Australian Small Business and Family Enterprise Ombudsman Kate Carnell believes many small businesses are not fully utilising the Personal Property Securities Register (PPSR) as protection in the event of an insolvency.
Given the incredibly tough past 12 months weve had and predictions of a wave of insolvencies to come, PPSR has never been more important, Ms Carnell said.
Many small businesses are not aware that correctly registering their interests can save them a world of pain in the long run.
So many small businesses have invested heavily in their busin…
Read the full article at: https://www.accountantsdaily.com.au/business/15300-asbfeo-issues-call-to-register-assets-ahead-of-insolvency-spike
A West Clare construction company is facing liquidation after the High Court was told examiners will not be able to save the business.
The Currency reports that Keating Construction in Kilmihil will be wound up having faced debts of around 30 million.
The firm employs around 150 workers and had been contracted to conduct building works on the new county library project in Ennis this year.
This contract was terminated once the company entered examinership, and a new contractor is being sought by the local authority under a fresh tendering process.
Its believed a related company, Kilmihil Rental Store, a specialist plant and equipment business, will also be liquidated.
Read the full article at: http://www.clare.fm/news/west-clare-construction-company-facing-liquidation/
Liquidators for STA Travel Group have confirmed that creditors of the now-defunct agency network will not receive a cent by way of a return.
The group made up of STA Travel Pty Ltd, STA Travel Academic Pty Ltd and IEP Pty Ltd collapsed in August last year after its parent companyfiled for insolvency, before being placed into liquidation.
In their statutory report to creditors late last year, STA Travels administrators and liquidators revealed there were insufficient realisable assets to enable payment of a dividend to unsecured priority creditors, unsecured creditors and customers of the company.
According to the team at Deloitte, 180 employees had claims against STA Travel totalling $3.02 million, while the claims by more than 37,000…
Read the full article at: https://www.travelweekly.com.au/article/no-dice-for-sta-travel-creditors-but-hope-remains-for-customers/
(Reuters) – Hainan Airlines Holding Co Ltd, HNA Groups flagship firm, is operating normally and could draw in new investors despite a bankruptcy filing, embezzlement charges and large asset impairments for the carrier last week, some analysts said.
A strong route network, high brand value and an experienced management team as well as restructuring efforts by Chinas No. 4 carrier, were among the reasons cited.
HNA units, including the airline, will spend this year negotiating to bring in strategic investors, an HNA Group executive told Reuters. The executive was not authorised to speak p…
Read the full article at: https://www.reuters.com/article/us-china-hna-bankruptcy-hainan-airlines-idUSKBN2A11L4
Chinese businesswoman Sally Zou was the single highest donor to the SA Liberal Party during the 2019-20 financial year, according to the Australian Electoral Commission’s (AEC) latest donation disclosures.
Key points:
- Sally Zou’s company donated more than $180,000 to the SA Liberals in the past financial year
- She also made payments of $130,000 to the federal branch of the party in the same year
- The SA state director said the party had strictly followed the “legislative requirements” on donations
Ms Zou’s company Transcendent Australia Pty Ltd donated $182,755 to the SA Liberals, AEC records published today have revealed.
The same disclosures, which cover the period from July 2019 to June 2020, also reveal millions of dollars in other donati…
Read the full article at: https://www.abc.net.au/news/2021-02-01/chinese-businesswoman-sally-zou-donation-to-sa-liberals-revealed/13109348
Toys “R” Us is closing its only two stores roughly a year after a highly anticipated relaunch of the storied brand.
Tru Kids Inc., which bought the retailer in a 2018 liquidation sale, confirmed that its two locations in New Jersey and Texas that opened in late 2019 have permanently closed because of the pandemic.
“As a result of COVID-19, we made the strategic decision to pivot our store strategy to new locations and platforms that have better traffic,” a Tru Kids spokesperson told CNN Business.
They added that demand for the brand “remains s…
Read the full article at: https://www.9news.com.au/world/toys-r-us-america-closes-remaining-two-stores-after-covid-blunts-relaunch/3326dd2e-22c4-4b24-bdb3-18bfe3ad6c41
No matter where you are in Australia, you probably spent the majority of 2020 in your own state and in your own bedroom thanks to interstate border restrictions. Limits on domestic travel have still been popping up in 2021 so far; however, if you’re still keen to see more than your own backyard this year, Virgin Australia is selling 1.9 million fares to destinations around the country. And, those cheap flights are starting at $75 for a one-way ticket.
Hang on, Virgin? Yes. The same airline that, less than 12 months ago, entered voluntary administration. It has since been sold toUS private investment firm Bain Capital, launched a comeback sale in early July and its voluntary administration officially ended on Tuesday, November 17.
Vi…
Read the full article at: https://concreteplayground.com/sydney/travel-leisure/virgin-has-launched-a-week-long-sale-with-1-9-million-flights-starting-from-75
SO PAULO, Jan. 31, 2021 /PRNewswire/ — In accordance with paragraph 4 of Article 157 of Law No. 6404/1976 and CVM Instruction No. 358,02, Ita Unibanco Holding S.A (“Ita Unibanco” or “Company”) informs its stockholders and the general market that, in line with the Material Facts disclosed on November 3 and 26 and December 31, 2020, as of today, January 31, 2021, the Extraordinary General Stockholders’ Meeting (“ESM”) was held and approved the proposal for the corporate restructuring aimed at segregating the Ita Unibanco Conglomerate’s business line in connection with the equity interest in XP Inc. (“XP”), a company incorporated in the Cayman Islands and listed on Nasdaq, represented by two hundred twenty-six million, five hundred twen…
Read the full article at: https://www.prnewswire.com/news-releases/material-fact—corporate-restructuring-related-to-itaus-equity-interest-in-xp-incs-capital-stock-301218569.html
Italy, this years president of the Group of 20 rich and emerging nations, will push its members to extend debt relief to poor countries struggling to deal with the coronavirus pandemic, a top official from Romes G20 financial team told Reuters.
Italy was also confident the Biden presidency would herald a more cooperative stance from the United States on international financial cooperation, particularly in areas such as climate change and helping the poorest states.
We must grant fiscal space to the low income countries in greatest difficulty, said Gelsomina Vigliotti, Italys Treasury director general for International Financial Relations, setting out the countrys priorities for its presidency in an interview.
Vigliotti said Italy, which…
Read the full article at: https://www.hellenicshippingnews.com/italy-g20-presidency-to-push-for-debt-relief-new-imf-drawing-rights/
SINGAPORE (BLOOMBERG) – HSBC Holdings and other global banks owed US$3.5 billion (S$4.66 billion) by Hin Leong Trading may recoup less than expected from the collapsed Singapore oil trader after a sale process failed to attract bids for the company.
Hin Leong’s court-appointed managers plan to file an application next week to wind up the company after three potential bidders walked away from the process to buy Hin Leong and two related companies as a combined entity, according to a letter PricewaterhouseCoopers sent to creditors this week that was seen by Bloomberg.
Assets of Hin Leong’s sister companies Ocean Tankers Ltd. and Xihe Holdings may still draw interest from potential bidders, according to the letter.
Read the full article at: https://www.straitstimes.com/business/companies-markets/hsbc-banks-repayment-hopes-fade-with-hin-leong-liquidation-plan