Attorney-General Christian Porter today announced that Australias personal bankruptcy threshold will be set at $10,000.
The threshold was temporarily lifted from $5,000 to $20,000 on March 24 of this year in response to the pandemic. The new threshold of $10,000 will be permanent, and comes into effect on January 1, 2021, when the temporary threshold expires.
The new permanent $10,000 threshold will ensure that Australians in financial difficulty are not made bankrupt over relatively small amounts of debt, Attorney-General Christian Porter said.
This also accounts for the changing value of money since the $5000 threshold was last increased in 2010, as well as changes to debt levels since that time.
The change to the bankruptcy thres…
Read the full article at: https://www.miragenews.com/change-to-personal-bankruptcy-threshold/
Chris McKeen/Stuff
In 2016 four children were injured when a tree fell at Discoveries Educare Gillies Ave centre in Newmarket.
Eleven early childhood education centres belonging to the Discoveries Educare chain in Auckland have been placed into liquidation with three more being assessed by the liquidator.
Stuff reported last week that 10 Discoveries Educare centres have had their licences cancelled by the Ministry of Education. Nine of those cancellations were because the centres were not meeting Ministry of Education standards. One cancellation was because the centre had closed.
Discoveries Educare in Papakura is the only centre still operating in the chain and on Friday 11 Discoveries Educare centres were put into liquidation.
…
Read the full article at: https://www.stuff.co.nz/business/industries/123758942/eleven-discoveries-educare-businesses-placed-into-liquidation-more-being-assessed
Insolvency advisor urges businesses to address insolvency issues this year before Safe Harbour moratorium ends
MEDIA RELEASE
18 December, 2020
FOR IMMEDIATE RELEASE
BUSINESS LIFELINE TO END NYE BUSINESSES SHOULD SEEK PROFESSIONAL HELP ASAP
-Insolvency Advisor urges businesses to address insolvency issues this year before Safe Harbour moratorium ends, to avoid tradinginsolvent on or after 1 January 2021–
Leading Corporate Insolvency advisory MacKay Goodwin has warned struggling businesses have just days to seek professional help before The Federal Government’s temporary safe harbour ends on New Year’s Eve. Directors of companies trading whilst insolvent will no longer have protection from 1 January 2021, which could leave them …
Read the full article at: https://prwire.com.au/print/business-lifeline-to-end-nye-distressed-businesses-should-seek-professional-help-asap
Cans produced for Coca-Cola Co.’s Coke drink move along the production line.
Chris Ratcliffe | Bloomberg | Getty Images
Coca-Cola will cut about 2,200 jobs in its global workforce as part of a broader restructuring plan that was accelerated by the coronavirus pandemic.
In the United States, Coke will use layoffs and buyouts to eliminate about 1,200 jobs, accounting for about 12% of the workforce in its home market. The news was first reported by The Wall Street Journal.
At the end of 2019, the Atlanta-based company had 86,200 global employees. But the pandemic battered its revenue and raised costs for the beverage giant. About half of its sales typically comes from consumers drinking its beverages away from home. In the third qu…
Read the full article at: https://www.cnbc.com/2020/12/17/coca-cola-will-cut-2200-jobs-worldwide-as-part-of-restructuring-plan.html
Last week, as part of the Australian Governments ongoing response to the pandemic-induced economic crisis, the Senate passed reforms to insolvency arrangements for small businesses with liabilities less than $1 million.
From 1 January 2021, these businesses will be able to avail themselves of:
- A new debtor-in-possession, debt-restructuring process to improve the prospects of business rehabilitation; and
- A new, lower cost and simplified liquidation pathway.
The reform package provides a user-friendly alternative for small businesses that may have accumulated unmanageable debts through (or before) the COVID-19 crisis.
In considering the debt restructuring process, there are some important things for Directors to keep in mind.
First, the…
Read the full article at: https://dynamicbusiness.com.au/topics/news/why-small-business-owners-and-restructuring-practitioners-must-move-quickly-before-1-january-2021.html
Two-decade Deloitte veteran Vaughan Strawbridge has been poached by FTI Consulting in Australia, where he has been appointed a Senior Managing Director.
Strawbridge is a chartered accountant by background and has been atDeloitte Australia since 1998, interluded with a five-year spell at the firms UK office. A restructuring expert, Strawbridge has provided business turnaround services for clients across Australia, the UK, and Southeast Asia.
