Insolvency Guardian Media Centre
In certain circumstances, common morality says that creditors should not force their borrowers to pay interest and principal fully and on time. The COVID 19 pandemic and the global economic collapse it has caused are just such circumstances, for both persons and governments.
For the poorest countries harmed by the crisis (e.g., Guinea, Haiti, Nepal), the International Monetary Fund (IMF) has developed a mechanism to free governments from debt servicing payments to the IMF.
The principle is right, but the country coverage is far too limited and the period of relief too short.
The IMF is currently trying to mobilize funds from donor governments to extend its debt relief program (Britain, Japan, the Netherlands and China have already cont…
Read the full article at: https://www.theglobalist.com/coronavirus-covid19-pandemic-debt-relief-imf-world-bank-sdrs-ccrt/
The Australian master franchisee for multinational discount retailer Miniso has collapsed into voluntary administration after the COVID-19 pandemic saw sales tank in recent weeks.
Miniso Master Franchisee Pty Ltd, the main revenue generating entity associated with Minisos business in Australia, appointed administrators from Grant Thornton earlier this week, owing an estimated $14.6 million to creditors.
The business, operated under a brand license from Hong-Kong based Tabata Holdings, is one of several companies associated with Minisos Australian arm, and is responsible for most of the retailers local leases including support offices in Melbourne and Sydney.
Miniso has 31 trading stores in Australia. However, about a dozen franchises,…
Read the full article at: https://www.smartcompany.com.au/industries/retail/miniso-master-franchisee-collapse-retail/
A TAB worker immediately realised the trouble he was in after using company money to place $177,000 in bets over three hours.
Jason Robert Hill, 47, called his wife to tell her he was driving to the police station after making 220 bets on a Keno Heads or Tails game on March 1 last year.
Maroochydore District Court on Thursday heard the Tabcorp employee had been told by his manager he was, under no circumstances, allowed to place a bet for himself or any other person on Keno.
Crown prosecutor Alex Stark said Hill began placing bets at the Golden Beach Tavern about 9.45am and lost $1300 of his own money before turning to Tabcorp’s credit.
Drug trafficker jailed over plan to steal ‘hectic Subie’
Over three hours he was captured on CCTV …
Read the full article at: https://www.qt.com.au/news/tab-worker-jailed-for-gambling-177k-in-3hrs/4058770/
Australian school students and their parents are millions of dollars out of pocket after the collapse of a travel company specialising in educational tours.
Antipodeans Abroad has been sending high school students and university groups from around Australia and New Zealand overseas for nearly 30 years.
Find out more in the video above
They specialise in trips to countries such as India, Peru and Vietnam.
But on July 8, liquidators Hall Chadwick were called in.
Hall Chadwick says its too early to say how many students have been caught up in the collapse of the travel company, but 7NEWS understands its likely to number in the thousands.
The company boasts a $40 million annual turnover, but a summary of affairs prepared for the liquidator…
Read the full article at: https://7news.com.au/news/travel/antipodeans-abroad-tour-company-collapse-leaves-thousands-of-aussies-out-of-pocket-c-1171370
PLANO, Texas–(BUSINESS WIRE)–J. C. Penney Company, Inc. (OTCMKTS: JCPNQ) today announced that it is aligning its workforce with its store optimization strategy and reduced store footprint. JCPenney has identified 152 store closures following a comprehensive evaluation of store performance and strategic fit for the Company and is having ongoing productive negotiations with landlords.
Todays announcement follows a lengthy, structured, and thoughtful decision-making process. In connection with this organizational realignment, the Company will reduce its workforce by approximately 1,000 corporate, field management, and international positions.
Each of these associates has made valuable contributions to the legacy of JCPenney, and we ar…
Read the full article at: https://www.businesswire.com/news/home/20200715005721/en/JCPenney-Announces-Organizational-Restructuring
Several countries have applied support schemes to help employers manage the financial challenges they are facing and encourage them to retain staff.
Pinsent Masons’ Manfred Schmid and Lara-Christina Willems in Germany,Diane Nicol and Chris Evansin the UK, and Valrie Blandeau and Anne Cardon in France explain how the situation has differed for employers in their jurisdiction.
Germany
How has Covid-19 impacted and is there a way back to normal?
In Germany, Covid-19 did not result in a complete lockdown. Every German state treated the situation a bit differently. There are rules requiring masks to be worn and for social distancing to be observed, but public transport continued as normal and there was no prohibition on office working. Howe…
Read the full article at: https://www.pinsentmasons.com/out-law/analysis/coronavirus-employment-restructuring-across-europe
This article originally appeared on Invest in You: Ready. Set. Grow., a CNBC multiplatform financial wellness and education initiative, in partnership with Acorns.
