Government Business – Milwaukee County First http://milwaukeecountyfirst.com/ Thu, 16 Sep 2021 10:13:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://milwaukeecountyfirst.com/wp-content/uploads/2021/06/icon-7-1.png Government Business – Milwaukee County First http://milwaukeecountyfirst.com/ 32 32 Understanding Bankruptcy https://milwaukeecountyfirst.com/understanding-bankruptcy/ https://milwaukeecountyfirst.com/understanding-bankruptcy/#respond Tue, 31 Aug 2021 09:17:57 +0000 https://milwaukeecountyfirst.com/?p=739 What is Bankruptcy, exactly? When you owe someone money, they are called a debtor. Creditors are those people or companies that you owe money. “Bankruptcy”, a federal law, provides a process that ensures creditors are treated fairly and debtors are protected. While bankruptcy proceedings may not be right for everyone it can help solve financial problems.There are […]]]>

What is Bankruptcy, exactly?

When you owe someone money, they are called a debtor. Creditors are those people or companies that you owe money. “Bankruptcy”, a federal law, provides a process that ensures creditors are treated fairly and debtors are protected. While bankruptcy proceedings may not be right for everyone it can help solve financial problems.
There are five kinds of bankruptcy proceedings. The Chapter 7 or Chapter 13 bankruptcies are the most common. When people refer to bankruptcy filings, they often mean Chapter 7. Chapter 7 bankruptcy allows you to “discharge” or avoid all your debts. No further payments are required. “Discharge” refers to the fact that you no longer have a legal obligation of repaying a debt. This process takes approximately 90-days after the bankruptcy petition is filed. Chapter 7 bankruptcy may result in the loss of some of your property and/or the inability to discharge some of your debts. Additionally, you can reverse some property transfers that were made before your bankruptcy filings.

Chapter 13 bankruptcy can be a three-to five-year-long proceeding that creates a payment program. COVID-19 was passed by Congress, which extended the payment schedule to seven years. However, there are some exceptions. Chapter 13 bankruptcy protects your property. It allows you to repay debts like child support, taxes, car payment, and mortgage money over a 3- to 5-year period. In some cases, it can be extended to seven years. Instead of losing your wages to garnishment or foreclosure, you will have your wages garnished. For this added benefit, you’ll need to agree that you’ll make a monthly payment from your disposable income to repay a part (or all) your debts. Chapter 13 can be an option if consumer credit counseling or Chapter 7 is not available. Read more at https://bankruptcyhq.com/.

How can bankruptcy help me?

Bankruptcy may be a great option for those with high-interest debts. It can also give you a fresh start. But, it is not for everyone. You only get rid of those debts you owe as of when you file your bankruptcy. No debts you are liable for after filing your bankruptcy can be discharged. This is why it is so important to timing your bankruptcy filing. Filing bankruptcy may have serious consequences, such as a negative impact on your credit rating for several years.

It is possible to speak with a lawyer about the pros and cons to filing. A debt repayment plan may be possible on your terms. A consumer credit counseling service may be best for your situation. Or bankruptcy may be your best option in the long-term, but not always at this moment. No matter which path you choose, you’ll need to gather basic information before you proceed. Many lawyers will provide a consultation for free to discuss the advantages and risks of bankruptcy as well as the other options.

There are several factors to be aware of

What are you total living expenses?
Calculate the monthly expenses of you and your dependents. These include food, housing costs, utilities, transportation and insurance. A list of all your monthly expenses will be necessary, along with a list of income.

Do You Have Medical and Automobile Liability Insurance?
Although you may believe that bankruptcy will not result in any additional debts, medical bills and liability arising from an automobile accident are sometimes unexpected and out of your control. These new debts, if not covered by insurance, could negate any benefits you may get from the bankruptcy proceeding.

To who do you owe any money?
Take down a list with all of the names and addresses you owe to creditors. Identify all creditors to whom you have pledged your property. You can get a car loan, a mortgage or a home equity line credit, an installment loan for furniture, appliances or any other property) and the actual value of the property in your creditors’ interest. Credit reports provide details about many of your creditors. Equifax and TransUnion offer a free copy each 12 months of your credit report. You can print the report. Save each report and print it. It is not necessary to obtain all three credit scores at once.

Without a security interests in an item of property, like your car or other property, a creditor cannot take your property or income without obtaining a judgment against you.

Are YOU “judgment-proof?”
If a creditor sues, they are seeking a judgement. A judgment is usually not a court order that requires you to pay a debt but rather a court ruling that you owe certain amounts of money. The judgment can be used by the creditor as a guideline to collect the judgment-related debt. A creditor who has a judgment against you can garnish your wages or bank accounts. They can also file a lien against your property (such as your home) or ask the court if it is possible to seize and sell your personal property. Oregon law permits you to protect income and property from creditors who are judgment creditors. This is called exempt properties. Exempt property refers to income or property that is exempt from tax. It all depends on what type of property you own and the value they have. Your judgment creditors are unable to collect anything if your entire income and property is exempt. This situation is known as “the Default Situation”.Evidence of judgment. Creditors cannot seize any property or garnish the wages of someone who is truly judgement-proof. So creditors should not sue if they aren’t able to collect any money. Even those who are not judgment-proof may file for bankruptcy relief. This is often to stop harassing phone calls.

Could your financial woes be solved if you paid off all of your current debts?
Bankruptcy will give you a fresh start financially. However, it is best to have sufficient income after bankruptcy to support your family. Bankruptcy is not a permanent solution if you get into new debt and have no means of repaying them. Only once in eight years can you get a Chapter 7 discharge. You may want to wait until you have dealt with your financial problems before filing bankruptcy. Even if your previous bankruptcy was filed, the court may allow a Chapter 13 bankruptcy. This will deal with any new debts that you might have incurred. But, it all depends on your specific circumstances.

Bankruptcy Does Not Discharge all Debts

It is important that you realize that bankruptcy does NOT automatically allow you not to repay all your debts. A bankruptcy discharge does not allow you to discharge certain types of debts. The most common debts that are not dischargeable include child support obligations and spousal maintenance.

There are other types of debt that can be discharged in certain situations. Delinquent personal income taxes, for instance, might be forgiven. This is dependent on whether a return filed and the time period that has passed. Recourse to bad checks and fraudulent credit card use may be able to prevent you from being discharged. It can be difficult for student loans to be discharged. Any debts that you incurred after your bankruptcy filing cannot be discharged. Before you file bankruptcy proceedings.

