Insolvency Guardian Media Centre
As small business owners across the country lodge their tax returns, brokers can play a key role in helping them.
This is the message from specialist lender Liberty, which helps small business customers consolidate their tax debt.
Group sales manager at the specialist lender, John Mohnacheff, said brokers should be reaching out to their small business customers at this time of year.
Many small business owners arent aware they can consolidate tax debt into an existing home or commercial loan.
However, not all lenders accept tax debt, so brokers should know their options.
He added, If people get a little bit behind with their tax debt, you really d…
Read the full article at: https://www.brokernews.com.au/news/breaking-news/brokers-can-help-tax-debt-consolidation-252626.aspx
The Nevada Supreme Court has ordered a new trial for an Italian businessman sued by The Wynn over a $1 million gambling debt.
Mario LaBarbera visited Las Vegas in 2008 and, while staying at The Wynn, lost $1 million of his own money and $1 million in marker credit extended to him by the resort. Those markers were left unpaid when he returned to Italy and The Wynn filed a criminal complaint over the debt and an arrest warrant was issued.
At trial, the district judge granted the resort’s motions to prohibit LaBarbera from arguing he has a gambling addiction exacerbated by the fact he was severely intoxicated at the time. The judge also barred LaBarbera from testifying by video conference from Italy.
The jury found LaBarbera owed $1 million. …
Read the full article at: https://www.nevadaappeal.com/news/crime/new-trial-ordered-in-the-wynn-suit-against-businessman/
A Dublin man who was pressured into delivering more than 120,000 worth of cannabis in order to pay off his brothers drug debt has been given a two-and-a-half year jail term after his original suspended sentence was deemed too lenient.
Brian OGrady (32) with an address in Liam Mellows Road, Finglas, Dublin, had pleaded guilty at Dublin Circuit Criminal Court to one count of possessing cannabis resin for sale or supply at Aldi car park in Finglas on February 12th 2016. The drugs had a street value of 122,000.
…
Read the full article at: https://www.irishtimes.com/news/crime-and-law/courts/man-who-delivered-drugs-to-help-pay-off-brother-s-drug-debt-jailed-for-2-years-1.3570464
Scott D. Levin Appointed Interim President and Chief Executive Officer
Company Provides Update on 2018 Business Outlook
DOWNERS GROVE, Ill., July 19, 2018 (GLOBE NEWSWIRE) — FTD Companies, Inc. (Nasdaq:FTD) (FTD or the Company), a premier floral and gifting company, today announced that its Board of Directors has initiated a review of strategic alternatives focused on maximizing stockholder value. The strategic alternatives expected to be considered include, but are not limited to, a sale or merger of the Company, FTD continuing to pursue value-enhancing initiatives as a standalone company, a capital structure optimization that may involve potential financings, or the sale or other disposition of certain of the Companys…
Read the full article at: https://markets.businessinsider.com/news/stocks/ftd-companies-inc-announces-review-of-strategic-alternatives-corporate-restructuring-and-cost-savings-plan-and-preliminary-second-quarter-financial-results-1027383861
Insolvency proceedings have been launched on the funds that own a pair of modern German supramax bulkers.
The KG (limited partnership) owners of the 57,000-dwt Achat and Almandin (both built 2010) have thrown in the towel after failing to recover from the bankruptcy of a South Korean counterpart.
The two supramax bulkers are destined to tread the same path as four bulkers ordered by German investors, which have already fallen into the hands of administrators.
The insolvent ships were part of a series of 10 supramax and four post-panamax bulkers that were delivered to Munich-based Conti Group between May 2010 and November 2012.
Conti was estimated to have spent $600m on the 14 ships on the back of 12-year time charters to STX Pan Ocean …
Read the full article at: http://www.tradewindsnews.com/drycargo/1535092/another-pair-of-former-conti-bulkers-hits-the-buffers
Another football game hadnt gone Joe Schillers way, and the thousands of dollars of debt he had accumulated from betting was about to bury him. With his life spinning out of control, he hopped in his car with his then-pregnant wifes paycheck in his pocket and went into hiding for two months.
Haunted by suicidal thoughts, Joe Watson had blown every cent playing cards and felt like he was running out of options. The clean-shaven, well-spoken writer pushed a hand in his jacket pocket to make it look like he was carrying a gun. He burst through the doors of a gas station in Scottsdale, demanding the cashier open the register.
