Insolvency Guardian Media Centre
Economy
Why broke Kenyans are shunning bankruptcy
Monday, August 17, 2020 10:20
By OTIATO GUGUYU
Kenyans are avoiding filing for bankruptcy amid mounting debts and a rise in seizure and auction of defaulters properties.
Official data shows that only four Kenyans filed for bankruptcy in the seven months to July, down from 10 in the same period last year and nearly 500 before 2015.
This comes in a period when auctioneers are reporting a glut of repossessed vehicles, land and homes, and office equipment are being sold off cheaply across Kenya in the wake of debt defaults.
Non-performing loans in the banking industry have more than doubled over the past five years to Sh379.9 billion i…
Read the full article at: https://www.businessdailyafrica.com/economy/Why-broke-Kenyans-are-shunning-bankruptcy/3946234-5609922-v4n12a/index.html
STOCKHOLM–(BUSINESS WIRE)–Global professional services firm Alvarez & Marsal (A&M) continues to expand its Financial Restructuring capabilities in Europe with the hiring of two new Managing Directors in the Nordics. Jonas Rickardsson has joined as the Head of Financial Restructuring in the region, and Dan Andersson has been appointed to lead the Nordic Operational Restructuring and CRO Services. A&M currently offers Restructuring, Corporate Transformation and Private Equity Services, along with Transaction Advisory and Financial Institutions Advisory Services to Nordic clients from its offices in Stockholm and Oslo.
Mr Rickardsson brings over 15 years of experience in restructuring advisory and financial review. His primary area of ex…
Read the full article at: https://www.businesswire.com/news/home/20200817005210/en/Alvarez-Marsal-Launches-Financial-Restructuring-Practice-Nordics
Handwritten letters were submitted to a Senate inquiry this afternoon by Queensland mothers Kath Madgwick and Jennifer Miller.
The women were responding to a comment made by Department of Social Services secretary Kathryn Campbell at a previous senate hearing on July 31 that assertions people had died over robodebt were “not correct”.
In her statement, Ms Madgwick wrote of her “amazing, caring and intelligent boy” Jarrad, who died on May 30 last year.
Read the full article at: https://www.9news.com.au/national/centrelink-robodebt-mothers-who-lost-sons-to-suicide-write-heartbreaking-letters-to-senate/d69bd6fc-2257-4a83-ae77-5c5c6b1384f4
Member Article
Corporate insolvencies in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019
Personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower)
Eleanor Temple, chair of the insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on todays publication of the July corporate and personal insolvency statistics:
The month-on-month rise in corporate insolvencies in July is largely down to an increase in administrations, Compulsory Liquidations, and Creditors Voluntary Liquidations (CVLs). Although overall numbers remain low in comparison to the same time last year, this …
Read the full article at: https://bdaily.co.uk/articles/2020/08/17/july-corporate-and-personal-insolvency-figures-r3-response
Denim label G-Star Australia will close after failing to find a buyer who could pull them out of voluntary administration.
G-Star Australia entered administration in May, saying traditional retailers were already facing business pressures pre-COVID-19, and that the pandemic only increased them.
Ernst & Young had stepped in as voluntary administrators, but announced on Monday that they could not find an interested buyer.
G-Star Raw is a globally recognised brand. The fact that no party was able to buy the business reflects the high level on uncertainty regarding the future prospects for the retail sector in Australia, EY said in a statement, per Nine News.
The failure to find a buyer means 57 retail outlets across Australia will shut u…
Read the full article at: https://www.pedestrian.tv/news/g-star-close-all-57-stores-australia-voluntary-administration/
Professional services firm PwC has clinched a restructuring deal for Travelex, which appointed administrators earlier in August. The news safeguards around 1,800 jobs in the UK.
Businesses centring on travel and hospitality have endured a nightmare start to 2020. With the global outbreak of coronavirus, and the international lock-down ushered in to slow its spread, every aspect of the leisure sector has been battered by Covid-19-related headwinds. While it almost goes without saying thatairlines and hotels have been battered by the current conditions, however, financial services entities have also been surprise casualties of the crisis.
Travelex is a foreign exchange company founded by Lloyd Dorfman and headquartered in London. Its main…
Read the full article at: https://www.consultancy.uk/news/25317/pwc-and-legal-advisers-help-travelex-restructure-its-debt
![MCM Entertainment files for liquidation [report]](https://themusicnetwork.com/wp-content/uploads/MCM-Tony-McGinn.jpg)
MCM Entertainment’s Tony McGinn
MCM Entertainment, the music media company behind popular radio shows and a concert series has filed for liquidation.
