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.
Treasurer Josh Frydenberg has unveiled the federal governments 20212022 budget, committing tosupporting jobs and essential servicesin the year ahead. In
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 corporate insolvency figures for England and Wales for the first quarter of 2021.
There were 2,384 corporate insolvencies reported during the period, which represents a 21.9% reduction from the final quarter of last year and a 38.3% fall from the number of the first three months of 2020.
But despite the range of government business support measures that remain in place, the downward trend observed si…
Christopher & Lee Ong has hired Chua See Hua as a partner and co-head of the restructuring and insolvency practice in Kuala Lumpur. She joined with a team from her boutique firm Chua Associates that she founded in 2010.
Her practice extends to advising major corporations on transactions involving acquisitions and divestments of public and private companies, banking, property-related issues, private equity investments, and capital markets.
Chua brought her extensive legal experience in restructuring and insolvency and a wide-ranging roster of local and international clients. She is a member of the Insolvency Practice Committee of the Malaysian Association of Certified Public Accountants.
In response, non-bank small business lender ScotPac said, overall, the budget gives SMEs a great opportunity to invest in their own growth so recovery momentum continues.
There are positive initiatives to support the small business sector, and the focus on boosting consumer confidence should also help businesses,ScotPac CEO Jon Sutton said.
This is a small business-friendly budget that should give SMEs the confidence to invest in their own growth, as the economic recovery gathers momentum.
What this means is its time for SMEs to really think about their business plans, about restructuring …
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.
Silverfern Property Services has received more than any other outfit for emergency housing – $14.7 million – and charged nearly $2000 per client per week to house people in rental properties it managed across South Auckland.
Tenants who stayed there described many of the homes as substandard.
Social worker Alastair Russell, who worked with families staying in the properties, said what he saw was not fit for people to live in.
“Debris around the outside of the houses, the houses were …
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 should proceed.
Under the changes, small businesses in financial distress can seek advice from an insolvency practitioner on developing a restructuring plan. If 50 per cent…
Employees working for an insolvent company will have to be given at least 30 days’ notice of redundancy, under new legislative reforms to be introduced by the Government.
The proposal is part of a new Department of Enterprise, Trade and Employment Action Plan to boost the rights of employees hit by insolvency – an issue highlighted in recent years by the controversial closures of Clerys and Debenhams.
At present, collective redundancies cannot take effect until after a statutory 30-day period of notification to employees.
However, this does not apply to collective redundancies triggered by insolvency – due to an exemption in Section 14 (3) of the Protection of Employment Act 1977.
The Government is now planning to remove that exemption…
The company logo for Electricite de France (EDF) is seen in Paris, France, March 2, 2021. REUTERS/Benoit Tessier
French state-controlled power group EDF (EDF.PA) said on Wednesday that talks over a restructuring of the company between France and the European Commission remained difficult, as EDF posted higher first quarter sales.
The talks between France and the European Commission include the ARENH price mechanism under which competitors can get access to nuclear energy produced by EDF, and as EDF is a state-owned utility, the EU has a say on its reform on competition grounds.
“Discussions on the Arenh reform and the reorganisation of EDF are ongoing between the French State and the European Commission and they remain difficult. There is s…
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 per week to house people in rental properties it managed across South Auckland.
Tenants who stayed there described many of the homes as substandard.
Social worker Alastair Russell, who worked with families staying in the properties, said what he saw was not fit for people to live in.
“Debris around the outside of the houses, the houses were in many cases unclean, without proper and functioning ut…
The Government is to introduce new legislative reforms over the medium term to enhance the rights of employees facing collective redundancies following insolvency.
In a new action plan, the Department of Enterprise and Employment says that in future workers affected by collective redundancy will in all cases have to receive 30 days notice.
The plan, provided by Ministers to the Irish Congress of Trade Unions (Ictu)earlier this week states: As matters stand, collective redundancies cannot take effect until after a statutory 30-day period of notification to employees. By virtue of an exemption contained in section 14(3) of the Protection of Employment Act 1977, this provision does not apply to collective redundancies precipitated by insol…
Credit cards are once again an incendiary topic for sports gambling bodies in Australia, lawmakers and anti-gambling bodies.
Credit Cards Once in the Crosshairs of Lawmakers
A bill sponsored by Senator Stirling Griff in Australia is facing pushback from the gambling industry as the legislation seeks to minimize the use of credit cards for the purposes of online transactions on various gambling websites.
Griffs proposal has to do with the acceptance and facilitation, and promotion, of credit card payments in online gambling and, seeks to criminalize the activity, a move that will stop many consumers from accessing their accounts with a payment method they have grown used to.
The request comes at a time when Australias online gambling in…
Virgin Active UK business restructuring sanctioned by the English Court
BRAIT P.L.C. (Registered in Malta as a Public Limited Company) (Registration No. C97843) Share code: BAT ISIN: LU0011857645 Bond code: WKN: A2SBSU ISIN: XS2088760157 LEI: 549300VB8GBX4UO7WG59 (Brait)
VIRGIN ACTIVE UK BUSINESS RESTRUCTURING SANCTIONED BY THE ENGLISH COURT
1. Introduction
Brait released update announcements on the website of the Luxembourg Stock Exchange (LuxSE) and the Stock Exchange News Service (SENS) of the Johannesburg Stock Exchange (JSE) on 1 February 2021 and 11 March 2021, informing shareholders that Virgin Active was working with its key stakeholders to find a holistic operating structure and funding solution for the Virg...
SAN JOSE, Calif., May 11, 2021 /PRNewswire/ — When you’re struggling with credit card debt, rising balances on your monthly statements and collection calls can add to your anxiety. However, you don’t have to face your creditors alone. Many credit counseling agencies offer debt management plans (DMPs), which allow a counselor to act as an intermediary on your behalf.
Credit counseling agencies offer many services aimed at helping consumers manage their personal finances. A DMP is specifically for helping people who are overwhelmed by unsecured debts. Secured debts, such…
