Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend. Strike The wages for July have been paid normally for the employees of chains like Brantano, CKS, Claudia Strter and Miss Etam, but the banks are blocking the…
Related Articles The UK Gambling Commission (UKGC) has launched its latest public campaign promoting 9 ways to keep yourself safe when gambling. The campaign focuses on raising public awareness of safer gambling control tools, facilities and support groups such as GambleAware and GamCare. In addition, the UKGC seeks to provide better all-round guidance on how…
HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (9.8bn). HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs. “Our operating environment has changed significantly since the start of the year,” he…
James Stewart, a business restructuring expert with KPMG who specialises in retail, said while sellers of food, consumer electronics and tech already operating online were likely to remain profitable, Monday’s government announcement would hit hard those trading in fashion and other discretionary goods from city and suburban shops. The shift to working from home, the…
With many companies already facing unsteady financial ground before the onset of this crisis, the economic consequences of Covid-19 will transform GCCs business landscape for the foreseeable future. For the majority of organisations, it will be key to address issues related to debt, cash flow and balance sheet, better sooner than later. With over 25…
Unsecured creditors from across the cotton industry are being warned to expect to be repaid maybe just a fifth of their losses following the collapse of Chinese-owned merchant Weilin Trade owing about $58 million. Latest estimates suggest about 195 cotton growers, brokers, merchants and other service providers have lost money after Weilin bought cotton for…
news, latest-news, Ben Ismay, Shaw Gidley, insolvency, business, economy, 2020, Port Macquarie Figures show a plunge in company insolvencies across the country in April and May despite the coronavirus-fuelled hit to the economy. The trend is forecast to continue, particularly until the end of September when the JobKeeper wage subsidy is wound back. Shaw Gidley…
Experts warn that the additional relief provided to directors grappling with unprecedented business conditions could have unintended consequences. At a glance New legislation has provided struggling companies some relief from liability should they become insolvent. The legislation is applicable until 25 September, and it has helped guard companies during adverse business conditions. However, there are…