The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act.

The measures in this Act will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.

What happens next

Some of the measures in the Act will come into effect immediately. Other measures will come into effect once the secondary legislation comes into force.

The Act:

• introduces temporary easements for Annual General Meetings (AGMs) and filing requirements for public limited companies (PLCs)
• introduces new corporate restructuring t…

  Read the full article at: https://www.gov.uk/government/news/corporate-insolvency-and-governance-bill-receives-royal-assent

  Although Jersey’s borders will reopen from 3 July, the future of Condor’s St Malo sailing looks uncertain.

  The company which handles freight and foot passenger baggage at the port has been placed into liquidation.

  St Malo Manutention (SMM), will be wound up by a French court after being declared insolvent.

  Over the past few years several sailings between Jersey and St Malo have been cancelled due to industrial action by dock workers in the French port.

  Condor’s Executive Director says the company is working to find an alternative solution.

  The past few years have seen disruption for our freight customers and passengers, often at very short notice, so it is now very disappointing to learn that SMM, the sole stevedore company in St …

  Read the full article at: https://www.itv.com/news/channel/2020-06-26/st-malo-stevedores-company-goes-into-liquidation/

  The pre-pack administration and company voluntary arrangement are once again taking centre stage as the retail industry enters its next phase of coronavirus survival.

  In recent weeks, Monsoon Accessorize was bought by its owner, Peter Simon, via a pre-pack administration deal that is likely to result in the closure of half of its stores. AllSaints launched a CVA across its UK and US store portfolio and Britains largest footwear manufacturer,Hotter Shoes, announced it will cull its store count from 61 to 15 using the controversial insolvency procedure.

  

  Monsoon Accessorize founder rescued the business via pre-pack administration this month

  There has been a significant uptick in the level of restructuring activity across the consumer se…

  Read the full article at: https://www.drapersonline.com/news/a-new-approach-to-restructuring/7040834.article

  

  If every older household had little or no debt and a large savings account to cushion the shock of a sudden furloughor worse, job loss and involuntary retirementwe might not expect lifelong financial disappointment due to the pandemic. But millions of older households entered the Covid-19 recession with a pre-existing condition ofwhat economists call financial fragility.

  Our research at the Schwartz Center for Economic Policy Analysis at The New School shows that financial fragility comes …

  Read the full article at: https://www.forbes.com/sites/teresaghilarducci/2020/06/26/older-workers-turn-to-debt-and-false-hope-in-covid-19-recession/

  The UK Gambling Commission reports approximately 200.000 people suffering from severe problem gambling while several hundreds thousands more are in a mild or at risk situation.

  The forced isolation many British suffer from the lockdown aggravated the figures because of the risk factors implied: Idleness, solitude and the dominance of online gambling, a dangerous mix that can be easily triggered a relapse even on those fully aware of the hazards of gambling.

  Despite the current struggle with isolation, there are organizations both private and public with trained professionals in their files literally waiting for your call to help you.

  Counseling services are available for problem gamblers of all ages, backgrounds, budgets and now with r…

  Read the full article at: https://www.bmmagazine.co.uk/business/counselling-services-for-british-problem-gamblers/

  The EU, along with a group of countries, is pushing for a relaxation in how debt relief is defined in the latest round of talks at the OECDs Development Assistance Committee (DAC) on Thursday (25 June), EURACTIV understands.

  The DAC sets the rules on how international development aid is defined and accounted for towards the target of 0.7% of gross national income (GNI) agreed by donor countries, which include the EUs member states.

  A handful of countries that give most of their aid as loans, which include France and Germany, as well as the EU, are among those pushing most strongly for changes that could allow donor countries to claim incentives both for offering riskier loans and then for restructuring or writing them off as debt relief…

  Read the full article at: https://www.euractiv.com/section/development-policy/news/eu-among-group-pushing-for-relaxation-of-debt-relief-rules/

  NokScoots board has decided to liquidate the company as it sees no path to recovery.

  Shareholders will deliberate the same resolution at a general meeting to be held in about 14 days, says the airline.

  It had on 24 June disclosed that it would return three of its seven Boeing 777-200s toSingapore Airlinesby the end of June. Sources told Cirium that the companys shareholders were in talks about winding up the joint venture.

  NokScootis 49% owned bySingapore AirlinessubsidiaryScoot, 49% byNok Airand 2% by NokScootmanagement (Pueannammitr Co).

  The joint venture says it has been operating in very challenging circumstances since its inception in 2014, noting: Some of the challenges include difficulties in growing the network and a very intens…

  Read the full article at: https://www.flightglobal.com/airlines/nokscoot-board-votes-in-favour-of-liquidation/139022.article

  The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act.

  The measures in this Act will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.

  What happens next

  Some of the measures in the Act will come into effect immediately. Other measures will come into effect once the secondary legislation comes into force.

  The Act:

  • introduces temporary easements for Annual General Meetings (AGMs) and filing requirements for public limited companies (PLCs)
  • introduces new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival
  • temporarily suspend…

    Read the full article at: https://www.miragenews.com/corporate-insolvency-and-governance-bill-receives-royal-assent/

    BUSINESS owners will need enough “mojo” to fight through the next 100 days and survive when the Federal Government’s JobKeeper support ends, a leading insolvency firm has declared.

    Jirsch Sutherland Partner Andrew Spring said companies relying on JobKeeper or temporarily trading while insolvent will have until mid-September to form a business plan or make the choice to liquidate.

    “The JobKeeper safety net is being removed in three months – not to mention other stimulus initiatives and forbearance measures ending soon – and that means business owners should be getting on the front foot now to survive,” he said.

    “We’re experiencing an economic event that’s both macro and micro in nature and company directors need to be proactive abou…

    Read the full article at: https://www.qt.com.au/news/jobkeeper-time-bomb-8-questions-businesses-must-an/4040131/

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