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“The Board remains focused on pursuing a restructuring of its indebtedness and maintaining the underlying business as a going concern. Discussions between the Company and its creditors, including the Secured Creditors, remain ongoing,” Polarcus said Tuesday.
The company said that it had “in furtherance of the Board’s desire to effect a restructuring and to maximize value for all creditors” filed an application with the Grand Court of the Cayman Islands seeking the appointment of Soft Touch Provisiona…
In 2021, businesses must move quickly to recover debts, particularly at this time of year when the sum of debtors may be larger than they can manage for the purposes of their cashflow. Over the next three years, Deloitte is forecasting that 5,300 Australian companies (which otherwise would have col
In 2021, businesses must move quickly to recover debts, particularly at this time of year when the sum of debtors may be larger than they can manage for the purposes of their cashflow. Over the next three years, Deloitte is forecasting that 5,300 Australian companies (which otherwise would have collapsed without the stimulus) will enter into external administration. It is therefore important to move quickly to recover outstanding debts and e…
Money mistakes happen all the time and you’re not alone if you have a few financial regrets of your own.
In fact, a 2019 study by Finder.com found that an estimated 126.5 million American adults admit to having made a money mistake at least once in their lifetime.
While money mistakes are arguably subjective you might regret having so much student loan debt, but that degree was necessary to launch your career there are, however, a handful of missteps that experts agree you can easily avoid.
Here are five common money mistakes and steps you can take to avoid them.
1. Not having an emergency fund
If 2020 taught us anything about our finances, it’s the importance of having an emergency fund to tap into when unexpected events arise…
Temporary insolvency relief measures introduced in March last year as part of the governments COVID response ended last month but there is more change in store for the bankruptcy system.
Attorney-General Christian Porter has released a discussion paper, outlining a range of possible permanent changes to the system.
Following the end of the temporary measures:
– the minimum amount of debt that can trigger bankruptcy dropped down from A$20,000 to $10,000 (before the COVID relief measures were put in place the minimum amount of debt that could trigger a bankruptcy was $5000);
– the minimum amount of debt that can trigger a statutory demand has come back from $20,000 to $2000;
– the amount of time an individual has to respond to a bank…
Two-thirds of GVP shareholders voted against continuation of the trust in July
Associated Capital Group has claimed a vote to liquidate the Gabelli Value Plus+ Trust (GVP) would be short-sighted, as it confirmed it would abstain from voting on whether the trust should be discontinued and, ultimately, liquidated.
The GVP board announced on Monday (8 February) morning it would convene a general meeting in July, followed by a special resolution, to place the vehicle into members’ voluntary liquidation.
The board said ACG, the trust’s largest shareholder – which owns a 27.4% stake – would abstain on voting on these resolutions, having blocked liquidation for several months.
In the process of recovering the Cachar and Nagaon paper mills, the National Companys Law Tribunal (NCLT) has postponed their hearing 8 times till now. Next hearing is scheduled for Tuesday, but the government is yet to come up with a plan or proposal to recover the two paper mills. On September 10 last year, the Assam government wrote a letter to the NCLT asking for two months, but even after about six months, the government is yet to come up with a recovery plan. Meanwhile, the Delhi High Court has directed the NCLT not to delay the hearing of the paper mills case on January 22, following the hearing of a case of the paper mill workers association. In this regard, the date of Tuesdays hearing is unlikely to be postponed again. If the …
The decision will provide greater clarity for companies and insolvency practitioners seeking to implement restructuring plans under Part 26A of the Companies Act 2006.
A restructuring plan is a new form of restructuring tool introduced in June 2020 by the introduction into law of the Corporate Insolvency and Governance Act. This is only the third time that a restructuring plan has been sanctioned in the UK, and it is the first time that the so-called ‘cross-class cram down’ mechanism has been used.
This case sets a significant precedent for the future use of restructuring plans. Whilst further test cases will inevitably be required, the case shows that the courts are willing to give effect to the new features of the Part 26A “super s…
Two-thirds of GVP shareholders voted against continuation of the trust in July
Associated Capital Group has claimed a vote to liquidate the Gabelli Value Plus+ Trust (GVP) would be short-sighted, as it confirmed it would abstain from voting on whether the trust should be discontinued and, ultimately, liquidated.
The GVP board announced on Monday (8 February) morning it would convene a general meeting in July, followed by a special resolution, to place the vehicle into members’ voluntary liquidation.
The board said ACG, the trust’s largest shareholder – which owns a 27.4% stake – would abstain on voting on these resolutions, having blocked liquidation for several months.
In late June 2020, the UKs Corporate Insolvency and Governance Act (the Act) became law.1
While the Act was passed in response to the Coronavirus Disease 2019 (COVID-19) pandemic and its economic ramifications, it represents a significant legislative step forward in promoting the rescue culture in respect of financially distressed business enterprises, a policy objective that goes beyond COVID-19. The rescue culture, is, in essence, the theory that it is better to provide the existing management of a distressed business enterprise the opportunity to remain in control of it without the pressure of action by creditors, so that existing management can find a solution to the distress affecting the enterprise, thus o…
Patrick Olusoji Ekundayo (66), from Edmonton in London, was the sole director of Peaches Limited. The company, incorporated in August 2010, provided catering services and managed social events.
At its most successful trading period, Peaches Limited hosted up to 60 functions per year and took an average of 10,000 to 15,000 per event.
By March 2013, Patrick Ekundayos company turnover had significantly exceeded the VAT registration threshold and in January 2014 the caterer was advised to register for VAT by his accountant.
Patrick Ekundayo, however, failed to register the catering company and this caused the tax authorities to compulsorily register Peaches Limited for VAT in November 2017, backdating registration to March 2013.
Boohoo, which had been in exclusive talks to buy the three names from Arcadia, is paying 25.2 million pounds in cash for the e-commerce and digital assets, intellectual property rights, customer data, and inventory of the three brands.
