Category Archives: Liquidation

Insolvency Firm Red Flag Alert Reports that UK Companies are Facing £1.86B in Losses due to Unpaid Invoices following COVID-19 Outbreak – Crowdfund Insider

UK-based firms are facing losses of around 1.86 billion (appr. $2.46 billion) which could result from unpaid invoices, even though the nations businesses have received financial support from the governments COVID-19 relief packages. Red Flag Alert, an insolvency company that assists businesses with safeguarding their operations from financial risks, has revealed that UK firms may…

ASIC takes action against Union Standard International Group and its former corporate authorised representatives – Mirage News

ASIC has commenced civil penalty proceedings in the Federal Court against Union Standard International Group Pty Ltd (Union Standard) (in liquidation) (trading as usgfx) and its former corporate authorised representatives, Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred) (in liquidation). ASIC alleges Union Standard provided financial…

Legal framework on voluntary liquidation an overview – Newsletters – International Law Office

Voluntary liquidation by members Voluntary liquidation by creditors When is voluntary liquidation triggered? Comment Chapter 113(III) of the Companies Law is the main legal framework which regulates the voluntary liquidation procedure in Cyprus. There are two ways in which voluntary liquidation can be triggered: by members or creditors. Voluntary liquidation by members Voluntary liquidation by…

Virgin boss Jayne Hrdlicka signals an airline war is brewing – Sydney Morning Herald

Hrdlicka moved to Australia in 1994 following stints at other US corporates and rejoined Bain’s local consulting arm in 1997. Her first client? A young Ansett executive named Alan Joyce. The pair’s professional relationship continued when Joyce moved to Qantas, and Joyce eventually hired Hrdlicka in 2010 as the Flying Kangaroo’s Group Executive of Strategy…

Virgin boss Jayne Hrdlicka signals an airline war is brewing – Brisbane Times

Hrdlicka moved to Australia in 1994 following stints at other US corporates and rejoined Bain’s local consulting arm in 1997. Her first client? A young Ansett executive named Alan Joyce. The pair’s professional relationship continued when Joyce moved to Qantas, and Joyce eventually hired Hrdlicka in 2010 as the Flying Kangaroo’s Group Executive of Strategy…

Pension Plans Brace For Wave Of Corporate Insolvencies – Law360

Law360, London (December 10, 2020, 2:13 PM GMT) — Nearly a quarter of workplace saving schemes for the U.K.’s top companies expect to see their sponsors collapse before they fully insure all liabilities, as the U.K. is braced for a wave of high street insolvencies in the New Year. Pensions consultancy Hymans Robertson said Wednesday…

22% of FTSE 350 DB schemes face 50% chance of sponsor insolvency before buyout – Pensions Age

Almost a quarter (22 per cent) of FTSE 350 defined benefit (DB) schemes with rated sponsors face a 50 per cent chance of corporate insolvency before they reach buyout, according to analysis from Hymans Robertson. The analysis, which was part of the companys annual FTSE 350 DB Report, added that almost half of schemes (43…

Gift cards: How to stop a Christmas present turning into dead money – The New Daily

The search for Christmas stocking stuffers is well and truly afoot. For those who leave Christmas shopping until the last minute or have the chore of buying for a fussy loved one, gift cards are usually an ideal solution. Consumer group Choice says our obsession with gift card-giving sees Australians spend roughly $2.5 billion on…

Grocon creditors facing ‘significant shortfall’ – The Australian Financial Review

“We will continue to pursue this proceeding as a primary initiative of the organisation. I hope that in the time ahead we can propose a Deed of Company Arrangements that will see creditors paid amounts owing to them, from the proceeds that flow from our court case against iNSW “My primary goal as I look…

Travel company EWT collapses, owing millions to high school students and their families – SmartCompany.com.au

A travel company that organised overseas school trips has collapsed into liquidation, owing more than $2 million to hundreds of high school students. David Coyne from BRI Ferrier was appointed as liquidator of Educational World Travel (EWT) on November 30. The business has been operating overseas trips for school students, including its GDay USA program,…