CHARLESTON Police have released security camera video of a suspect they say damaged the Charleston Rotary Pool.
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Last month, the U.S. House of Representatives passed the HEROES Act, a $3-trillion stimulus bill, that would include additional relief for those with student loan debt. But its unlikely to pass the Senate in its current form. Several Senate Republicans have publicly stated they wont support the legislation, including Senate Majority Leader Mitch McConnell (R-Ky).
So what could be included in the next stimulus bill for student loan borrowers? And what other options do struggling borrowers have?
There are lots of student loan debt relief options available for struggling borrowers.
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Student Loan Debt Relief in the HEROES Act
The HEROES Act that passed the House had several provisions that would provide reli…
Read the full article at: https://www.forbes.com/sites/jenniferbarrett/2020/06/07/student-loan-debt-relief-what-are-your-options-now/
A recent paper from academics at Leiden Law School suggests that if a crypto exchange or crypto custodian goes bankrupt, investors could well lose control over their stored coins. This happened in Japans Mt. Gox exchange collapse, and more recently with the failure of Italys BitGrail exchange. Thus, it could happen again.
Indeed, the paper implies that even users of United States-based exchange Coinbase could have problems reclaiming their crypto in the event of insolvency because Coinbase doesnt segregate blockchain addresses. So, the question still stands: Is there a risk you could lose your Bitcoin if an exchange or custodian goes bankrupt?
Absolutely, there is a risk, Edgar Sargent, a partner at Susman Godfrey law firm, who was hir…
Read the full article at: https://cointelegraph.com/news/safety-check-if-crypto-custodian-fails-clients-may-not-get-a-full-payout
Image Credit: Supplied
Dubai: Shuaa Capital has strengthened its specialised corporate restructuring service to support the re-energising of the business sector.
Specially created to address the frozen credit markets resulting in liquidity issues and potential insolvency concerns faced by many businesses impacted by Covid-19 the corporate restructuring solutions open doors for businesses to new credit lines, enabling them to overcome their business challenges. The firm has also strengthened its advisory services for corporates to execute capi…
Read the full article at: https://gulfnews.com/business/company-releases/shuaa-strengthens-corporate-restructuring-service-1.71874128
A fraudster who was fined more than 1m and declared bankrupt over a separate scam costing investors 3.7m has been approved by City regulators to run a new financial company.
Samuel Nathan Kahn, 49, was fined 1.1m in 2011 by the Financial Services Authority (FSA), the regulator at the time, for inflating a companys share price. He then used a separate firms trading account, without permission, to sell the shares and pocketed more than 200,000 in cash.
Four years earlier, the FSA obtained a court order believed to be the first of its kind to bankrupt Kahn.
This was to use his assets to compensate 800 victims of the 3.7m boiler room fraud he orchestrated through two companies he controlled, at least one
Read the full article at: https://www.thetimes.co.uk/article/bankrupt-fined-1m-but-fit-to-run-finance-firm-dlgsm339v
Michael Jordan and Richard Esquinas on the cover of Esquinas’ book about gambling on the golf course with the NBA legend.
Richard Esquinas used to play Michael Jordan for a standard wager of $1000/hole, he says. Now his limit is something closer to a $20 Nassau.
In 1993, Esquinas wrote a book about gambling against Jordan: Michael & Me: Our gambling addiction my cry for help! He told the story of how their contests on the golf course escalated to the point where at one point in 1992, Jordan owed him $1.2 million. After that story resurfaced in last weeks episodes of The Last Dance on ESPN, the San Diego Union-Tribune caught up with Esquinas to see what had happened in the decades since.
To revi…
Read the full article at: https://golf.com/news/michael-jordan-richard-esquinas-golf-gambling/
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The footage was taken at about 1:30 a.m. on Tuesday. It shows a person with a hammer walking around the exterior of the building.
Anyone with information is asked to call police at (217) 348-5221.
12 photos of Charlesto…
Read the full article at: https://jg-tc.com/news/local/crime-and-courts/watch-now-charleston-police-looking-for-suspect-who-damaged-rotary-pool/article_2a6e19ff-4a1b-5743-9c85-fc79c5d9c98c.html
When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when things go to the dogs. When these companies go bankrupt, the misery is shared by employees who lose their jobs; retirees see their benefits and pensions go up in smoke, while shareholders and bondholders get wiped out. In sharp contrast, it’s very common for blue-chip executives who have run their companies to the ground to receive multi-million dollar golden sendoffs. Indeed, top executives of oil and gas companies going through Chapter 11 frequently receive very fat payouts in the form of cash bonuses, stock grants, and other benefits that often exc…
Read the full article at: https://oilprice.com/Energy/Energy-General/CEOs-Bank-Big-Bonuses-As-Oil-Companies-Go-Bankrupt.html
Rugby Australia is expected to start laying off staff as early as this week after finally completing its 2019 financial report.