Despite the economic turmoil and mass unemployment resulting from the coronavirus pandemic, consumer revolving debt decreased by $24 billion in May, according to recent data from the Fed. It is the third straight month of decline in consumer debt.
COVID-19 has devastated many Americans finances, with lost jobs and wages, but there has been at least one silver lining: The economic shutdown and extensive lockdowns have forced consumers, including many millennials, to cut back on discretionary spending. This has given some of those in debt, and not facing imminent financial em…
Read the full article at: https://www.nbcnews.com/know-your-value/feature/how-women-can-lower-financial-stress-take-control-credit-card-ncna1234048
Thinking about the future is a great way to motivate yourself to stick to a debt repayment plan.
When you identify goals that motivate you, it may not seem like as much of a sacrifice to put a few hundred dollars toward eliminating high-interest debt every month. The faster you pay off your balances, the sooner you can enjoy other pleasures in life without thestressof managing debt.
But there’s another advantage. Creating a debt repayment strategy requires forethought and accountability so you can successfullypay down a large balanceover time, and that success can help you establish good financial habits.
And, as it turns out, you also need the very same skills and habits to save money over time, too.
Below, CNBC Select spoke with Br…
Read the full article at: https://www.cnbc.com/select/start-saving-after-debt/
The Ukrainian parliament endorsed President Zelenskyys nominee Kyrylo Shevchenko as the new Governor of the National Bank of Ukraine (NBU) on July 16, just hours after he emerged as the Ukrainian leaders pick for the post. The appointment comes two weeks after Zelenskyy forced out Shevchenkos predecessor, Yakiv Smolii, in controversial circumstances. It leaves open the question of whether the NBU under its new leadership will continue to enjoy the kind of policy and regulatory independence it has been able to exercise since 2015.
This matters because the financial sector is the one a…
Read the full article at: https://www.atlanticcouncil.org/blogs/ukrainealert/will-ukraines-new-central-bank-chief-be-independent/
NQ Minerals Plc
NQ Minerals USD 41 million Debt Restructuring with ING Bank
London, United Kingdom – July 16th, 2020 – NQ Minerals Plc (AQSE:NQMI, OTCQB:NQMLF, OTCQB:NQMIY) (“NQ” or the “Company”) announces that ING Bank N.V. (“ING”), a leading global resources bank, has today committed to provide NQ with a USD 41 million banking refinancing facility (“facility”) to assist with the restructuring of the corporate debt that was put in place during 2017 & 2018 to start the mining operations at the Company’s flagship Hellyer Gold Mine (“Hellyer”) in Tasmania, Australia.
The ING facility will have a legal maturity of 6 years at an interest rate of 6.5% plus US LIBOR (1 month). The facility drawdown is now only subject to completion of fina…
Read the full article at: https://www.marketscreener.com/news/NQ-Minerals-USD-41-million-Debt-Restructuring-with-ING-Bank–30933146/
Banks have urged the Financial Services Authority (OJK) to extend its debt relief program as the COVID-19 pandemic has yet to show signs of slowing down.
Association of State-Owned Banks (Himbara) chairman Sunarso said on Monday the banks had asked the authority to extend its loan restructuring relaxation program by at least another year.
The policy has been really helpful for the banking industry and the real sectors, he said during a live-streamed press conference following a meeting between the OJK and 15 of the countrys biggest banks.
The policy, stipulated under OJK Regulation No. 11/2020 issued in March, relaxes debt quality assessment and restructuring requirements for debtors that are hit hard by the COVID-19 outbreak.
Indones…
Read the full article at: https://www.thejakartapost.com/news/2020/07/16/banks-ask-ojk-to-extend-debt-relief-program-amid-mounting-covid-19-cases.html
It’s more bad news in a shocking year for Brisbane’s events scene with the liquidation of a long-term planning firm.
Director Marc Sheldon has put his high-class event planning business Flugente under after 10 years of operation in the River City.
Mr Sheldon tapped experienced liquidators Kaily Chua and David Hambleton of Rodgers Reidy to wind up the business.
Flugente – which the company often insists is pronounced FLOOG/EN/TEH – was founded on May 14, 2010 and catered high-end Brisbane functions with its signature fish dish.
It halted trading on January 31, with Sheldon blaming “poor economic conditions” where the company struggled to source new business.
Their early investigations reveal the high-end event planning firm was struggl…
Read the full article at: https://www.cqnews.com.au/news/luxury-event-planner-collapses-amid-legal-battle/4058753/