Another aged care and village operator has gone bust but there are questions over how many residents will need to be re-homed as a result.
Receivers KordaMentha and managers SV Partners were appointed at the start of June to oversee the 36-bed Mount Providence Village aged care home in Muswellbrook in NSWs Upper Hunter region after the company that owns the site went into liquidation.
The property is now for sale through Savills and Commercial Collective along with 14 adjoining one- and two-bedroom villas and 5,000 sqm of adjoining land with significant development upside (STCA) less than three years after it was purchased by New Aged Projects No. 2 owner and director Dylan Walsh.
Muswellbrook Citizen of the Year, Len Kelman told t…
Read the full article at: https://www.theweeklysource.com.au/muswellbrook-aged-care-home-and-retirement-village-goes-into-liquidation-but-just-three-residents-to-find-new-accommodation/
CoolSprings Galleria Mall, Franklin, TN
Source: CBL Properties
U.S. mall owner CBL & Associatesannounced Wednesday it has reached arestructuring support agreement with debt holders a bid to boost its balance sheet with its malls getting hammered by the Covid-19 crisis.
The Chattanooga, Tennessee-based real estate investment trust, which owns more than 100 retail centers, said in a securities filing that the terms of the agreement provide for a “comprehensive restructuring” of its capital through an in-court process expected to begin by Oct. 1.It would slash about$900 million of debt and at least $600 million of other obligations, the company said.
CBL said it ultimately plans to eliminate roughly $1.4 billion of its unsecured no…
Read the full article at: https://www.cnbc.com/2020/08/19/us-mall-owner-cbl-strikes-deal-with-lenders-avoiding-bankruptcy.html
What do 80 percent of Americans have but dont want? The answer is debt.
But the harsh reality of debt is that it isnt the loan thats the problem. Its the mismanagement of loansthat creates an issue.
Smart debt consolidation can help lift you out of the burden of debt management. Here are the top benefits of consolidating.
What is Debt Consolidation?
When you consolidate your debts, you roll all your loans into one big pile. The idea is thatone payment is much easier to manage than multiple payments.
This is especially true when each bill has a different due date every month. Debt consolidation usually applies to liabilities like credit cards, small personal loans and student loan debt.
Since your home loan isnt a liability, most peopl…
Read the full article at: https://blog.timesunion.com/lifestyle/what-are-the-benefits-of-smart-debt-consolidation/751/
We should take note of lessons from the past and seize the opportunity to build a better corporate insolvency system.
In its January 2020 annual survey of perceptions of thirty global risks, the World Economic Forum (WEF) ranked infectious diseases tenth in terms of impact, though well down in the bottom-half of expected likelihood. There is no need to repeat here how 2020 has tragically unfolded.
Pandemics fall into that hugely problematic economic phenomenon of black swan events for which there are few playbooks at hand for governments, policymakers and regulators to manoeuvre through the crisis. Other black swan events include cyberattacks, terrorist attacks and extreme weather events.
It would be nave to suggest that our systems of…
Read the full article at: https://www.accountantsdaily.com.au/sponsored-features/14732-corporate-insolvency-law-in-crisis-in-a-time-of-crisis
(Representative image)
MUMBAI: Banks are likely to restructure up to Rs 8.4 lakh crore of loans, or 7.7 per cent of the overall system’s credit, under the newly announced recast package, a domestic ratings agency said on Wednesday.
Over 60 per cent of this Rs 8.4 lakh crore was susceptible to slip into the non-performing assets (NPAs) category if not for the recast move, and the restructuring will help banks’ bottomlines as the money to be set aside as provisions will be lower, India Ratings and Research said.
Earlier this month, the RBI had announced a recast package which focused on a case-by-case approach for restructuring rather than a blanket or sectoral approach. The central bank had also allowed small value non-corporate loans…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/banks-set-to-restructure-up-to-rs-8-4-lakh-crore-of-loans-after-rbi-decision-report/articleshow/77632519.cms
By Shina Abubakar
A Magistrate Court sitting in Osogbo has remanded a commercial motorcyclist, Akeem Jimoh, 23 in police custody for allegedly owing a betting firm N250,000.
It was gathered that Akeem approached a betting shop in Osogbo and placed a bet of N150, 000 and lost before sneaking to another shop to place another bet of N100,000.