The heartbreaking decision to cut jobs looms as the only way the cash-strapped code can survive in the future even after getting the thumbs up to continue operating from its accountants KPMG.
Despite being declared solvent – pending the approval of the Australian Securities and Investments Commission (ASIC) – RA remains in a dire financial position after failing to secure a new broadcast deal and paying out millions to Israel Folau after his messy termination.
Rewind the clock and watch Super Rugby classics with Kayo. New to Kayo? Get your free trial and start streaming instantly >
Players, coaches, executive…
Read the full article at: https://www.noosanews.com.au/news/rugbys-ugly-blueprint-to-survival/4027241/
Britain’s biggest shopping centre-owner has put administrators on standby as it enters a crucial fortnight that will determine whether it emerges from the COVID-19 pandemic intact.
Sky News has learnt that Intu Properties, which directly employs more than 2,000 people, is lining up KPMG to handle an insolvency process if lenders refuse to grant a standstill on its vast debt obligations.
The development, which is understood to have been agreed in the last few days as Intu’s board accelerates its contingency planning, underlines the parlous state of the company behind Manchester’s Trafford Centre, the Metrocentre in Gateshead and Lakeside in Essex.
Read the full article at: https://news.sky.com/story/coronavirus-shopping-centre-giant-intu-puts-administrator-on-standby-12001614
Rugby Australia is expected to start laying off staff as early as this week after finally completing its 2019 financial report.
The heartbreaking decision to cut jobs looms as the only way the cash-strapped code can survive in the future even after getting the thumbs up to continue operating from its accountants KPMG.
Despite being declared solvent – pending the approval of the Australian Securities and Investments Commission (ASIC) – RA remains in a dire financial position after failing to secure a new broadcast deal and paying out millions to Israel Folau after his messy termination.
Rewind the clock and watch Super Rugby classics with Kayo. New to Kayo? Get your free trial and start streaming instantly >
Players, coaches, executive…
Read the full article at: https://www.gympietimes.com.au/news/rugbys-ugly-blueprint-to-survival/4027241/
A man who was declared bankrupt in 1995 after a four-year tax investigation is angry at the loss of an old personal pension that he paid into for seven years.
Edmund Watters, 61, took out the policy with Confederation Life (now Sun Life Financial of Canada) in January 1991 when he earned 25,000 a year as a transport manager. He paid in 30 a month until September 1998, but tried to use the 8,872 balance only last year when he was told that it had been surrendered to creditors.
Edmund, from near Reading in Berkshire, says that Sun Life Financial of Canada should have told him at the time of his bankruptcy that the money would have to be surrendered instead of letting him pay
Read the full article at: https://www.thetimes.co.uk/article/still-being-punished-for-25-year-old-bankruptcy-dp3f8zwgm
Are you looking for company liquidation support in Noosa?
At Company Liquidation Noosa we understand that insolvency hurts. It is a stressful time that only feels worse knowing that there is no time to rest and reflect, because company directors must act as soon as possible when faced with insolvency or risk a range of potential penalties.
Debt problems cause thousands of Australians to enter their companies into liquidation every year in order to dissolve their business’s affairs and the people of Noosa are not immune to financial pressures. The biggest mistake you can make in Noosa while facing financial difficulties is to delay getting professional help.
The biggest mistake to make when facing liquidation is to approach it without professional assistance or to approach it with inadequate assistance. The high prices of company liquidation packages in Australia have encouraged many people to avoid getting the assistance they need to successfully navigate the process of liquidation.
Despite the barriers for many companies, enlisting the services of a professional insolvency firm to handle company liquidation in Noosa can have many benefits. Although officially dissolving your company may not be a desired outcome, company liquidation can often provide certain relief for directors and board members who are struggling with insolvency. Directors can benefit from liquidation for the following reasons:
The liquidator takes control. Directors lose their company powers when a liquidator takes control, and this prevents insolvent trading. It also means that someone else is handling the stressful administrative tasks associated with paying off creditors. External liquidators appointed to wind up an insolvent company is responsible for communicating with creditors and holding the necessary meetings to discuss outcomes and to keep creditors appraised of the situation. Directors are still required to be available to supply company information to assist in the process, but their broader involvement is taken care of by liquidators.