What happens if I lose all my property and have to sell it?

The short answer is that you probably don’t. Your bankruptcy estate will include all your assets as of the date that you file. Any income you earned after that date and any property you may have, including your right of an inheritance. You may also have the right to receive tax refunds for the previous year or current year in certain situations.

The law recognizes the necessity of certain items for survival. Accordingly, you are allowed to “exempt”, (keep) certain belongings. Exempt means you can keep the property provided the property’s value does not exceed certain levels and that you have taken the appropriate steps to obtain bankruptcy relief.

You’ll usually be able to choose from one of the two types of exemptions available: the federal or state exemptions. Your working tools, cash surrender insurance value, household furnishings, federal earned income tax credit and some checking and savings accounts will be exempt depending on which set you choose.

In Oregon, the exemptions allow a debtor to keep an automobile, as long as his interest is less than $3,000. Household goods can be exempt up until $3,000. Clothes, jewelry and household goods are exempt up until $3,000. A single debtor could exempt up $40,000 of their home. Members of the same household can exempt up $50,000 of their homes from two or more creditors. The federal exemptions allow a debtor to exempt upto $4,000. The exemptions for household goods, clothes, jewelry, and musical instruments is up to $13,400 A single debtor could exempt $25,150 from the debtor’s residence. Members of the same household can exempt up 50,300 of their homes from two or more creditors. Any portion of an exemption on a house that is not used can be used for cash or property. Maximum amount allowed: $12,575.

A Chapter 13 bankruptcy is different from a Chapter 7 bankruptcy. This allows you to keep all of your nonexempt assets and pay to the court over a three-to five-year period or possibly seven years the value of these assets for distribution.

There may be issues with transactions that you made before filing for bankruptcy. If you have transferred, given away, or sold any property (including cash) within the past two years (and sometimes even four years), the trustee may be able take back the money or property from the recipient. If you have paid $600 to a creditor or less within the last 90 days, the trustee may be able take the money back from the creditor. If you have paid $600 to a relative, and possibly to another person, within one year of filing bankruptcy the trustee may be able to take the money back from that relative or other person.

Do I have to appear in Court?

In most cases, the answer is yes. Both Chapter 7 and Chapter 13 require that you attend a meeting, also known as the section 33(a) hearing. This hearing usually takes about 30 days from the date you file your case. This hearing will be held by the bankruptcy trustee. The hearing is recorded. Most questions relate to information found in the bankruptcy papers filed with the court. The hearing lasts between 5-10 minutes. Most creditors do not attend or ask questions. These hearings are held via telephone as of this writing. On the website for bankruptcy court, you will find a video of an average 341(a).

How long does the Bankruptcy Process take?

Before you can file bankruptcy, you must take a credit counseling class. For a small fee, you can take this course online. After completion, you will be issued a certificate that is valid 180 days. You will also need to gather all relevant information in order to complete your petition for bankruptcy. This can take time. It usually takes 90 days to complete a Chapter 7 petition. The bankruptcy filing will protect you from creditors. They can’t repossess you car, foreclose your house, garnish accounts, continue sending letters to you, make collection phone calls or take any other collection action.

You will receive your order discharging your debts 60 days after your meeting of creditors hearing if all your assets have been exempt. This will indicate that all your dischargeable creditors have been discharged. This will also reflect the closing of the case, provided the trustee does not pursue any property and no creditor objects to a discharge.

Different timeframes apply to Chapter 13. The average time it takes to file a Chapter 13 case is three to five years. Depending on the circumstances, it could take up seven years.

What is the cost to file bankruptcy?

The current fee to file Chapter 7 bankruptcy proceedings is $335. You can pay the fee in three payments over a 90-day period. No fee is required at the time that you file bankruptcy. In some cases, you may be allowed to extend the payment deadline for up to 180-days. A full waiver of the filing fee may be available if your income exceeds $20,000

What Happens to My Credit Score?

Credit reporting agencies can report Chapter 7 bankruptcy cases for 10 years beginning from the date they are filed. Credit reporting agencies can report Chapter 13 bankruptcy cases for seven years. Sometimes creditors will grant credit approvals after bankruptcy. Creditors recognize that bankruptcy has lifted a financial burden, and they may allow you to make regular payments for any new debt. A Chapter 7 proceeding will prevent you from obtaining a discharge in Chapter 7 bankruptcy for at least eight additional years. So, in some ways, bankruptcy is a better option than filing Chapter 7. After you have completed the Chapter 13 plan, you have proven your ability to make regular payments on debt obligations. Some creditors may require you to stay in bankruptcy for a longer time before they will extend any credit.

Do I need to hire a lawyer in order to file bankruptcy?

Individuals and sole proprietors do not have to hire lawyers. It is possible to speak with a lawyer to confirm that bankruptcy is the best choice for you. If so, the steps you need to file. It can be difficult for you to complete all of the necessary documents. A packet of information can be obtained by contacting the bankruptcy judge if you decide to file for bankruptcy. The bankruptcy court is currently preparing Chapter 7 & 13 electronic online bankruptcy packs for individuals to complete.

Are There Alternatives to Bankruptcy

Yes. There are many credit counselor agencies that can help people with money issues. Non-profit agencies offer free advice and guidance on how to reduce debt and how to best use credit. Consultation with a counselor is free and will help you to understand your financial situation. The service may request a small monthly payment if you have to make payments to creditors as part of a debt-management program. If the counselor feels it is not possible due to a very restricted program, this fee could be waived. If you are unable to make any payments to your creditors, most counseling services won’t be able help you. In this case, bankruptcy may be recommended.

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Norwegian Air sees rebound in travel end need for more money https://milwaukeecountyfirst.com/norwegian-air-sees-rebound-in-travel-end-need-for-more-money/ https://milwaukeecountyfirst.com/norwegian-air-sees-rebound-in-travel-end-need-for-more-money/#respond Tue, 31 Aug 2021 08:58:00 +0000 https://milwaukeecountyfirst.com/norwegian-air-sees-rebound-in-travel-end-need-for-more-money/ A Norwegian Air plane is refueled at Oslo Airport Gardermoen, Norway, November 7, 2019.REUTERS / Lefteris Karagiannopoulos Low-cost carrier emerged from bankruptcy in May First-half sales down sharply in the context of a pandemic No financial perspective for the rest of 2021 OSLO, Aug.31 (Reuters) – Norwegian Air (NORR.OL) said on Tuesday it would not […]]]>

A Norwegian Air plane is refueled at Oslo Airport Gardermoen, Norway, November 7, 2019.REUTERS / Lefteris Karagiannopoulos

  • Low-cost carrier emerged from bankruptcy in May
  • First-half sales down sharply in the context of a pandemic
  • No financial perspective for the rest of 2021

OSLO, Aug.31 (Reuters) – Norwegian Air (NORR.OL) said on Tuesday it would not need to raise more money as the easing of COVID-19 travel restrictions lifted reservations, although the low-cost carrier that emerged from bankruptcy proceedings did not provide a 2021 Outlook.

