Insolvency Guardian Media Centre
The accommodation industry freefall has hit Sydney-based real estate fund manager iProsperity Group hard.
iProsperity fell into voluntary administration on Thursday, less than three months after sounding out plans to acquire a portfolio of seven Kimpton Hotels in the US for $US477 million (A$720 million).
The Hong Kong-backed fund manager, led by Michael Gu, has now had 13 entities associated with the group appointed to insolvency firm Cor Cordis with administrators Barry Wight, Jeremy Nipps and Alan Walker overseeing the account.
Cor Cordis noted its role as administrator did not extend to the underlying investments of funds managed by the respective IPG entities.
Since 2016 iProsperity had built itself to be among some of Australia’s…
Read the full article at: https://theurbandeveloper.com/articles/iprosperity-placed-in-voluntary-administration
The Group of 20 leading economies will take a decision on extending the current suspension of debt repayments by the poorest countries closer to the end of the year, putting off assurances of additional relief as the global pandemic ravages nations around the world.
All member countries have started implementing the Debt Service Suspension Initiative that currently is set to only run through December and the G-20 expects the standstill to make $14 billion available for use in confronting the virus, Finance Minister Mohammed Al-Jadaan of host Saudi Arabia told reporters on Saturday after a virtual meeting of ministers and central bankers. So far, 42 countries have requested help under the plan, leading to the suspension of $5.3 billion i…
Read the full article at: https://www.aljazeera.com/ajimpact/g20-offers-poorer-nations-assurances-debt-relief-extension-200718203503731.html
Russian Anti-Doping Agency (RUSADA) director general Yuriy Ganus has issued a public declaration that he will not kill himself as a row between the anti-doing body and the Russian Olympic Committee (ROC) intensifies.
It stems from an ROC-commissioned audit of RUSADA, carried out in March and April, which examined the operational effectiveness of the organisation, its internal control system and finances.
Having since studied the report, Ganus says he and RUSADA have “discredited” it.
The ROC claimed the audit “revealed a number of significant irregularities in the financial and economic activities” of RUSADA.
After an initial RUSADA statement expressed “deep disappointment”, Ganus has further criticised the audit on Twitter.
“We have…
Read the full article at: https://www.insidethegames.biz/articles/1096449/ganus-issues-stark-suicide-warning
I type Klarna into TikTok, a social app Im told will help unearth the secrets of Gen Z. What appears is anything but secret: video upon video of teens and twentysomethings, mainly women, in despair at the temptations of buy now, pay later and their huge unpaid balances.
The footage is creative and self-deprecating. One user reveals her 5.98 bank balance a sum that will barely make a dent in the 120 she owes in three days in the style of Countdown. Another facepalms in front of her overdue Klarna statement, which displays the 563 accrued on Asos. The hashtags #broke and #addict appear with alarming regularity.
Buy now, pay later isnt new but digital providers have emerged, aimed at shoppers who want to look fire and pay later, as Missg…
Read the full article at: https://www.telegraph.co.uk/money/consumer-affairs/treat-addictive-buy-now-pay-later-like-gambling-booze-must/
Troubled national sporting organisation Equestrian Australia has avoided liquidation with creditors having agree to support administrator KordaMenthas proposal to reform the sport.
In June, Sport Australia forced the NSO into voluntary administration, deeming its governance unacceptable after the resignation of eight directors and three chairs in just over 16 months.
As of Tuesday this week, an online creditors meeting agreed the administrators proposal, endorsed by Sport Australia, the Australian Olympic Committee and the international equestrian body, as the most likely route to having Sport Australias funding reinstated.
However, prior to the acceptance of KordaMenthas proposal, five of Equestrian Australias state branches (NSW, Sout…
Read the full article at: https://www.ausleisure.com.au/news/equestrian-australia-avoids-liquidation-as-creditors-agree-to-reform/
(MENAFN – Caribbean News Global)
Peggy Walters, Principal & Founder, Third Voice Communications
By Peggy Walters
The forthcoming G20 ministers of finance meeting can set the stage to relieve and restructure the increasing debt faced by Caribbean countries.
The region welcomes 30 million tourists annually, sustaining 14 percent of the regions jobs and contributing over 15 percent to its gross domestic product. The Caribbean’s small island developing states (SIDS), is one of the most tourism-dependent regions worldwide, with the tourism sector recognised as a key economic driver and foreign-exchange earner for its governments.
