Financial crimes arent the only negative effects of problem gambling. It shatters relationships and destroys families. Time and money spent gambling can wreck a marriage or lead to child neglect. The financial pressure of gambling losses can also motivate domestic violence or child abuse. Additionally, the stress of gambling debt may trigger anxiety, depression, and behavioral health disorders.
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Developing nation debt has more than doubled in the past decade and left more than 50 countries facing a repayment crisis, according to a campaign group.
Data from the Jubilee Debt Campaign shows that even without taking full account of the impact of the coronavirus pandemic, there has been a sharp jump in the number of poor countries in debt distress since 2018.
Debt relief was provided for poor countries at the end of the 1990s and in the mid-2000s, but the JDC said external debt payments as a share of government revenue had more than doubled from 6.7% to 14.3% since 2010 and were at their highest level since 2001.
The International Monetary Fund and the World Bank have both warned of the risks of a new debt crisis and have been urgin…
Read the full article at: https://www.theguardian.com/world/2020/aug/16/debt-in-developing-countries-has-doubled-in-less-than-a-decade
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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 liquidation.
The Companies Office shows Duco Promotions and associated companies Mammoth Events and Zenith Events, all owned and directed by Higgins, were placed into liquidation on Tuesday.
Liquidator of all three companies Heath Gair of Palliser Insolvency said he would not discuss the liquidation over the weekend.
Higgins, who co-founded Duco Events in 2004, is perhaps best known as New Zealand heavyweight boxer Joseph Parkers manager.
READ MORE:
* Duco Events introduce compulsory pre-fight MRI scans for all boxers
* Joseph Parker’s…
Read the full article at: https://www.stuff.co.nz/business/industries/122461490/sports-promoter-david-higgins-business-duco-promotions-in-liquidation
The former owner of Wigan Athletic, Au Yeung Wai Kay, sought to put the club into administration before he had even completed his controversial takeover, key documents reveal.
A new timeline of the Wigan takeover is pieced together in the written reasons detailing the rejection of an appeal against the clubs 12-point deduction for insolvency, a punishment that led to their relegation from the Championship.
According to the documents, which have been seen by the Guardian, Kay contacted the company Begbies Traynor about putting Wigan into administration the day before he informed the EFL that he had become the sole shareholder in the club. A week later, they were duly declared insolvent.
The documents also reveal that Kay failed to inform…
Read the full article at: https://www.theguardian.com/football/2020/aug/16/wigans-former-owner-kay-asked-about-administration-before-his-takeover
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million.
Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’ reports note.
Omnia Lifestyle Group Pty Ltd, Omnia Group Pty Ltd, NRG Concepts Pty Ltd and Omnia Property Pty Ltd collapsed between May 30, 2019 and February 21 this year.
Omnia Group Pty Ltd director Gordon Smith.
The four companies collectively owe 197 creditors $13.05 million.
Now, the liquidator combing through the wreckage of the Omnia Property and NRG Conc…
Read the full article at: https://www.dailymercury.com.au/news/13m-owed-ferrari-driving-businessman-declares-bank/4075324/
Image copyright Getty ImagesDebenhams has appointed a firm to draw up contingency plans for a possible liquidation of the department store.
The company, which is in administration, has hired Hilco Capital, a firm that specialises in winding up struggling retailers.
Debenhams said it was “trading strongly” and Hilco’s appointment did not mean a liquidation was likely.
Last week Debenhams said it would axe 2,500 more jobs, on top of 4,000 cuts it announced in May.
Debenhams filed for administration in April – the second time in a little over a year – and is examining options to exit the process.
These include the current owners continuing to run the business, a sale of Debenhams or a joint venture with new or existing investors.
- Debe…
Read the full article at: https://www.bbc.com/news/business-53797371
The dilemma My partner and I have been together for two years and I could not be more in love with her. We spend our days laughing until our stomachs hurt. The problem is that she is 36 and a recovering gambling addict while I am 24 and have just recently graduated. She has accumulated several years of debt from friends, family and loan sharks. I naively lent her almost 2,000 from my savings at the beginning of our relationship. She told me at the time she needed it to pay her rent, but Ive since found out she gambled it away.
