ASIC has permanently banned former Sydney financial adviser Daniel Stuart McSweeny from providing financial services.
On 18 December 2018, Mr McSweeny was charged with 20 dishonesty offences and one offence of falsifying books as a company director. An investigation by ASIC led to an allegation that Mr McSweeny had dishonestly transferred or directed others to transfer funds from bank accounts holding client funds.
ASIC also alleged that Mr McSweeny directed an employee to construct a backdated Statement of Advice in response to an investigation being conducted following a complaint.
On 11 February 20…
Read the full article at: https://www.accountantsdaily.com.au/business/15346-asic-permanently-bans-former-financial-adviser
Intelsat has a plan to emerge from its Chapter 11 bankruptcy protection. It involves slashing debt owed by more than half, from $15 billion to $7 billion. But the debtors must agree to those losses. If not, the company faces a more dire outcome, including the likely liquidation of its recently acquired Gogo Commercial Aviation business.
For us to really deliver the services that are required for customers and really to maximize that customer experience and give the airlines what they need in terms of the right economic model and service for their for their passengers a vertical integration was was absolutely desirable and required.
Intelsat CEO Stephen Spengler
The company filed its exit plan with the US Bankruptcy court, describin…
Read the full article at: https://paxex.aero/intelsat-bankruptcy-exit-plan-gogo-liquidation-risk/
Creditors and administrators meetings remain unsuccessful
 |
|
An agreement failed to be found |
Two WridgWays Australia subsidiary businesses are going into liquidation over a month after being placed in voluntary administration.
The decision comes after meetings between administrators, SV Partners Timothy Brace and Peter Gountzos, and creditors regarding the decision to appoint a committee of inspection for the troubled non-core entities WridgWays Pty Ltd and WridgWays People Pty Ltd remained inconclusive, a media statement states.
WridgWays core business of relocation services and logistics will continue to operate as normal, it notes.
Read how the WridgWays issue first emerged, here
“Following ongoing dis…
Read the full article at: https://www.fullyloaded.com.au/industry-news/2102/two-wridgways-subsidiaries-placed-in-liquidation
A Victorian principal spent almost $23,000 of his government-funded school’s money on gambling, booze, gift cards and an overseas holiday. Between 2016 and 2018, cheques for school equipment were deposited into the principal’s own bank account, at his request, resulting in the misuse of $22,850. Ombudsman Deborah Glass declined to name the principal or school in her report released on Monday but said the case showed problems with the financial governance of Victorian schools. It’s the fifth time a school principal has been publicly criticised by the ombudsman in recent years. Ms Glass said the education department missed red flags and opportunities to hold this principal to account, and the school’s leadership lacked the qualificatio…
Read the full article at: https://www.bellingencourier.com.au/story/7127223/vic-principal-used-school-money-to-gamble/
In the past, managing your budget was done with a pen, paper and good old fashioned calculator. Fast forward to 2021 and theres an app for almost every kind of spender.
According to recent ING research, around 2.9 million Aussies say they are more financially prepared than ever for 2021, so why not join the club.
Getting on top of your finances doesnt have to be difficult or even a chore, especially with the range of digital tools out there. So if youre committed to creating your own financial success this year, weve jotted down some of our favourite apps and fintech platforms to get you started.
Buy Now Pay Later (BNPL)
Over the last couple of years, Buy Now Pay Later (BNPL) has taken the country by storm. In fact, according to recent Mo…
Read the full article at: https://mozo.com.au/fintech/4-fintechs-that-can-help-you-tackle-your-finances
The research wing of Insolvency and Bankruptcy Board of India has suggested an online platform for sale of stressed assets to bring in more transparency and better price discovery.
In its assessment report on Corporate Insolvency and Resolution Timeline, it said the platform can be prepared on similar lines as investindia.gov.in specifically for stressed assets undergoing insolvency with more user-friendly filters such debt size, location and sectors.
The research has pointed out that for every one case resolved under the Code, four cases end up in liquidation. In about 25 per cent of the cases CoC (Committee of Creditors) rejected a resolution plan and pushed company into liquidation due to high haircuts and presence of single bidder.
…
Read the full article at: https://www.thehindubusinessline.com/news/ibbi-arm-seeks-e-platform-for-stressed-asset-sale/article33838494.ece
For most directors, COVID-19 has caused a shock to their business. Either a bad shock, where business viability and sustainability has been challenged, or a good shock that has led to a surge in demand for products and services.
Usually shocks lead to action you suffer a heart attack, and you and your family reassess lifestyle, diet and exercise. At 15, I came off my motorbike, and both my bike and I ended up in the harbour. I havent come off a motorbike since.
Embrace the shock
There is a 19th-century fable of the boiling frog: once a frog jumped in a pot of water that had been put on a stove. As the water in the pot heated up the frog remained in the water, and as frogs do, adjusted its body temperature to the temperature of the wate…
Read the full article at: https://www.theceomagazine.com/opinion/business-turnaround-insolvency/