Economic fallout
But the global lockdown measures taken to mitigate COVID-19, has acted as a threat multiplier in…
Read the full article at: https://menafn.com/1100501928/Caribbean-countries-need-COVID-19-debt-relief
Gambling can be a significant problem that can have severe consequences for the person if addicted. While it may not be physically as dangerous as substance addiction, it can destroy lives.
Daniel Bennet, an expert on the topic, explains how Canadian online casino reviews can help you choose the best casinos with responsible gambling practices.
Wrestlers Fearing Gambling
Pro wrestlers earn large amounts of money that they can use to place bets in the online gambling world. The sport they participate in is one that they can bet on.
J.R. Plienis
The former heavyweight wrestler from Nebraska had to go as far as borrowing money from his coach to pay off his gambling debt. He was replaced after investigations of gambling violations came to l…
Read the full article at: https://www.pwmania.com/wrestling-stars-associated-to-online-gambling
The Group of 20 leading economies this weekend may have to consider expanding help for the worlds poorest countries, three months after agreeing to provide temporary debt relief, as the coronavirus pandemic continues to ravage nations.
Central bankers and finance ministers from the G-20 will hold a virtual meeting on Saturday to discuss and coordinate phased efforts to spur a global economic recovery. Looking beyond just debt relief efforts would be part of that.
The Covid-19 pandemic is now spreading faster in the Americas and Africa compared to the previous meeting in April when the bulk of infections were in Asia and Europe. The rate of infections is increasing in many countries, with debt costs crowding out health and social expense…
Read the full article at: https://www.aljazeera.com/ajimpact/g20-step-debt-relief-poorest-nations-200717152841019.html
The Corporate Insolvency and Governance Act (CIGA) in the UK, which became law on 26 June 2020, promises to be the trigger for the biggest changes seen in the insolvency world for almost 20 years, and it contains a number of temporary measures construction companies should also be aware of that are designed to support business recovery from the Covid-19 pandemic.
Provisions in the Act relating to termination rights and those offering distressed companies time to restructure are of particular relevance to the construction sector.
The new prohibitions on “ipso facto” or termination clauses in supply contracts will have a considerable impact on the rights of suppliers to insolvent companies, and how employers and main contractors respond t…
Read the full article at: https://www.pinsentmasons.com/out-law/analysis/corporate-insolvency-governance-act-construction-sector
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G-Star has more than 2,000 employees worldwide |
Dutch clothing company G-Star Raw is restructuring in a move set to affect 10% of its global workforceas the impact of the Covid-19 pandemic continues to weigh on the business.
The firm employs more than 2,000 people worldwide and says 150 of the affectedjobs arein the Netherlands where it has its headquarters.
Like most in fashion retail, G-Star has been hit by Covid-19, mainly in its physical stores. The crisis accelerated the transition to online, at the cost of the performance of physical stores, it said today (17 July).
In response to these shifts,the company put in motion an overall restructuring plan a few weeks ago, in order to restructure its store portfolio in several reg…
Read the full article at: https://www.just-style.com/news/g-star-raw-restructuring-to-cut-10-of-global-jobs_id139197.aspx
(Bloomberg) — The Group of 20 leading economies this weekend may have to consider expanding help for the worlds poorest countries, three months after agreeing to provide temporary debt relief, as the coronavirus pandemic continues to ravage nations.
Central bankers and finance ministers from the G-20 will hold a virtual meeting on Saturday to discuss and coordinate phased efforts to spur a global economic recovery. Looking beyond just debt relief efforts would be part of that.
The Covid-19 pandemic is now spreading faster in the Americas and Africa compared to the previous meeting in April when the bulk of infections were in Asia and Europe. The rate of infections is increasing in many countries, with debt costs crowding out health and…
Read the full article at: https://au.finance.yahoo.com/news/g-20-may-now-look-104816709.html
A Rochdale recruiter has been banned from managing companies for six years after paying himself a 150k bonus just before the company entered liquidation.
According to the Insolvency Service, Roy Davies cannot act as a director or directly or indirectly become involved without the permission of the court, in the promotion, formation or management of a company.
LTG Recruitment was incorporated in April 2015, and Davies, formerly of Frodsham, Cheshire, was appointed a director at the same time.
The Insolvency Service statement said that Davies used the EMS brand name extensively across various recruitment companies including LTG Recruitment. But just a year after incorporation, LTG Recruitment entered into liquidation in October 2016, a m…
Read the full article at: https://www.recruiter.co.uk/news/2020/07/recruiter-banned-after-awarding-himself-£150k-company-goes-liquidation