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The retail apocalypse claimed another victim after shopping mall operator CBL and Associates Properties (NYSE:CBL) declared bankruptcy on Sunday. Although
The Australian Financial Security Authority has issued a warning around dodgy insolvency advisors ahead of an anticipated spike of bankruptcies.
The personal insolvency regulator has now launched a public campaign to raise awareness on the prevalence of dodgy insolvency advisors and tell-tale signs for the public to look out for.
The Australian Financial Security Authoritys campaign comes as it is particularly concerned that those experiencing financial stress because of the economic impact of COVID-19 may be easy targets.
Some key signs that an advisor could be dubious include asking for a payment with a promise to get the person out of bankruptcy within a few months, or offering to organise a persons affairs so their property will b…
Japanese apparel maker Renown Inc., which had sought court protection to revive its century-old business, will go into liquidation amid plunging sales due to the novel coronavirus pandemic, its lawyers said Monday.
The Tokyo District Court last Friday decided to discontinue court protection after a sponsor could not be found. The liquidation procedure is expected to begin after about a month, according to credit research firm Tokyo Shoko Research.
The textile company had undertaken restructuring measures since filing for protection from creditors in May with debts totaling 13.88 billion ($133 million).
In August, Renown said it would sell some of its main brands including Durban and Aquascutum to group companies of Koizumi Co., an app…
An IT worker who stole laptops worth more than 12,000 from a hospital during the coronavirus pandemic has been jailed.
Neil Murthick helped himself to 27 laptops which were acquired to help staff at Darlington Memorial Hospital work from home.
Teesside Crown Court heard how the 42-year-old’s role was to get the computers set up and ready to go for NHS workers.
However Murthick, who was employed as an agency worker, was going into the store room at the hospital in Darlington and taking two or three computers at a time.
The court in Middlesbrough heard how he was then selling the laptops so he could pay off a gambling debt.
Murthick, of Inglewood Close, Darlington, admitted a charge of theft by employee.
PREIT, co-owner of Lehigh Valley Mall in Whitehall Township and the largest mall owner in Philadelphia, on Sunday filed for Chapter 11 bankruptcy protection with a ready-to-go plan to bolster its financial flexibility and restructure its debt.
PREIT had hoped to avoid a bankruptcy filing and reorganize out of court, which would have required the support of 100% of its bank lenders on a financial restructuring agreement announced Oct. 14. The company said 95% of its creditors support the plan, which will now be implemented through the bankruptcy process.
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The prepackaged plan, PREIT said, should expedite the restructuring and allow it to quickly emerge from bankruptcy. Under the agreement, PREIT plans to put up 12 …
The retail apocalypse claimed another victim after shopping mall operator CBL and Associates Properties(NYSE:CBL) declared bankruptcy on Sunday.
Although the real estate investment trust was struggling for years, rumors of a possible collapse have been circulating since the summer. It may have been a foregone conclusion after J.C. Penney(OTC:JCPN.Q), one of CBL’s biggest tenants, itself sought protection in the bankruptcy courts.
Image source: Getty Images.
CBL’s declaration was actually the second one, after Pennsylvania Real Estate Investment Trust(NYSE:PEI) announced it was seeking a pre-packaged financial restructuring deal.
Retailers were in trouble long before the coronavirus pandemic struck, with shopping malls falling out…
AN IT contractor stole 12,000 worth of laptop from the NHS in a desperate attempt to clear his gambling debts.
Neil Murthick stole 27 computers which had been bought by the County Durham and Darlington NHS Foundation Trust at the outbreak of the Covid pandemic to enable staff to work safely from home.
Murthick, whose wife works as a nurse, was branded ‘selfish’ by a judge as he was jailed for two years and two months.
Teesside Crown Court heard how the 42-year-old was brought into the trust to update and prepare computers for staff but instead he was helping himself to laptops before selling them.
Judge Jonathan Carroll said: “The NHS is a golden treasure of which we are intensely proud of in this country. 2020 is a year that will liv…
Virgin Australia Prepares For Upcoming Holiday Season
The holidays are approaching, and despite COVID-19, more passengers continue to consider air travel for leisure and participation in the holiday festivities. Virgin Australia officially announced its schedule ahead of the upcoming holiday season when travel demand usually sees massive peaks introducing flight resumptions and expanded frequencies for high-demand, domestic leisure routes beginning in November.
Australians love to explore and with summer just around the corner theres never been a better time to holiday and visit loved ones and local businesses while international travel remains suspended, Virgin Australia Group C…
Barcelona appear to be a club in crisis both on and off the field. The Blaugrana have managed just eightpoints in sixleague games so far, enduring their worst start to a LaLiga campaign in 18 years. Their struggles off the field have been well documented as well, with multiple reports discussing Barcelona’s financial status, pointing out the dire state the club finds itself in. Now, according to fresh reports, the club is at risk of bankruptcy if it fails to negotiate the latest round of pay cuts.
Lenders, by law, must take reasonable steps to check that a person is able to repay a loan before approving it
New reforms proposed by the Australian government will remove this requirement
Financial counsellors fear they will be overwhelmed if the reforms go ahead
When Shahir Azamy walked into a Commonwealth Bank branch in Melbourne in December, 2016, it was to get information about a loan for a car.
Shahir, who had just turned 18, lived with his three siblings and their father and mother, whose disability support pension and carer’s payments covered the bulk of the family’s living expenses.
Shahir worked two jobs at the time, one at a clothing store and the other at Woolworths, and his combined pay barely covered th…
FC Barcelona could be declared as bankrupt if they don’t find a way around reducing their wage bill by 190 million euros by the end of next week.
AS quote RAC1, who reports that negotiations to lower player and staff salaries began on Friday at Barcelona, with a meeting between lawyers representing the club and the players.
The report further reveals Barcelona’s race against time as the Catalan side need to reach an agreement with the players to cut wages by 30% aggregate for the squad by Thursday, November 5 or run the risk of being declared bankrupt in January.
Additionally, the alarming situation is one with Lionel Messi. If the Argentine does not choose to renew his contract, Barcelo…
How does anyone end up going bankrupt with debts of over 2.5 billion, never mind if youre the brother of one of the worlds richest men? The answers include some of the usual business explanations; this was all about the risks of bad timing, betting big on commodity prices and signing unlimited personal guarantees.
Pramod Mittal is the younger brother of Lakshmi Mittal, whose personal fortune is variously estimated to be close to 7 billion. Like his brother, Pramod Mittal has spent his career in the steel industry following in the footsteps of their father, who started a business in the sector in 1950.
Things started to go wrong following the global financial crisis in 2008, when a sharp drop in demand for steel devastated the price worl…
Tax experts have warned that an incoming law which moves HM Revenue & Customs higher up the list of creditors in insolvencies could further damage the economy and cause more companies to go bust.
From December 1, the UK tax authority will be ranked higher in the pecking order used to decide which creditors get paid first when a company fails. The change applies to unpaid VAT, income tax, employees national insurance, student loan deductions and Construction Industry Scheme deductions, but not corporation tax.
The measure, originally announced in budget 2018, is expected to raise an additional 185m annually for the exchequer. But the Chartered Institute of Taxation, a professional body, said it could lead to an increase in insolvencies a…
