Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October. Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected…
DetailsThu, 09 Sep 2021 | BUSINESS NEWS The Insolvency Service has announced that temporary measures introduced last year to help viable businesses avoid being forced into unnecessary insolvency during the COVID-19 pandemic will be phased out from October 1. The end of the previous legislation will occur alongside the introduction of new measures to help…
DetailsThe Minister of State at the Department of Justice, James Browne, is due to bring forward a new regulatory framework for gambling this autumn. Since previous minister for justice Alan Shatters Gambling Control Bill was drafted in 2013, each year brought more disappointment that successive governments failed to enact new legislation. Shatters legislation represented an…
Details(Bloomberg) — Politicians and academics are turning their attention to a new trade pitch for South Africa: debt relief in exchange for progress toward global climate goals. The debt-for-climate concept, which was floated by International Monetary Fund Managing Director Kristalina Georgieva in April, has been picked up by South African Deputy Finance Minister David Masondo…
DetailsThis week, scandal-besmirched retail group Steinhoff passed the first major hurdle on the way to what would be a world first: rescuing a company crippled by what seemed to be an inescapably fatal fraud. Of the other multinationals in the same position, none survived. Overseas, Enron ended up bankrupt within months of its shenanigans emerging,…
DetailsMassive government-mandated and private-sector debt relief during the COVID-19 pandemic was well-targeted and helped mute economic distress for millions of Americans, finds a paper to be discussed at the Brookings Papers on Economic Activity (BPEA) conference on September 9. About 60 percent of borrowers who entered debt forbearance have exited it as of May, but…
DetailsBanks have taken the initiative to implement personal insolvency against defaulting promoters buoyed by the Supreme Courts endorsement of the law in May. The latest data released by the Insolvency and Bankruptcy Board of India (IBBI) show that 56 new cases were filed in the first quarter ended June, almost half of the total 128…
DetailsIn the three months after the suspension on triggering insolvency was lifted on March 24, a total of 126 new corporate insolvency cases were admitted, according to the latest data released by the Insolvency and Bankruptcy Board of India (IBBI). Till June, about 47 per cent of the corporate insolvency resolution processes (CIRPs), which were…
DetailsX Register for free to receive latest news stories direct to your inbox Register PwC has added to its business restructuring serviceswith the appointment of Rob Asplin as a senior adviser. He brings two decades of expertise in the restructuring and private equity sectors, specialising in protecting and creating value in turnaround situations. Previously he…
DetailsEditorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Even before the Covid-19 pandemic, consumer debt was at an all-time high according to the Federal Reserve. So if you have credit card debt, youre not alone. What may…
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