The pandemic sent the indebted airline bankrupt last year, forcing it to shut down its transatlantic network and cut more than 6,000 jobs to survive. Today it has around 3,000 employees.

The company reported revenue of NKr 591 million ($ 68.3 million) for the first half of 2021 on Tuesday, up from NKr 7.1 billion in the same period a year ago. He said he remained focused on preserving cash flow for the remainder of 2021.

“We will be fully prepared for the peak season (of 2022), so there is no risk today that we will have to go out and get more capital for the foreseeable future,” chief executive Geir told Reuters. Karlsen.

Norwegian emerged from government-backed bankruptcy proceedings in May and saw passenger numbers jump in July, but still less than a fifth of those who flew in the same time two years ago.

Bookings have increased in response to the easing of travel restrictions and the rollout of vaccines, Norwegian said, adding that it expects a further increase in the second quarter of 2022, when vacation travel is expected to resume.

The current fleet of 51 planes, up from around 160 last year, would likely be fully utilized by the end of the year, up from less than 10 planes flown in April and May, the company said. It aims to expand to between 60 and 70 aircraft in 2022.

Norwegian’s debt was reduced by around 80% during rebuilding when creditors took control, but the company now faces new competition from Flyr (FLYR-ME.OL) on domestic routes in Norway and on certain foreign destinations.

“Given the continued uncertainty and the continued impact on the overall demand for air travel due to COVID-19, Norwegian is not providing guidance for 2021,” the board said.

Norwegian shares rose 0.2% at 08:25 GMT, slightly behind a 0.3% rise in the Oslo benchmark (.OSEBX).

($ 1 = 8.6535 Norwegian crowns)

Editing by Gwladys Fouché and Sherry Jacob-Phillips

Our Standards: Thomson Reuters Trust Principles.

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State of the Midsize Business Market: Resilience is Key – Insolvency / Bankruptcy / Restructuring https://milwaukeecountyfirst.com/state-of-the-midsize-business-market-resilience-is-key-insolvency-bankruptcy-restructuring/ https://milwaukeecountyfirst.com/state-of-the-midsize-business-market-resilience-is-key-insolvency-bankruptcy-restructuring/#respond Tue, 31 Aug 2021 08:24:49 +0000 https://milwaukeecountyfirst.com/state-of-the-midsize-business-market-resilience-is-key-insolvency-bankruptcy-restructuring/ State of the Midsize Business Market: Resilience is Key – Insolvency / Bankruptcy / RestructuringUnited States: State of the midsize market: resilience is key August 31, 2021 Ostrow Reisin Berk & Abrams To print this article, simply register or connect to Mondaq.com. Despite daunting challenges, mid-sized law firms have shown creativity and agility to prove surprisingly resilient in 2020. 2021 report on the state of the medium-sized legal market […]]]> State of the Midsize Business Market: Resilience is Key – Insolvency / Bankruptcy / Restructuring

United States: State of the midsize market: resilience is key

To print this article, simply register or connect to Mondaq.com.

Despite daunting challenges, mid-sized law firms have shown creativity and agility to prove surprisingly resilient in 2020. 2021 report on the state of the medium-sized legal market from the Thomson Reuters Institute (TRI) examines how midsize companies have overcome the challenges of 2020 and the opportunities that may arise.

Looking back

An earlier TRI report on the state of the global legal market concluded that changes in the industry, such as the shift to more remote working and a greater emphasis on productivity-enhancing tools, are likely to change dramatically. permanently providing legal services. The latest report suggests that midsize businesses are uniquely positioned to take advantage of these changes because of their value, flexibility and agility.

The start of 2020 has started off strong for midsize businesses as they build on the momentum of 2019. As the COVID-19 pandemic began in the spring of 2020, demand has declined dramatically as markets continue to grow. companies have shifted their priorities and that courthouses have closed. Litigation, which typically accounts for about a third of billings, fell 2.9% due to courthouse closures and restrictions. However, the second half of 2020 marked the start of a slow and steady recovery. This trend continued until early 2021. Demand was helped by an increase in personal and business bankruptcy filings. The peak of demand for the practice was bankruptcy, which jumped 2.8% in 2020. But all other major practices, such as labor and employment, real estate, intellectual property and taxation , ended the year down.

In addition, weak demand has been offset to some extent by discretionary cost reductions. Office costs, which account for around 8% of overhead, fell 25%. Recruitment, business development and marketing have been cut by over 40%. These reductions, along with other cost savings, such as travel, have contributed to the strong growth in profitability, even in the face of declining demand. As a result, mid-sized companies saw their average earnings per equity partner increase 5.8% in 2020, nearly double the pace of 2019.

Mid-sized businesses will need to closely monitor the impact of current trends on their customers and plan effectively. This will include capacity management even if demand improves. Mid-sized firms struggled to balance these factors last year, as the productivity of mid-sized firms fell 2.5% – the worst among all of the law firm segments tracked. Much of this was because mid-sized companies weren’t as efficient at matching their workforce with available work.

Look ahead

Data from market research firm Acritas indicates that while larger companies boast greater brand awareness with customers, it has more to do with workforce than anything else. Indeed, medium-sized companies are more often recognized for their value and price than large companies. So, to capture a larger share of the market, the recent TRI report advises midsize companies to grow their brands, improve their technology platforms and market their competitive advantages.

