A federal government initiative to save thousands of businesses from sinking into insolvency during the pandemic was full of good intentions. But a new analysis suggests all it’s doing is creating a new breed of “zombie” companies and paving the way for a tsunami of insolvencies when the support measures end at the end of the year. This week Treasurer Josh Frydenberg and Industrial Relations Minister Christian Porter decided to keep the insolvency and bankruptcy protections in place until December 31. They are also extending relief for company directors from any personal liability if they oversee firms trading while insolvent. “These changes will help to prevent a further wave of failures before businesses have had the opportunity to re…
Most companies provide restoration services (69), hotel services (53) and clothing (34).
The most affected city was Tokyo, where 122 firms went bankrupt.
Since March 11, the World Trade Organization (WTO) declared Covid-19, caused by the new SARS-CoV-2 coronavirus a pandemic, after it was detected in the Chinese city of Wuhan in late 2019.
In the world, more than 27.35 million Covid-19 cases were detected, including 893,000 deaths and some 18.35 million recovered people, according to Johns Hopkins University in the United States.
In Japan, 72,500 cases…
Read the full article at: https://www.plenglish.com/index.php?o=rn&id=59598&SEO=japan-495-companies-go-bankrupt-due-to-covid-19
Deloitte has put its UK restructuring practice up for sale following concerns among its senior executives that it has become too difficult to manage conflicts of interest, said two people familiar with the decision.
The ‘Big Four’ accounting firm plans to approach potential acquirers, including rival professional services groups and private equity houses, the people said. The disposal could also take the form of a management buyout.
The plans highlight the pressure on Deloitte and its largest rivals PwC, EY and KPMG to manage conflicts of interest after corporate failures and accounting scandals have called into question the quality of their audits and the independence of their advice.
Last year the Financial Reporting Council, which…
Read the full article at: https://www.ft.com/content/d9b915e4-b7db-4daf-80ad-cf841bdb923f
08/09/2020
Said Bey in Zanka Contact
Playing in Orizzonti at the Venice Film Festival , Zanka Contact Ismal El Iraki , has troubled central lovers echoing Wild at Heart ‘s Sailor and Lula and Head-On [+see also:trailer filmprofile ] ‘s Cahit and Sibel. Prostitute Rajae (Khansa Batma ) and has-been rock star Larsen (Ahmed Hammoud ) meet, fall in love, and get chased out of town by a henchman and a pimp. Somehow, despite the trail of destruction, through this up-and-down relationship, the lovers find catharsis and an understanding of themselves, abandon…
Read the full article at: https://cineuropa.org/en/newsdetail/392260
Booze, gambling and food delivery services have become expensive habits for Australians since COVID-19 hit hard in March, but breaking these habits may be easier than you think.
Researchers reckon it takes about two months to form a new habit, which gets wired into our brains through repetitive behaviour, and with the pandemic now into its seventh month that’s enough time to develop some big-spending behaviour.
The latest data from credit bureau Illion and economists AlphaBeta shows Aussies are spending 277 per cent more on food deliveries than what we used to, 94 per cent more on online gambling and 22 per cent more on alcohol and tobacco.
I’ve heard stories of individuals splashing $500 in one week on Uber Eats alone – that’s a lot…
Read the full article at: https://www.qt.com.au/news/how-to-stop-wasting-money-during-covid-lockdown/4093579/
Deloitte, the ‘big four’ accountancy firm, has begun secret talks about the sale of its UK restructuring division, even as the coronavirus pandemic triggers a deluge of corporate insolvencies that should fuel a surge in its profitability.
Sky News has learnt that Deloitte has been in talks with the executives running its restructuring unit about allowing them to approach prospective backers of a management buyout.
City sources said that any such deal could come with a price tag of several hundred million pounds.