The risk of insolvent trading is lifted. Insolvent trading refers to the act of trading and incurring new liabilities by an insolvent company which is unable to pay its debts as and when they fall due. Insolvent trading is illegal and carries serious consequences like civil penalties, compensation proceedings and even criminal charges. Insolvent trading can worsen the insolvency process but when a company is in liquidation, control of the company is given to the liquidator, and as a result the director has no opportunity trade while insolvent.
Company liquidation can benefit companies in Noosa by:
- Relieving stress by legally finalising the company’s affairs and facilitating de-registration of the company and cancellation of its Australian Business Number (ABN); and
- Suspending legal proceedings in progress against the company and preventing new legal proceedings from being commenced.
Through Company Liquidation Noosa, we always endeavour to keep our service prices as affordable as possible because facing company liquidation in Noosa without professional help is a recipe for disaster. We believe that nobody has to go through the process, which can be extremely stressful, without professional advice.
By reaching out to Company Liquidation Noosa you will be taking the first steps towards the successful liquidation of your company. The team leverages years of experience dealing with company liquidation which makes them highly skilled at dealing with time-consuming procedures and complex insolvency challenges. They can help you to create the best company liquidation strategy.
Your road to recovery begins with a free initial consultation with one of our team members. During this consultation our team member will help you to determine the best possible method of dissolving your business. Our consultants will work to understand the specifics of your situation in Noosa and whether or not there are any alternatives to liquidation, or potential personal insolvency, that would be more beneficial for you.
After your free consultation, our liquidator will have a better sense of how to support your company. The liquidator will be open, honest and transparent with you and act with empathy every step of the way. They will collect, protect and realise your company assets with limited hassle, and make all recoveries, distribute resources to creditors (if applicable) and conduct all relevant investigations with impartiality, skill and diligence.
If you’re still unsure about liquidation and what it might mean for your and your business future, we can shed a light on the truth. Below are some of the myths surrounding company liquidation.
Myth: Facing company liquidation means you will go bankrupt too.
If your company is facing liquidation it does not automatically mean your bank cards will stop working. Your company is a separate legal entity, which means your personal finances are separate to the company’s finances. There are exceptions, such as if you’ve made any personal guarantees against company loans. However, your own financial position will determine whether or not bankruptcy is in your future.
Myth: You can save time by liquidating your company on your own
Liquidation must be conducted fairly and lawfully, which is why an external liquidator must be appointed. The liquidator must be registered and qualified to secure and realise all company assets, make all recoveries, distribute resources to creditors, conduct all relevant investigations into the financial affairs of the company, make distributions to creditors (and distribute any surplus to shareholders), inform both creditors and the Australian Securities and Investments Commission (ASIC) of their actions, and arrange the de-registration of the company.
Myth: Liquidation is a term given to single type of process.
Company liquidation is actually classified by the three main ways it can be introduced to a company – Members’ Voluntary, Creditors’ Voluntary and Court Liquidation. It’s important to know the differences and what each type of liquidation could mean for your company.
Myth: I’m done for financially because my business is insolvent.
Your company’s debts are separate from your personal debts. A company is a separate legal entity, therefore if it becomes insolvent you will not automatically be dragged down with it. There are of course exceptions, like if you have given a personal guarantee to a creditor or if you or the company’s board has traded while insolvent. In these situations, you can find yourself personally liable.
Myth: I presided over a business that became insolvent. That’s the end of my business future
If your company is insolvent and goes into liquidation, don’t worry! You don’t need to give up on your business dreams. Of course there are exceptions, like if you are bankrupt or have committed an offence that disqualifies you from future director roles. But if you’ve met regulatory requirements as a company director and fulfilled your duties, you won’t automatically be prevented from starting new companies or to act as a company director.
Don’t risk your financial future by facing company liquidation in Noosa without help from the team through Company Liquidation Noosa. Our experienced team will make sure that you can navigate company liquidation with confidence.
Be sure that you make all the right decisions when you approach company liquidation by engaging with us today. The longer you wait to take action, the more difficult it will be to successfully liquidate your company in Noosa. Company liquidation can be manageable with the right experience and with affordable and approachable liquidation services. you owe it to yourself to contact us today.
To learn more about liquidation and how it applies to you, visit Company Liquidation Noosa at www.companyliquidationnoosa.com.au.