He was said to have attempted to run after losing the second stake before he was arrested.
Akeem had also claimed to play the same game when he was chartered from Ondo State to Osogbo during the Sallah celebration and won the sum of N200,000 and had since stayed back in the town.
During his arraignment, Police prosecutor, Inspector Kayode Adeoye informed the court …
Read the full article at: https://www.vanguardngr.com/2020/08/commercial-motorcyclist-in-trouble-over-n250000-gambling-debt/
A restructuring initiative at the Institute of Directors, a key UK business lobby group, has led to the resignation of its chair as the group grapples with the costs of Covid-19.
Charlotte Valeur, a former City banker and board diversity champion who currently chairs a LSE-listed Blackstone fund investing in CLOs, as well as the IoD, is stepping down from the latter role.
Valeur, who has been in the job since September 2018, told the board that she feels unable to continue to devote the required time and commitment that the role demands, according to a statement released by the group on 18 August.
Based on the Channel Island of Jersey, and residing in a vulnerable household, Valeur said she felt unable to continue chairing the business…
Read the full article at: https://www.fnlondon.com/articles/institute-of-directors-loses-chair-amid-pandemic-restructuring-drive-20200818
Crown Resorts did nothing to protect their China-based members of staff from being arrested, despite being notified of the high risk and the fear its employees were living in, an ongoing investigation by the Independent Liquor and Gaming Authority (ILGA) in New South Wales (NSW) into the suitability of the ASX-listed company to hold a casino license revealed Monday.
Crowns chief executive Barry Felstead received in March 2015 an e-mail from the companys former president of international marketing, Michael Chen, in which the senior executive was informed about a crackdown on foreign gambling operators by the Chinese government.
Mr Chen pointed out members of staff based in China were not breaking Chinese law, but, with regards to a rece…
Read the full article at: https://www.gamblingnews.com/news/nsw-inquiry-crown-risked-staff-arrests-despite-sound-warning/
Employment experts say many different types of jobs are being lost forever during this pandemic as companies accelerate restructuring that was happening before the crisis began.
Key points:
- A survey shows financial services, consulting and administrative staff are now most worried about losing their jobs
- Middle-level managers in particular appear to be facing redundancy
- Some economists say the removal of a layer of management could boost productivity by encouraging more staff autonomy
When marketing manager Wendy Robertson’s boss took her aside, she knew what he was about to say.
“I could see the viability of the business wasn’t going to be sustainable,” she told PM.
“For him it was pretty tough; he probably struggled more than me.”
Ms Roberts…
Read the full article at: https://www.abc.net.au/news/2020-08-19/some-jobs-lost-forever-as-coronavirus-pandemic-drives-change/12571648
When building a budget, we often plan in terms of monthly expenses, but it’s also important to think about the big picture and this is especially true if you’ve got debt and a poor credit score.
When people are trying to figure out how to pay off their debt, they usually look at how much they can afford to repay each month, says Shant Nicole Harris of Financial Common Cents. But you should also be looking at how much you’ll be paying total over the life of the loan. This is particularly important when deciding to take on new debt, like an auto loan or personal loan.
“Someone might know that 18% is a high interest rate, but they don’t really care,” says Harris. If the monthly payments work out to $450 per month, for instance, a bo…
Read the full article at: https://www.cnbc.com/select/budgeting-mistake-keeps-subprime-borrowers-in-debt-cycle/
Facts
Supreme Court decision
Comment
In its decision in Mineral Libin (HR-2020-257-A) the Supreme Court clarified the mandatory scope of the Insurance Contract Act and the application of the general Time Bar Act in direct actions against protection and indemnity (P&I) insurers under Norwegian law.
The dispute arose out of an incident that took place in China in 2007, during which capesize vessel Mineral Libin made contact with another vessel and a buoy when berthing. The vessel had been chartered in a chain of charterparties which included a charterparty between SwissMarine Services SA and Transfield ER Cape Limited. SwissMarine had P&I or charterers’ liability to hull cover with Assuranceforeningen Gard gjensidig and Transfield…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Shipping-Transport/Norway/Wikborg-Rein/Supreme-Court-clarifies-time-bar-rules-applicable-to-direct-actions-against-PI-insurers