For example, they should position themselves to benefit from an upsurge in litigation, after so many cases were put on hold during the pandemic. Following the 2008-2009 financial crisis, almost all types of litigation tracked by Thomson Reuters Monitor Suite saw their volume increase for two and sometimes even three years after the start of the economic recovery. It’s too early to predict when litigation work will resume, but it’s critical that companies position themselves to take advantage of it. In addition, a wave of additional bankruptcy work offers another growth opportunity for mid-sized companies. Despite government assistance programs, many businesses are expected to close their doors within the next year.

act now

The 2021 report warns that the window of opportunity may be short, as it might prove difficult to repeat some of the factors that drove profitability last year. For example, further cost reduction may not be possible. To build on the current momentum and achieve long-term success, midsize businesses need to seize their inherent advantages as soon as possible.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR POSTS ON: Insolvency / Bankruptcy / Restructuring from the United States

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Update on the latest cases: https://milwaukeecountyfirst.com/update-on-the-latest-cases-2/ https://milwaukeecountyfirst.com/update-on-the-latest-cases-2/#respond Tue, 31 Aug 2021 08:04:00 +0000 https://milwaukeecountyfirst.com/update-on-the-latest-cases-2/ Update on the latest cases:FINANCIAL MARKETS Mixed global markets NON DATE (AP) – Asian stocks were mostly lower in muted trading amid lingering concerns over the surge in COVID-19 infections in major regional markets like Japan. Benchmarks fell in Japan, China and South Korea in morning trading on Tuesday, although stocks rose in Australia. Gains in several Big Tech […]]]> Update on the latest cases:

FINANCIAL MARKETS

Mixed global markets

NON DATE (AP) – Asian stocks were mostly lower in muted trading amid lingering concerns over the surge in COVID-19 infections in major regional markets like Japan. Benchmarks fell in Japan, China and South Korea in morning trading on Tuesday, although stocks rose in Australia. Gains in several Big Tech stocks helped push the S&P and Nasdaq to new highs the day before on Wall Street. Global investors have their eyes on several key US economic reports later this week, including Consumer Confidence on Tuesday and the Labor Department’s closely watched monthly employment survey on Friday.

HAWA VIRUS OUTBREAK

Honolulu will require vaccine or negative test in restaurants

HONOLULU (AP) – The mayor of Honolulu has said the city will soon require patrons of restaurants, bars, museums, theaters and other establishments to show proof of vaccination or a recent negative test for COVID-19.

The rule goes into effect on September 13 and aims to help the city fend off an increase in cases of the highly contagious delta variant. Honolulu joins other cities such as New Orleans and New York that have similar requirements in place. Children under 12 will be exempt. Institutional employees will be required to show proof of vaccination or undergo weekly testing. Businesses that do not comply could be fined or closed.

PORTLAND VIRUS OUTBREAK

Portland, Ore., City workers need to be vaccinated

PORTLAND, Ore. (AP) – Employees in the city of Portland, Ore., Must be fully immunized against the coronavirus – or obtain medical or religious exemption – by mid-October or they will be laid off.

Mayor Ted Wheeler and the four city commissioners wrote in a letter Monday to city employees that “we must do everything in our power to end this pandemic and restore the health of our community.” The city will require its approximately 6,800 employees to show proof of vaccination, show they are being vaccinated or request an exemption by September 10. They must be fully vaccinated or be granted an exemption by October 18. The letter says those who miss the deadline “will be put on a termination list.”

TEXAS TRAINING INVOICES

Texas utility pays sky-high energy bills due to frost

NO DATE (AP) – Electric utility Griddy Energy has reached a deal with Texas state officials over the crushing electricity bills its customers received after the deadly winter storm and cold snap from February.

The Texas attorney general’s office announced the settlement on Monday, after suing Griddy after clients received invoices totaling several thousand dollars. Griddy filed for bankruptcy and confirmed a liquidation plan that frees his clients from all unpaid bills. Griddy Energy sold electricity to consumers at wholesale prices plus a monthly charge of $ 9.99. Its rates skyrocketed during the February freeze when state grid operators increased wholesale prices to $ 9,000 per megawatt hour.

SECRET ESTABLISHMENTS IN CALIFORNIA

California lawmakers vote to limit secret settlements

SACRAMENTO (AP) – The California legislature has voted to ensure that people can publicly call their bosses in most cases of harassment and discrimination.

California law already prohibits nondisclosure agreements in cases of sexual harassment, discrimination and assault. The bill approved by lawmakers on Monday would extend that law to other elements such as discrimination based on race, gender identity or sexual orientation. Democratic Governor Gavin Newsom must now decide whether or not to sign the bill. The measure would still allow nondisclosure agreements if the employee wants one to protect their identity. But that wouldn’t let the company demand such a deal.

ALASKA-OIL WEALTH CHECKOUT

Alaska Lawmakers Face Difficulty Paying Oil Wealth Checks

JUNEAU, Alaska (AP) – Residents of Alaska don’t know how much money they could make from the state’s oil wealth this year, or even when they could get the one-time payment just for living in the state. dependent on oil.

It pissed off a lot. Frustrated residents have told lawmakers they are fed up with setting an arbitrary amount for the checks. Some oppose politicians taking money they believe should be used for checks rather than government spending. Others agree that lawmakers face tough decisions about the state’s financial future, but say a balance must be struck between paying checks every year, providing government services and investing in it. ‘State still young.

ENBRIDGE ENERGY-LINE 3

Minnesota court inflicts yet another setback on pipeline enemies

MINNEAPOLIS (AP) – The Minnesota Court of Appeals upheld the decision of state pollution regulators to issue water quality certification for the Line 3 crude oil pipeline. Enbridge Energy.

This is the latest setback for opponents as the project draws to a close. The court ruled that the Minnesota Pollution Control Agency’s approval was “supported by substantial evidence on the record.” Under federal law, the MPCA was required to certify whether the project met state and federal drinking water standards. The agency concluded that it did. Nearly 900 Line 3 opponents have been arrested during protests along the highway through northern Minnesota and in St. Paul.

STARBUCKS-UNIONIZATION

Starbucks organizing drive gears up at 3 Buffalo-area coffee shops

BUFFALO, NY (AP) – Workers at three Starbucks coffee shops in the Buffalo, New York area filed petitions Monday with the National Labor Relations Board calling for a vote on union representation, the latest development in a pandemic period in nationwide. wages and working conditions.

