Ambertech brand Onkyo Corporation is insolvent and desperately looking for a solution to keep the business from bankruptcy.

The Tokyo Stock Exchange has given the Japanese Company whose products are sold at Harvey Norman a limited window to get their affairs in order before a forced delisting from the JASDAQ stock exchange is implemented.

The Company recently announce a massive decline in revenues and record losses due in part to COVID-19.

The company blamed several variables, including COVID-19, for their dismal results in the last fiscal year.

A major concern is that one of their large factories in Malaysia was forced to close down by the Malaysian Government with the Company complaining that despite the forced closedown they were sti…

Read the full article at: https://www.channelnews.com.au/exclusiveonkyo-insolvent-struggling-to-stave-off-bankruptcy/

Print giant Ovato has passed the first hurdle in its restructuring plan, gaining court approval to present its plan to take the company forward from its current difficulties to its creditors and members, with a vote in a fortnight’s time.

The NSW Supreme Court made only minor modifications to the Scheme of Arrangement, which will see the Clayton site close, 300 jobs go, and creditors asked to take a 50 per cent haircut on their outstanding invoices.

Under the Scheme Ovato is proposing to transfer the assets and businesses of four of its companies Ovato Print, Hannanprint NSW, Hannanprint Vic, and Inprint into Ovato, and in Inprints case al…

Read the full article at: https://www.print21.com.au/commercial/ovato-rescue-step-1-over-the-line

With Zambias recent default on debt repayment and global concern over pandemic-related economic impacts, the G20 meeting in Riyadh wrapped up Sunday with a commitment through June for the Debt Service Suspension Initiative (DSSI) to allow developing nations to defer debt payments.

The coronovirus pandemic is not only the greatest health crisis of our time, but also a severe social and economic crisis. The pandemic has set back global efforts to eradicate poverty and narrow inequality, said South African President Cyril Ramaphosa, current chairman of the African Union.

Our recovery from the crisis requires that we redouble our efforts to meet our global obligations as reflected in the UN 2030 Agenda for Sustainable Development particula…

Read the full article at: https://africatimes.com/2020/11/22/g20-wraps-up-with-african-debt-relief-a-priority/

DUBAI/WASHINGTON (Reuters) – Leaders of the worlds 20 biggest economies on Sunday endorsed a plan to extend a freeze in official debt service payments by the poorest countries to mid-2021 and backed a common approach for dealing with their debt problems.

In a joint statement, Group of 20 leaders also strongly encouraged private creditors to take part in the initiative on comparable terms and said they were keeping an eye on the special challenges facing Africa…

Read the full article at: https://www.reuters.com/article/uk-g20-saudi-debt/g20-to-extend-debt-relief-to-mid-2021-pushes-private-sector-to-help-idUKKBN2820KJ

The Pandemic accelerated the mess.

ByNick Corbishley, forWOLF STREET:

Construction and real-estate development giant and funds management firm Grocon Group which built some of Australias most iconic modern buildings, including three of its five tallest skyscrapers, as well as major projects in India and Abu Dhabi declared insolvency on Friday, according to ABC News, and is putting several of its construction companies into administration (a form of bankruptcy), following years of legal wrangles, industrial disputes, and months of lockdown. The company, which is family owned, reportedly owes tens of millions of dollars to creditors, including hundreds of subcontractors.

Australias construction industry, which accounts for 13% of Austra…

Read the full article at: https://wolfstreet.com/2020/11/22/australian-construction-real-estate-development-giant-grocon-hits-wall-amid-industry-swoon-that-started-in-mid-2019/

WASHINGTON (Reuters) – The head of the International Monetary Fund on Sunday called for prompt and effective implementation of a new G20 framework set up to help the worlds poorest countries reach permanent debt relief, but said other countries needed help as well.

It is critical to operationalize this Framework promptly and effectively, IMF Managing Director Kristalina Georgieva said in a statement after addressing the leaders of the Group of 20 major economies. Going forward, we must also help those countries not covered by the Framework to address debt vulnerabilities so that their economies can become more resilient.

The debt treament framework endorsed by G20 leaders on Sunday applies to 73 countries that are…

Read the full article at: https://www.reuters.com/article/uk-g20-saudi-imf/imf-calls-for-expansion-of-debt-relief-beyond-worlds-poorest-countries-idUKKBN2820L0

PUBLISHED: 19:31 22 November 2020

Angus Williams

The Manor House pub in Wortham which has recently shut down.

(C) Archant 2020

The former director of a popular pub and takeaway forced the business into liquidation after he took a 100,000 loan from the business and did not repay it, according to liquidators.

Read the full article at: https://www.dissmercury.co.uk/news/wortham-manor-house-pub-goes-into-liquidation-1-6940480

BRUSSELS (Reuters) – Leaders of the 20 biggest economies on Saturday vowed to ensure a fair distribution of COVID-19 vaccines, drugs and tests around the world and do what was needed to support poorer countries struggling to recover from the coronavirus pandemic.

We will spare no effort to ensure their affordable and equitable access for all people, consistent with members commitments to incentivize innovation, the leaders said in a draft G20 communique seen by Reuters. We recognise the role of extensive immunization as a global public good.

The twin crises of the pandemic and an uneven, uncertain global recovery dominated the first day of a two-day summit under the chairmanship of Saudi Arabia, which hands off the rotating presidency of t…

Read the full article at: https://www.reuters.com/article/uk-g20-saudi/g20-to-discuss-post-pandemic-world-back-debt-relief-idUSKBN28102Q

Luxury fashion brand alice McCALL has now gone into voluntary administration, sadly following a long line of retailers that have had to shut up shop due to COVID-19.

Fashion designer behind the brand Alice McCall herself gave a statement to 9News discussing her need to edit down the business and rework into a more sustainable business model for the future which sounds EXCELLENT!

Due to the unprecedented effects that COVID-19 has had on our economy, as well as some unsustainable bricks and mortar rental obligations, I have had to make necessary decision to edit down my business.

Although an insolvency firm has stepped in to give a helping hand in recovering the business, a number of stores will close and redundancies will be handed out.

…

Read the full article at: https://www.kiis1065.com.au/entertainment/fashion-brand-alice-mccall-has-gone-into-voluntary-administration-as-covid-19-takes-another/

The Ministry of Economic Affairs has estimated that Pakistan can potentially get relief worth $915m during January-June 2021. photo: reuters

ISLAMABAD:

Pakistan has so far secured $800 million worth of debt freeze deals from 14 members of the richest club of G-20 countries, as it still awaits ratification by remaining six countries including Saudi Arabia and Japan involving $1 billion transactions.

Pakistan along with 76 other poor African countries had qualified for the G-20 debt relief initiative, announced in April this year for May-December 2020 period, to combat the adverse impacts of the pandemic.

During the past seven months 14 countries ratified their agreements with Pakistan, which has provided fiscal space of $800 million …

Read the full article at: https://tribune.com.pk/story/2273063/pakistan-secures-800m-in-debt-relief

World News

Raya Jalabi

Ryan Woo

Andrea Shalal

BEIJING/DUBAI/WASHINGTON (Reuters) – Leaders of the 20 biggest economies on Saturday vowed to ensure a fair distribution of COVID-19 vaccines, drugs and tests around the world and do what was needed to support poorer countries struggling to recover from the coronavirus pandemic.