Insolvency Guardian Media Centre
Rules designed to save thousands of companies from going into administration during the coronavirus pandemic are likely to be extended. The insolvency grace period is set to expire in less than 30 days. But as Australia suffers its worst economic contraction since the 1930s, plunging the country deep into recession, Treasurer Josh Frydenberg is rethinking the deadline. “They were temporary changes and we are considering an extension of those arrangements,” he told reporters in Canberra on Wednesday. “There are about 80 separate regulatory changes we put in place. We’re looking at extending a number of these in light of the fact the COVID-19 recovery is still under way.” The corporate watchdog has been bracing for a large number of compa…
Read the full article at: https://www.wauchopegazette.com.au/story/6907260/liquidation-grace-period-extension-likely/?cs=9397
A Brisbane banker driven to the wall by a failed investment in a once prominent Darling Downs restaurant used his position at a Logan bank to forge a $23,000 cheque to satisfy a family friend hounding him for repayment of a personal loan.
Parkinson man Andrew Stanley Bauer, 51, a former consultant with Suncorp Browns Plains’ stores and specialty department currently employed as insurance broker with Tingalpa firm The Insurance Centre, was charged with seven offences following his failed scheme in March last year.
They include three counts each of forgery and making a false entry in a record, and one count of uttering a forged document.
Beenleigh Magistrates Court heard Bauer, a married father of three children, had been pushed to the…
Read the full article at: https://www.warwickdailynews.com.au/news/respected-banker-threw-it-all-away-for-23000/4090273/
Australia 1 September 2020
Most businesses are struggling to engage customers during the global health pandemic.
The SMEA Digital Transformation Grant helps Australian small businesses to improve their online presence and attract loyal consumers.
Not-for-profit association SMEA created this grant for businesses to extend their digital reach and boost revenue in 2020 and beyond.
Successful applicants run a targeted three-month digital campaign with an award-winning Australian agency using the best online tools available.
What can the Digital Transformation Grant be used for?
Setting up a CRM system
Setting up Marketing Automation
Website updates
Online reputation
SEO services
Paid marketing services (excludes paid media spend)
How do…
Read the full article at: https://getthewordout.com.au/press-release/press-release-this-digital-transformation-grant-is-helping-small-businesses-to-survive-the-pandemic/
In This Issue:
Eighth Circuit Rules that Bankruptcy Code’s Cap on Lease Damage Claims Applies to Fraudulent Transfer Judgment
In Lariat Cos. v. Wigley (In re Wigley), 951 F.3d 967 (8th Cir. 2020), the U.S. Court of Appeals for the Eighth Circuit reversed a bankruptcy appellate panel decision and held that an individual debtor’s joint liability with the guarantor of a real property lease for a fraudulent transfer judgment: (i) was not discharged as a result of the lease guarantor’s prior bankruptcy discharge; but (ii) was nonetheless capped under section 502(b)(6) of the Bankruptcy Code. According to the Eighth Circuit, the fraudulent transfer judgment was “one step removed from the breach of the lease, but [the debtor’s] liability …
Read the full article at: https://www.jdsupra.com/legalnews/business-restructuring-review-july-37204/
Alligator Bloods colourful managing owner is organising a Men In Black style private security detail to shadow the Group I winners every move during the Sydney spring, including a motorcade to escort the galloper to the races.
Allan Endresz, who was declared a bankrupt last week for the fourth time in his ongoing multi million dollar 21-year legal battle with the Commonwealth Government, says he will pull out all stops to ensure Alligator Blood isnt got at.
He claims Alligator Blood was got at when the horse was stripped of his $2m Gold Coast Magic Millions Guineas win in January because ofa prohibited substanceirregularity.
Endresz says he is in talks with a private security firm to protect Alligator Blood in a Sydney campaign which wi…
Read the full article at: https://www.racenet.com.au/news/alligator-blood-owner-organising-men-in-black–security-detail-20200901
Over 1,700 sub-investment grade mid-size companies (those with turnover of Rs 300-1,500 crore) will need debt restructuring to withstand the Covid-19 onslaught, said CRISIL Ratings on Monday.
A total of 1,754 sub-investment grade firms (BB+ or lower) and 589 investment grade entities (BBB- and above) had opted for moratorium on repayment of dues during March-August 2020. The average debt size of these companies in CRISILs rated portfolio, excluding outliers, is around Rs 25-30 crore.