Store workers told The New York Times they are looking to organize under the Starbucks Workers United banner to address chronic issues such as understaffing and insufficient training. An organizing committee of four dozen workers sent a letter last week to Starbucks CEO Kevin Johnson, asking for assurances that employees will not face retaliation. In a statement, the company said, “We respect our partners’ right to organize, but believe they would not find it necessary given our pro-partner environment. ”

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Covid-19 Australia: Stores near bankruptcy plead to Dan Andrews that they desperately want to reopen safely https://milwaukeecountyfirst.com/covid-19-australia-stores-near-bankruptcy-plead-to-dan-andrews-that-they-desperately-want-to-reopen-safely/ https://milwaukeecountyfirst.com/covid-19-australia-stores-near-bankruptcy-plead-to-dan-andrews-that-they-desperately-want-to-reopen-safely/#respond Tue, 31 Aug 2021 03:18:40 +0000 https://milwaukeecountyfirst.com/covid-19-australia-stores-near-bankruptcy-plead-to-dan-andrews-that-they-desperately-want-to-reopen-safely/ Melbourne’s sixth lockdown has been called a ‘mess’ and ‘failure’, with enraged traders demanding a roadmap to reopen based on incentives for fully vaccinated customers. Endless in the face of the latest draconian restrictions, distressed retailers in Melbourne’s busy Chapel Street neighborhood want the Prime Minister of Victoria to present a clear plan that rewards […]]]>

Melbourne’s sixth lockdown has been called a ‘mess’ and ‘failure’, with enraged traders demanding a roadmap to reopen based on incentives for fully vaccinated customers.

Endless in the face of the latest draconian restrictions, distressed retailers in Melbourne’s busy Chapel Street neighborhood want the Prime Minister of Victoria to present a clear plan that rewards people who do the right thing.

Victoria reported 76 more Covid cases on Tuesday, with Prime Minister Dan Andrews ruling out any significant changes to lockdown measures.

Melbourne’s sixth lockdown has been called a ‘mess’ and ‘failure’, with enraged traders demanding a roadmap to reopen based on incentives for double-vaccinated customers. Pictured is Chrissie Maus of Chapel Street, who called the current lockdown a ‘mess’

He vowed to explain on Wednesday the level of cases at which the restrictions could be relaxed, but warned of anything that looks like an obvious “freedom day”.

With zero Covid no longer a reality because of the aggressive Delta strain, Chapel Street retailers argue that people who get vaccinated twice should have the freedom to shop.

At least that would give struggling traders hope.

Store owners want the Victorian strategy to be more like the NSW plan, where the prospects for reopening the state are tied to vaccination rates.

Chrissia Maus said Victoria's sixth lockdown had

Chrissia Maus said Victoria’s sixth lockdown had “failed” and that she had news from retailers whose “blood was boiling with fury”

“This is the only way out of this mess,” said Chrissie Maus, managing director of Chapel Street Precinct, a collective of business owners around Prahran in east Melbourne.

Traders support a strategy to end the lockdown based on vaccination and believe that unvaccinated people should not share the same freedoms.

Justin O’Donnell, who runs Print Express and is chairman of Chapel Street Precinct, said the plan “will end this nightmare.”

“We believe this is the only way to tackle vaccine hesitancy and bring our vaccine count to 70 and 80 percent and end this nightmare,” he said.

“Chapel Street Precinct fully supports people who have been vaccinated to have more access to services and for the unvaccinated to take precautions and / or stay at home until they are vaccinated.”

He said Victoria was sitting on “a barrel of mental health powder” and Prime Minister Daniel Andrews’ daily press briefings must start to give hope.

“We believe that giving the people of Melbourne something to look forward to, even if it’s a little luxury like having their hair cut by someone other than your well-meaning partner, could be the key to all of our sanity. “said Mr. O’Donnell.

Salon owner Tom White (photo center, back row) believes there isn't a clear enough message from the government that getting the vaccine will give Victorians more freedom and help businesses

Salon owner Tom White (photo center, back row) believes there isn’t a clear enough message from the government that getting the vaccine will give Victorians more freedom and help businesses

The main shopping destination Chapel Street, pictured, has already seen two other businesses close in an area already devastated by the previous five closures

The main shopping destination Chapel Street, pictured, has already seen two other businesses close in an area already devastated by the previous five closures

He said many Chapel Street businesses “are ready” to serve vaccinated customers and could operate as Covid-safe businesses.

“These security models are already in use overseas and NSW proves that the carrot analogy is far more effective than the stick that Daniel Andrews currently beats his constituents with,” he said.

Ms Maus said Victoria’s sixth lockdown failed to stop the spread of the Indian Delta variant and should be dropped.

“This short, harsh, draconian lockdown to undo the virus has failed – four weeks held hostage with the tightest of lockdowns and we are actually worse than NSW at the same time of its current outbreak,” she said.

“Every day I get calls from angry business owners – their blood is boiling with fury.

“Our businesses feel like Daniel Andrews lied to us – Delta is a game-changer, unless you nail down the doors to every home in Melbourne and drop packages of food down people’s chimneys, lockdowns can’t. eliminate community transmission. ”

Businesses had to be near penniless with a 70% drop in revenue before they could get government assistance.  Seen here empty Chapel Street in lockout

Businesses had to be near penniless with a 70% drop in revenue before they could get government assistance. Seen here empty Chapel Street in lockout

Likelihood of 'zero-Covid' demise leaves everyone in doubt as to how Victorians will emerge from lockdown, says salon owner Tom White (pictured)

Likelihood of ‘zero-Covid’ demise leaves everyone in doubt as to how Victorians will emerge from lockdown, says salon owner Tom White (pictured)

Ms Maus highlighted studies that showed he was fully vaccinated people were less likely to spread the virus, but claimed Melbourne was behind NSW.

“By comparison, the people of NSW are being bitten at an record rate because Gladys Berejiklian says vaccination is their ticket to freedom,” she said.

“The people of Melbourne are instead berated by their chosen one for daring to take a break from their daily walk.”

Salon owner Tom White said retailers couldn’t see a clear way out of the lockdown in hopes of eliminating Covid’s demise.

“At the sound of this, we will not go back to zero,” Mr. White, owner of Same Same But Different Salon, told the Today show on Tuesday.

“If so, why can’t Mr. Andrews come out and say [state a new] road map?’

Angry retail and hospitality bosses blasted Premier Dan Andrews and the Victoria state government for denying them support until they were on the brink of disaster.  Pictured is the newly opened Jono's Piano Bar in Chapel Street, which is empty in the lockdown

Angry retail and hospitality bosses blasted Premier Dan Andrews and the Victoria state government for denying them support until they were on the brink of disaster. Pictured is the newly opened Jono’s Piano Bar in Chapel Street, which is empty in the lockdown

Justin O'Donnell, general manager of Chapel Street's Print Express, said strip store owners support a plan that would allow vaccinated people to regain their freedoms while unvaccinated people stay at home

Justin O’Donnell, general manager of Chapel Street’s Print Express, said strip store owners support a plan that would allow vaccinated people to regain their freedoms while unvaccinated people stay at home

He believed the message needed to be clearer: getting the vaccine would give the public more freedom and help small businesses survive.

