91
The disruption and financial pressures caused by the pandemic are likely to give rise to some common challenges for businesses across sectors, whether the problem concerns a supplier or a customer. While each case will require specific advice, parties should be generally aware of some recent changes to legal remedies available when approaching a dispute.
My supplier is telling me that it can’t perform its obligations because of the pandemic. What rights do I have?
The first step here is to check your contract for a force majeure clause. It may be headed force majeure, but if not, you are looking for a clause that describes what will happen if the contract cannot be performed because of an event that neither party anticipated. The pandemic…
Read the full article at: https://www.bobsguide.com/guide/news/2020/Oct/22/pandemic-forces-uk-dispute-resolution-rethink/
Boris Becker has been charged with concealing trophies and medals won during his illustrious tennis career, including two from his three Wimbledon singles victories, from bankruptcy trustees.
Appearing at Southwark crown court in London on Thursday, Becker, already facing 19 existing charges relating to a failure to comply with legal obligations to disclose information, was hit with nine additional counts that allege he hid some of the spoils of his playing career to avoid them being sold to settle debts.
One of the new accusations relates to his 1985 All England Club trophy, when he became the youngest Wimbledon mens singles champion at the age of 17 years and seven months, catapulting him to global fame.
The 52-year-old German, who was de…
Read the full article at: https://www.theguardian.com/uk-news/2020/oct/22/boris-becker-accused-hiding-tennis-trophies-bankruptcy-wimbledon