Insolvency Guardian Media Centre
Many people bury their head in the sand, choosing to ignore mounting bills and missed payments this can be incredibly stressful and have a significant impact on happiness, health and wellbeing.
That being said, its important to do something about it before it gets out of hand. From my own personal experience, figuring out a solid way to pay back what you owe and getting yourself out of this situation (for good) is extremely liberating and freeing.
Here are my tips for ending the cycle:
1. Consolidate your debt
If you have more than one credit card or loan, the first step is to roll them into one. This way, you just have one debt to pay off each month, rather than having to juggle multiple deadlines. You may also be able to recei…
Read the full article at: https://www.menshealth.com.au/how-to-get-out-of-debt-quick
A single homebuyer can proceed with filing an application under Section 7 of I&B Code 2016 against the developer. Photo: Aniruddha Chowdhury/Mint
After much deliberations in June 2018 by way of ordinance, an amendment was made in the Insolvency and Bankruptcy Code 2016 (I&B Code 2016) wherein apart from other changes, homebuyers were recognised as financial creditors. In simple terms, homebuyers got a seat in the Committee of Creditors formed under the I&B Code 2016.
The effect of which is that homebuyers will have a say in approval or rejection of the resolution plan submitted by any resolution applicant or to restrict the decision of the committee of creditors to go for the liquidation of the corporate debtor.
A single homebuyer can proc…
Read the full article at: https://www.livemint.com/Money/gRnDVB63l0Rf9PxBo8C9RL/Opinion–Homebuyers-as-creditors-does-not-make-sense.html
MUMBAI: Realty developers cannot use the force majeure clause for financial crisis and lack of approvals in any project, ruled the Maharashtra Real Estate Regulatory Authority in a recent order against Hindustan Construction Companys subsidiary Lavasa Corporation.
In a matter related to a homebuyer Mudhit Guptas complaint against Lavasa seeking refund and compensation for failing to deliver his apartment, the company had taken a stand that it failed to complete the project owing to status-quo order on the construction by the Ministry of Environment and Forest (MoEF), and is now facing difficulties to meet the liabilities to complete the project due to swelling financial obligations. The aforesaid stand as has been taken by the responde…
Read the full article at: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/realtors-cant-use-force-majeure-clause-for-lack-of-approvals-financial-woes-maharashtra-rera/articleshow/65747410.cms
The UK insolvency service is investigating scandal-hit public relations firm Bell Pottinger, including its influential co-founder Lord Tim Bell, for work in South Africa that led to the companys collapse last year.
According to letters seen by the Financial Times, two senior partners have been told the UK government agency is examining potential breaches of duties or other misconduct relating to their controversial work for the Gupta familys Oakbay investment vehicle.
The London PR group went into administration after a financial collapse, when it was exposed running a campaign allegedly stoking racial tensions in South Africa. The campaign was run on behalf of the Indian-born Gupta brothers, business patrons of then-president Jacob…
Read the full article at: https://www.ft.com/content/767e3e62-b449-11e8-b3ef-799c8613f4a1
Debenhams, the department store chain, has asked advisers to explore restructuring plans that could lead to store closures, as the downturn engulfing the UK high street continues to spread.
KPMG is investigating turnround options that may also include it asking creditors to accept a compulsory voluntary arrangement, said a person with knowledge of the matter.
A CVA is a type of insolvency that allows ailing businesses to restructure their debt payments. Landlords often suffer rent reductions or store closures but other parties that do business with the company involved, such as stock suppliers and banks, do not automatically lose money.
The move by Debenhams comes just one month after House of Fraser, another stalwart UK department …
Read the full article at: https://www.ft.com/content/f0479334-b43e-11e8-b3ef-799c8613f4a1
Reported by Bikebiz, news has broken over the weekend of the voluntary liquidation of Factory Media Ltd, owners of multiple sports media brands including Total womens Cycling, Dirt, RCUK and RideUK.
Accountants, Chamberlain & Co, have been appointed to oversee the liquidation.
While the Factory Media company itself was sold to Forward Internet Holdings in 2012 it continued to operate as a separate company.
The accounts for Factory media have painted a picture of a company struggling to survive for the last few years with auditors Ernst & Young LLP posting notes to the companies accounts as long ago as 2015 of their concern over the viability of the company. The official auditors line on the accounts states, The audit report states that ther…
Read the full article at: https://singletrackworld.com/2018/09/dirt-total-womens-cycling-rideuk-owners-file-for-voluntary-liquidation-factory-media-rcuk/
People living in Sefton are the most likely in Merseyside to go bankrupt.