“We don’t really tell them that in order to help us you have to get vaccinated so that we can reopen,” he said.

Mr White said getting the vaccine remains a “contentious issue” and he sees it as a personal choice.

But he and his staff were on board, but since many of them were under 40, they had not been able to get vaccination appointments.

He added that a reopening with a reduced customer base would put his business under even more financial pressure if government assistance did not continue.

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Attorney General Accuses Koffee Kup’s Creditors of Attempting to “Recover” Employees’ PTO | Local News https://milwaukeecountyfirst.com/attorney-general-accuses-koffee-kups-creditors-of-attempting-to-recover-employees-pto-local-news/ https://milwaukeecountyfirst.com/attorney-general-accuses-koffee-kups-creditors-of-attempting-to-recover-employees-pto-local-news/#respond Tue, 31 Aug 2021 00:00:00 +0000 https://milwaukeecountyfirst.com/attorney-general-accuses-koffee-kups-creditors-of-attempting-to-recover-employees-pto-local-news/ BRATTLEBORO – Four months after its three bakeries closed by Koffee Kup, around 440 former employees are still waiting to receive their last balances of paid vacation. In mid-July, Chittenden County Superior Court Judge Samuel Hoar authorized a payment of nearly $ 840,000 to employees, more than 90 of whom previously worked at Vermont Bread […]]]>

BRATTLEBORO – Four months after its three bakeries closed by Koffee Kup, around 440 former employees are still waiting to receive their last balances of paid vacation.

In mid-July, Chittenden County Superior Court Judge Samuel Hoar authorized a payment of nearly $ 840,000 to employees, more than 90 of whom previously worked at Vermont Bread in Brattleboro, a subsidiary of Koffee Kup. .

However, the next day, when the receiver appointed to oversee Koffee Kup’s assets attempted to make the payment, a problem in the payroll software prevented him from doing so.

According to documents filed by the Vermont attorney general’s office, the receiver informed the judge that the case would be resolved by August 19.

But on August 16, attorneys for four of Koffee Kup’s creditors filed an involuntary bankruptcy petition in the U.S. District Court for the District of Vermont.

“As a result of the recent bankruptcy filing, the proceedings in state court, including the court order regarding the PTO payment, are suspended in accordance with the provisions of the bankruptcy code,” wrote Justin Heller , receiver’s lawyer, Ronald Teplitsky, in an email to the GA office. “As a result, we believe Ron is precluded from processing the PTO request unless the bankruptcy court changes the suspension to allow payment.”

On April 26, about 500 employees from Koffee Kup in Burlington, Vermont Bread in Brattleboro and Superior Baking in North Grosvenor Dale, Connecticut, arrived at work to find they no longer had jobs.

The employees received their last paychecks, but the money deposited with those checks for paid vacation balances was canceled, creating financial problems for many employees.

On June 8, the assets of Koffee Kup were purchased by Flowers Foods, which is based in Georgia and operates a distribution center in Brattleboro for Country Kitchen and other products. Although Flowers Foods has supported paying the rest of their money to former employees, she said she has no plans to restart operations at the three bakeries at this time.

Prior to authorizing payment of the PTO balances, Hoar approved a payment to KeyBank, the primary lender, of $ 7.6 million.

The purchase price has been kept confidential, but in addition to balances owed to former employees, other creditors are asking for money, including nearly $ 690,000 for Bernadino’s Bakery, $ 500,000 for Ryder Truck Rental, $ 660,000 for Lily Transportation, $ 176,000 for Hillcrest Bakery, and $ 275,000 for Eastern Packaging.

Eastern Packaging is not on the list of creditors applying for involuntary bankruptcy.

Lawyers for the four petitioners did not respond to an email request for comment.

On August 27, the attorney general’s office filed a motion to intervene or as a friend of the court, in favor of the former employees of Koffee Kup.

The petition notes that the creditors who filed the involuntary bankruptcy petition against Koffee Kup did not object to the payment of the paid vacation balances on July 14 and, in fact, “expressly agreed” to it.

Deputy Attorney General Justin Kolber, writing on behalf of Attorney General TJ Donovan, said the petition was an attempt to unfairly “recover” money belonging to former employees.

Kolber wrote that the AG’s office should be allowed to participate in bankruptcy proceedings because previous court rulings have stated that states have “an interest in ensuring that labor laws are fully respected and in protecting the “health and well-being – both physical and economic – of its residents in general.

“There is no doubt here that the claimant-creditors are attempting to affect the economic well-being of hundreds of Vermont employees, by delaying payment for the employee’s PTO, and worse, by apparently trying to recoup the PTO money pool for themselves, after agreeing to pay it, ”Kolber wrote.

And because creditors did not oppose the July 14 payment in state court, Kolber wrote, they should not now be allowed to oppose it in federal court by including it in the petition in involuntary bankruptcy.

“The PTO money left the station on July 15,” he wrote.

The Attorney General also maintains that the PTO amounts to a constructive trust in which the money already belongs to the employees and is no longer an asset of Koffee Kup.

The GA office asks the bankruptcy court to authorize the receiver to make the payment of the PTO balances because “the PTO belongs to the employees … [T]o Allowing the PTO to be placed back into a general pool of assets to be re-divided as part of the bankruptcy stay, after the PTO has already been pleaded, agreed upon and deemed necessary to pay now, could constitute a breach of the Duty loyalty of the receiver to employees.

Not only that, Kolber wrote, Vermont law requires payment for the PTO.

“The ordinary meaning of [state statutes] requires all employer’s debts to be discharged within seventy-two hours of termination, which includes accrued vacation, ”Kolber wrote, citing earlier rulings from state courts.

Koffee Kup separately requested a voluntary dissolution.

Linda Joy Sullivan, of Dorset, was appointed Dissolution Receiver following the July 14 hearing.

She wrote in an email to the Reformer that a dissolution is a liquidation and distribution of the remaining funds to unsecured creditors, which she will oversee.

