A research firm says at least 500 companies in Japan have gone bankrupt since February due to the impact of the coronavirus outbreak. Teikoku Databank says a total of 500 companies legally declared bankruptcy or had suspended business and were preparing for legal liquidation as of Tuesday. By industry, restaurants topped the list with 69…
A federal government initiative to save thousands of businesses from sinking into insolvency during the pandemic was full of good intentions. But a new analysis suggests all it’s doing is creating a new breed of “zombie” companies and paving the way for a tsunami of insolvencies when the support measures end at the end of…
Tokyo, Sep 8 (Prensa Latina) The Teikoku Databank agency for market research said on Tuesday that 495 Japanese companies went bankrupt due to the Covid-19 pandemic from February to September 7. Most companies provide restoration services (69), hotel services (53) and clothing (34). The most affected city was Tokyo, where 122 firms went bankrupt. Since…
YONHAP News On August 28, Japanese Prime Minister Shinzo Abe said that he would resign due to his failing health. Three names are being cited as possible successors to Abe, with Chief Cabinet Secretary Yoshihide Suga emerging as a clear favorite in the race. Under Japans parliamentary political system, the leader of the ruling Liberal…
YONHAP News On August 28, Japanese Prime Minister Shinzo Abe said that he would resign due to his failing health. Three names are being cited as possible successors to Abe, with Chief Cabinet Secretary Yoshihide Suga emerging as a clear favorite in the race. Under Japans parliamentary political system, the leader of the ruling Liberal…
The extended relief will also help to maintain confidence, allowing viable businesses to survive as they adapt to a new COVID-safe economy. Banks are already preparing to deal with company failures. ANZ chief executive Shayne Elliott said on Friday that the bank was building up teams to deal with the pain next year. “We do…
CreditorWatch chief executive Patrick Coghlan said Victoria would be “even worse off” following Premier Daniel Andrews’ announcement on Sunday of a longer lockdown. “It would’ve been extremely difficult and unpopular not to extend [insolvency safe harbour] but there was no choice from a political point of view in Victoria,” Mr Coghlan said. He said the…
Treasurer Josh Frydenberg. Source: AAP/Daniel Pockett. The Morrison government has extended temporary bankruptcy protections that save small business owners from personal liability for trading while insolvent during the COVID-19 pandemic. Initially announced in late-March, the insolvency and bankruptcy protections were slated to expire later this month, but will now last until December 31. These relief…
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed the federal governments extension of temporary insolvency and bankruptcy protections, to support struggling small businesses impacted by the COVID crisis. Regulations reducing the threat of creditors taking action against a small businesses impacted by trading restrictions have now been extended to 31 December…
Temporary insolvency and bankruptcy protections to assist financially distressed Australian businesses during the COVID-19 pandemic have been extended until 31 December 2020. The Federal Government will introduce regulations to extend the temporary increase in the threshold at which creditors can issue a statutory demand on a company, as well as the time companies have to…