Insolvency Guardian Media Centre
Celebrity Esports has gone into liquidation, months after securing partnership deals with the likes of Grenade, Primark and NOW, among others.
The company, founded by Leo Skagerlind, was launched in March 2020 and looked to appeal to a wider audience with esports by using celebrities to take part in tournaments. In January 2021, Celebrity Esports secured investment from former Dragons Den panellist Richard Farleigh.
RELATED: The details behind Celebrity Esports CES Superstar League
Nevertheless, after one episode of the CES Superstar League, Celebrity Esports is closing down. As a result, all assets of the company are now being sold to repay those who the firm owes money to.
Esports Insider spoke …
Read the full article at: https://www.esportsinsider.com/2021/07/uk-based-company-celebrity-esports-goes-into-liquidation/
news, local-news, Goulburn, Heron Resources, Tarago, Woodlawn Mine, administration, FTI Consulting
A company that was aiming to revive copper and zinc mining near Tarago has entered voluntary administration. Heron Resources notified the Australian Securities Exchange (ASX) of its decision on Friday. It followed failed attempts to secure what it described as a “suitable transaction” for the Woodlawn Mine project. The company secured state government approval in 2016 to extract 1.5 million tonnes annually of zinc, copper and lead ore concentrates to produce 150,000 tonnes of concentrate, for up to 21 years. READ MORE: Heron Resources forces redundancy at Tarago’s Woodlawn Mine Heron Resources battles to keep Tarago’s Woodlawn Mine afloat …
Read the full article at: https://www.goulburnpost.com.au/story/7352800/administrators-dig-deep-to-give-woodlawn-mine-a-fighting-chance/
GCUKs administration process is not due to end until at least March 7, 2022, and is likely to be extended.
On the basis that the GCUK administrators do not indicate an earlier date of insolvency in relation to GCUK, we consider that the company became insolvent on or around 2 March 2021, which coincided with the insurance cover being revoked, Credit Suisse seeking to enforce recovery of their loan, and the GCUK business model no longer being viable, Grant Thornton said in a report to creditors released on Thursday.
Final report
At that time, it was no longer reasonable for the company or its directors to expect to rely on ongoing financial support from GCUK, or the recovery of the intercompany loan owing by GCUK, in order to meet the co…
Read the full article at: https://www.afr.com/companies/financial-services/greensill-capital-parent-possibly-insolvent-on-march-2-20210722-p58bx0
This comes after the Insolvency Service reported a 63% increase in corporate insolvencies in June 2021 when compared to the same month in 2020.
Commenting on this news, insolvency practitioner PKF GMs director Oliver Collinge, said: This trend of rising corporate insolvency numbers has long been predicted and we expect it to continue as government support schemes reduce and the temporary restrictions on the use of certain reditor enforcement actions are lifted.
It is inevitable that insolvency numbers will return at least to pre-pandemic levels relatively soon and possibly higher for a period of time. One of these temporary restrictions, namely the moratorium on issuing winding up petitions, is due to end on 30 September 2021 which, if …
Read the full article at: https://www.creditstrategy.co.uk/news/corporate-insolvencies-up-63-in-june-2021
The number of corporate insolvency cases admitted in tribunals stayed low at 164 in the three months ended 30 June despite the governments decision to lift the one-year moratorium on creditor action against defaulters in March.
This is expected to offer relief to the government, which decided to lift the suspension on 25 March amid concerns about widespread financial stress. The corporate affairs ministry assessed that an increase in the payment default threshold from 1 lakh to 1 crore and a new alternative resolution scheme for small companiescalled the pre-pack schemewould check any sudden rise in insolvency cases.
At the end of June, 4,540 bankruptcy cases were admitted in tribunals, an increase from 4,376 at the end of March, acc…
Read the full article at: https://www.livemint.com/news/india/bankruptcy-filings-stay-low-after-lifting-ibc-suspension-11626869863176.html
news, Goulburn, Heron Resources, Tarago, Woodlawn Mine, administration, FTI Consulting
A company that was aiming to revive copper and zinc mining near Tarago has entered voluntary administration. Heron Resources notified the Australian Securities Exchange (ASX) of its decision on Friday. It followed failed attempts to secure what it described as a “suitable transaction” for the Woodlawn Mine project. The company secured state government approval in 2016 to extract 1.5 million tonnes annually of zinc, copper and lead ore concentrates to produce 150,000 tonnes of concentrate, for up to 21 years. READ MORE: Heron Resources forces redundancy at Tarago’s Woodlawn Mine Heron Resources battles to keep Tarago’s Woodlawn Mine afloat Goulburn com…
Read the full article at: https://www.goulburnpost.com.au/story/7352800/administrators-dig-deep-to-give-woodlawn-mine-a-fighting-chance/?cs=12
Resolution Professionals (RPs) managing the operations of distressed companies undergoing corporate insolvency proceedings will now be required to assess and report whether the company has completed any transactions to siphon off funds prior to insolvency proceedings.
