UNIDENTIFIED PERSON #1, BYLINE: Heads-up – there is one swear word in this show. My parents used to say it around me, but if you’re a parent and you don’t like swears, now you know.
UNIDENTIFIED PERSON #2, BYLINE: This is PLANET MONEY from NPR.
KENNY MALONE, HOST:
Alexxus Harris has one of those jobs you can’t really ask a lot about.
ALEXXUS HARRIS: I am an IT type for the Department of Defense.
MALONE: Oh, no kidding. OK. That’s a cool job. So, like, are you not allowed to tell us, like, what you do or…
HARRIS: It does exactly what it means (laughter).
ROBERT SMITH, HOST:
But there are some ways in which her job is like anyone else’s job. She gets a little bored at work. She gets some downtime…
Read the full article at: https://www.npr.org/transcripts/883047437
Thursday, June 25, 2020
The Corporate Insolvency and Governance Bill (the Bill) was published on 20 May 2020 and introduced a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The Bill went through the House of Commons on 3 June and passed through the House of Lords on 23 June. The Bill was back before the House of Commons today and is likely to receive Royal Assent next week (at which point the Bill will become law).
Our lastblogon the moratorium focused on the key provisions that secured lenders should be aware of and the impact on qualifying floating charge holders (QFCH). This blog will consider the changes made to the Bill as it has passed …
Read the full article at: https://www.natlawreview.com/article/uk-insolvency-law-changes-impact-house-lords-amendments-to-new-moratorium-secured
A former Centrelink client from Wagga has backed a royal commission into the ‘robodebt’ system due to the mental health harm she and others experienced after being wrongly told they owed thousands of dollars. Danielle George, who currently works at a supermarket, said she went down into a “spiral” when she was wrongly accused of owing $40,000 back to the welfare agency. “A lot of people were suicidal and going back to that time – I already suffer from bipolar and anxiety and depression – I recall it did put me into a spin and could have led to one of my breakdowns,” she said. “When I look back I think maybe that’s why I did spiral at one point.” Federal Labor opposition leader Anthony Albanese has called for a royal commission into th…
Read the full article at: https://www.begadistrictnews.com.au/story/6807393/call-for-robodebt-royal-commission-over-mental-health-harm/
Wirecard filed for insolvency after the once high-flying payments group revealed a multiyear fraud that led to the arrest of its former chief executive.
In a remarkable collapse of a company once regarded as a European tech champion, Wirecard said in a statement on Thursday morning that it faced impending insolvency and over-indebtedness.
The first failure of a member of Germanys prestigious Dax index is expected to inflict big losses on creditors and reputational damage on regulators led by BaFin and Wirecards longstanding auditors EY.
EY on Thursday afternoon said there were clear indications that this was an elaborate and sophisticated fraud, involving multiple parties around the world in different institutions, with a deliberate ai…
Read the full article at: https://www.ft.com/content/ac949729-6167-4b6c-ac3f-f0aa71aca193
The owner behind teen clothing brand Pavement says he is determined the fashion chain wont be another casualty of COVID-19.
Stephen Meurs, who also co-founded Smiggle, believes the right investor could build market share and expansion opportunities.
Pavement entered voluntary administration on this week, with Pitcher Partners Andrew Yeo and Gess Rambaldi appointed as administrators.
It has 26 stores nationally and an online store.
Meurs, who saw Smiggle join Solomon Lew’s Just Group, says Pavement captures a market of pre and early-teens not catered for by other brands.
We get customers who are totally obsessed with the brand, who send their mothers and grandmothers in with the instruction that they can buy anything at all from the stor…
Read the full article at: http://www.ragtrader.com.au/news/clothing-retailer-appoints-administrators-but-isn-t-going-down-without-a-fight
Battered German fintech company Wirecard AG has filed for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didnt exist.
The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europes tech scene. Wirecard is the first insolvent company in the DAX 30, Germanys premier stock-market index.
Shares…
Read the full article at: https://www.wsj.com/articles/wirecard-files-for-insolvency-after-revealing-accounting-hole-11593075223
An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany.
Michaela Handrek-Rehle | Bloomberg | Getty Images
Wirecard will file for an application to open insolvency proceedings with the district court of Munich, the company said Thursday.
The company said in a short statement that management had decided to seek court protection “due to impending insolvency and over-indebtedness.”
It marks a tumultuous fall for Wirecard, once a high-flying tech darling in Germany, after the company revealed that 1.9 billion euros ($2.1 billion) of cash on its balance sheet had gone missing.
A further admission on Monday that the cash likely did not exist further compounded Wirecard’s trouble…
Read the full article at: https://www.cnbc.com/2020/06/25/german-payments-company-wirecard-files-for-insolvency.html
Over 13,000 IBC applications are currently pending in NCLT, where only matters seen as urgent are being heard. With such a large number of cases in pipeline, resolution professionals feel there’s stil
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NPA resolution cases|debt resolution|IBC resolution
While stressed companies may have got a breather from loan defaults with the suspension of insolvency and bankruptcy code (IBC) provisions that trigger insolvency, many resolution professionals may be facing the brunt of an unexpected loss in business.
Many firms, industry experts said, had expanded their insolvency division in the past one year with a rising number of CIRP applications being filed. While the big ones will not see much impact, smaller firms will face issues, …
Read the full article at: https://www.business-standard.com/article/companies/resolution-professionals-latch-on-to-older-cases-new-restructuring-windows-120062501391_1.html
A person looks into a closed Macy’s Inc. department store near Union Square in San Francisco, California, U.S., on Thursday, June 18, 2020.
Michael Short | Bloomberg | Getty Images
Macy’sannounced Thursday it is cutting 3,900 corporate jobs 3% of its total workforce to reduce costs as it struggles with the effects of the coronavirus pandemic.
The department store chain said it expects to save about $365 million through the layoffs in fiscal 2020.It said it will save roughly $630 million on an annualized basis.
Macy’s said it has reduced staffing across its stores, supply chain and customer support network, which it will adjust as sales rebound.
“While the re-opening of our stores is going well, we do anticipate a gradual rec…
Read the full article at: https://www.cnbc.com/2020/06/25/macys-to-slash-3900-corporate-jobs-in-restructuring.html
The coronavirus pandemic has wreaked havoc on the Australian economy, and the financial effects for many are deeply personal.
Sadly, theres no shortage of terrible advice online when it comes to personal finance. And as September 30 looms – the date by which JobKeeper, the increased JobSeeker and many negotiated rent and mortgage deferrals end – its important to be fully informed before you make potentially life-changing financial decisions.
As a former financial counsellor and former consumer credit educator for the Australian Securities and Investments Commission (ASIC), heres what I think you need to know if youre considering mortgage deferral, rent relief or bankruptcy.
Read more: Going bankrupt is a life changing decision so why …
Read the full article at: https://theconversation.com/mortgage-deferral-rent-relief-and-bankruptcy-what-you-need-to-know-if-you-have-coronavirus-money-problems-141274
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