The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed the federal governments extension of temporary insolvency and bankruptcy protections, to support struggling small businesses impacted by the COVID crisis.
Regulations reducing the threat of creditors taking action against a small businesses impacted by trading restrictions have now been extended to 31 December 2020.
The changes also extend the temporary relief for directors from any personal liability for trading while insolvent.
These necessary measures give otherwise viable small businesses more time to recover, preventing a wave of unnecessary insolvencies, Ms Carnell says.
While we support this temporary relief for financially distressed bus…
Read the full article at: https://www.miragenews.com/extended-insolvency-protections-a-relief-for-small-businesses/
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector.
Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company says it does not owe any money to its creditors.
Building industry leaders say conditions in the sector remain tough with a steep slide in approvals to construct units in recent months.
Urban Construct managing directors Todd Brown and James Rice relocated from Adelaide a decade ago and by 2014 said they had over that time built up a pipeline of developments of 3500 apartments …
Read the full article at: https://www.warwickdailynews.com.au/news/major-unit-developer-in-liquidation/4094313/
Temporary insolvency and bankruptcy protections to assist financially distressed Australian businesses during the COVID-19 pandemic have been extended until 31 December 2020.
The Federal Government will introduce regulations to extend the temporary increase in the threshold at which creditors can issue a statutory demand on a company, as well as the time companies have to respond to demands they receive.
In addition, the changes will extend the temporary relief for directors from any personal liability for trading whilst insolvent.
“The extension of these measures will lessen the threat of actions that could unnecessarily push businesses into insolvency and external administration at a time when they continue to be impacted by health re…
Read the full article at: https://www.businessnewsaus.com.au/articles/business-insolvency-and-bankruptcy-protections-extended-until-the-end-of-2020.html
THE concept of rebirthing old car brands is back with Dutch sportscar brand Spyker announcing it will start production of a new range from next year using money from a Russian oligarch.
The brand confirmed this week it was being backed by SMP Racing and BR Engineering, both offshoots of SMP Bank of Russia founder Boris Rotenberg, Russias biggest supplier of gas pipelines and electricity powerlines.
Additional funding will come from Luxembourg design studio Milan-Morady owned by Rotenbergs business partner Michail Pessis and German manufacturer R-Company that has been servicing current Spyker cars for owners.
Spyker, originally a Dutch company that made aircraft and exclusive cars from 1905 until it first closed its doors in 1953, s…
Read the full article at: https://www.goauto.com.au/news/spyker/spyker-bounces-back-with-russian-funding/2020-09-07/83619.html
The COVID-19 pandemic and ensuing surge in demand forfinancial aid has helped highlight the true value of one specialist lenders flexible offering, according to the non-banks head of broker.
MoneyPlaces unique business model allows us to personalise each individual loan to fit the customers profile, explained Moneyplace’s Alf Vasta.
This can be incredibly helpful in supporting customers who may not fit traditional lending criteria and who may otherwise be locked out of the market.
In the last year, demand for personal loans has been huge and MoneyPlace has experienced over 500% growth year on year. This tells us loud and clear that there is a need for the products we offer. And that now, more than ever, customers are looking for f…
Read the full article at: https://www.brokernews.com.au/news/breaking-news/moneyplace-charts-over-500-growth-year-on-year-273180.aspx
Royce Kurmelovs swears there was no car coming.
But there was. He hit it.
His car spun out into three lanes of traffic.
“It was a perfectly ordinary day to be quite frank and it was also possibly one of the worst in my life,” he says.
The crash would push his personal finances to the brink, open his eyes to our complicated relationship with money, and ultimately see him writing a book about debt, in part to get out of debt.
Thankfully, no-one was injured. Then the conversation turned to money.
A police officer asked in a hopeful tone did he have insurance?
He didn’t and the new Mazda he’d hit was a write-off.
“I was on the hook for everything,” Royce tells ABC RN’s Saturday Extra.
The Adelaide-based freelance journalist and author says he …
Read the full article at: https://www.abc.net.au/news/2020-09-07/royce-kurmelovs-car-crash-debt-spiral-money/12624038
Many borrowers are still faced with heavy debt burdens amid the coronavirus outbreak, with most having been pressured by diminishing income and lower debt-servicing ability.
In the wake of worsening economic conditions aggravated by the virus crisis, both regulatory bodies and financial institutions have implemented several debt relief measures to help borrowers overcome difficulty.
Borrowers who want to ease financial burdens can go to lenders asking for debt relief measures. If you cannot pay back loans under the existing conditions, you should visit the bank immediately before your unpaid loan is classified as a bad debt and subsequently branded with a bad…
Read the full article at: https://www.bangkokpost.com/business/1981071/gnawing-away-at-mounting-debt
A grace period designed to save businesses from going under during the coronavirus pandemic is being extended until the end of the year.
Temporary relief measures for businesses in financial distress were due to expire in less than 30 days.
Treasurer Josh Frydenberg and Industrial Relations Minister Christian Porter confirmed the insolvency and bankruptcy protections will remain in place until December 31.
They are also extending reli…
Read the full article at: https://indaily.com.au/news/2020/09/07/business-bankruptcy-pandemic-protection-extended/
A grace period designed to save businesses from going under during the coronavirus pandemic is being extended until the end of the year. Temporary relief measures for businesses in financial distress were due to expire in less than 30 days. Treasurer Josh Frydenberg and Industrial Relations Minister Christian Porter confirmed the insolvency and bankruptcy protections will remain in place until December 31. They are also extending relief from company directors from any personal liability for trading while insolvent. “These changes will help to prevent a further wave of failures before businesses have had the opportunity to recover,” the pair said in a statement. “As the economy starts to recover, it will be critical that distressed busine…
Read the full article at: https://www.standard.net.au/story/6912524/business-liquidation-grace-period-extended/