Singapore introduces regulatory regime for insolvency practitioners as new law comes into force – Out-Law.com

BankruptcyBy Insolvency Advisory AccountantsJuly 28, 2020

The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.…

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Remington files for Chapter 11 bankruptcy protection, again – CBS News

BankruptcyBy Insolvency Advisory AccountantsJuly 28, 2020

Remington Arms, the nation’s oldest gunmaker, has declared bankruptcy for the second time in as many years. Remington first soughtbankruptcy protection in 2018after reporting nearly $1 billion in debt. Although the company exited court supervision that same year, it remained weighed down by lawsuits and retail sales restrictions following the2012 Sandy Hook school massacre. The…

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NAB to crack down on ‘debt vultures’ as financial stress surges – Brisbane Times

Debt HelpBy Insolvency Advisory AccountantsJuly 28, 2020

With the number of consumers in hardship soaring as hundreds of thousands of people put their mortgage payments on hold, the bank said its action was aimed at protecting customers from potentially ending up in a worse situation. NAB’s group executive for personal banking, Rachel Slade, said customers were in vulnerable situations due to the…

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UK Corporate Insolvency and Governance Act: Standalone Moratorium – The National Law Review

BankruptcyBy Insolvency Advisory AccountantsJuly 28, 2020

Tuesday, July 28, 2020 On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible…

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A&M launches Restructuring service in Norway and Switzerland – Consultancy.eu

RestructuringBy Insolvency Advisory AccountantsJuly 28, 2020

Against a backdrop of growing demand for steering distressed companies through the choppy waters of today’s crisis economy, one of the globes top restructuring consultancies has expanded its turnaround and insolvency offerings into Norway and Switzerland. Alvarez & Marsal has been active in the restructuring business since 1983, but the firm rose to global fame…

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More than half of retail directors expecting to restructure: Survey – Inside Retail

RestructuringBy Insolvency Advisory AccountantsJuly 28, 2020

Cashflow and turnover were the key sources of stress for one third of survey respondents, compared to just 10 per cent who said the end of JobKeeper is their primary concern. But it might not be so straightforward, since the cuts to JobKeeper payments that are coming at the end of September 2020 and again…

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Huge announcement in Bullzye brand liquidation – Noosa News

LiquidationBy Insolvency Advisory AccountantsJuly 28, 2020

AUSTRALIAN country clothing and accessories Bullzye could be making a comeback. The company went into liquidation in March, with all five physical Queensland stores closing soon after. There were stores in Rockhampton, Townsville, Bundaberg, Toowoomba and Mackay, plus a warehouse in Murrarie for online orders. Bullzye Australian Co. store in Mackay. Picture: Tony Martin READ…

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Seafolly could get a lifeline from its previous parent company after going into voluntary administration – Business Insider Australia

LiquidationBy Insolvency Advisory AccountantsJuly 28, 2020

After going into voluntary administration, Seafolly is on its way to receiving a lifeline. Administrators KordaMentha selected L Catterton as the preferred bidders for Seafolly the swimwear brands former parent company. Seafolly was founded by Peter and Yvonne Halas back in 1975 and acquired by L Catterton in 2014. Visit Business Insider Australias homepage for…

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Wealth tracker records 200% increase in debt on its platform – Savings.com.au

Debt HelpBy Insolvency Advisory AccountantsJuly 28, 2020

Photo by Melissa Walker Horn on Unsplash Wealth management platform Myprosperity has seen a 200% increase of debt recorded on its platform since the start of the year. As more Australians are having conversations about their financesduring the COVID-19 pandemic, Myprosperity now tracks $12 billion worth of debt on its platform, with an 80% increase…

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Covid’s Next Economic Crisis: Developing-Nation Debt – Bangkok Post

Debt HelpBy Insolvency Advisory AccountantsJuly 28, 2020

Zambia took on debt to revamp a railway to Victoria Falls.AFP Zambia was once a model in Wall Street’s rush to issue debt for the world’s poorest nations, attracting bigger orders and lower interest rates than some more-developed countries. Less than a decade later, the Southern African nation is straining to pay back more than…

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