Insolvency Guardian Media Centre
The number of people going financially insolvent is poised to spike in the run-up to Christmas as businesses fail and unpaid debts mount up, a survey of experts suggests.
The majority of personal insolvency experts who think there will be an increase in cases in the coming year think the spike will happen towards the end of 2020, although a significant proportion predict it will be in early 2021, according to the findings frominsolvency and restructuring trade body R3.
More than two-fifths (41.6%) of those who work in personal insolvency predict the number of people going financially insolvent in the next 12 months will be significantly higher than last year, the survey found.
A further 44.5% in R3s member survey think personal insolven…
Read the full article at: https://www.eveningexpress.co.uk/news/business/spike-in-personal-insolvencies-could-happen-in-run-up-to-christmas-survey-finds/
All Trades Queensland (ATQ), the largest commercial employer of apprentices and trainees in Australia, has collapsed into administration.
Administrators say business will continue, with the first creditors meeting due August 3.
John Park and Joanne Dunn of FTI Consulting were appointed as voluntary administrators of ATQ today.
“The director of ATQ appointed FTI Consulting as Voluntary Administrators after full consideration of ATQ’s obligations and its duties to …
Read the full article at: https://www.9news.com.au/national/all-trades-queensland-australia-largest-commercial-employer-of-apprentices-and-trainees-in-voluntary-administration/6bcdccd5-dfac-4764-a879-55be1ef19228
The airline Jet Time has filed for bankruptcy, but will re-emerge under the name Jettime A / S as a new Danish charter company.
“I am convinced that post-coronavirus there is room for a strong, independent and profitable Danish charter airline that can serve Nordic charter customers. The charter market is not expected to return to a profitable level until the summer of 2021. With the expiry of the general aid packages in July and August and without any specific aid to airlines, apart from SAS, there were no preconditions for continuing the old Jet Time A / S, unfortunately. The new Jettime A / S will be able to navigate more easily through a strongly loss-making winter 2020/21 season and be stronger for next summer,” says owner Lars Thu…
Read the full article at: https://newsroom.aviator.aero/jet-time-to-file-for-bankruptcy/
The number of customers using the block has more than doubled in the past year.
Image source: Aidan Howe/Unsplash
Monzo first introduced its gambling block functionover two years agoin June 2018.
To date, just shy of 223,000 customers, or roughly five per cent of Monzos total customer base, have enabled the gambling block in the Monzo app, the digital bank toldAltFi.
Meanwhile,justeight per cent of customerswho activated the block laterdisabled the feature.
When the digital bank first announced the introduction of the gambling block, it estimated thatroughly 5,000 of its userswould be identified as problem gamblers, under research from industry bodyGambleAware.
The block, when activated, lets usersstop transactions to bo…
Read the full article at: https://www.altfi.com/article/6846_nearly-223000-customers-have-activated-their-monzo-gambling-block-
What is gambling?
Despite technological advances bringing new ways to gamble, at its core gambling involves risking your money in the hopes of making a profit. It’s generally a game of chance because there is no guarantee the spend will offer a profitable return.
Types of gambling
Advancements in technology have meant that there are more ways than ever to gamble. Some of the most common ways to gamble in Australia include:
- Poker machines
- Lottery
- Instant scratch-it tickets
- Sports betting
- Online gambling websites
- Keno
What is ‘problem gambling’?
For many Australians, gambling is a form of entertainment and it’s an occasional activity they engage in. However, when this activity becomes more regular and starts holding a place of incre…
Read the full article at: https://www.finder.com.au/gambling-statistics
Secondly, the companys response to enhanced risk and the high claims environment has been to significantly increase premiums. In the second quarter, the group-wide insurance renewal rate was boosted by 10.1 per cent.
At this stage QBE expects COVID-19 to cost it $840 million over the next 18 months. Of this, it will take a $470 million hit in the six months to June 2020 – an amount that includes a $160 million buffer for uncertainty.
But whats most interesting about QBEs financial update is the “lines of insurance” trouble areas that COVID has created. The first line of insurance QBE nominates in its hotspot list is business interruption, and it is probably the most contentious area. At this stage insurers including QBE are arguing COV…
Read the full article at: https://www.watoday.com.au/business/companies/qbe-s-hot-spot-worry-list-reveals-extent-of-pandemic-catastrophe-20200722-p55ehr.html
A separate accounting firm, McGrath Nicol, had been providing ”safe-harbour” advice to the McWilliam’s directors before that. Safe-harbour provisions in the Corporations Act are aimed at helping directors navigate through complex rules as a company attempts to restructure in pursuit of a better overall outcome.
