The International Chamber of Commerce (ICC), a global trade union and civil society groups urged the Group of 20 major economies to extend and expand a freeze in debt service payments to help not just the poorest, but also middle-income countries, weather the coronavirus pandemic and its economic fallout.

The ICC, International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, also called on G20 finance ministers, who will meet online on July 18, to take additional steps to boost the participation of private creditors, who have been slow to engage.

In an open letter to be published on Monday, the groups said further steps were needed since the global economy was facing an even deeper downturn…

Read the full article at: https://www.aljazeera.com/ajimpact/extend-expand-debt-relief-poor-countries-groups-urge-g20-200713022828039.html

Liquidators say it is not yet clear whether there will be a return to unsecured creditors following the collapse of construction-focusedinsurance group Qamvis.

As insuranceNEWS.com.au has reported, Qamvis operated agency Qiducia Underwriting Australia and brokerage Qtrust Insurance & Advisory, both of which sourced capacity from Guild Insurance.

On June 18 Melbourne-based Qamvis was placed into liquidation, with Glenn Franklin and Paul Allen of PKF Melbourne appointed liquidators.

PKF says that shortly before the appointment of liquidators, Guild issued a default notice in respect of funds owed in relation to policies.

Accordingly, Qamvis and its businesses ceased to trade and Qamvis was placed into liquidation.

PKF says it is uncertain…

Read the full article at: https://www.insurancenews.com.au/corporate/impact-of-qamvis-liquidation-unclear

KUWAIT (Reuters) – Kuwaits government formally submitted a public debt law to parliament on Sunday which would allow it to borrow 20 billion dinars ($65 billion) over 30 years, including 8 billion dinars to help finance the current budget deficit, a legislator said.

The government and parliament have long been at odds over the law which would allow Kuwait to tap international debt, but the issue has gained urgency in recent months as the oil-exporting nation has been hit by low crude prices and the COVID-19 pandemic.

Safaa al-Hashem, head of parliaments financial and economic committee, announced details of the request while reiterating criticism of the government for not outlining investment plans and failing to diversify state revenues…

Read the full article at: https://www.reuters.com/article/us-kuwait-debt/kuwait-asks-parliament-to-approve-debt-law-to-help-cover-deficit-lawmaker-idUSKCN24D0LA

In response to the COVID-19 pandemic, the government significantly amended Indias Insolvency and Bankruptcy Code, 2016, with the objective of protecting businesses during these volatile times.

In brief, the amendments to the bankruptcy code include an increase in the threshold for initiation of corporate insolvency resolution process to Rs 1 crore and what seems to be a permanent ban on the initiation of proceedings under Sections 7, 9, 10 of the Code for a default arising on or after March 25, 2020 for a period of six months (up to one year as may be notified).

While the time period for calculation of default seems to be pegged at six months (extendable up to a year), there is significant ambiguity with respect to the suspension on ini…

Read the full article at: https://thewire.in/business/bit-arbitration-front-india-amendments-insolvency-code

OnApril15,theGroupofTwenty(G20 G20 The Group of Twenty (G20 or G-20) is a group made up of nineteen countries and the European Union whose ministers, central-bank directors and heads of state meet regularly. It was created in 1999 after the series of financial crises in the 1990s. Its aim is to encourage international consultation on the principle of broadening dialogue in keeping with the growing economic importance of a certain number of countries. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, USA, UK and the European Union (represented by the presidents of the Council and of the European Centr…

Read the full article at: https://www.cadtm.org/The-Global-South-Needs-More-Than-Just-Debt-Relief

Singapores International Commercial Court has revealed that its 2019 ruling against Australias Star Entertainment Group in its quest to recoup AU$43.2 million (US$30 million) from a Singaporean businessman who refused to repay his gambling debts was due to public policy aimed at protecting Singapores interests.

