Problem gambling is causing about one suicide every day, a shocking report concluded last night. The House of Lords review found that betting blights the lives of two million Britons, with 50,000 children now hooked.
Around…
Read the full article at: https://www.dailymail.co.uk/news/article-8481115/A-gambling-suicide-day-Shocking-report-finds-2m-families-blighted-problem-gambling.html
FIVE years ago, Mackay mining services business Sharps Heavy Equipment Repairs was in dire financial strife.
It was during the mining downturn, when many mining businesses either went into voluntary administration or shut their doors for good.
But five years on, Sharps has emerged from voluntary administration better than ever.
Customers have increased their spend and the business even has plans for future growth.
It also has a new senior management team made up of chief financial officer Simon Vigliante, as well as Rod Wilson, general manager Darren Fitzgerald and managing director Rod Allen.
The voluntary administration gave us a platform from which to build on, Mr Vigliante said.
To rebuild from that requires a disciplined approach t…
Read the full article at: https://www.dailymercury.com.au/news/mackay-business-back-from-voluntary-administration/4048992/
MEXICO CITY (Reuters) – Mexican airline Aeromexico will offer fewer flights and have fewer planes in the short term as it begins a Chapter 11 restructuring process, Chief Executive Andres Conesa said on Wednesday, after shares plummeted to record lows.
Passengers, wearing protective masks following an outbreak of the coronavirus disease (COVID-19), wait for flights at the Aeromexico counter at Benito Juarez international airport in Mexico City, Mexico, July 1, 2020. REUTERS/Edgard Garrido
Shares in Aeromexico (AEROMEX.MX) fell another 28.5% on Wednesday, after plunging as much as 65.7% after it said late on Tuesday it had begun Chapter 11 proceedings. Mexicos stock exchange briefly suspended trading in the shares.
Aeromexico is the third …
Read the full article at: https://www.reuters.com/article/us-aeromexico-stocks/aeromexico-ceo-says-company-must-transform-as-shares-sink-after-bankruptcy-filing-idUSKBN2426HB
In 1978, when the United States was faced with an earlier economic crisis, the U.S. Congress enacted a bankruptcy law that aimed to encourage creditors to recapture their debts over time and avoid the significant, abrupt job losses concomitant with liquidation. Among the more unique provisions of that law were:
- a self-effectuating injunction during which time the debtor may continue to trade;
- the power to cram down dissenting creditors who were receiving otherwise fair treatment; and
- the ability to force discharge of claims by creditors and shareholders that were out of the money.
The measures introduced by the Act borrow some of those U.S. bankruptcy concepts. The Act represents a shift toward a business rescue culture more in line w…
Read the full article at: https://www.jdsupra.com/legalnews/corporate-insolvency-and-governance-act-48623/
Wednesday, July 1, 2020
On 25 June 2020 the Corporate Insolvency and Governance Act received Royal Assent, making some of the biggest changes to UK insolvency laws in the last 30 years. We have written several blogs covering the changes and how they help support distressed businesses, impact suppliers, lenders and other third parties and have tracked the changes through the UK parliament.
Largely because of the need to implement temporary changes to help support business in distressed as a result of COVID-19 the Bill was fast tracked through parliament leaving limited time for scrutiny and change. There are powers in the Act to enable quick changes to the Act, if the procedures dont work as intended. These will enable lo…
Read the full article at: https://www.natlawreview.com/article/quick-guides-changes-to-uk-insolvency-laws
Japan Display Inc. said Tuesday it posted a group net loss of 101.42 billion ($938 million) in fiscal 2019, a red ink figure for the sixth straight year, due to hefty restructuring costs and weak demand for products.
In a delayed earnings report due to the new coronavirus outbreak, the struggling panel-maker logged a consolidated operating loss of 38.54 billion in the business year through March, on sales of 504.02 billion, down 20.8 percent from a year earlier.
The smartphone display supplier to Apple Inc. did not present a detailed business outlook for fiscal 2020, but just said its sales are expected to drop 15 to 20 percent from a year earlier due largely to falling demand caused by the virus pandemic.
The coronavirus (pandemic) d…
Read the full article at: https://www.japantimes.co.jp/news/2020/06/30/business/corporate-business/japan-display-posts-net-loss/
The international community quickly agreed this spring that the COVID-19 pandemic and its economic damage necessitated significant action to prevent a major debt crisis across developing countries. But while policymakers have called for a moratorium on developing countries debt payments, bankers and bondholders have raised the alarm about how such action would decimate their bottom lines. There will need to be another approach.
As the crisis continues to devastate the…
Read the full article at: https://www.atlanticcouncil.org/blogs/new-atlanticist/private-lenders-need-to-step-up-on-african-debt-relief/
BUSBY Contractings liquidation is set to be wound up by the end of this year as their debts have blown out to almost $5 million.
The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites.
It was initially reported the civil and minesite contracting construction company owed $2.4 million to creditors, employees and the tax office.
In fresh documents obtained by The Morning Bulletin, it has been revealed the debt was estimated to be $4,775,388.78.
FTI Consulting was appointed as an administrator on February 5, 2018, however the company could have been insolvent from as early as mid-2016.
Public documen…
Read the full article at: https://www.themorningbulletin.com.au/news/named-60-businesses-impacted-by-major-cq-firm-liqu/4046367/
Image copyright Getty Images“It’s like a last-ditch attempt to get the last bit of money out of a gambler. I was just disgusted.”
Dave, not his real name, has fought gambling addiction nearly his entire life and now has 50,000 of gambling debt spread over up to six credit cards.
He’s talking about when he recently saw an advert about a way that lets people gamble using credit on their mobile phone.
Just six weeks after a ban on using credit cards came into effect, politicians and charities say the regulator – the Gambling Commission – must take urgent action to shut down this “loophole”.
The Commission told the BBC’s Money Box programme it’s watching closely for any uni…
Read the full article at: https://www.bbc.co.uk/news/business-52918582