Though significant steps have been taken to preventdebt crises across the world sparked by the COVID-19 crisis,they have not been sufficientto restore economic stabilityinmany developing countries, according to a policy brief issued by the UN Secretary-General on Monday. More than a year into the pandemic, the fiscal impacts of the crisis are triggering debt distress…
DetailsThis was the title of the recent timely ICAEW webinar that can be accessed through the link below. Timely, because as one of the presenters, Martine Catton, Chief Commercial Officer at Just Cashflow explains, “A tsunami of insolvencies is expected when the Governments well intended life support system for small businesses is wound down and…
DetailsCreditorWatch, in conjunction with McGrathNicol, launched a new white paper exploring insolvency trends, options for businesses working through debts and potential sources of funding post-31 March. The credit reporting agency said that according to figures published by the Australian Securities and Investments Commission, each year, roughly 8,000 businesses are placed into external administration. But it…
DetailsCasino app on a Smartphone It was the offer from the gambling company which he is convinced started his addiction. If he deposited up to 300, they’d match it. James – not his real name – says: “That was basically the initial hook that got me into slot machines. “Gambling on the internet and particularly…
DetailsThe impact of climate change on the environment is now widely recognised, but there may also be an impact on businesses facing financial difficulties either as a result of climate change itself or due to the impact of transitioning to a cleaner world. A total of 196 countries are seeking to implement the aims of…
DetailsA lifeline for struggling businesses in the United Kingdom the most significant insolvency reforms for a generationCorporate Insolvency and Governance Act 2020The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least,…
DetailsLink copied toclipboard Beauty clinic operator Wellness & Beauty Solutions (ASX:WNB) has fallen into voluntary administration. The move comes nearly 2 months since it failed to lodge its quarterly report and has been suspended ever since. Shareholders were informed the administrator, Laurence Fitzgerald of William Buck, had formally assumed control of the groups assets and…
DetailsUNITED STATESOne of the statistics published a couple of years ago by a renowned website Overcoming Gambling reveals about fifteen million Americans display signs of gambling addiction, with the average debt incurred by a male pathological gambler being as high as $90,000. With figures such as this it is clear that millions of people find…
DetailsFacts High court decision Court of Appeal decision Key takeaways Comment In Sunrise Megaway Sdn Bhd (In Liquidation) v Kathryn Ma Wai Fong,(1) the Court of Appeal was tasked with deciding whether a liquidator’s decision to admit a proof of debt (POD) could be challenged. A ‘POD’ is a document which quantifies the sum owed…
DetailsThere is information lacking on assets that sit outside the group … creditors could be better offer if these loans [to Mr Grollo] can be clawed back. Chair of the meeting Craig Shephard from KordaMentha argued strongly against an adjournment, saying it would not result in further clarity creditors and would cost money. But Mr…
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