The case, described as the largest casino debt case ever filed with a Singapore court, had seen the Australian casino operator pursue 55-year-old Wong Yew Choy for money he lost on the VIP tables at The Star Gold Coast in 2018.

Wong alleged that a senior casino executive promised he would not be liable for his losses up until 29 July 2018 due to mistakes made by a baccarat dealer, nor would he be liable for any future losses if…

Read the full article at: https://www.asgam.com/index.php/2020/07/12/singapore-court-says-public-policy-behind-2019-ruling-against-australias-star-entertainment-group-in-au43-million-gambling-debt/

LONDON, Ont. Retailer Scholar’s Choice is closing all but three of its stores as part of a restructuring of its operations to focus on its e-commerce and catalogue business.

The seller of educational toys, teaching materials and early childhood furniture and toys says it has filed for creditor protection through a notice of intention to propose a reorganization plan to restructure the company.

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The company, a division of Educator Supplies Ltd., says it will close nine locations in Ontario, three in Alberta and one in Nova Scotia.

The three remaining stores will act as regional sales and distribution centres to support the shift in the business.

The locations to remain open will include i…

Read the full article at: https://www.timescolonist.com/scholars-choice-closing-all-but-three-of-its-stores-in-a-restructuring-1.24168380

Retailer Scholar’s Choice is closing all but three of its stores as part of a restructuring of its operations to focus on its e-commerce and catalogue business

Retailer Scholar’s Choice is closing all but three of its stores as part of a restructuring of its operations to focus on its e-commerce and catalogue business.

The seller of educational toys, teaching materials and early childhood furniture and toys says it has filed for creditor protection through a notice of intention to propose a reorganization plan to restructure the company.

The company, a division of Educator Supplies Ltd., says it will close nine locations in Ontario, three in Alberta and one in Nova Scotia.

The three remaining stores will act as regional sales and distr…

Read the full article at: https://www.kitchenertoday.com/local-news/kitchener-scholars-choice-closing-as-part-of-company-restructuring-2556838

National swimwear retailer Seafolly has collapsed into voluntary administration amid the impact of the COVID-19 pandemic on Australias beleaguered retail sector.

Scott Langdon and Rahul Goyal of KordaMentha Restructuring were appointed as voluntary administrators of the business on Monday and will now attempt to sell the company after an assessment of its affairs is completed.

The business, which has 44 stores in Australia and 12 across the United States, Singapore and New Zealand, will continue to trade for the time being and gift cards will be honoured.

The administration also covers Seafollys sister business Sunburn Swimwear, but it remains unclear whether the businesses will be offered to suitors together or separately.

Given the q…

Read the full article at: https://www.smartcompany.com.au/industries/retail/seafolly-administration-sunburn/

Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.

It’s no secret that tens of millions of Americans are burdened with student loan debt and will be for years to come.

But what’s not talked about as much is the emotional weight these graduates also carry.

According to a survey of readers from financial coaching company Student Loan Planner, mental health and student loan debt are inextricably linked. Below are just three key findings that this specific study found:

1. “53% of high debt student loan borrowers have experienced depression because of their debt.”
2. “Nine in 10 borrowers experienced si…

   Read the full article at: https://www.cnbc.com/select/debt-and-mental-health/

   LONDON,ON, July 10, 2020 /CNW/ –Scholar’s Choice, a division of Educator Supplies Limited, today announced a strategic restructuring to reduce its footprint in the brick-and-mortar retail space while growing its e-commerce and catalogue operationsservicing childcare centres, schools, teachers and parents across Canada.

   
   
   

   As part of the restructuring, the company has filed for creditor protection through a Notice of Intention (“NOI”) to propose a reorganization plan to better structure the company for future success. Scholar’s Choice plans to close all but three of its brick-and-mortar retail locations toshift focus to its e-commerce and catalogue operations. The remaining three retail stores will act as regional sales and distributi…

   Read the full article at: https://www.benzinga.com/pressreleases/20/07/n16588221/scholars-choice-announces-restructuring-plan