“The involuntary bankruptcy as filed by the deemed creditors will be in federal court and request that the case be considered a Chapter 7, which will be a full liquidation of assets,” she wrote. “There will be hearings scheduled in the bankruptcy proceeding for the pleadings filed and we are awaiting the resolution to see how to proceed. “

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Bankruptcy case against former insurance boss Staco was dismissed https://milwaukeecountyfirst.com/bankruptcy-case-against-former-insurance-boss-staco-was-dismissed/ https://milwaukeecountyfirst.com/bankruptcy-case-against-former-insurance-boss-staco-was-dismissed/#respond Tue, 31 Aug 2021 00:00:00 +0000 https://milwaukeecountyfirst.com/court-dismisses-bankruptcy-case-against-former-insurance-boss-staco-2/ Bankruptcy case against former insurance boss Staco was dismissedTobi Soniyi A Federal High Court in Lagos has dismissed a bankruptcy claim filed against the former managing director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of 50,000 naira to the insurance company that drafted the petition against Oyefeso. In its statement of facts, Staco Insurance alleged that while […]]]> Bankruptcy case against former insurance boss Staco was dismissed

Tobi Soniyi

A Federal High Court in Lagos has dismissed a bankruptcy claim filed against the former managing director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of 50,000 naira to the insurance company that drafted the petition against Oyefeso.

In its statement of facts, Staco Insurance alleged that while in office, the managing director / CEO of the company, Dr Oyefeso, obtained unauthorized loans on behalf of the company and converted them . He was also accused of making illegal expenses for himself, his relatives and other third parties from company funds.

The company said the alleged irregularities were discovered during the forensic audit performed by Ernst & Young, and that despite repeated requests for payment, he had not paid, and as of the filing date of the petition, he owed the company N575 943 276.70.

Therefore, the company, as a creditor, urged the court to issue an order declaring Oyefeso bankrupt. The creditor also requested an order ordering that all assets, interests and holdings, held personally or through third parties and individuals, be liquidated and that the proceeds be used to set off the debtor’s debts, in particular the sum of 575,943,276.70 N. An order divesting Oyefeso from all shares, interests and holdings in all public and private companies. He also applied for a perpetual injunction order, preventing him from taking up his duties as a director at a company in Nigeria.

However, Oyefeso has denied all the allegations. He said he had invested and devoted himself to the company for 25 years, as a founding CEO and shareholder. He denied being in debt to the company. He asked the court to dismiss the action, on the grounds that all the allegations against him were false, artificial and one-sided.

He tendered and relied on a forensic report produced on the company by the National Insurance Commission (NAICOM).

Oyefeso said the funds alleged by the creditor were loans, money he had personally provided to the company in order to facilitate its operations when necessary, and that the alleged loans were repayments by the company as repayments. .

He explained that some of the alleged unauthorized payments were deferred benefits to which he was entitled, and subsequently approved for payment by other directors, and for which other directors were similarly indemnified. He told the court that all the allegations were false accusations against him, like a plot to remove him at any cost as the CEO / CEO of the company.

His lawyer, Mr Seni Adio, SAN, while asking the court to dismiss the lawsuit, argued that the company had no reason for its client to be declared bankrupt.

In his judgment, Judge Nicholas Oweibo said: “In this case there is an allegation by the creditor (Staco Insurance) that the debtor Dr Sakiru Olanipekun Oyefeso owes him various sums. The bankruptcy acts that will allow a creditor to file a petition are listed in section 1 (1) (a) (I) of the Bankruptcy Act. In view of the evidence provided by the creditor, it is not true that the creditor has obtained a final judgment or order against the debtor for payment of the amount in question. This case cannot fall under subparagraphs (b) – (h) of article 1 (1) of the Law ”.

“I am of the opinion, however, that it is not enough to make the allegation, there must be some evidence to support it. If one relies on the allegations made against the debtor, one cannot say that the acts of the debtor would constitute a debt in the proper sense of the term.

“The table of the debtor’s activities painted above cannot in my opinion constitute a debt.

“I am not convinced that there is a debt, or that the debtor has committed acts of bankruptcy to entitle the creditor to the remedies requested. The petition is therefore rejected. I award costs of 50,000 naira in favor of the debtor.

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Court dismisses bankruptcy case against former insurance boss Staco https://milwaukeecountyfirst.com/court-dismisses-bankruptcy-case-against-former-insurance-boss-staco/ https://milwaukeecountyfirst.com/court-dismisses-bankruptcy-case-against-former-insurance-boss-staco/#respond Tue, 31 Aug 2021 00:00:00 +0000 https://milwaukeecountyfirst.com/court-dismisses-bankruptcy-case-against-former-insurance-boss-staco/ Tobi Soniyi A Federal High Court in Lagos has dismissed a bankruptcy claim filed against the former managing director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of 50,000 naira to the insurance company that drafted the petition against Oyefeso. In its statement of facts, Staco Insurance alleged that while […]]]>

Tobi Soniyi

A Federal High Court in Lagos has dismissed a bankruptcy claim filed against the former managing director of Staco Insurance PLC, Dr Sakiru Olanipekun Oyefeso. The court also awarded costs of 50,000 naira to the insurance company that drafted the petition against Oyefeso.

In its statement of facts, Staco Insurance alleged that while in office, the managing director / CEO of the company, Dr Oyefeso, obtained unauthorized loans on behalf of the company and converted them . He was also accused of making illegal expenses for himself, his relatives and other third parties from company funds.

The company said the alleged irregularities were discovered during the forensic audit performed by Ernst & Young, and that despite repeated requests for payment, he had not paid, and as of the filing date of the petition, he owed the company N575 943 276.70.

Therefore, the company, as a creditor, urged the court to issue an order declaring Oyefeso bankrupt. The creditor also requested an order ordering that all assets, interests and holdings, held personally or through third parties and individuals, be liquidated and that the proceeds be used to set off the debtor’s debts, in particular the sum of 575,943,276.70 N. An order divesting Oyefeso from all shares, interests and holdings in all public and private companies. He also applied for a perpetual injunction order, preventing him from taking up his duties as a director at a company in Nigeria.

However, Oyefeso has denied all the allegations. He said he had invested and devoted himself to the company for 25 years, as a founding CEO and shareholder. He denied being in debt to the company. He asked the court to dismiss the action, on the grounds that all the allegations against him were false, artificial and one-sided.

He tendered and relied on a forensic report produced on the company by the National Insurance Commission (NAICOM).

Oyefeso said the funds alleged by the creditor were loans, money he had personally provided to the company in order to facilitate its operations when necessary, and that the alleged loans were repayments by the company as repayments. .

He explained that some of the alleged unauthorized payments were deferred benefits to which he was entitled, and subsequently approved for payment by other directors, and for which other directors were similarly indemnified. He told the court that all the allegations were false accusations against him, like a plot to remove him at any cost as the CEO / CEO of the company.