Under the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 RPs will be required to provide an opinion on whether the company has been subject to avoidance transactions within 75 days of the start of corporate insolvency resolution process (CIRP).
The RP is duty-bound to find out if a CD (Corporate Debtor) has been subject to avoidance transactions, namely, preferential transactions, u…
Read the full article at: https://indianexpress.com/article/business/ibbi-amends-norms-resolution-professional-to-provide-opinion-7416053/
The Boardman Review has criticised the current lobbying transparency rules
3 min read
A new report has criticised David Cameron over his role in the lobbying scandal and concluded Lex Greensill had “privileged” access to ministers.
The review, commissioned by the Prime Minister, also found that businessman Lex Greensill had been given access to No.10during David Cameron’s time in Downing Street, a position which he used to meet with major companies who later became clients.
The 141-page review, published at the conclusion of an independent inquiry carried out by lawyer Nigel Boardman, also identified former cabinet secretary Jeremy Heywood as having a “central role” in recruiting Greensill into the government in 2012.
A…
Read the full article at: https://www.politicshome.com/news/article/lex-greensill-had-extraordinarily-privileged-relationship-boardman-report
July 21 (Reuters) – Shares of energy services firm Baker Hughes slipped on Wednesday after reporting second quarter results that fell short of Wall Street estimates as it shifts its business to technology and services that help customers transition to a lower carbon world.
Baker Hughes Co (BKR.N) swung to a profit from a loss a year-ago, butwas down 9% from the prior quarter and missed analysts forecasts. Earnings were hurt by $125 million in impairment and restructuring charges.
Shares slipped 1% to $19.86. Brent crude futures were up about 2% on Wednesday to $70.77 per barrel.
While oil demand has rebounded from the pandemic lows seen last year, spending on oilfield services has only inched higher as energy companies hold spending and pro…
Read the full article at: https://www.reuters.com/business/energy/baker-hughes-second-quarter-profit-falls-2021-07-21/
A major Telstra and Foxtel contractor has gone into voluntary administration, while facing a $400 million class action from Shine Lawyers.
The class action against Tandem Corporation, formerly known as Infrastructure Services Group Management (ISGM), filed in November, 2018, was the largest employment-related class action in the country. The case was due to go to trial in October this year.
Shine Lawyers launched the class action and represent thousands of telecommunications technicians who missed out on pay and entitlements after being wrongly categorised as subcontractors at BSA Ltd. Shine Lawyers maintains the company should have treated the technicians as employees.
Over 4,000 technicians were allegedly underpaid by Tandem and the …
Read the full article at: https://www.lawyersweekly.com.au/biglaw/31874-tech-contractor-goes-into-administration-while-facing-class-action
The economic effects of the COVID-19 pandemic have seen an increase in demand for insolvency services. We believe this demand will only increase over the next few years.
While New Zealand hasnt seen the anticipated business failure that was predicted in early 2020, this is largely because the government has been propping the economy up.
Weve seen many companies adapting well to the new business environment, showing a Kiwi can-do attitude in their willingness to be flexible and change.
Theres no doubt that certain sectors of the economy have suffered more than others in the past year. But the companies that will struggle to survive as the level of government support lowers…
Read the full article at: https://www.scoop.co.nz/stories/BU2107/S00361/business-insolvency-in-a-pandemic-world.htm
Two former bankrupt brothers convicted of appalling animal cruelty face having their aged care accreditation revoked over the failure of their aged care business in Victoria to return deposits to families of former residents.
The Aged Care Quality and Safety Commission has ordered Chronos Care, which owns aged care homes in Alphington, 7km north-east of Melbournes CBD, and Mount Eliza, 63km south of Melbournes CBD, to return the deposits within 28 days.
The company founded by former poultry farmers Gerry and Chris Apostolatos is set to have its funding cut and status as an approved provider of aged care revoked if it fails to comply with the order by August 5.
An Aged Care Quality and Safety Commission spokesman said Chronos Care had be…
Read the full article at: https://www.theweeklysource.com.au/chicken-killers-facing-aged-care-accreditation-revoked-over-not-returning-deposits-to-former-residents-in-victoria/