Despite the fact that I earn less than her, she consistently runs out of money halfway through the month and I end up paying joint expenses. She pays me back, so other than the initial 2,000, which she has not yet…
Read the full article at: https://www.theguardian.com/lifeandstyle/2020/aug/16/my-older-partner-is-a-gambler-and-keeps-asking-for-money-mariella-frostrup
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Every bill utilities, telcos and insurances could be bloated. Providers often rely on the complacency of existing customers to keep paying over the odds.
Go through your bills, using comparison websites, to determine the savings you could make by switching to a cheaper provider.
2. Mortgage and financial products
Your mortgage is the biggest debt you will ever have, so an interest rate that is even a little inflated will cost you severely.
The monthly saving if you switch from an average big-four bank interest rate of 4.48 per cent for a $400,000 loan over 20 years to the cheapest, quality product with an offset account today, at 2.32 percent, is $461.
Be wary of loan providers charging a little more interest but giving ca…
Read the full article at: https://www.smh.com.au/money/planning-and-budgeting/five-money-tips-to-help-you-through-tough-times-20200813-p55ldq.html
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million.
Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’ reports note.
Omnia Lifestyle Group Pty Ltd, Omnia Group Pty Ltd, NRG Concepts Pty Ltd and Omnia Property Pty Ltd collapsed between May 30, 2019 and February 21 this year.
Omnia Group Pty Ltd director Gordon Smith.
The four companies collectively owe 197 creditors $13.05 million.
Now, the liquidator combing through the wreckage of the Omnia Property and NRG Conc…
Read the full article at: https://www.cqnews.com.au/news/13m-owed-ferrari-driving-businessman-declares-bank/4075324/
Problem gamblers also hurt our communities when they commit crimes like embezzlement, forgery, and theft to finance their addiction. For example, in 2012 a Nebraska State Senator pled guilty to illegally spending campaign funds at casinos in Kansas. In 2016 a Lincoln pharmacist was sentenced to nine years in prison after defrauding Nebraskas …
Read the full article at: https://columbustelegram.com/news/opinion/gambling-with-nebraska-a-losing-bet/article_a901c732-8597-5ce7-bedc-49c89e5b6bde.html
It has been a catastrophically bad year for shale, and few (if any) could have predicted the industrys struggles this year. The most notable of those struggles came in April when the West Texas Intermediate crude benchmark plunged below zero and into uncharted territory. The previously unthinkable price crash was spurred by a series of unfortunate events: the spread of the novel coronavirus caused a drop in global oil demand, which in turn caused the OPEC+ leaders to turn against one another, which fomented an all-out oil price war and global supply glut that maxed out
oil storage around the world and sent the markets into pandemonium. In the Permian Basin, the fallout has been legions of fired and furloughed employees, a wave of bankru…
Read the full article at: https://oilprice.com/Energy/Energy-General/Shale-Executives-Make-Millions-As-Their-Company-Goes-Bankrupt.html
ANCHORAGE, Alaska (AP) – The largest rural airline in Alaska has declared bankruptcy and laid off more than 1,000 workers but wants $250,000 in bonuses to be awarded to its chief executive and other employees.
Alaska Public Radio reported that RavnAir Group filed the request Tuesday in Delaware bankruptcy court. Lawyers for the company say the bonuses are justified because of the hard work that went into selling the companys assets after it shut down during the pandemic.
Chief Executive Officer Dave Pflieger has already collected $1.4 million in the past year. It is unclear how much would go toward Pflieger and the other employees. Attempts to reach the company werent immediately successful Thursday.
Read the full article at: https://www.ktuu.com/2020/08/14/bankrupt-alaska-airline-seeks-bonus-for-its-chief-executive/
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Every bill utilities, telcos and insurances could be bloated. Providers often rely on the complacency of existing customers to keep paying over the odds.
Go through your bills, using comparison websites, to determine the savings you could make by switching to a cheaper provider.
2. Mortgage and financial products
Your mortgage is the biggest debt you will ever have, so an interest rate that is even a little inflated will cost you severely.
The monthly saving if you switch from an average big-four bank interest rate of 4.48 per cent for a $400,000 loan over 20 years to the cheapest, quality product with an offset account today, at 2.32 percent, is $461.
Be wary of loan providers charging a little more interest but giving ca…
Read the full article at: https://www.watoday.com.au/money/planning-and-budgeting/five-money-tips-to-help-you-through-tough-times-20200813-p55ldq.html