The bright lights…
Read the full article at: http://www.ahwatukee.com/news/article_b3dd6d80-8aac-11e8-8318-dfda491f101c.html
IN SUNNY south Wales, Hayley is squeezing in a chat on the phone while caring for her five children after school. Her eldest two are 19 and 20; both have special needs and live at home. Their father is an occasional figure in their lives. After the couple separated, Hayley got a large mortgage to buy him out of the marital home and took on debts to pay for therapy for their autistic daughter. For the next 14 years her ex-husband provided no financial support for his children. Hayley is still owed nearly £12,000 ($15,700) in child maintenance.
She is far from alone. Almost £4bn in unpaid child maintenance is owed to around 1m single parents and the government. Now many of those parents are to find out that the years of chasing arrears were…
Read the full article at: https://www.economist.com/news/britain/21746371-government-plans-write-billions-pounds-unpaid-contributions-ex-partners-who
Jenna, who didnt provide her last name, said Will looked like he’d been homeless for a pretty significant amount of time.
He was very polite but he looked very unwell, she said. “I was pretty worried about his state of health and wellbeing.
Jenna stayed with Will as paramedics and police arrived, but he appeared nervous and didnt want to go with them.
On Saturday, she received a strange message from a debt collection agency Australian Receivables Limited.
I thought that’s really odd,” she told the ABC.
About an hour later, her mobile rang and it was the debt collection agency again. The person wanted to talk to her about an invoice they said was due to be paid to Ambulance Victoria.
Jenna told the ABC that she never received an invoice, bu…
Read the full article at: https://www.theage.com.au/national/victoria/ambulance-victoria-sorry-good-samaritan-was-chased-by-debt-collectors-20180719-p4zsie.html
KUALA LUMPUR (July 19): Nexgram Holdings Bhd has embarked upon an internal corporate restructuring (ICR) of its wholly-owned subsidiary Nexgram Land Sdn Bhd and its group of companies to enable a more efficient administration of the organisation.
Nexgram said the restructuring involves segregating the business segments of the group into the respective subsidiaries carrying out the activities.
“By doing so, each subsidiary will focus more on the core business, will strengthen the control of their strategic plans, as well as (provide for) better risk management,” it said in a filing with Bursa Malaysia today.
Under the exercise, Nexgram Lands business as developer and property management will be assigned to two other wholly-owned subs…
Read the full article at: http://www.theedgemarkets.com/article/nexgram-embarks-internal-restructuring-streamline-businesses
We refer to the intimation made to the Stock Exchanges on 11th June, 2018 regarding commencement of Corporate Insolvency Resolution Process (CIRP) and appointment of Interim Resolution Professional (IRP) and would further like to inform you that the First meeting of the Committee of Creditors (CoC) was conducted on 6th July, 2018 to provide business update and discussion on the appointment of Mr. Anuj Jain as a Resolution Professional of Videocon Industries Limited (the Company).
In this connection, we wish to inform you that Mr. Anuj Jain (IP Registration No. IBBI/IPA-001/IP-P00142/2017-18/10306) has been appointed as a Resolution Professional of Company by the CoC on 10th July, 2018.
You are requested to take the same on record.
Pdf …
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/videocon-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article24460734.ece
More than a fifth of North firms have taken a financial hit after a customers firm collapsed, research has shown.
New findings from insolvency and restructuring trade body R3 found that 23% of regional businesses have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the preceding six months.
A total of 10% of the companies surveyed by R3 across the North East, North West and Yorkshire and Humberside described the financial impact of the insolvency of another business as very negative, with a further 12% of regional respondents describing it somewhat negative.
The R3 research has also revealed that more than a quarter (27%) of regional companies say they are owed payment on invoices that are m…
Read the full article at: https://www.chroniclelive.co.uk/business/business-news/domino-effect-insolvency-strikes-one-14927909
The rate of personal insolvencies in Lewes has increased by almost 40 per cent over the last two years, official data has revealed.
In 2015, 13.5 adults per 10,000 were declared insolvent in Lewes, according to Insolvency Service figures.
However by 2017 that figure had risen to 18.8, an increase of 39.8 per cent.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with an official body to pay off creditors. This can include being declared bankrupt.
The England and Wales average is 21.4, with Stoke, in Staffordshire, having the highest insolvency rate of 45 people per 10,000 in serious debt.
The figures are comprised of people who have been declared bankrupt, those who have been given deb…
Read the full article at: https://www.sussexexpress.co.uk/news/business/personal-insolvency-rate-in-lewes-has-increased-by-almost-40-per-cent-since-2015-figures-show-1-8571905