An independent survey commissioned by insolvency firm Jirsch Sutherland has found that of the 1,000 business owners and directors surveyed, 51 per cent said they were expecting to explore restructuring or insolvency options in the next six months.
The prospect of JobKeeper coming to an end was far from their primary concern, with just one in 10 worried about the phase out of the wage subsidy scheme.
Instead, cashflow concerns continue to keep business owners up at night, with 36 per cent nominating it as their stressor.
More businesses fail due to lack of cashflow than due to lack of p…
Read the full article at: https://www.accountantsdaily.com.au/business/14661-smes-contemplate-insolvency-options-as-fears-set-in
Debt consolidation through a personal loan makes sense if you can qualify for a new loan at a lower rate and you have a plan to pay off what you owe. (iStock)
Owing money can be a huge financial burdenand it can also be logistically difficult to keep up with multiple creditors if you have several different loans outstanding. If you’re tired of sending in multiple monthly payments, debt consolidation through a personal loan could be the solution you’re looking for.
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When you consolidate debt in this way, you take out a loan from a bank, credit union, or online lender. You’ll use the loan proceeds to pay off some or all of your existing debts, depending on how large your loan balance is and how much you o…
Read the full article at: https://www.foxbusiness.com/money/should-i-use-personal-loan-consolidate-debt
29 Jul 2020
The introduction of the new Corporate Insolvency and Governance Bill has been a far-reaching aid to businesses disrupted by the COVID-19 pandemic, although some of those measures are somewhat controversial.
The Bill was partly brought into force on 26 June 2020 but unusually some measures will have retrospective effect in order to maximise the support and protection offered.
In this three part series, we will consider some of the measures brought in by the Bill and its affect on both struggling businesses, and those in business with them.
These measures will naturally be a welcome relief to those who have been suffered significant disruption under recent lockdown restrictions. Everyone has felt the impact of recent month…
Read the full article at: https://www.trethowans.com/news/how-will-the-new-corporate-insolvency-and-governance-bill-affect-my-business
J.C. Penney has filed for bankruptcy and is closing their doors after being around for almost 120 years. So why does it hurt to see them go? USA TODAY
J.C. Penney is looking to go forward with a sale of the business to avoid a brush with liquidation.
The retailer’s attorney, Joshua SussbergofKirkland& Ellis, saidduring a bankruptcy court hearing Wednesdaythat the sale should be completed by the fall under an expedited process and rebuffed rumors of a liquidation of the entire chain.
“We have had not one discussion with our lenders or any other stakeholders about a liquidation. That is simply not in the cards,” Sussberg said.
The retailer filed for Chapter 11 bankruptcy in mid-May with846 stores and 85,000employ…
Read the full article at: https://www.usatoday.com/story/money/2020/07/29/jcpenney-store-closings-2020-chapter-11-bankruptcy/5536947002/
I think for us, weve probably been hit more than most areas of insurance by the pandemic, he said. Obviously, the economic impacts of COVID-19 have been well-publicised and Credit Solutions protects against the risk of insolvency, which has probably never been so much of the forefront of clients minds.
Read more: What’s next? Australian president on post-pandemic insurance industry
Chapman concedes that given the dire circumstances, the challenge for his business is balancing demand for his product alongside protecting it against a huge spike in the risk of insolvency.
That means the insurers are very cautious in their underwriting and theyve taken a lot of action across their portfolio. Weve got to meet the needs and requirements of o…
Read the full article at: https://www.insurancebusinessmag.com/au/news/broker-perspective/broker-on-protecting-clients-from-insolvency-amid-covid19-229089.aspx
Dannys last bet was two years ago.
But I still think about gambling addiction, and the anxieties and worries it digs up, every day and probably always will.
I think about how my fiancs addiction has cost me more than money but my story is not one of doom, and fortunately Danny (not his real name, by the way) is in recovery now.
I was nave about gambling when we met. Occasionally I would get lottery tickets and I bet on the Grand National a few times, but that was it.
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On our second date, Danny told me that he had previously had problems with gambling; hed ended up getting into debt but had wiped it off through a debt relief order and didnt do it anymore. At the time I appreciated that openness and honesty, but in hindsig…
Read the full article at: https://metro.co.uk/2020/07/29/partner-gambling-addict-stood-13050862/
However, Ms Ball said the TMA would not insist on any exemptions to unfair preference payments that involved related party payments or phoenix transactions.
“The amendment would not however, exempt those payments made by a company pre-insolvency to any related party or where there exists phoenix company-type transactions.”
The government has already made significant changes to Australia’s insolvency regime to save businesses and jobs during the COVID-19 pandemic.
Fear for small businesses
In March it placed a moratorium on insolvent trading laws including temporarily increasing the threshold at which creditors can issue a demand on a company and/or initiate bankruptcy proceedings. It also gave relief for directors from personal liabili…
Read the full article at: https://www.afr.com/policy/economy/creditors-in-danger-of-repayment-demands-from-rash-of-insolvencies-20200728-p55g48
A financial planner conned a couple out of $360,000, sinking to staggering depths of deceit so he could pay off his credit cards and feed an online gambling addiction, a court has heard.
Daniel Peter Logan, 40, was in extreme financial stress when he took the Brisbane couple on as clients while working as a planner at financial services group Anne Street Partners in 2013.
A court heard that over five years, Logan stole money from their self-managed super account, enticed the couple into buying properties which he mismanaged and then falsified documents to pretend their investments were increasing in value.
Former nurse confronts despicable dentist who raped her
Tattooists den of hidden cameras, rape recordings found by landlord
The mon…
Read the full article at: https://www.qt.com.au/news/financial-planners-staggering-360k-fraud-revealed/4067410/