Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
drafting of Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 commenced Small Company Administrative Rescue Process (SCARP)
Launch of study Climate change, debt, and COVID-19
(LWI) – A new study titled Climate change, Debt and COVID-19, analyzes a vicious cycle: climate change and COVID-19 are producing massive costs, exacerbating debt in the poorest countries. The study indicates that due to the lack of funds to invest in improved resilience, future crises will be even more catastrophic.
The study was conducted by Bread for the World and erlassjahr.de. The Lutheran World Federation (LWF) contributed to its findings and presents the study with the German publishers at a webinar on 25 May.
The study provides an analysis of the linkages between multi-hazard exposure and countries’ lack of resilience. This results in disaster risk with related loss and damage,…
Mr Joyce said the pandemic had hurt Qantas far more than any other local company, estimating the airline, which has received JobKeeper, has lost an estimated $16 billion in revenue since the outbreak of COVID-19.
Slowly turning the corner
Qantas is aiming to reduce its cost base by $1 billion a year, and Mr Joyce said this year, the company will have cut $600 million from its cost base, helped by completing 90 per cent of its 8500 redundancies.
Mr Joyce said the new voluntary redundancy program for international cabin crew was partly being offered because the uncertain flying environment meant the airline wouldnt be able to plan long-term shifts.
He said it was fair to offer redundancies because working conditions have changed, but woul…
The collapse of construction and property company, Pindan Group, which has gone into administration owing up to $100-million to workers, subcontractors and creditors mainly in WA shows the urgent need for statutory trusts and security of payment laws for the construction industry.
This is according to the CFMEU Construction & General union, which has called it a a national disgrace that workers, subcontractors and small businesses are left with the financial burden when builders and property developers like Pindan go under.
Perth-based Pindan went into voluntary administration on Tuesday. At the time it was running close to 70 projects and had just under 300 direct employees. Around half have since lost their jobs.
On 10 May, the IMF said it had reached broad agreement on the macroeconomic framework needed for Zambias request for an Extended Credit Facility (ECF). Zambias ministry of finance added that significant progress had been made and that talks would continue at the appropriate time.
The real progress that has been made is rather limited, says Caesar Cheelo, associate executive director at the Southern African Institute for Policy and Research in Lusaka. The IMF talks are essentially a sop to creditors who want to resort to international arbitration and have Zambia declared insolvent in the wake of the default on eurobond debt in November 2020, Cheelo says.
The IMF stepped in anddissuadedthe creditors from that planned course of action, ci…
A strong brand creates a competitive edge; such a brand will often enhance consumer loyalty, not only because of the products offered, but also because of the name on the label. While a brand may have a strong customer base, in todays climate it, unfortunately, does not mean that the business has enough financial security to withstand the struggles faced by the declining traditional bricks and mortar shopping in the United Kingdom or the global COVID-19 pandemic. In the first six months of 2020, more bricks and mortar retailers went into administration in the United Kingdom, compared with the whole of 2019. With the sad reality that many brands are facing financial struggles, it is important to consider the value…
The franchisor Jump Loops Pty Ltd (in liquidation) (Jump Swim) has been ordered to pay penalties of $23 million for making false or misleading representations and wrongly accepting payments from franchisees, in proceedings brought by the ACCC.
Jump Swim offered Jump Swim branded learn-to-swim school franchises for sale between March 2016 and July 2019.
The Federal Court declared, by consent, that Jump Swim falsely represented to 174 franchisees that they would have an operational swim school within 12 months of signing a franchise agreement. Most of those franchisees never received an operational swim school.
It also declared, by consent, that Jump Swim accepted payments from 127 franchisees when Jump Swim knew, or ought to have kno…
(WBNG) — Included in the American Rescue Plan was $5 billion which is to dedicated toward providing debt relief for farmers of color.
It’s part of a federal effort to reconcile years of discrimination in the farming community.
Assemblywoman Donna Lupardo responded to the bill Wednesday with a statement, writing:
“Socially disadvantaged farmers have been caught in a cycle of discrimination and debt for generations. This offer of help from the USDA is welcome news, along with the many forms of assistance available to other farmers and ranchers. The overall recovery of our food economy is especially important here in NYS.
The New York Farm Bureau also provided a statement on Wednesday:
RIO DE JANEIRO, BRAZIL – A Rio de Janeiro court declared Wednesday the bankruptcy of MMX Minerao e Metlicos, the mining company controlled by former Brazilian tycoon Eike Batista, who was once considered the seventh richest man in the world before his conglomerate collapsed.
The Sixth Civil Chamber of the Court of Justice of Rio de Janeiro rejected a request by the mining company to revoke the decision that had declared unfeasible the recovery process filed by the company after it filed under the Bankruptcy Law.
The court, considering that the company has no way to pay its debts . . .
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Bankruptcy litigators Erika Morabito and Brittany Nelson join firm in Washington DC
Quinn Emanuel Urquhart & Sullivan has hired a duo of bankruptcy lawyers from Foley & Lardner to further bolster its insolvency and restructuring litigation capabilities.
Erika Morabito and Brittany Nelson join as partners in the firms Washington DC office, bringing with them four decades of combined experience representing clients such as unsecured creditor committees, ad hoc groups, shareholders and debtors in high-profile US bankruptcy matters. Some of those proceedings have included Toys R Us, Sears, Brooks Brothers and Samuel Jewelers.
John Quinn, the firms founder, said: [Morabito and Nelson] are elite bankruptcy practi…
A new framework will be introduced for the cooperation between the courts of Hong Kong and Mainland China on cross-border corporate insolvency.
The Secretary for Justice, Ms Teresa Cheng SC, and Vice-president of the Supreme Peoples Court (SPC), Mr Yang Wanming, signed a Record of Meeting in Shenzhen on 14 May 2021 to signify the consensus on the mutual recognition of and assistance to insolvency proceedings between the two places.
Pilot measure on mutual recognition and assistance
Under the new mechanism, the SPC may designate pilot areas in which the Intermediate Peoples Court may cooperate with the Hong Kong courts. The SPC has issued a set of opinions on taking forward the pilot measure, in which Shanghai, Xiamen and Shenzhen have…
drafting of Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 commenced
Small Company Administrative Rescue Process (SCARP) will be a simplified restructuring process for viable small companies that is timely and cost effective
SCARP caters for the issue of onerous contracts
debts owed to the State are addressed by SCARP
Minister for Trade Promotion, Digital and Company Regulation, Robert Troy TD, today announced the publication of further information on the Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021. The Bill amends the Companies Act 2014 to provide for a new dedicated rescue process for small and micro companies.
Billy Porter has been living with HIV for 14 years. (Getty Images)
Billy Porter has shared that he’s been living with HIV for 14 years.
The 51-year-old actor opened up about receiving the diagnosis in a new interview with The Hollywood Reporter.
The Pose star, who plays HIV positive character Pray Tell on the series, was diagnosed in 2007 – a year he told the publication was the “worst of [his] life”.
He’d been diagnosed with Type 2 diabetes in February, was declared bankrupt in the March and tested positive for HIV in June after originally seeking medical help for a spot which had increased in size and before beginning to hurt.