In his own words on LinkedIn, Strawbridges specialty lies in advising stakeholders of underperforming businesses to provide a solution or roadmap to maximise value. News of his departure from Deloitte was broken by the Australian Financial Review (AFR), which described Strawbridge as one of Australia…
Read the full article at: https://www.consultancy.com.au/news/2791/deloitte-partner-vaughan-strawbridge-joins-fti-consulting
Virgin Australia has become the first major Australian airline to exit voluntary administration, with its new CEO and managing director unveiling its future direction.
On her official first day as Virgins boss, Jayne Hrdlicka showed off the airlines plan resulting from collaboration with staff and combined with detailed customer research.
It includes retaining its core lounges and reimagining the lounge experience, retaining three choices of seating (economy, Economy X and business), leveraging new technology for a simplified check-in and airport experience, and cheaper airfares.
The plan will see the airline compete in its mid-market heartland for guests who want a more premium experience at an affordable and competitive price.
While V…
Read the full article at: https://www.travelweekly.com.au/article/new-virgin-australia-ceo-unveils-airlines-future-direction-as-administrators-offer-parting-remarks/
Ismael Majed Siza (60), a restaurant owner from Westminster, London, has been banned for 12 years and Keith Morgan Thomas (81), a concrete services company from Llanelli, Wales, has been disqualified for 6 years.
Both are now banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company.
Ismael Siza was appointed director of Palms Palace Limited in April 2012 and became the sole director from December 2014. The company traded as Palms Palace Caf Restaurant on Edgware Road in London.
For four years, Ismael Siza caused Palms Palace to conceal sales figures, which meant the company under declared and underpaid tax owed.
Palms Pal…
Read the full article at: https://www.miragenews.com/tax-abuse-lands-two-company-directors-with-bans/
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
Not including sole proprietorships, there were 33 bankruptcies in week 50, 8 fewer than in week 49. In addition, 8 sole proprietorships were declared bankrupt, 2 fewer than in the previous week.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 74 |
| 2019 | 3 | 69 |
| 2019 | 4 | 82 |
| 2019 | 5 | 87 |
| 2019 | 6 | 71 |
| 2019 | 7 | 84 |
| 2019 | 8 | 64 |
| 2019 | 9 | 83 |
| 2019 | 10 | 74 |
| 2019 | 11…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/51/41-bankruptcies-in-week-50 A Indian man threw acid at his wife when she refused go to his friends who had been gang-raping her as compensation for her husbands gambling debts, police claim. The alleged abuse occurred last Saturday night (local time) in the Bhagalpur district in Indias northeastern state of Bihar, the Times Of India reported. Although alcohol is banned in Bihar, police say the man is an alcoholic and gambling addict who bet his wife when he ran out of money in late October. On October 28, the woman was locked in a room after her husband lost her while gambling and was gang-raped by his friends. The New India Express reported that the agreement was she would be available to them for a month, but after several rounds of nightmarish assault, the 30-… Read the full article at: https://7news.com.au/politics/law-and-order/indian-alcoholic-throws-acid-on-wife-when-she-refuses-to-let-his-friends-gang-rape-her-again-to-pay-off-gambling-debt-c-1786768 | Source: Elite Document Management Solutions
San Diego, California, Dec. 17, 2020 (GLOBE NEWSWIRE) — America is in a dire debt situation, at least if the available statistics are anything to go by. Over 138 million Americans are unable to stay up-to-date with their debt payments while a significant number say they are less likely to pay up their loans in full. With the current COVID-19 pandemic, it is likely that the situation could even worsen. Although a good number of Americans were already feeling the effects of the financial crisis, the ongoing global health crisis has only served to aggravate the situation. With the state-wide and nation-wide programs being overwhelmed by the growing debt problem,… Read the full article at: https://www.globenewswire.com/news-release/2020/12/17/2146636/0/en/Elite-Document-Management-Services-Helping-Thousands-Manage-Their-Debts-Amid-COVID-19-Pandemic.html
This year, the federal government passed a range of new legislation to help small businesses withstand the effects of the COVID-19 pandemic. While some of these initiatives are familiar, such as JobKeeper and changes to insolvency, from January 1, 2021, important changes will occur. Here are four changes SMEs need to know. 1. JobKeeper extensionThe extension of JobKeeper 2.0 starts on January 4, and will run until March 28, with lower rates for employees working full-time and part-time. To claim JobKeeper payments for this period, businesses need to show that their actual GST turnover has declined in the December 2020 quarter relative to the same period in 2019. More information about the eligibility test is available here. The tier… Read the full article at: https://www.smartcompany.com.au/finance/policy-changes-jobkeeper-insolvency-homebuilder-payment-times-reporting-scheme/ Go to Top Call Now Button |
