Insolvency Guardian Media Centre
Restructuring advisory firm Cor Cordis has been appointed as the voluntary administrator of Mayfair 101’s IPO Wealth Holdings.
The move follows the appointment of receivers to IPO Wealth in May by Vasco Trustees after two repayments were missed.
The AFR reported that these missed repayments were worth $3 million and followed the freezing of redemptions for investors last month.
Mayfair 101, the group behind a $1.6 billion redevelopment in Dunk Island in Far North Queensland, says the decision to appoint voluntary administrators was made in order to protect IPO Wealth Fund investors from the liquidation of the assets held by IPO Wealth and its subsidiaries.
“The decision to undergo a voluntary administration process is centred on provid…
Read the full article at: https://www.businessnewsaus.com.au/articles/mayfair-101-places-ipo-wealth-into-voluntary-administration.html
According to Bank of Korea’s figures for 2019, South Korea’s household debt is rising by an estimated US$100,000 (3.1 million baht) every minute, amounting to a whopping US$1.7 trillion today. Every day, more than 100 South Koreans are declared bankrupt. Meanwhile, the government’s debt has skyrocketed to a total of US$693 billion, increasing by 111 trillion won (2.83 trillion baht) in just six months in response to the Covid-19 pandemic.
But debt is not only a Korean problem. In fact, according to S&P and the Organisation for Economic Cooperation and Development (OECD), the debt of all nations reached US$53 trillion in the first quarter of 2020, out of which 34 of the world’s richest nations borrowed US$11.4 trillion. For corporati…
Read the full article at: https://www.bangkokpost.com/opinion/opinion/1939412/why-is-the-world-economy-slowing-
Alexandra Bigot: Latham is ‘very focused’ on creating a top-tier Paris restructuring capability
Arrival of Alexandra Bigot follows on from insolvency lateral hires in London and New York
Latham & Watkins has hired partner Alexandra Bigot from Willkie Farr & Gallagher in Paris to bolster its restructuring and special situations practice.
Bigot is the latest in a trio of hires to grow Lathams global restructuring practice, following Jessica Walkers arrival from Mayer Brown this month and Suzzanne Uhlands arrival from OMelveny & Myers in April. Bigot will be based in Paris, with Walker in London and Uhland in New York.
However, a restructuring partner has also left Latham this month, with Andrew Parlen joining Paul Weiss Rifkind Wharto…
Read the full article at: https://m.globallegalpost.com/big-stories/latham–watkins-hires-restructuring-partner-from-willkie-farr–gallagher-in-paris-13857496/
Gas and electricity customers face the prospect of debt collectors chasing up unpaid bills after the energy industry regulator told suppliers they no longer had to offer unlimited coronavirus payment holidays.
Ofgem gave the go-ahead for the restart of debt collections weeks after calling on energy suppliers to offer help to customers facing financial pain due to the Covid-19 pandemic by delaying or reducing bills.
Bailiffs were also barred from chasing households struggling to pay council tax or parking fines, but these rules will remain in place for at least another two months.
Jonathan Brearley, Ofgems chief executive, said that from July energy suppliers would be allowed to restart debt collections because it was not in customers…
Read the full article at: https://www.theguardian.com/business/2020/jun/22/energy-customers-face-bailiffs-as-ofgem-allows-debt-collecting-again
If we allow people with HELP loans to use their compulsory super contributions to pay off those
loans, this will benefit not only students and debt holders but also government coffers. I propose
this would be in addition to the current repayment arrangement.
Currently you pay back your HELP debt through the tax system once you earn above the compulsory
repayment threshold. In 2019-2020 that is 1 per cent of income at $45,881, going up to 10 per cent for earnings more than $134,573. Someone earning the average wage ($1659 per week) will pay $435 in loan repayments a month. Thats $5220 in HELP repayment a year.
That same person would also get about $8000 in super a year. Add the loan repayments, thats
$13,000. The average HELP loan, under the…
Read the full article at: https://www.smh.com.au/national/unlock-super-to-pay-off-student-debt-20200602-p54yra.html
US shale companies could be forced to write down $300bn of their assets this year, starting in the second quarter, as operators begin to account for the oil-price collapse on their balance sheets, according to a new study.
The huge impairments about half the net value of the companies property, plant and equipment would increase the sectors leverage from 40 per cent to 54 per cent, triggering insolvencies and restructuring, says the study by Deloitte, an accountancy.
As Covid-19 impacts amplify pressures on shale companies through 2020, a wave of impairments may prompt the deepest consolidation the industry has ever seen over the next six to 12 months, said Duane Dickson, vice-chairman of Deloittes US oil and gas business.