New data shows a total of 3,141 people in the region either declared insolvency, took on a debt relief order (DRO) or accepted an individual voluntary arrangement (IVA) to manage their debts in 2017.
Of those, 146 were aged under 25.Some 42 of those were in Liverpool, 40 in the Wirral, 35 were in Sefton, 17 in St. Helens and 12 in Knowsley.
Of the total, 92 agreed IVAs, 46 signed DROs, and eight were declared bankrupt – including four youngsters in Liverpool alone.
Among adults of all ages, Sefton had the highest rate of insolvency in 2017.One in 322 adults in the borough fell into individual insolvency during the year.
In St Helens it was one in 336, in…
Read the full article at: https://www.liverpoolecho.co.uk/news/liverpool-news/shocking-scale-under-25s-going-15129853
THQ NORDIC
Kingdoms of Amalur Reckoning: THQ plots new PS4, Xbox release after buying rights to IP
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Latest news:
THQ Nordic has now purchased the rights to Kingdoms of Amalur from the developer 38 Studios.
The developer declared bankruptcy after missing a loan payment shortly after the release of the game.
Before they became bankrupt there had been talks of a sequel, and EA were reportedly favourable to the idea.
Now THQ have suggested they will evaluate the viability of sequels and new content.
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Overview:
Kingdoms of Amalur: Reckoning is an action role-playing video game which was released in 2012.
The game was developed by Big Hug…
Read the full article at: https://www.dailystar.co.uk/tech/gaming/728241/Kingdoms-of-Amalur-Reckoning-new-game-release-date-THQ-Nordic-PS4-Xbox-One
The National Company Law Tribunal (NCLT) Hyderabad has extended by 90 days the deadline for Lanco Teesta Hydel Powers(LTHPPL) corporate insolvency resolution.
The insolvency petition was filed by ICICI Bank. Ratakonda Murali, Judicial Member, said, I am satisfied that the Corporate Insolvency Resolution Process is to be extended by 90 days, beyond 180 days as per the Insolvency and Bankruptcy Code.
The resolution period, which comes to an end on September 12, 2019, now gets extended.
Huzefa Fakhri Sitabkhan, NCLT-appointed Resolution Professional sought the extension. The Resolution Professional contended that the CIRP has reached an advanced stage and the time for submission of the resolution plans is expiring. Ten resolution applicant…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-gives-lanco-teesta-90-day-extension-for-insolvency-resolution/article24896506.ece
It’s been 10 years since Iceland’s economy crashed, but Asthildur Thorsdottir and her husband Hafthor Olafsson are still struggling with crippling debt and an uphill legal battle to save their family home.
After taking out what would end up being a toxic loan, the parents of two now adult sons have lived under the threat of eviction since 2012. The couple has spent countless hours and huge sums fighting to keep their house.
“I don’t know whether I would have started all this if I’d known it would take so much from our lives,” says Asthildur, a 51-year-old grammar teacher.
She and her husband bought their home 11 years ago, shortly before Iceland’s inflated banking system crashed.
They wanted more space than what their two-bedroom apar…
Read the full article at: https://au.news.yahoo.com/mortgage-doubled-iceland-families-bearing-cost-crash-044552134–spt.html
Factory Media, the parent company of fifteen websites and magazines, including six cycling titles, is entering liquidation, road.cc has learned.
Factory, which was founded in 2006, owned and operated Road Cycling UK, Total Womens Cycling, Ride UK, Dirt Mountain Bike and Bike Magic, all of which are likely to close following the news.
In a letter to creditors, dated 6 September 2018, Factorys administrators wrote that, due to its financial position the director decided to place it into creditors voluntary liquidation.
Following the shock news today, readers and contributors paid tribute to the magazines in Factory’s stable.
Cartoonist Dave Walker, known for his cartoons featuring observations of cyclists’ rituals, quirks and daily l…
Read the full article at: https://road.cc/content/news/248089-factory-media-enter-liquidation
Things have suddenly gotten more complicated for Real Housewives of Beverly Hills stars Dorit and P.K. Kemsley as he has defaulted on a settlement with a Las Vegas casino. Paul Kemsley (known as P.K.) made an agreement with the Bellagio, but now a judge has ruled that the casino can garnish his wages to recoup their money.
The Blast has shared court documents that indicate that P.K. defaulted on the agreement he made with the Bellagio, and now a Las Vegas judge says that the casino now has the upper hand.
Judge Richard F. Boulware II ruled that garnishment and execution can begin at any time for the Bellagio to collect on Kemsleys gambling debt.
P.K. Kemsley owes the Bellagio…
Read the full article at: https://www.inquisitr.com/5062869/rhobh-star-dorits-husband-p-k-sued-by-bellagio-for-gambling-debt/