NAB has today launched the NAB StraightUp Card, Australias first no interest credit card, in response to Australians wanting more control over their finances.
For a flat monthly charge, customers can get access to credit of up to $3,000. Customers dont pay the monthly fee if the card is not used1 and there are no other fees or charges. This means no interest, no annual fees, no late payment fees and no foreign currency fees.
NAB Group Executive, Personal Banking, Rachel Slade said the NAB StraightUp Card represented a completely new approach to credit.
We started with a straightforward idea to create a card with no interest, no annual fees and no late payment fees, Ms Slade said.
This is the result a simple, easy to understand cre…
Read the full article at: https://www.miragenews.com/nab-launches-australia-s-first-no-interest-credit-card/
Big Four accountancy firm Deloitte has reportedly begun early talks about the potential sale of its restructuring business.
According to Sky News, Deloitte has told executives running its restructuring arm to sound out and approach prospective backers of a management buyout.
The decision comes in the face of a potential surge in its restructuring arms profitability due to the increase in corporate insolvencies caused by the Covid-19 pandemic. As such, it is thought that the move is the latest indication of the potential impact impending audit reform targeted towards the big four firms is having on their business models.
Deloittes restructuring arm currently employs around 350 members of staff and has 30 partners. A potential price tag…
Read the full article at: https://www.accountancytoday.co.uk/2020/09/09/deloitte-eyes-sale-of-its-restructuring-business/
Aussie fashion brand Colette by Colette Hayman has been officially sold out of voluntary administration, with a new owner announced today but the businesss bricks-and-mortar presence has been cut by a third.
The new major shareholder and executive chairman, revealed in an announcement this morning, is ex-Myer and Edcon CEO Bernie Brookes, while John Skellern will be the new CEO.
The new Colette business, owned by the CBCH group of companies, will have just 35 retail outlets across mainland states instead of the 138 stores it had predominantly in Australia and New Zealand before going into administration in January this year.
RELATED: Collapsed fashion giant shuts 33 stores
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The downgraded b…
Read the full article at: https://www.news.com.au/finance/business/retail/fashion-retailer-colette-by-colette-hayman-sold-out-of-administration/news-story/b9e3eb6f22514feedfa61f80d50bf55f
A federal government initiative to save thousands of businesses from sinking into insolvency during the pandemic was full of good intentions. But a new analysis suggests all it’s doing is creating a new breed of “zombie” companies and paving the way for a tsunami of insolvencies when the support measures end at the end of the year. This week Treasurer Josh Frydenberg and Industrial Relations Minister Christian Porter decided to keep the insolvency and bankruptcy protections in place until December 31. They are also extending relief for company directors from any personal liability if they oversee firms trading while insolvent. “These changes will help to prevent a further wave of failures before businesses have had the opportunity to re…
Read the full article at: https://www.victorharbortimes.com.au/story/6916859/insolvency-measures-creating-zombie-firms/?cs=9676
A research firm says at least 500 companies in Japan have gone bankrupt since February due to the impact of the coronavirus outbreak.
Teikoku Databank says a total of 500 companies legally declared bankruptcy or had suspended business and were preparing for legal liquidation as of Tuesday.
By industry, restaurants topped the list with 69 going under, followed by 53 hotels and inns, and 34 apparel retailers.
By prefecture, 123 companies failed in Tokyo, as did 54 in Osaka, and 25 in Hokkaido.
By month, more than 100 firms became insolvent in both June and July, and 84 firms were known to have gone under in August as of Tuesday.
The research firm says the government’s support packages for small and medium-sized companies appear to hav…
Read the full article at: https://www3.nhk.or.jp/nhkworld/en/news/20200909_17/
Corporate bankruptcies in the U.S. continue to grow during the coronavirus crisis as 24 companies joined 2020’s list of casualties and pushed the year-to-date total closer to 500, according to an S&P Global Market Intelligence analysis.
A total of 470 companies have gone bankrupt this year as of Sept. 7, more than the number of filings during any comparable period since 2010.
