FRP Advisory reported a drop off in restructuring appointments in the last financial year as government financial aid protected many businesses from collapse during the Covid pandemic. The professional services firm, which plans to pay a dividend for the year, said the number of insolvency appointments it secured in the last 12 months was down…
By Wayne Robinson | 14 May 2021 Almost a year to the day after Melbourne print business Bambra Press went into voluntary administration, John Wanless will once again take over the business, as it emerges from its DOCA (deed of company arrangement), following a near unanimous vote from creditors to accept 20c in the dollar.…
Member Article North East business owners trying to get their operations back up to full speed as the economy reopens are potentially facing a triple challenge to achieving their goals. Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, who was speaking after the publication of the official…
An Auckland property company that took millions in taxpayer funds to house the homeless has left Inland Revenue (IRD) and landlords out of pocket after going into liquidation. File picture. Source: rnz.co.nz By Nita Blake-Persen for rnz.co.nz Silverfern Property Services has received more than any other outfit for emergency housing – $14.7 million – and…
Thats why the Morrison government is committed to building on our already significant insolvency reforms, keeping more businesses in business and driving Australias economic growth. The new measures will make up part of the non-spending announcements in the May 11 budget and undergo a period of consultation and review to determine if and how they…
An Auckland property company that took millions in taxpayer funds to house the homeless has left Inland Revenue (IRD) and landlords out of pocket after going into liquidation. File photo. Photo: RNZ Silverfern Property Services has received more than any other outfit for emergency housing – $14.7 million – and charged nearly $2000 per client…
The Midlands branch of insolvency and restructuring trade body R3 is urging company directors to plan ahead for the withdrawal of Government Covid support schemes, following a record low in quarterly insolvencies. Latest Government statistics for England and Wales show that there were 2,384 corporate insolvenciesin the first quarter of 2021, a reduction of 21.9%…
Australia has announced plans to hit its offshore industry with a levy to cover the $200m cost of decommissioning an abandoned project off the countrys northern coast. The facility, known as Northern Endeavor, consists of a floating production, storage, and offloading vessel that had been permanently moored in the Timor Sea. The project was shut…
STUFF CBL insurance was put into liquidation in May 2020. (File photo) A third man charged in relation to an alleged multimillion-dollar fraud linked to collapsed insurer CBL will have a separate trial to two other men accused. CBL Insurance chief executive Peter Alan Harris and chief financial officer Carden Mulholland are set to go…
New Look entered into a CVA in September 2020 as a result of the trading difficulties experienced during the Covid-19 pandemic. It did so as part of a wider restructuring exercise, which also involved a scheme of arrangement of its finance creditors. The CVA is New Looks second, following a CVA in 2018. The 2020…