The regulator has cancelled the Australian Financial Services licence (AFSL) and credit licence of Ultiqa Lifestyle Promotions Limited.
Ultiqa Lifestyle Promotions, which is in liquidation, has seen its AFSL and credit licence cancelled following an Australian Financial Complaints Authority (AFCA) determination.
On 28 June 2024, AFCA made a determination against Ultiqa, which it failed to pay. As a result, the Compensation Scheme of Last Resort (CSLR) paid $19,429.60 to a person for AFCA’s determination on 2 October 2024 and notified ASIC.
This led to Ultiqa’s AFS and credit licences being cancelled on 16 October 2024.
“Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies…
Administrators KPMG placed Beston Global Food into liquidation on Monday, having failed to find a buyer for the beleaguered dairy business which collapsed late last year.
KPMG was appointed administrator in September after a divestment of its meat processing subsidiary failed to prop the company up.
At the time, the company said it had received “several” non-binding indicative offers around refinancing and equity solutions for the business, including an offer from Japanese Megmilk Snow Brands for the acquisition of its Jervois facility and business.
However, Beston said Megmilk had advised on September 20, the same day administrators were appointed, that they would not proceed with its previous offer following extensive due diligence.
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UCT and SRC strike deal to help students with outstanding debt MSN
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Flying Taxi Startup Faces Insolvency – Again IoT World Today
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- Nearly 3 million more families would be eligible to receive the £150 Warm Home Discount next winter under new proposals to help people with their energy bills
- 1 in 5 families in Britain would get help with their bills through these proposals, giving households a helping hand to deal with an unpredictable international energy market
- comes alongside plans to accelerate a debt relief scheme which will help tackle debt and reduce households’ energy costs
Almost 3 million more households, including almost 1 million households with children, would get support to pay their energy bills next winter, as the government consults on proposals to offer more support to consumers across the country.
Due to global gas…
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Joann, the fabrics and crafts retailer, has filed for bankruptcy for a second time within a year and announced that it’s seeking a sale.
The 82-year-old retailer said in statement Wednesday that sluggish sales and inventory issues forced Joann to file for Chapter 11 again. Joann first filed for bankruptcy in March 2024 and emerged a month later as a private company, keeping all of its stores open.
Joann blamed inventory issues that were “acute and unexpected,” revealing in court documents that it faced an “unexpected ramp-down, and, in some cases, the entire cessation of production” of…
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Pan Brothers Closes In on $537 Million Debt Restructuring Bloomberg
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- Repeat offender Leslie Crossland again breached the rules of his director disqualification by managing two companies when he was not allowed to do so
- He also committed a bankruptcy offence in 2020 during the course of interviews with Insolvency Service officials
- Crossland was assisted in breaking his director ban by his son, Richard Crossland, who was given a suspended sentence at the same hearing
A Yorkshire electrical engineer who continued to manage his businesses while he was disqualified as a company director has been jailed.
Leslie Crossland, of Netherfield Croft, Shafton, Barnsley, was sentenced to 16 months in prison when he appeared at Sheffield Crown Court on Friday 21 February.
The 75-year-old had…
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(Bloomberg) — Creditors of Austrian motorcycle maker KTM AG have approved a restructuring plan that will write off 70% of what they’re owed. The company now has three months to secure about €800 million ($840 million) of cash to finance the turnaround.
Citigroup Inc. is leading the fundraising effort and KTM parent Pierer Mobility has reported interest from several potential investors last month.
Management has spent the last three months since KTM filed for insolvency trying to convince creditors that the company-led plan proposing a 30% payout, job cuts and a temporary production halt is a better option than bankruptcy.
The company built by entrepreneur Stefan Pierer filed for insolvency after struggling to navigate the volatile…
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Mechanical engineering company Manz: Tesla subsidiary buys part of insolvency
A subsidiary of the electric car manufacturer Tesla wants to take over more than 300 employees from the insolvent mechanical engineering company Manz as well as corresponding facilities in Reutlingen near Stuttgart in Swabia. A corresponding purchase agreement between Tesla Automation GmbH and the insolvency administrator has been signed, insolvency administrator Martin Mucha announced.
No information was given about the sales price in the announcement. It will be added to the insolvency estate.
Mucha said that they were happy to have successfully concluded the negotiations with Tesla, to have saved many jobs and thus to…
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Yair Lapid, the Israeli opposition leader and former prime minister, laid out a plan on Tuesday for Egypt to take temporary control of Gaza for eight to 15 years after the war in Gaza, in cooperation with various other regional powers, in exchange for international relief of its foreign debt obligations.
Under the plan, after the end of the three-phase cease-fire and hostage-release deal between Hamas and Israel, Egypt, backed by a United Nations Security Council resolution with some partnership from the Gulf and others in the international community, would take “temporary guardianship” of Gaza, Lapid said in an event at the Foundation for Defense of Democracies.
Lapid said that, based on the completion of “measurable…
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