Market Intelligence’s bankruptcy analysis includes public companies or private companies with public debt. Public companies included in the list of companies with public debt must have at least $2 million in either assets or liabilities at the time of the bankruptcy filing. In comparison, private companies must have at least $10 million in assets or liabilities.
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Read the full article at: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcy-count-in-2020-nears-500-as-filings-continue-to-climb-60249430
ALBANY, N.Y. (WBEN/AP) Daily fantasy contests like those operated by FanDuel and DraftKings face an uncertain future in New York after an appellate court ruled Thursday that a 2016 law legalizing such games violated a constitutional prohibition on gambling.
The court upheld a lower courts ruling that the Legislature unlawfully authorized the activity by classifying it as a game of skill, not chance.
Were very gratified by the decision, said attorney Neil Murray, who represents the group that brought the lawsuit. We think the integrity of the New York state Constitution has been upheld.
Gov. Andrew Cuomo signed a bill into law in 2016 that cleared the way for companies like DraftKings and FanDuel to operate and be regulated in New Yor…
Read the full article at: https://www.radio.com/wben/articles/court-rules-fantasy-sports-contests-are-illegal-gambling
The government has recovered about $345 million of these payouts over the past five years, including through actions as a creditor.
This scheme provides workers annual and long service leave payments, up to 13 weeks of unpaid wages, up to five weeks of payment in lieu of notice and a maximum of four weeks redundancy pay for each full year of service. Unpaid superannuation is not covered.
Most employees’ redundancy payments are capped at 12 weeks but those on union-negotiated deals and individual contracts can build payouts faster and to much higher levels that can be worth hundreds of thousands of dollars.
Leading employer association Ai Group warns the government the cost of the scheme could rise significantly during the economic cr…
Read the full article at: https://www.smh.com.au/politics/federal/a-very-big-bill-taxpayers-to-be-slugged-with-staff-costs-for-failed-businesses-20200908-p55tgu.html
Virgin Australia has slashed a string of regional routes from its network as part of its restructure after it was crippled by the coronavirus pandemic.
Under its new US owners Bain Capital, who took over the aviation company in late June after it went into voluntary administration, the airline has cut flights from Ayers Rock, Albury, Tamworth, Hervey Bay, Mildura, Cloncurry and Tonga for the foreseeable future.
With the changes to simplifying our fleet and ongoing subdued customer demand, we have been required to make some adjustments to our network, a Virgin spokesperson said.
We remain committed to regional Australia and we plan to continue to fly to 20 regional destinations in Australia. We will continue to review our network as tr…
Read the full article at: https://www.couriermail.com.au/travel/travel-news/virgin-australia-announces-it-has-cancelled-several-regional-routes/news-story/5f23c13547d0f84cc46aff8dc09c332d
With many Australians now out of work, financial stress is no doubt on the rise. Over 40% reported feeling nervous, restless or exhausted in the past month, according to the Australian Bureau of Statistics.
Your financial health can have a huge impact on your mental health. Thats why this R U OK? Day, its important to stay connected and check up on your own finances as well.
Chair of the R U OK? Conversation Think Tank, Kamal Sarma, says now more than ever, we need to spatially distance but socially connect.
People are affected a lot about their finances, mentally. It can create a lot of worry and concern. For example, if youre near retirement and you see your nest egg dropping in value or youve lost your job, that can be really challengin…
Read the full article at: https://mozo.com.au/family-finances/r-u-ok-day-how-to-look-after-your-financial-health
The number of Australian businesses going into liquidation or administration plummeted to way below normal levels in July and August, leading to fears of the true state of many businesses, with printers warned to ensure they keep a tight rein on credit terms.
Winding-up applications are down by 89 per cent. In fact, the ATO did not file any winding-up applications in July or August. Insolvency outfits say this is consistent with their understanding that during this period, the ATO is more focused on business support measures than recovery procedures.
In the same two months court liquidations are down 74 per cent, with voluntary administrations down 62 …
Read the full article at: https://www.print21.com.au/news/insolvency-figures-plummet-fears-over-credit-lines