Corporate Insolvency & Restructuring Report 2020: Covid-19 Special Focus: South Korea – International Financial Law Review

Liquidation

Unlike in the US or Europe, Korea has not implemented drastic measures against Covid-19, such as compulsory lockdowns, and whether Covid-19 has significantly dented Korea’s economic activity remains unclear. However, the country’s manufacturing sector relies heavily on exports and these are declining, rendering any likelihood of an economic rebound in the second half of the…

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4 crime victim groups to split $2M seized from gambling – Washington Times

Gambling

SAVANNAH, Ga. (AP) – Four organizations that help victims of crime are splitting $2 million seized from an illegal gambling operation. WTOC-TV reports Chatham County District Attorney Meg Heap was recently notified that her office could distribute the money. The Rape Crisis Center, Coastal Childrens Advocacy Center, Safe Shelter and the Chatham County Family Justice…

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G-7 backs extension of debt relief program to fight pandemic – The Mainichi

Debt Help

This May 24, 2016 file photo shows flags of Group of Seven industrialized countries. (Kyodo) TOKYO (Kyodo) — The Group of Seven finance ministers said Friday they will support an extension of an international debt relief program to help poor countries take measures against the coronavirus pandemic. Japanese Finance Minister Taro Aso said China’s involvement…

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Pakistani PM calls for additional debt relief measures for developing countries amid COVID-19 – Xinhua | English.news.cn – Xinhua

Debt Help

Video PlayerClose ISLAMABAD, Sept. 26 (Xinhua) — Pakistani Prime Minister Imran Khan called on developed countries and international money lenders to extend and expand debt suspension for developing countries in order to help them recover from the COVID-19 pandemic. Debt relief is one of the best ways to create needed fiscal space for developing countries,…

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Restructuring and insolvency practitioners brace for ‘tsunami of insolvencies’ – International Financial Law Review

Bankruptcy

It quickly became obvious, as countries began to enter into lockdown and many companies were forced to suspend their operations, that a tsunami of insolvencies was likely to follow in those jurisdictions which had been hardest hit by Covid-19, particularly in the event of a second wave of the disease. Some businesses saw their cashflows…

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Reform bankruptcy to avoid ‘financial grave’ – Bahamas Tribune

Bankruptcy

By NEIL HARTNELL Tribune Business Editor [email protected] A well-known QC yesterday backed calls to urgently reform The Bahamas’ ancient personal bankruptcy laws as a way to save hundreds of persons from a “deep financial grave” post-COVID-19. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that overhauling an Act passed in…

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William Hill, the $4 billion gambling giant, received takeover offers from private-equity firm Apollo and casino group Caesars – Business Insider Australia

Gambling

William Hill has received takeover proposals from both Apollo Global Management and Caesars Entertainment, but says there is no certainty of sealing a deal, Bloomberg reported. The UK gambling group, valued at $US4 billion (3.2 million), announced last month that it was closing 119 stores due to COVID-19. Apollo is also up against private equity…

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Google will now help US employees pay off student loan debt – Business Insider – Business Insider

Debt Help

Google will help employees pay off their student loans beginning in 2021. The company announced Thursday that it will match up to $US2,500 per employee per year, beginning with Googlers in the US. The student loan crisis in the US disproportionately affects Black borrowers, who are likely to be saddled with more debt than white…

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