The group, calling themselves the COVID-19 affected people club, carried placards urging the Prime Minister and other leading officials to help.
The petition submitted today featured about 4,600 signatures, said Thipsukhon Thongtan, president of the club.
The petition requested the government take action in three specific areas to help support businesses suffering during the current economic crisis
The first action requested was to provide more support through soft loans.
We want relevant officers to change the criteria for soft loans, as at this stage a lot of aff…
Read the full article at: https://www.thephuketnews.com/phuket-people-petition-for-debt-relief-for-covid-affected-businesses-76922.php
The Insolvency, Restructuring and Dissolution Act 2018, (Act No.40 of 2018, the Act) , which came into force on 30 July, marks, for now at least, the final stage in what has been a far-reaching overhaul of Singapores insolvency and debt restructuring regime.
This process had started in 2015 with some amendments to the Bankruptcy Act (Cap 20). Then, in 2017, significant amendments were made to the Companies Act (Cap 50), in respect of both judicial management orders and schemes of arrangement. In particular, aspects of the Chapter 11 procedure of the US Bankruptcy Code were imported into a system that has historically always looked to English company and insolvency law for inspiration if that is the right word and provisions were enact…
Read the full article at: https://www.hellenicshippingnews.com/the-insolvency-restructuring-and-dissolution-act-an-overview/
A video spreading on social media shows men hastily removing the security cameras at a gambling den in Bangkok’s Yannawa district where four peopled were shot dead on Monday night, one of them an off-duty police major.
“Remove all (cameras),” says a man in the video. “Use pliers to cut all electrical wires,” another says.
“Any motorcyclists have chains? Use them to lock the doors,” the man added.
The clip, clearly taken surreptitiously, also shows men taking some equipment away. A blood-stained Baccarat table was found dumped behind the building.
It seems to explain why police were able to say they found no security came…
Read the full article at: https://www.bangkokpost.com/thailand/general/1963851/video-shows-cameras-being-removed-from-shootout-gambling-den
Mark and Sarah found themselves in a desperate financial situation when the COVID-19 pandemic hit. Almost immediately after social distancing was first put in place in Australia this year, Sarahs bookings as a professional photographer dried up. Marks hours at his retail job were at first dramatically reduced, then stopped altogether.
But Mark and Sarah were not alone because, for the past few years, their local church had been helping them to get through debt incurred from medical bills. Their first child was born with a congenital condition and they were not able to call upon immediate family or friends.
Were looking forward to things at the moment, which sounds ridiculous in the midst of a pandemic. Sarah
After failed attempts at s…
Read the full article at: https://www.eternitynews.com.au/opinion/mark-and-sarah-are-in-debt-so-they-called-their-local-church-for-help/
The Dalgaranga process plant. Source: Gascoyne Resources
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The Federal Court of Australia has launched proceedings on Gascoyne Resources plan to be relisted on the Australian Securities Exchange.
This follows Habrok Mining, a Western Australia-based investment company, putting forward an unsuccessful deed of company arrangement (DOCA) proposal for Gascoyne, before purchasing unsecured debt of an existing creditor, owing approximately $616,000.
A DOCA is a when a company and its creditors reach a binding arrangement that determines how the companys affairs will be handled.
The Federal court proceedings seek an order to end the DOCA Gascoyne entered in June and orders the company to be put into liquidation.
The proceedi…
Read the full article at: https://www.australianmining.com.au/news/gascoyne-faces-liquidation-as-court-proceedings-begin/
Unsecured creditors from across the cotton industry are being warned to expect to be repaid maybe just a fifth of their losses following the collapse of Chinese-owned merchant Weilin Trade owing about $58 million.
Latest estimates suggest about 195 cotton growers, brokers, merchants and other service providers have lost money after Weilin bought cotton for the 2019-20 and 2020-21 seasons for as much as $660 a bale – or typically about $15 to $30 above mainstream market prices.
However, its contracts were not honoured by buyers or shareholders in China after coronavirus triggered a demand slump in February-March.
