The start-up company named Alexander Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze of Alvarez & Marsal Asia to act as light-touch joint provisional liquidators (JPLs) under a Cayman Islands court order, it said in a regulatory filing in New York. The move was in response to a winding-up petition by an undisclosed creditor, it added.
The appointments will create a stable platform to allow the company and its advisers to negotiate and restructure its financial obligations, the Xiamen, Fujian-based coffee …
Samantha Findley will take the role of director, special situations in Australia.
She is reported to have more than 15 years experience as a workout banker, restructuring and insolvency professional and client adviser.
In her new role, Ms Findley will be responsible for steering clients through restructuring programs and portfolio management.
Tim Stewart, head of Australia for Gordon Brothers said: Samantha has been a longtime creative problem-solver for distressed companies across all industries, and her fresh perspective and expertise will allow us to contribute new ideas to clients and broaden our scope of solutions.
We are excited that she will contribute to continued growth in our special situations capabilities.
Surprise falls in the number of corporate insolvencies across the country do not yet reflect the effect of the pandemic on businesses, warns the Midlands branch of insolvency and restructuring trade body R3.
Recently published statistics, from the Insolvency Service, show that there were 732 company insolvencies in England and Wales in June 2020, which is a decrease on the figure for May 2020 and a 50% drop compared to the number for June 2019.
The decrease in the number of corporate insolvencies in June was driven by a sharp reduction in the number of Creditors Voluntary Liquidations and a drop in administrations.
R3 Midlands Chair Eddie Williams, a partner at Grant Thornton in the East Midlands, said: The statistics still do not refl…
Read the full article at: https://www.eastmidlandsbusinesslink.co.uk/mag/featured/r3-midlands-warns-latest-insolvency-statistics-do-not-yet-show-effect-of-pandemic-on-businesses/
The day debt-ridden Texas oil producer MDC Energy filed for bankruptcy eight months ago, a tank at one of its wells was furiously leaking methane, a potent greenhouse gas, into the atmosphere. As of last week, dangerous, invisible gases were still spewing into the air.
By one estimate, the company would need more than $40 million to clean up its wells if they were permanently closed. But the debts of MDC’s parent company now exceed the value of its assets by more than $180 million.
In the months before its bankruptcy filing, though, the company managed to pay its chief executive $8.5 million in consulting fees, its top lender, the French investment bank Natixis, later alleged in bankruptcy court.
Oil and gas companies in the United Sta…
Read the full article at: https://www.startribune.com/oil-firms-hurtle-toward-bankruptcy/571752262/
Laboratory technician Irene Ooko attends to a patient seeking a test for the new coronavirus that causes COVID-19, at the Pathologists Lancet Kenya laboratory in Nairobi, Kenya on April 5, 2020.
Brian Inganga/AP
Why Global Citizens Should Care
The COVID-19 pandemic has sparked significant economic downturns globally. As countries struggle to cope with the pandemic, many of those hit hardest by COVID-19 are also facing debt crises. Thats why were calling on G20 finance ministers to temporarily suspend debt service for the worlds most vulnerable countries to help tackle COVID-19. Join the movement by taking action here to help tackle COVID-19 for everyone, including the world’s most marginalised.
Global Citizen has teamed up with the Int…
Read the full article at: https://www.globalcitizen.org/en/content/open-letter-g20-finance-debt-relief-covid/
Chancellor Rishi Sunak on Wednesday poured cold water on the idea that the government should provide bailouts to companies that risk bankruptcy because of mounting debts accumulated during the coronavirus crisis.
Giving evidence to the House of Commons Treasury select committee, Mr Sunak said he was not comfortable with the prospect of helping companies with their debts.
Its not something I think governments should get into the business or habit of doing, he added. Its not my money, its taxpayers money.
Mr Sunak also warned he faced tough choices in the months ahead to put the public finances back on a sustainable footing, although he refused to be drawn on whether he would be announcing tax rises in the autumn Budget.
Amid mounting co…
Read the full article at: https://www.ft.com/content/02167d6b-a42e-44e4-a1d0-97a18794371e
“The resurgence of cases in Victoria and warnings in NSW highlight the day-to-day uncertainty of this health crisis and the damage that uncertainty does to the economy, he said.
The federal government was quick to take critical steps to provide relief but the impacts from this pandemic will continue beyond the original six-month reprieve.
Mr Frydenberg said on Wednesday more than 80 temporary regulatory changes had been made to provide greater flexibility for businesses and individuals.
“The government is evaluating the future of these regulatory measures as to whether they are extended to help businesses and individuals successfully adapt to the new COVID-safe economy.
In May, company directors and executives providing profit guidance …
Read the full article at: https://www.afr.com/politics/federal/directors-push-for-extension-of-regulatory-shield-20200714-p55bz3
Elizabeth Vulaj, licensed Attorney in New York and New Jersey discusses the many recent Chapter 11 bankruptcy filings of large retail clothing stores and the recently updated Chapter 11 process for small businesses that is playing out amid the COVID-19 pandemic
With each passing day that the coronavirus pandemic wears on, there are new statistics in the news making headlines, not just regarding the health and well-being of citizens all across the country, but also about which latest retailer is filing for bankruptcy. This May, clothing giants JCPenney, Neiman Marcus, and J.Crew all announced they are filing for Chapter 11 bankruptcy protection (not to mention this weeks filing by RTW the parent to New York & Company), which typically in…
Read the full article at: https://www.jurist.org/commentary/2020/07/elizabeth-vulaj-what-how-why-of-chapter-11/
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 emergency, a chance to pay down credit card balances.
“People have been not spending at all and have been using this money to pay off their debt,…
Read the full article at: https://www.cnbc.com/2020/07/15/how-women-can-lower-financial-stress-control-debt-during-coronavirus.html
Member Article
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, responds to todays publication of the corporate and personal insolvency statistics for June:
The June statistics show both corporate and personal insolvencies fell compared to Mays figures. The decrease in the number of corporate insolvencies was driven by a sharp reduction in the number of Creditors Voluntary Liquidations and a drop in administrations. While personal insolvency numbers have also remained low, with bankruptcies showing a particular fall, the overall picture is much cloudier due to a number of issues that have affected the processing of Individual Voluntary Arrangement registrations…
Read the full article at: https://bdaily.co.uk/articles/2020/07/15/june-corporate-and-personal-insolvency-statistics-r3-response
Doosan Infracore Co. Ltd., a Korean machinery manufacturer, has successfully issueddollar-denominatedbonds worth $300 million despite concerns that the company may be sold off as part of the corporate restructuring ledby parent company Doosan Group.
The company was able to secure enough demand for the three-year maturity bonds backed by state-run Korea Development Bank (KDB). Doosan Infracore, one of profit-making units of Doosan Group, said it plans to use the proceeds for loan repayments andoperations.
According to industry banking sources, the debt sale attracted $600 million from 38 foreign investors during the bookbuilding conducted on July 14, double the amount raised. Asian investors accounted for 93%, with the remaining 7% from …
Read the full article at: http://www.koreaninvestors.com/?p=8846
