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A bankrupt Sydney gym and construction entrepreneur previously involved in several collapsed companies is being chased by Brisbane tradespeople who claim they are owed thousands of dollars for work on an inner-city ‘fitness village’.
Texture Creative and Wilson Emergency Lighting were this week owed a combined $31,000 for work completed for Fit Village at Paddington, founded by businessman Jake Henley.
Fit Village is owned by RJC1 Pty Ltd, of which Mr Henley’s partner Melissa Stoodley is the sole director – however Mr Henley promotes himself as the founder.
Ms Stoodley did not respond to a request for comment and Mr Henley denies wrongdoing.
According to its website Fit Village – which now features an operational gym – will become “…
BUSINESSES struggling to recover in the wake of the COVID-19 pandemic are opting for restructuring rather than redundancy.
And a leading Sheffield financial expert is warning that the tough choice will see more companies closing their doors as the furlough scheme comes to an end and they may be facing forced closures and local lockdowns.
We are already talking to several business who are facing this terrible dilemma, said Deborah Lockwood, partner at insolvency and recovery practice Graywoods.
On the balance sheet or by any other financial test they are not insolvent but after so many months of uncertainty, mothballing, declining orders and incurring ongoing costs they do know that they will have to make redundancies.
LONDON (Reuters) – Rich nations, development banks and private creditors need to ramp up support for poorer countries to prevent humanitarian crises and a lost decade of global growth, the prominent G30 group of former policymakers and academics said on Wednesday.
How to support struggling countries is the most pressing issue being discussed during the virtual annual meetings of the International Monetary Fund and World Bank this week amid warnings 150 million people could be pushed into extreme poverty by the end of next year.
The G30, which includes former U.S. Treasury Secretary Larry Summers, urged the IMF to boost lending.
We call on the IMF to double its concessional lending as a matter of urgency, Summers said, adding that IMF me…
A bankrupt Sydney gym and construction entrepreneur previously involved in several collapsed companies is being chased by Brisbane tradespeople who claim they are owed thousands of dollars for work on an inner-city ‘fitness village’.
Texture Creative and Wilson Emergency Lighting were this week owed a combined $31,000 for work completed for Fit Village at Paddington, founded by businessman Jake Henley.
Fit Village is owned by RJC1 Pty Ltd, of which Mr Henley’s partner Melissa Stoodley is the sole director – however Mr Henley promotes himself as the founder.
Ms Stoodley did not respond to a request for comment and Mr Henley denies wrongdoing.
According to its website Fit Village – which now features an operational gym – will become “…
Finance chiefs from the Group of 20 major economies are expected to agree Wednesday to extend their debt relief for developing countries hobbled by the coronavirus pandemic, conference sources said.
The G-20 finance ministers and central bank governors are holding a virtual meeting and will also likely endorse delaying a deal on new taxation rules for globally operating technology companies to mid-2021. They will also discuss coordination in responding to economic impact from the pandemic, the sources said.
Officials hoist flags of the Group of 20 nations on June 28, 2019, at the Intex Osaka convention center. (Kyodo)
They will release a joint statement after the meeting, in which Finance Minister Taro Aso and Bank of Japan Governor H…
G20 finance ministers and central bankers are set to hold talks Wednesday aimed at spurring global recovery from a coronavirus-triggered recession while considering a proposal to extend debt relief for crisis-hit poor countries.
The virtual talks, hosted by current G20 president Saudi Arabia, come a day after the International Monetary Fund warned that global GDP would contract 4.4 percent in 2020 and the damage inflicted by the pandemic would be felt for years.
The meeting will “discuss updates to the G20 Action Plan supporting the global economy through the COVID-19 pandemic,” G20 organizers said in a statement.
The group will also discuss “the progress made on the G20 Debt Service Suspension Initiative (DSSI) and its proposed exten…
The revised default threshold of 1 crore for trigger of corporate insolvency applies prospectively from March 24 and not retrospectively, the National Company Law Appellate Tribunal (NCLAT) has ruled.
This would mean that those applications before March 24 which had debt default of less than 1 crore, but over 1 lakh can be admitted for corporate insolvency process.
Dismissing an appeal (by a majority shareholder and director of Om Boseco Rail Products Ltd) against an order of the NCLT Kolkata bench, which had held that the Ministry of Corporate Affairs (MCA) notification increasing the default limit to 1 crore applied prospectively, the NCLAT also ruled the revised default limit would not apply to those applications under the IBC which …
A bankrupt Sydney gym and construction entrepreneur previously involved in several collapsed companies is being chased by Brisbane tradespeople who claim they are owed thousands of dollars for work on an inner-city ‘fitness village’.
Texture Creative and Wilson Emergency Lighting were this week owed a combined $31,000 for work completed for Fit Village at Paddington, founded by businessman Jake Henley.
Fit Village is owned by RJC1 Pty Ltd, of which Mr Henley’s partner Melissa Stoodley is the sole director – however Mr Henley promotes himself as the founder.
Ms Stoodley did not respond to a request for comment and Mr Henley denies wrongdoing.
According to its website Fit Village – which now features an operational gym – will become “…
Accounting firms are increasingly at risk of being owed bad debts by business clients who go under, the Australian personal insolvency regulator has found.
The Australian Financial Security Authority (AFSA) has marked accountants as one of six common businesses that are highly exposed to trade credit debt, with new statistics revealing that such debts are now almost on par with bank debt.
In the September quarter, the AFSA found that people in businesses who entered into a personal insolvency owed 32 per cent of their debts to another business, sole trader or individual.
Bank debts, in comparison, accounted for 35 per cent.
AFSAs chief economist and statistician, River Paul, said the new figures were significant, noting that bank debt…
2020s been a tough time for airlines, as international tourism has ground to a halt thanks to COVID-19. Australian airlines have suffered even more than others, thanks to both domestic border closures and strict restrictions on overseas travel. Virgin Australia notably went into voluntary administration earlier this year, but Qantas the national carrier and one of the worlds oldest airlines has also been suffering.
With only faint trickles of ticket sales and no clear end in sight to this pandemic, Qantas has explored other ways to stay afloat during these troublesome times. Necessity once again has proved to be the mother of invention, and Qantas has proved to be a plucky innovator. Not only have they been offering scenic boomerang f…
The African country struggles to convince lenders that it cannot pay its debt, preferring to divert money to saving lives at home.
After facing off powerful private creditors, the small African country of Zambia is now at loggerheads with Chinese lenders on the matter of deferring debt repayments which have crippled its economy.
Zambia is in the midst of a debt crisis exacerbated by the onslaught of the coronavirus pandemic. Its attempt to negotiate a debt repayment plan with lenders is being seen as a test case for other debt-burdened countries.
Over the years, Zambia has accumulated around $11.9 billion in foreign debt, a third of it owed to Chinese creditors, most of whom are state-run entities.
G20 finance ministers and central bankers are set to hold talks Wednesday aimed at spurring global recovery from a coronavirus-triggered recession while considering a proposal to extend debt relief for crisis-hit poor countries.
The virtual talks, hosted by current G20 president Saudi Arabia, come a day after the International Monetary Fund warned that global GDP would contract 4.4 percent in 2020 and the damage inflicted by the pandemic would be felt for years.
The meeting will “discuss updates to the G20 Action Plan – supporting the global economy through the COVID-19 pandemic,” G20 organisers said in a statement.
The group will also discuss “the progress made on the G20 Debt Service Suspension Initiative (DSSI) and its proposed extension…
