Insolvency Guardian Media Centre
Homebase is preparing to announce the closure of up to 80 stores next week, with the probable loss of about 1,000 jobs.
The loss-making DIY chain, which was bought by the restructuring experts Hilco in a deal agreed in May, is expected to file a company voluntary arrangement (CVA), a form of insolvency that enables a retailer to exit or alter deals with landlords.
The process is expected to be handled by Alvarez & Marsal, a specialist adviser on corporate insolvencies that advised Toys R Us on a CVA before the it collapsed this year.
The company has already shut 17 unprofitable stores and confirmed plans to close at least 23 more. Industry insiders said the 23 would be part of a CVA involving between 60 and 80 stores in total.
Read the full article at: https://www.theguardian.com/business/2018/aug/08/homebase-set-to-announce-closure-of-up-to-80-stores
For each card, we also note how much it would cost, in interest payments, to pay off $2,500 in one year, $5,000 in two years, $7,500 in three years and $10,000 in four years.
The estimates depend on introductory APR periods, interest rates thereafter, the balance transfer fee and rewards. The figures are ranged based on the variable APR you might qualify for, which, like your credit limit, is determined by your creditworthiness. We did not factor into the estimates what you might earn from cash back or sign-up bonuses. That’s because when you first transfer a balance onto these cards, you probably have little available credit, in which case you would not b…
Read the full article at: https://www.cnbc.com/2018/08/08/the-best-credit-cards-to-help-you-get-out-of-debt.html
As Katie Price continues to face alleged financial woes, the star is set to appear at the bankruptcy court today.
The star was once said to be worth £45million, however shes scheduled to appear at the Rolls Building in London, part of the High Court, on Tuesday morning to face a hearing that could see her declared insolvent.
Court lists state the case for Katie Alexandra Price is set for 11am.
It comes as she reportedly attempts to sell her £2million West Sussex mansion, as well as an £100k Audi once bought second-hand for ex-husband Kieran Hayler.
Shes also admitted recently to staging paid photoshoots with paps, after some raunchy images emerged fr…
Read the full article at: https://metro.co.uk/2018/08/07/katie-price-faces-music-heads-bankruptcy-court-amid-mounting-financial-woes-7806900/
Investors in an arcane corner of the bond market are latching onto one important detail lost amid all the chaos surrounding Elon Musks bombshell Tuesday: Even if he ultimately fails in his effort to take Tesla Inc. private, the company could win much-needed debt relief.
Thats because more than a third of the companys approximately $11.5 billion debt was issued as convertible bonds — securities that creditors can exchange for equity if the stock reaches a certain price level. Coaxing investors to take equity, instea…
Read the full article at: https://www.bloomberg.com/news/articles/2018-08-08/lost-in-musk-s-twitter-storm-a-potential-path-to-escape-debt
SANTA MONICA, Calif., Aug. 8, 2018 /PRNewswire/ — Tuition.io, the leading platform for employee student loan contributions, today announced its student loan repayment assistance program has been implemented by Carhartt, America’s premium workwear brand since 1889. This new employee benefit will help Carhartt employees more quickly pay off burdensome student loan debt.
The benefit will allow participating Carhartt employees to receive monthly contributions to help pay down the principal of their student loans. Eligible full-time and part-time employees will receive contributions of $50 per month with a lifetime maximum of $10,000.
“For a company that has such a deeply-rooted history, it’s impressive to see Carhartt imp…
Read the full article at: https://www.prnewswire.com/news-releases/tuitionio-partners-with-carhartt-to-help-employees-pay-down-student-debt-300693873.html
We also think that the petition filed by an advocate would be maintainable, as has been held in Macquarie Bank supra.
The Supreme court observed that an application filed by an advocate would be maintainable under Section 7(3)(a) of the Insolvency And Bankruptcy Code, 2016.
This observation was made by the bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra in SUNRISE 14 A/S DENMARK vs. Ravi Mahajan, while disposing of an appeal against a National Company Appellate Tribunal.