His lawyer, Mr Seni Adio, SAN, while asking the court to dismiss the lawsuit, argued that the company had no reason for its client to be declared bankrupt.

In his judgment, Judge Nicholas Oweibo said: “In this case there is an allegation by the creditor (Staco Insurance) that the debtor Dr Sakiru Olanipekun Oyefeso owes him various sums. The bankruptcy acts that will allow a creditor to file a petition are listed in section 1 (1) (a) (I) of the Bankruptcy Act. In view of the evidence provided by the creditor, it is not true that the creditor has obtained a final judgment or order against the debtor for payment of the amount in question. This case cannot fall under subparagraphs (b) – (h) of article 1 (1) of the Law ”.

“I am of the opinion, however, that it is not enough to make the allegation, there must be some evidence to support it. If one relies on the allegations made against the debtor, one cannot say that the acts of the debtor would constitute a debt in the proper sense of the term.

“The table of the debtor’s activities painted above cannot in my opinion constitute a debt.

“I am not convinced that there is a debt, or that the debtor has committed acts of bankruptcy to entitle the creditor to the remedies requested. The petition is therefore rejected. I award costs of 50,000 naira in favor of the debtor.

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Griddy Energy customers won’t have to pay skyrocketing winter storm electricity bills https://milwaukeecountyfirst.com/griddy-energy-customers-wont-have-to-pay-skyrocketing-winter-storm-electricity-bills/ https://milwaukeecountyfirst.com/griddy-energy-customers-wont-have-to-pay-skyrocketing-winter-storm-electricity-bills/#respond Mon, 30 Aug 2021 23:33:37 +0000 https://milwaukeecountyfirst.com/griddy-energy-customers-wont-have-to-pay-skyrocketing-winter-storm-electricity-bills/ (CNN) Griddy Energy customers will not be financially responsible for the exorbitant electricity bills billed during the devastating winter storm in February, thanks to a new regulation announced Monday by Texas Attorney General Ken Paxton. Millions of Texans were left without power when the storm hit the state’s power grid, creating life-threatening conditions in freezing […]]]>

(CNN) Griddy Energy customers will not be financially responsible for the exorbitant electricity bills billed during the devastating winter storm in February, thanks to a new regulation announced Monday by Texas Attorney General Ken Paxton.

Millions of Texans were left without power when the storm hit the state’s power grid, creating life-threatening conditions in freezing temperatures. At least 111 people have died.

In March, the Attorney General filed a lawsuit against Griddy Energy and Griddy Holdings for “false, deceptive and deceptive advertising and marketing practices” after the company sent alarming electricity bills to its customers.

Instead of charging a fixed rate electricity package, Griddy Energy offered customers a wholesale electricity rate, leaving customers with massive energy bills when the storm skyrocketed the price of energy for days.
At least one customer reported receiving an invoice for nearly $ 10,000.

In response to legal actions arising from the winter storm, Griddy Energy filed for Chapter 11 bankruptcy the same month.

“This settlement, along with Griddy’s confirmed liquidation plan, releases Griddy’s former clients from all unpaid balances otherwise due and owed to Griddy, unless they choose to opt out of the release,” according to one Paxton office press release.

Former customers who have already paid their bills will be able to sue in bankruptcy court for reimbursement.

“The regulations also permanently prohibit Griddy and its parent company, Griddy Holdings, from making false or misleading statements in advertising retail electricity,” the statement added.

“… My office has entered into good faith negotiations with Griddy Energy, LLC to provide some relief after they filed for bankruptcy,” Paxton said in a statement. “I am satisfied with the outcome of these negotiations, and I will continue to fight to protect the livelihoods of all who live in this great state.”
CNN has reached out to Griddy Energy for comment.

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Boy Scouts make plan to deal with victims of sexual abuse and come out of bankruptcy. Here is what we know. https://milwaukeecountyfirst.com/boy-scouts-make-plan-to-deal-with-victims-of-sexual-abuse-and-come-out-of-bankruptcy-here-is-what-we-know/ https://milwaukeecountyfirst.com/boy-scouts-make-plan-to-deal-with-victims-of-sexual-abuse-and-come-out-of-bankruptcy-here-is-what-we-know/#respond Mon, 30 Aug 2021 21:44:00 +0000 https://milwaukeecountyfirst.com/boy-scouts-make-plan-to-deal-with-victims-of-sexual-abuse-and-come-out-of-bankruptcy-here-is-what-we-know/ The Boy Scouts of America are pushing to come out of bankruptcy after filing for Chapter 11 protection last year against a growing number of sexual abuse complaints. The bankruptcy case, which has exposed the organization’s past failures to protect children, may be coming to an end as a settlement offer gathers momentum. The youth […]]]>

The Boy Scouts of America are pushing to come out of bankruptcy after filing for Chapter 11 protection last year against a growing number of sexual abuse complaints. The bankruptcy case, which has exposed the organization’s past failures to protect children, may be coming to an end as a settlement offer gathers momentum. The youth group said it had to make peace with victims of sexual abuse for its mission to survive. Here’s what you need to know about the Chapter 11 case, the largest ever filed for sexual abuse, and what could happen next:

Why did the Boy Scouts file for bankruptcy?

Allegations of sexual abuse have harassed the Boy Scouts for years, especially after the court-ordered release in 2012 of internal files on reports of volunteer abuse. The youth group went bankrupt when states such as New York, New Jersey and California suspended statutes of limitations on abuse complaints, opening the door to lawsuits alleging child trauma, regardless of when. has occurred.

The Boy Scouts filed for Chapter 11 protection in February 2020 amid heightened legal pressure over alleged abuses and with billions of dollars in land, buildings, money and investments to protect. Bankruptcy puts an end to pending lawsuits and offers a way to negotiate settlements with a large number of individual claimants.

The Chapter 11 dossier covered the National Boy Scout Organization based in Irving, Texas, but excluded about 250 affiliated local councils across the United States which hold most of the wealth of the 111-year-old institution. largely in real estate. Part of the Chapter 11 strategy was to mitigate the financial consequences of sexual abuse litigation for local councils, which are licensed by Boy Scouts to administer Scouting programs.

When the bankruptcy began, the Boy Scouts reported about 275 pending lawsuits alleging sexual misconduct by employees or volunteers, and about 1,400 other known abuse complaints. The number of claims climbed to 82,500 after the youth group urged victims of abuse to come forward and file claims before the bankruptcy court deadline last year.

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