Image: The move shows the impact of impending reforms on the big four auditors
A sale process, which is expected to be confirmed in the coming days, would provide the starkest evidence to date of the impact that impendin…
Read the full article at: https://news.sky.com/story/deloitte-weighs-sale-of-restructuring-arm-as-audit-conflicts-bite-12066765
A Moody’s sign on the 7 World Trade Center tower is photographed in New York August 2, 2011. REUTERS/Mike Segar
Institutional investors and global lenders are digging in their heels as the COVID-19 pandemic tightens its grip on Africa. A call from the Group of Twenty (G20) way back in April for private sector forbearance, in the form of a temporary standstill on interest payments, has been ignored. One possible way out is for the three global credit rating agencies to provide the analytical muscle that could help in breaking this impasse.
Fitch Ratings, Moodys Investors Service, and Standard & Poors Financial Services have done business during the pandemic doing what they always doproviding ratings assessments and warnings on the cre…
Read the full article at: https://www.atlanticcouncil.org/blogs/new-atlanticist/credit-rating-agencies-could-resolve-african-debt-impasse/
BANGKOK, Sept. 8 (Xinhua) — Thailand’s central bank said on Tuesday that in the face of the pandemic fallout, 85 percent of retail debtors are still struggling in a grim economy and have applied for the second-phase of debt relief.
“Many businesses in Thailand have been hit hard by the COVID-19 outbreak, especially tourism-related services such as hotels, airlines and car-rent companies, which are unlikely to rebuild any time soon,” said Ronadol Numnonda, deputy governor of the Bank of Thailand, adding that the arrival of 40 million tourists is a thing of the past.
“And now with the economic fallout, there is an oversupply of tourism-related industries,” said Ronadol. “Therefore the Thai government, including state…
Read the full article at: http://www.xinhuanet.com/english/2020-09/08/c_139353190.htm
The government has recovered about $345 million of these pay outs over the past five years, including through actions as a creditor.
This scheme provides workers annual and long service leave payments, up to 13 weeks of unpaid wages, up to five weeks of payment in lieu of notice and a maximum of four weeks redundancy pay for each full year of service. Unpaid superannuation is not covered.
Most employees’ redundancy payments are capped at 12 weeks but those on union-negotiated deals and individual contracts can build payouts faster and to much higher levels that can be worth hundreds of thousands of dollars.
Leading employer association Ai Group warns the government the cost of the scheme could rise significantly during the economic c…
Read the full article at: https://www.brisbanetimes.com.au/politics/federal/a-very-big-bill-taxpayers-to-be-slugged-with-staff-costs-for-failed-businesses-20200908-p55tgu.html
September 7 2020 – 3:30PM
House prices have increased at a much faster rate than income since the mid-1990s, which has led to three times the amount of people carrying mortgages and debt into retirement.
When you pair this with the ageing population, it leaves many retirees strapped for cash, in what is supposed to be their ‘golden years’.
The problem with debt in retirement is that retiree income is capped. With many living on the pension alone, it can be hard to pay for anything other than the basics.
It is often not enough to continue paying for a mortgage or other debt repayments, let alone living a comfortable retirement, free from financial stress, which is what many retirees hope for.
Some may try to bandaid this…
Read the full article at: https://www.canberratimes.com.au/story/6913891/experiencing-debt-in-retirement-a-reverse-mortgage-could-help/
CHICAGO (WBBM NEWSRADIO) — A 79-year-old man allegedly shot and killed someone he knew for decades over a gambling debt, then called 911 after firing the shots.
Willie Dunmore is charged with first-degree murder, Chicago police said. He wasordered held without bail Saturday, according to Cook County prosecutors.
James Kelley, 72, who went to demand money from Dunmore at his used car lot in the 7300 block of South Stony Island Avenue, was killed in the Aug. 5 attack, police and prosecutors said.
Kelley knew Dunmore for 40 years and was driven to the dealership by a friend to collect an old debt, prosecutors said. His friend waited in the car while Kelley went inside.
Related:
Shortly after, Dunmores son was seen walking out of the deale…
Read the full article at: https://wbbm780.radio.com/articles/suntimes/man-79-fatally-shoots-72-year-old-over-gambling-debt
