The legislation has introduced new corporate restructuring tools and temporary easements, with the aim of giving distressed businesses the breathing space they need to get advice and seek a rescue. One of its key provisions is the introduction of the new role of a monitor to oversee the corporate moratorium it introduces an extendable 20…
61% of businesses in the region expect a significant or worse decline in annual revenue in the wake of COVID-19, new survey shows. While still in its infancy, many companies are beginning to formulate their recovery strategies from COVID-19. However, as more economies launch into the next phase of relaxed lockdown measures, what organisations plan…
Private sector participation will be essential to ensuring the success of a debt relief initiative launched by the Group of 20 major economies for the world’s poorest countries, the chief economist of the International Monetary Fund said on Monday. The G20’s offer to suspend official bilateral debt service payments by the poorest countries would likely…
Stuff-co-nz Sika Homes won awards for its builds, including for this home in Onehunga. Auckland housebuilder Sika Homes has gone into liquidation. The company was paid $121,000 through the Government wage subsidy scheme, but was put into liquidation on June 18. Liquidators Steven Khov and Kieran Jones said they had been advised Sika Homes’ failed…
On 26 June the long-awaited Corporate Insolvency and Governance Act 2020 came into force and introduced emergency measures to provide protection to directors of companies which continue to trade notwithstanding the threat of insolvency, and to prevent, where possible, companies entering into insolvency due to COVID-19. Wrongful trading provisions in the Insolvency Act 1986 will…
THE COMPANY behind the Bouldercombe Royal Hotel and associated hotels has been officially wound up, with more than $800,000 that will remain in outstanding debt. Roly Investments QLD Pty Ltd with director Roland Gooding operated businesses at the Royal Hotel, Bouldercombe, Princes of Wales Hotel, Blackall and Commercial Hotel, Longreach. Appointed liquidator David Hambleton of…
German financial services company Wirecard AG’s share price skyrocketed some 196% within the first 30 minutes of trading on Monday 29 June 2020, giving the stock a much-needed respite after last weeks massive sell-off. The troubled payments solutions provider saw its shares open the session at 1.70 a share nearly 31% higher than last Fridays…
On 26 June, the long-awaited Corporate Insolvency and Governance Act 2020 became law providing the UK and Northern Ireland with temporary and permanent changes to insolvency law aimed at helping businesses manage the economic implications of COVID-19 including: Permanent measures Company moratorium a breathing space against creditor action, initially for 20 business days but extendable,…
The man said he’d accrued a gambling debt abroad in 2017. The man inherited 98,000 after a home he jointly owned, but did not live in was sold in 2018, a report by the Local Government Ombudsman revealed. Within weeks he’d used used the cash to settle a debt he’d built up abroad. He had…
Cirque du Soleil Entertainment Group have filed for bankruptcy after the coronavirus pandemic forced it to close productions around the world.The group, best known for its flamboyant touring circuses, said the coronavirus pandemic had forced it to cancel shows and lay off its artists. The company will now try to restructure while shedding about 95%…