US shale companies could be forced to write down $300bn of their assets this year, starting in the second quarter, as operators begin to account for the oil-price collapse on their balance sheets, according to a new study. The huge impairments about half the net value of the companies property, plant and equipment would increase…
When I was growing up, my dad and uncle would often joke about having to declare bankruptcy and putting their children up for sale as child servants to some mean, wealthy stranger. The only life lesson (if you could call it that) for me? An irrational fear of the B-word bankruptcy. But as I found…
Insolvency experts are expecting a flood of businesses to collapse when the Government’s stimulus packages end in September. Referred to by some economists as the “September cliff”, business owners who are struggling with cash flow are being urged to balance their books now while there is still time. Recent Australian Bureau of Statistics (ABS) figures…
Hedge funds are circling Wirecard AG, the troubled German electronic payment processing company, which saw its share price plummet further on Friday morning (19June) following revelations of alleged accounting imbalances. The Munich-headquartered company revealed this week that some EUR1.9 billion worth of reported cash balances an estimated quarter of its total balance sheet could not…
13:13 19/06/2020 MOSCOW, June 19 (RAPSI) – The Ninth Commercial Court of Appeals has declared board chairman of New Stream oil and gas company and former co-owner of troubled Antipinsky refinery Dmitry Mazurov accused of the 4 billion-ruble embezzlement (about $60 million) bankrupt, according to court records. The ruling has been delivered upon an application…
19 June 2020 Today (19/06/2020) marks 100 days till JobKeeper ends (on September 27). And that means nows the time for small to medium business owners around Australia to ask themselves the hard questions and plan for the future, urges national insolvency solutions firm Jirsch Sutherland. With the Australian Bureau of Statistics (ABS) reporting that…
THE role of the Australian Taxation Office in the $7 million collapse of a 75-year-old Brisbane building products firm is being questioned by the company’s administrators. Directors of Wacol-based Sharp Plywood, which had worked on some of the state’s most iconic public buildings, called in administrators in May after a fellow director launched a winding…
If you go back a decade, Palermo had threatened to become a major force in Serie A football. Coronavirus Outbreak Coverage|Football News Known as U.S. Citta di Palermo, the Sicilian outfit secured three consecutive top-six finishes between 2004 and 2007 but there was something different about their famed 2009-10 side. There was an extra sprinkle…
A former retail worker who tried and failed to blackmail the Romeo family has been forced into bankruptcy by the man he roped in to the scheme with promises of repaying a $320,000 debt. Christopher Garuccio was sentenced to two and a half years in prison for attempting to scam more than a million dollars…
Prosecutors announced on Wednesday that eight suspects were arrested for their role in siphoning over US$157 million out of VBS Bank, a publicly owned lender that primarily provides mortgages and short-term loans to low-income South Africans. Head of the National Prosecuting Authority Shamila Batohi announced on Wednesday that 8 individuals were arrested in connection with…