Recession-hit Argentina announced on Tuesday it has reached an agreement with three major creditors over the restructuring of a $66 billion debt as it seeks to solve its latest sovereign default crisis. The government of President Alberto Fernandez had set an August 4 deadline to complete a deal but it has now pushed the date…
DetailsFOR every successful Gympie business there is another fallen by the way side and some have collapsed in the most spectacular ways, occasionally leaving financial wreckage in their wakes. Here are some of the most prominent and longstanding business to have fallen into liquidation over the past five years, whether through mismanagement, bad timing, or…
DetailsHow did you move into specialising in insolvency? Newcastle born and bred, I moved to Sydney after finishing my commerce degree at Newcastle Uni. I joined accounting firm Grant Thornton when they were handling the restructure of Patrick Stevedores during the 1988 Australian waterfront dispute, which helped change Australian workplace law forever. I also handled…
DetailsThese are without doubt, unprecedented times. Small businesses in virtually every sector are struggling financially and facing concerns about what is ahead and how they will survive. Since May over a million bounce back loans have been issued, the 100-per-cent Government-backed loan scheme to support small businesses during the pandemic. But according to banks, its…
DetailsLater than any of its peers, Booking.com announced Tuesday it will be restructuring, and eliminating up to 25 percent of its global employee base, a number Skift estimated to be roughly 4,300 employees. Glenn Fogel, the CEO of both parent company Booking Holdings and Booking.com, is expected to tell Booking.com employees that Covid-19 hit Booking.com…
DetailsPizza Express is considering closing 15% of its UK restaurants, which would mean the loss of 1,100 jobs. The chain is the latest High Street outlet to undertake a restructuring of its business after trading was halted by the coronavirus pandemic. It is poised to launch an insolvency procedure which could see 67 of its…
DetailsA general view of a street linking to 9 de Julio Avenue is seen with cars as Argentina extends the curfew till 24th of May, imposed since 20th of March, in an effort to stem the spread of the coronavirus (COVID-19) pandemic in Buenos Aires, Argentina on May 21, 2020. Muhammed Emin Canik | Anadolu…
DetailsMan pushing a large ball labeled “DEBT” up a steep hill More If you have multiple debt balances from credit cards, high-interest loans and other forms of debt, you may want to merge them into one payment. You can use a debt consolidation loan to combine them into one lower-interest loan. There are many options…
DetailsBut in 2010 he brokered a Part X personal insolvency deal to repay creditors $3.3 million, plus a profit-sharing deal, to restructure $495 million in debt. He was subsequently declared bankrupt in 2012, and this was discharged in 2015. But he was arrested in 2017 and declared he is not guilty of 12 fraud charges…
DetailsMany Indian households are likely to experience financial distress in the aftermath of the Covid-19 pandemic. Unemployment rates, according to the Center for Monitoring Indian Economy, increased from around 8 per cent in February to approximately 23 per cent in May 2020. In many cases, especially for migrant workers, the situation has metamorphosed into a…
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