National Company Law Tribunal (NCLT), in this case, had admitted the application for Initiating Corporate Insolvency Resolution Process filed by the SUNRISE, as it found ample evidence of default in the debt that was owed.
In appeal, this NCLT order was set …
Read the full article at: https://www.livelaw.in/ibc-application-for-initiating-corporate-insolvency-resolution-process-filed-by-advocate-of-financial-creditor-maintainable-sc-read-order/
With the Company Voluntary Arrangement (CVA) of House of Fraser reportedly hanging in the balance, the well-publicised difficulties facing the retail sector are widespread. There have been significant criticisms made of CVAs, in particular in relation to complaints that they are being abused to avoid leasehold liabilities relating to unprofitable trading locations.
The House of Fraser CVA was subject to a pending legal challenge to the approval of the CVA on the basis that it was obtained through material irregularity and that its terms were unfairly prejudicial, although a settlement was recently reached before the dispute reached the courts.
One particular concern regarding CVAs is that whilst they prevent creditor…
Read the full article at: https://realbusiness.co.uk/law/2018/08/08/risks-for-a-holding-company-when-subsidiary-goes-insolvent-high-street/
Katie Price was yesterday spared the formal declaration of insolvency, after she was given 12 weeks to repay her debts.
The former glamour model who was once worth £45million failed to appear at the Rolls Building on Tuesday to find out if she would be declared bankrupt amid a growing financial debt.
She was given until the end of October to repay monies owed, being scheduled to appear back in court on 30 October to present an individual voluntary agreement (IVA).
However, according to Mark Sands, personal insolvency partner at Quantuma, the IVA will only be accepted if the majority of creditors are satisfied its a better deal than sending Katie …
Read the full article at: https://metro.co.uk/2018/08/08/happens-katie-price-formally-declared-bankrupt-7810101/
The Share Centre has acquired 15,000 customer accounts from the administrators of Beaufort Securities.
Broker Beaufort Securities was declared insolvent by the Financial Conduct Authority in March, with PwC appoi…
Read the full article at: https://www.independent.ie/world-news/the-share-centre-acquires-15000-beaufort-securities-accounts-37195732.html
The Share Centre has acquired 15,000 customer accounts from the administrators of Beaufort Securities.
Broker Beaufort Securities was declared insolvent by the Financial Conduct Authority in March, with PwC appointed to handle the administrat…
Read the full article at: https://www.belfasttelegraph.co.uk/business/uk-world/the-share-centre-acquires-15000-beaufort-securities-accounts-37195734.html
Steinhoff International has secured 100 per cent of third-party creditor support after announcing its lock-up agreement (LUA) became effective as of July 20th.
Initially, it seemed the furniture group were having issues gaining the necessary support, though that fear has now passed as the agreement is in full effect.
The company is pleased to announce that 100 per cent in value of the third-party creditors under Hemispheres EUR750m revolving credit facilityhave now entered into the hemisphere LUA, the group announced via an investor update.
The company and the hemisphere lenders are continuing discussions on implementation of the restructuring of the financial indebtedness of hemisphere[and] are now seeking to execute the materi…
Read the full article at: https://www.insideretail.com.au/news/steinhoff-gains-100-per-cent-creditor-support-201808
KUALA LUMPUR: A 38-year-old woman, whose ex-husband disappeared after running up a RM700,000 gambling debt, is pleading for loan sharks to leave her family alone after being threatened and harassed.
Tan Lee Tin, from Batu Pahat, had been married for 13 years when she finally had enough of her 41-year-old husband’s gambling problems.
The mother of two divorced him two years ago, going as far as to publish an advertisement in a Chinese newspaper.
But that has not stopped Tan from being targeted by loan sharks who are after the RM700,000 that her husband had borrowed to feed his gambling addiction.
At a press conference on Wednesday (Aug 8) held by the MCA Public Services and Complaints Department head Datuk Seri Michael Chong at Wisma…
Read the full article at: https://www.thestar.com.my/news/nation/2018/08/08/woman-harassed-by-loan-sharks-after-exusband-runs-up-rm700000-gambling-debts/