“McGrath Nicol, who had been providing Safe Harbour Advice to the board, noted that on a cash flow test basis (the primary test of insolvency) it would suggest the group was insolvent,” the KPMG report said.
Refinancing facility
It also said McGrath Nicol had noted that at a McWilliam’s board meeting on December 4, the directors were contemplating making use of a debtor refinancing facility to release an extra $3.3 millio…
Read the full article at: https://www.afr.com/companies/agriculture/mcwilliam-s-wines-may-have-been-insolvent-six-weeks-before-bust-kpmg-20200722-p55e9l
A notorious casino in Laos is at the center of a police investigation into a shootout that resulted in the deaths of four Chinese nationals.
Earlier this month, Lao police reported being called to the Kings Romans Casino in the Golden Triangle Special Economic Zone near the intersecting borders of Thailand and Myanmar. According to some accounts, the call came after three Chinese nationals entered the casino with a suitcase containing around RMB1m (US$143k) in cash.
According to some reports, the Chinese nationals brought the cash to make good on a gambling debt but some kind of argument ensued, resulting in their decision to flee with the cash, with other Chinese nationals in hot pursuit. A shootout occurred in which the three Chinese …
Read the full article at: https://calvinayre.com/2020/07/21/casino/chinese-killed-shootout-kings-romans-casino-laos/
(Ecofin Agency) – The International Monetary Fund announced in a July 20 statement it has agreed to write off up to$7.6 million of Burundis debt.
The move aims to help the country face the coronavirus crisis and the socio-economic challenges that came with it. It is part of the Catastrophe Containment and Relief (CCR) Trust, and is expected to “help free up resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the COVID-19 pandemic, the IMF said.
With 328 positive cases, including one death, Burundi expects its external financing needs to increase considerably for 2020 and 2021. This situation is due in particular to a drop in exports, a high need for imports…
Read the full article at: https://www.ecofinagency.com/public-management/2107-41652-imf-approves-7-6-mln-debt-relief-to-burundi
Company insolvencies are forecast to rise sharply in the UK over the coming months as government support measures are unravelled.
Begbies Traynor, the insolvency specialist, warned businesses were facing the double whammy of accruing liabilities and the withdrawal of state support schemes.
I expect well see numbers of insolvencies in excess of what we saw in 2008, said group executive chairman Ric Traynor, comparing the recession caused by the pandemic with the financial crash.
Many companies have essentially gone into hibernation, pulling down the shutters, taking the phone off the hook and not responding to creditors, added Mr Traynor.
But those liabilities are still accruing, and were going to have the double whammy of government su…
Read the full article at: https://www.ft.com/content/05723820-cca4-49ba-acf6-dd55b7e5ad62
It took two years to build an office for my marketing consultancy, and now, my team might be out of it in a few months. If this seems like an extremely quick pivot, that’s because it is.
But what Ive learned as a CEO (and in life in general) is that its important to always stay nimble. This is what Ive done in the past to be successful, and this is why Im making the decision to pivot the way my company operates now and transition to operating remotely 100% of the time as we move in the direction of a post-pandemic landscape.
The status quo
Since I started Hawke Media six years ago, weve come out of the digital marketing gates hot. Moving to our new headquarters less than two years ago has really helped us push employee performance and …
Read the full article at: https://adage.com/article/industry-insights/three-lessons-learned-restructuring-company-time-change/2268991
Downer EDI shares went into a trading halt yesterday to allow the company to start a $400 million capital raising as part of a revamp of the company.
Downer said that the revamp includes plans to acquire 100% ownership of Spotless group and plans to sell off capital-intensive businesses like mining contracting and laundry.
As well, the company will write off around $386 million in charges in a goodwill impairment, restructuring and portfolio review costs, payroll remediation, legal settlements, and historical contract claims adjustments.
That will see a loss for the year to June of around $156 million, down from a profit of $276 for 2018-19.
The issue will be a one new share for every 5.58 existing shares (fully underwritten) at $3.75 a…
Read the full article at: https://www.sharecafe.com.au/2020/07/22/downer-halted-amid-400m-raising-corporate-restructure/