The writed…
Read the full article at: https://www.ft.com/content/0a91a723-abf2-4905-a370-a9ab1e33ba33
multilang-release
PRESS RELEASE
AGREEMENT IN PRINCIPLE ON FINANCIAL RESTRUCTURING PLAN
420 MILLION NEW FINANCING AND DELEVERAGING THROUGH 660 MILLION DEBT EQUITIZATION
OPENING OF AN ACCELERATED FINANCIAL SAFEGUARD PROCEDURE
Paris (France), 22 June2020 Technicolor (EuronextParis: TCH; OTCQX: TCLRY) (the Company) announces today that it has reached an agreement in principle on a financial restructuring plan (the Agreement In Principle), which meets the Companys objectives of (i) obtaining a new financing in an amount of 420 million, addressing the liquidity needs of the Group and (ii) deleveraging the Companys balance sheet, through the equitization of up to 660 million of its Term Loan B…
Read the full article at: https://www.globenewswire.com/news-release/2020/06/22/2051393/0/en/Agreement-in-Principle-on-Financial-Restructuring-Plan.html
With the U.S. economy officially in a recession and historic unemployment numbers, many people are feeling the squeeze. According to a recent NextAdvisor survey, more than half of all Americans have felt anxiety over their personal finances in recent months, with debt being a significant contributor.
While debt is an everyday part of life for many, it can snowball into big problems when you fall behind on payments. There are signs the economy is starting to improve, but the worst could still be…
Read the full article at: https://time.com/nextadvisor/loans/personal-loans/what-is-debt-consolidation/
Former central bank chief Zhou Xiaochuan said Monday that indebted countries have to find their own solutions for their debt problems and cant rely solely on assistance from the G-20.
The G-20s debt relief initiative can alleviate the difficulties that have been caused and aggravated by the coronavirus pandemic, but we also need to recognize that there are a number of reasons for global debt problems, many of which have nothing to do with the pandemic, Zhou said at the Caixin Summit in Beijing.
The epidemic, to some degree, has aggravated existing problems, Zhou said. (Countries) have to find their own solutions and treat their problems with the right medicine.
The former government of the Peoples Bank of Chinas statement followed news …
Read the full article at: https://www.caixinglobal.com/2020-06-22/countries-cant-solely-rely-on-for-help-on-debt-relief-former-pboc-chief-says-101570955.html
What Canadians Plan to Do When CERB Runs Out:
- Nearly half say they will cut back on consumer spending (46%)
- One third will apply for EI benefits (32%) or take on more debt (35%)
- One in ten will use savings to pay bills (30%)
CALGARY, Alberta, June 22, 2020 (GLOBE NEWSWIRE) — Even as the Canadian economy begins to re-open after months of being shuttered due to COVID-19, nearly half of Canadians (46%) work situation is affected by the pandemic. A recent poll by Ipsos carried out on behalf of MNP LTD has found that almost 2 in 10 are either working reduced hours or receiving reduced pay (17%) or have lost their job (16%). In addition, many say someone in their household has lost their job (1…
Read the full article at: https://www.globenewswire.com/news-release/2020/06/22/2051077/0/en/Nearly-Half-46-of-Canadians-Work-Situation-Affected-By-Pandemic.html
As the economic impact of the Covid-19 crisis manifests itself, Matthew Wilde, a Managing Director at AlixPartners in the Middle East, anticipates a sea of firms will be forced to restructure their operations with survival and growth in mind.
Wilde was brought on board to lead AlixPartners Turnaround & Restructuring team in the region just earlier this month, drawing on more than two decades of experience in the corporate restructuring business. Judging by his experience, he anticipates that the Middle East will see widespread restructuring efforts in the coming months.
I think its inevitable that theres going to be some big changes, and some of that will be in the form of consolidation, some in the form of closures or even failures, sa…
Read the full article at: https://www.consultancy-me.com/news/2894/middle-east-should-brace-itself-for-restructuring-wave
BOMBSHELL allegations of fraud and a misappropriation of customer funds has rocked travel agency Fly 365, which collapsed leaving almost 1000 creditors owed a whopping $26.9 million.
An investigation into the actions of Fly 365 Pty Ltd directors Scott Mayne and Mustafa Filizkok has been completed by liquidator Nicarson Natkunarajah, with his findings handed to company watchdog, the Australian Securities and Investments Commission.
The Courier-Mail can reveal the agency, run by “award-winning travel expert” Mr Mayne and Mr Filizkok, owes a staggering $26.9 million to 952 creditors.
Fly 365, incorporated in 2015, used third-party ticketing agencies to obtain and issue tickets for flights with various airlines before it collapsed on Februa…
Read the full article at: https://www.thechronicle.com.au/news/bombshell-fraud-claims-rock-travel-agency-owing-26/4041930/