A Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19. Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring. In a press release, the company says the restructuring…
A LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation. Homestead Highfields was placed in voluntary administration by Mr Peart on April 21. At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr…
The owner of Review, Jets and other apparel brands, PAS Group, has entered voluntary administration, despite the board believing the company is solvent. The move is a last-ditch effort to restructure the company in a way that will enable it to operate sustainably into the future. In a release sent to the ASX on Friday,…
A seven-time bankrupt has been sentenced to over two years in jail after pleading guilty to more than a dozen bankruptcy offences in the District Court of Western Australia. John Derek Overton, formerly known as John Derek Elvey, from Western Australia, has been sentenced to imprisonment after being convicted of 17 charges relating to bankruptcy.…
A Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19. Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring. In a press release, the company says the restructuring…
Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough. The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis…
For the thousands of small businesses, which have been the beneficiary of many of the Covid-related measures announced by the government over the past three months, the landscape after September is particularly treacherous. The single biggest unknown is the extent to which they will be able to resume business. Its unlikely international tourists will resume…
A LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation. Homestead Highfields was placed in voluntary administration by Mr Peart on April 21. At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr…
A multimillionaire Saudi businessman has remained clenched in a lengthy dispute with a Mayfair casino over an alleged gambling debt amounting to 2 million. Sheikh Salah Hamdan Al Balawi, who is known for having assets exceeding 100 million, has been charged with a failure to settle a debt with the Les Ambassadeurs Club. The global…
THE impact of COVID-19 on the economy is likely to be long-lasting. The UK economy contracted by 2 per cent in the first quarter of 2020 and analysts expect the figure to be worse for the second quarter as lockdown continues. The Scottish and UK Governments financial support measures have been a massive lifeline to…