The Herald-Sunreports that filing took place on July 16, with insolvency firm Hamilton Murphy handling the liquidation.
MCM Entertainment produced the concert series Live At The Chapel, shot at South Yarras Chapel off Chapel.
It had the lucrative Australian and New Zealand rights to the New York-based online video platform VEVO the first territories outside of the US and UK.
Its radio and online shows included Take 40 Australia, Cover To Cover My Gen and Planet Vevo.
MCMs liquidator Richard Rohrt of Hamilton Murphy emphasised that MCM Entertainment had no debts in the form of creditor a…
Read the full article at: https://themusicnetwork.com/mcm-entertainment-liquidation/
Residents at Mount Providence Village aged care facility have been told to get out following the organisation’s announcement it has gone into liquidation. Upset tenants have had to scramble to find new accommodation, with some having only recently bought property at the location in South Muswellbrook. The news comes approximately just 30 months after the venture began, with COVID-19 and a shortage of public support being blamed for the institution’s lack of success. The company which owns Mt Providence, New Aged Projects No.2 Pty Ltd – still directed and owned by Dylan Walsh, has appointed SV Partners as liquidator. KordaMentha are now the receiver and manager, after they were appointed by Zagga Investments, who are the secured lender …
Read the full article at: https://www.muswellbrookchronicle.com.au/story/6881614/elderly-evicted-from-mr-providence/
With household financial stress levels rising as a result of the economic impact of COVID-19, it would be a fair bet that debt management companies like FSA Group would be doing good business. But thats not the case.
FSA released its 2019/20 financial report on Friday, disclosing a significant reduction in the number of consumers seeking the companys services.
FSA offers a range of services to assist clients wishing to enter into a payment arrangement with their creditors, including informal arrangements, debt agreements, personal insolvency agreements and bankruptcy.
During the year to June, the number of clients seeking informal arrangement and debt agreements fell 5 per cent and the number seeking personal insolvency agreements and b…
Read the full article at: https://www.bankingday.com/azora-fsa-ees-debtful-future
Getty Images
Duco events director David Higgins speaks to media at a press conference in Auckland in 2017.
Three companies owned by high-profile boxing promoter David Higgins have been placed into voluntary liquidation.
The Companies Office shows Duco Promotions and associated companies Mammoth Events and Zenith Events, all owned and directed by Higgins, were placed into voluntary liquidation on Tuesday.
Higgins, who co-founded Duco Events in 2004, is perhaps best known as New Zealand heavyweight boxer Joseph Parkers manager.
Higgins said the three businesses being wound up had not been in operation for at least a year-and-a-half, however his other events businesses were still running.
READ MORE:
* Duco Events introduce compulso…
Read the full article at: https://www.stuff.co.nz/business/industries/122461490/sports-promoter-david-higgins-business-duco-promotions-in-voluntary-liquidation
Sports promoter David Higgins – best known for organising the Joseph Parker fights – has placed three of his subsidiary businesses into voluntary liquidation. It’s business as usual for his main companies, including Duco Events.
Companies office records show Heath Gair of Palliser Insolvency was appointed liquidator of Duco Promotions, Mammoth Events and Zenith Events on Tuesday August 11.
Higgins said the Duco Events group had been founded in 2004 and over the past 16 years there has been a range of companies set up serving different purposes.
In recent years there was a major shareholding change with Melbourne based events specialist Rachael Carroll coming on board as his business partner and taking a 20 per cent stake.
Advertise…
Read the full article at: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12356973
As we prepare for the possibility that the coronaviruspandemic may continue for longer than first anticipated, its become essential for brokers to find flexible ways to support customers lending requirements.
With many banks and lenders adjusting their application assessment methods, borrowers may be finding it difficult to source the right finance, even if their circumstances remain unchanged.
As a result, we are seeing an uptick in the number of customers opting for specialist loans for all kinds of purposes.
Customers are becoming increasingly aware of the benefits of specialist lending, and there is a greater understanding of how a specialist loan can support their varied needs. Those who have been affected [by the pandemic] may …
Read the full article at: https://www.brokernews.com.au/features/cover-story/todays-biggest-trends-in-specialist-lending-272827.aspx