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The Australian parent company, which is controlled by Greensill founder and chief executive Lex Greensill, is a creditor in the UK administration process and is understood to be owed hundreds of millions of dollars. Mr Greensill is also a director of Greensill Capital UK.
Grant Thornton has told the Australian Securities and Investments Commission (ASIC) that Credit Suisse Asset Management, which held invoices arranged by Greensill in its supply chain finance funds, has security over some of the parent companys assets, and that Japans Softbank – which lent $US1.5 billion to Greensill in 2019 – is also a significant creditor.
Filings for the Greensill parent group, which is headquartered in Bundaberg, show shareholdings for a mix of Gree…
A ban on credit card gambling in Australia might be imminent, now that MP Andrew Wallace has secured the support of the big four in Australian banking.
MP Wallace Secured Support of the Big Four in Australian Banking
Queensland MPAndrew Wallaceannounced he had secured the support of the largest banks in Australia for his plan to ban gambling online on credit.
Meanwhile, the local gambling lobby insists there is no need for such harsh measures.
The Queensland MP has been pushing for aban on credit gambling onlinesince last month, but Australias local gambling body was not in favor of the change. Now, the Queensland MP says his plan has full support from Australias major banks.
Credit card gambling in casinos and gaming lounges, as well …
THE management of Greensill Farming says the collapse of Greensill Capital will have no impact on the Bundaberg-based farming operation.
In a statement issued to Queensland Country Life, Greensill Farming says it is independent of Greensill Capital.
“The Greensill Farming business operates entirely independently of Greensill Capital,” the statement reads.
“The current negotiations regarding the future of Greensill Capital will have no impact on Greensill Farming’s day-to-day operations and its ability to provide quality produce to customers.”
The Greensill family at Bundaberg. Photo: greensillfarming.com.au
The statement follows an emergency meeting of Greensill Farming staff on Wednesday, after Lex Greensill’s global supply cha…
The government has launched a call for evidence seeking stakeholders views on the Insolvency Rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales.
Stakeholders are being asked to share their views on the Insolvency Rules as they currently stand, including whether they provide an appropriate framework for the UKs insolvency regime and whether any improvements could be made.
The Insolvency Rules were last updated and implemented in 2017 and responses are welcome from insolvency practitioners, the legal profession, company directors, creditors, business and consumer groups and any other interested parties.
Dean Beale, Chief Executive of the Insolvency Service, said:
Things were looking shaky for Indonesia this time last year. Their exchange rate fell 20 percent from February to April. Their $410 billion of foreign debt swelled as their currency plunged. The collapse in tourism and fall in commodity prices meant the foreign exchange they normally used to finance those debts was evaporating. The sudden stop in capital flows meant refinancing the $44 billion of debt that was due in the coming months might not be possible.
Indonesia needed international help. Where they sought that help was typical of many developing countries, but it also reveals why linking debt forgiveness to investments in Sustainable Development Goals (SDGs) projects might not be as effective as some think. Luckily, there is a be…
The tax relief is good only through January 2026, but lawmakers say it is a key step in canceling some of the $1.5 trillion in federal student loans held by 45 million Americans. Among the many concerns surrounding widespread forgiveness is whether debt relief would be subject to taxation, which could undermine the benefit to borrowers and ultimately the economy.
This change clears the way for President Biden to use his authority to cancel $50,000 in student debt to provide a massive stimulus to our economy, help narrow the racial wealth gap, and lift this impossible burden off of tens of millions of families, Sen. Elizabeth Warren (D-Mass.) said in a statement after the Senate passed the stimulus package Saturday.
THE management of Greensill Farming says the collapse of Greensill Capital will have no impact on the Bundaberg-based farming operation.
In a statement issued to Queensland Country Life, Greensill Farming says it is independent of Greensill Capital.
“The Greensill Farming business operates entirely independently of Greensill Capital,” the statement reads.
“The current negotiations regarding the future of Greensill Capital will have no impact on Greensill Farming’s day-to-day operations and its ability to provide quality produce to customers.”
The Greensill family at Bundaberg. Photo: greensillfarming.com.au
The statement follows an emergency meeting of Greensill Farming staff on Wednesday, after Lex Greensill’s global supply cha…
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse.
What is particularly interesting is that the expected consequences have not shown up in the official statistics for financial distress insolvent companies entering administration and individuals declaring bankruptcy.
Indeed, a misleading impression of 2020 being one of economic good times could be gained from the statistics.
The big question is whether these statistics show government relief measures have averted economic pain or simply deferred it. As measures…
Japanese insurer Tokio Marine, which provided $US4.6 billion of coverage to Greensill credit notes, said that it was investigating the validity of those policies which it inherited when it bought Insurance Australia Group in 2019.
A source familiar with the situation said the policies were directly linked to the $US10 billion Credit Suisse funds.
The funds troubles are a blow for Credit Suisse boss Thomas Gottstein, who became chief executive in the aftermath of a spy scandal and just as the coronavirus crisis struck.Credit:AP
Credit Suisse said in a note to investors on Tuesday it had not been informed of any insurance cancellation until very recently, and that existing policies from Insurance Australia had remained unchanged.
Performer Paul McDermott and former foreign affairs minister Alexander Downer have made a “gentlemen’s pact” to end a dispute between their ancestors that dates back more than 150 years.
Key points:
Alexander Downer’s grandfather took Paul McDermott’s great-great-grandfather to court in the 1860s
Mr Downer attended McDermott’s recent Adelaide Fringe show
Mr Downer, who did not know of the link until the show, said it was ‘an amazing story’
Mr Downer recently attended one of McDermott’s shows during the Adelaide Fringe festival, which included a story about the connection between the pair.
The show was on at the Queen’s Theatre, which was built in 1840 and is mainland Australia’s oldest remaining theatre.
The White House announces the US is making an additional 900,000 doses of Pfizer and Moderna vaccines available this week. White House press secretary Jen Psaki also says that President Joe Biden’s signature will not be on any relief checks, (March 9) AP Domestic
WASHINGTON A warning for Americans who will receive $1,400 stimulus checks under the third round of direct COVID-relief payments: If you have unpaid debts, creditors may come after your money.
Debt collectors will be able to garnish the stimulus funding that will be distributed to millions of Americans under the $1.9 trillion American Rescue Planthat the House gave final approval on Wednesday. President Joe Biden will sign the legislation into law on …
The Morrison Government has appointed Ms Julie-Anne Berry, Ms Natalie Bhardwaj, Ms Virginia Christie, Mr Sergio Freire, Mr Damian Mitsch and Mr Stephen Parbery as part-time members of the Insolvency Practitioner Registration and Disciplinary committees, each for a three-year period.
The Australian Securities and Investments Commission convenes these committees to make decisions on liquidator registration applications and disciplinary matters.
The Morrison Government has implemented the most significant changes to Australias insolvency framework in nearly 30 years, designed to help keep businesses in business and more Australians in jobs.
The six new members bring a range of knowledge and experience across the fie…
