The government has launched a call for evidence seeking stakeholders views on the Insolvency Rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales. Stakeholders are being asked to share their views on the Insolvency Rules as they currently stand, including whether they provide an appropriate framework for…
DetailsThings were looking shaky for Indonesia this time last year. Their exchange rate fell 20 percent from February to April. Their $410 billion of foreign debt swelled as their currency plunged. The collapse in tourism and fall in commodity prices meant the foreign exchange they normally used to finance those debts was evaporating. The sudden…
DetailsThe tax relief is good only through January 2026, but lawmakers say it is a key step in canceling some of the $1.5 trillion in federal student loans held by 45 million Americans. Among the many concerns surrounding widespread forgiveness is whether debt relief would be subject to taxation, which could undermine the benefit to…
DetailsTHE management of Greensill Farming says the collapse of Greensill Capital will have no impact on the Bundaberg-based farming operation. In a statement issued to Queensland Country Life, Greensill Farming says it is independent of Greensill Capital. “The Greensill Farming business operates entirely independently of Greensill Capital,” the statement reads. “The current negotiations regarding the…
DetailsThe vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
DetailsJapanese insurer Tokio Marine, which provided $US4.6 billion of coverage to Greensill credit notes, said that it was investigating the validity of those policies which it inherited when it bought Insurance Australia Group in 2019. A source familiar with the situation said the policies were directly linked to the $US10 billion Credit Suisse funds. The…
DetailsPerformer Paul McDermott and former foreign affairs minister Alexander Downer have made a “gentlemen’s pact” to end a dispute between their ancestors that dates back more than 150 years. Key points: Alexander Downer’s grandfather took Paul McDermott’s great-great-grandfather to court in the 1860s Mr Downer attended McDermott’s recent Adelaide Fringe show Mr Downer, who did…
DetailsCLOSE The White House announces the US is making an additional 900,000 doses of Pfizer and Moderna vaccines available this week. White House press secretary Jen Psaki also says that President Joe Biden’s signature will not be on any relief checks, (March 9) AP Domestic WASHINGTON A warning for Americans who will receive $1,400 stimulus…
DetailsAustralian Treasury The Morrison Government has appointed Ms Julie-Anne Berry, Ms Natalie Bhardwaj, Ms Virginia Christie, Mr Sergio Freire, Mr Damian Mitsch and Mr Stephen Parbery as part-time members of the Insolvency Practitioner Registration and Disciplinary committees, each for a three-year period. The Australian Securities and Investments Commission convenes these committees to make decisions on…
DetailsThe vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
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