Accountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the appointment of Graeme Bain as an appointment-taking director. Mr Bain (pictured), a licensed insolvency practitioner, joined the company as a director in 2017, can now be appointed to oversee formal insolvency appointments. His progression comes after a 20-year career in restructuring,…
Highlights Vale to progress Moatize mine plan until buyer found Moatize has 22 mil mt/year coal production capacity London Brazilian miner Vale said Jan. 21 that it will exit the coal market as part of its commitment to become carbon-neutral by 2050 and reduce 33% of its Scope 1 and 2 emissions by 2030. Not…
Insolvency and debt overhang following the COVID-19 outbreak: Assessment of risks and policy responses Lilas Demmou, Sara Calligaris, Guido Franco, Dennis Dlugosch, Mge Adalet McGowan, Sahra Sakha 22 January 2021 A swift response by policymakers across OECD countries has helped businesses to bridge the short-term liquidity shortfalls due to the economic shock following the COVID-19…
MILLIONS of families that are dealing with stretched household budgets face a debt time-bomb when the coronavirus crisis subsides, the anti-poverty charity the St Vincent de Paul Society suggests. Fewer people than usual are asking the Roman Catholic charity for help because most enforcement and eviction action has been temporarily suspended during the pandemic, and…
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake…
Famed sports gambler Billy Walters was among the 143 people to which outgoing President Donald Trump granted clemency in his final day in office. Walters was among the 70 people who were commuted, meaning the crime isnt wiped from his record but his required time served is being reduced. Advertisement Walters was convicted in 2017…
The Aryza Group has today announced the acquisition of HubSolv, a move that will significantly strengthen Aryzas already dominant position within the financial services and insolvency market. Aryza incorporates technology such as Open Banking and AI-informed decision making to seamlessly automate the financial restructuring and recovery journey. HubSolv has developed a suite of fully automated…
More than 12,500 firms across the North East are now in financial difficulty, latest research reveals, with business trade bodies warning the figure is just the tip of the iceberg. Business distress has soared by 31% across the region since the end of 2019, with more than 3,000 more businesses now reporting financial trouble, according…
By Wayne Robinson | 20 January 2021 One of Melbournes major large format print businesses Magnify Media is in voluntary administration, with debts approaching $5m. Magnify in administration: John Duplock Four parties are currently in discussions with the administrator over buying the business, which is continuing to trade on a week-by-week basis, and is being…
Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were wound up in the public interest on 12 January before ICC Judge Prentis. The Official Receiver has been appointed liquidator of the companies. During the proceedings, the court heard that Rationale Asset Management and Value Asset Management acted as property investment companies…