A big portion of Weilin’s 2020 crop purchases had to be re-sold into a depressed July market for significantly less than $5…
Read the full article at: https://www.farmonline.com.au/story/6862188/chinese-cotton-companys-creditors-may-get-20c-in-the-dollar/
PHILADELPHIA, Aug. 05, 2020 (GLOBE NEWSWIRE) — Money is fragile, and when we are in possession of something fragile, we become worried. The finances are safe when nothing surprising happens, but when a sudden outbreak pandemic like corona knocks at the door, the financial graph takes a downward curve, sometimes leading to even bankruptcy. When you are unable to repay the debts to creditors, you opt for bankruptcy. The creditors often come up with a court order, and to seek relief from all the debts, you see bankruptcy as an optimal way. But stay in that thought for a moment and look for any options around to break through this financial calamity and create a debt-…
Read the full article at: https://www.globenewswire.com/news-release/2020/08/05/2073724/0/en/Young-Marr-Associates-Law-Firm-How-Can-You-Save-Yourself-From-Insolvency-and-Bankruptcy-in-This-Pandemic-Crisis.html
By Roslan Khasawneh
SINGAPORE (Reuters) – GP Global, an oil trader based in the United Arab Emirates (UAE) enmeshed in an employee fraud investigation, has appointed restructuring experts as part of its “ongoing restructuring exercise”, the company said in a statement on Wednesday.
GP Global said it hired FTI Consulting’s Rod Sutton as its chief restructuring officer and hired UK-based financial restructuring specialist firm Quantuma.
Sutton and Quantuma will engage with the company’s stakeholders “to protect the commercial interests” of the group and will help transform it into a “strong, financially prudent” business “with enhanced transparency”, the statement said.
On July 20, GP Global said that it had undertaken a financial restr…
Read the full article at: https://www.capebretonpost.com/business/reuters/gp-global-hires-financial-restructuring-experts-after-lenders-pull-back-481489/
It is an unfortunate reality that as the economic repercussions of the COVID-19 pandemic continue to be felt, companies even those that were performing quite strongly at the start of 2020 will face significant headwinds, if they havent already. Many may need to consider some sort of restructuring of their balance sheet and debt obligations to create a sustainable business model that positions them for success in 2021 and beyond.
Those companies that determine that restructuring is the best path forward need to understand, however, that it will not magically make all of their bills and tax obligations disappear. In fact, any time there is a foreclosure of assets, an exchange of assets for debt, or a reduction of debt, a taxable event i…
Read the full article at: https://www.cfo.com/tax/2020/08/the-hidden-tax-obligations-in-financial-restructuring/
His decision to jump ship to Duff & Phelps comes only months after the North American firm backed Ayres, Lord and Co to set up and run an Australian restructuring business based initially in Sydney.
While Duff & Phelps has already landed a few restructuring mandates including advising Velocity Frequent Flyer’s bank syndicate during Virgin Australia’s administration its new team of number crunchers is targeting all transactions related work and wants to compete with the big four firms.
Duff & Phelps also has a transfer pricing business in Australia, as well as Kroll Business Intelligence and Investigations and Kroll Cyber Risk.
Read the full article at: https://www.afr.com/street-talk/parbery-joins-restructuring-start-up-20200805-p55iqv
The Metropolitan Police Bureau has yet to verify if the place where a police officer was shot dead on Monday night was an illegal casino, the bureau chief said.
Pol Lt Gen Pakapong Pongpetra, commissioner of the bureau, said on Wednesday that police were conducting an in-depth investigation into the crime.
If there is enough evidence to prove that the place was a gambling den, decisive action will be taken, he said.
The Bangkok police chief referred to the four-storey building off Rama III Road in Yannawa district where Pol Maj Watthaset Samniangprasert, 32, of Samae Dam station and three o…
Read the full article at: https://www.bangkokpost.com/thailand/general/1963275/police-still-doubt-place-officer-killed-was-gambling-den
Booking.com, the worlds dominant online travel agent, will restructure its business and shed 25% of staff by the end of this year due to the impact of COVID-19.
Up 4500 staff could lose their jobs, though final numbers are still being worked through, according to a US Securities and Exchange Commission filing by parent company Booking Holdings.
Booking.com is in the process of consulting with its works councils, employee representatives and other relevant organizations where applicable regarding the intended reduction in force and related cost reduction and restructuring actions, the statement said.
As the Company consults with works councils, employee representatives and other organizations regarding its intentions, the Company expects…
Read the full article at: https://www.traveltrends.biz/ttn555-Booking.com to restructure business and reduce its workforce by 25%