Five sectors power, gems and jewellery, packaging, hotels, auto component and auto dealers accounted for over 99 per cent of firms that opted for a moratorium.
ALSO READ: First economic contraction in 4 decades: India GDP shrinks 23.9% in Q1FY21
Sub-inve…
Read the full article at: https://www.business-standard.com/article/economy-policy/covid-19-1-700-mid-size-companies-need-debt-restructuring-says-crisil-120090100063_1.html
“We have publicly supported the idea of a multi-seller warehouse,” Mr Nicholl told The Australian Financial Review.
He said it would benefit small lenders that lacked the scale to get their costs down. “This should help them and is a good development for the market.”
The aim is for such structures to eventually stand on their own feet and allow more lenders to access debt funding from the private sector.
Neu approach
One of the driving forces in the consortium is Neu Capital, which is among the most active originators of debt financing for mid-market businesses.
Its co-head of deal execution, Edward Jones, was instrumental in designing the structure that was pitched to the AOFM.
He said the agency and the industry had been trying for so…
Read the full article at: https://www.afr.com/companies/financial-services/financial-wizards-help-small-business-lenders-tap-government-fund-20200828-p55q91
EXCLUSIVE: ‘He’s the biggest craps player ever!’ How NBCUniversal exec Ron Meyer, who stepped down after affair with actress was exposed, blew $100M of his fortune gambling, lost up to $7M in one night and chartered helicopters to go casino-hopping
- Ron Meyer was forced to step down earlier this month after blackmailers sent a draft lawsuit to NBCUniversal detailing his affair with actress Charlotte Kirk
- Kirk, now 28, and Meyer, 75, are said to have had an affair in 2012 when she was a 20-year-old actress and he was 67
- DailyMail.com can reveal that Meyer has blown over $100million on gambling
- They say Meyer is the ‘biggest craps player ever’ and has ‘gambled everywhere from Las Vegas to Atlantic City’
- ‘He was probably in t…
Read the full article at: https://www.dailymail.co.uk/news/article-8666239/Disgraced-NBCUniversal-vice-chair-Ron-Meyer-blown-100million-gambling.html
Mayor of Whiting, Indiana, Joseph Stahura has been charged for wire fraud and filing a false income tax return after using campaign money for personal spending. According to the court record, his wife Diane Stahura also misused the campaign funds.
Whiting Mayor Charged with Wire, Tax Fraud
Joseph Stahura, Whiting, Indiana Mayor since 2004 has been charged with wire fraud and filing a false income tax return, announced the U.S. Attorneys Office last week. U.S. Attorney Thomas L. Kirsch II said that Stahura pleads guilty on both charges and entered into a plea agreement. Furthermore, Stahuras wife, Diane Stahura acknowledged that the state officials have sufficient evidence to charge her with wire fraud.
According to the release by the D…
Read the full article at: https://www.gamblingnews.com/news/whiting-mayor-used-campaign-money-for-personal-expenditures/
A report issued by one of Australias leading credit agencies is warning COVID-19 insolvency relief measures will cause a domino effect of business shutdowns.
CreditorWatch says the safe harbour moratorium that is relaxing insolvency rules will dent business confidence and plunge the country into a deeper recession, as government assistance mechanisms are propping up businesses that will inevitably fail.
The moratorium, which is scheduled to end on September 25, enables companies that have become insolvent during the pandemic to continue trading. It also provides temporary relief from personal liability and debt obligations.
A white paper report published in conjunction with the Australian Institute of Credit Management (AICM) and the Aus…
Read the full article at: https://www.news.com.au/finance/business/other-industries/new-report-shows-covid19-relief-measures-could-be-doing-more-harm-than-good/news-story/68960a3543ebfea04f41ea98cb0c73bc
HAMILTON, Bermuda, Aug. 31, 2020 /PRNewswire/ — Certain of the new secured noteholders (the “NSNs”) approached Seadrill Limited (the “Company”) to discuss the possibility of extinguishing the outstanding NSNs in exchange for certain secured collateral. The attached slide details the Company’s response to the proposal from the NSNs.
FORWARD LOOKING STATEMENTS
This release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company’s plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management’s current plans, expectations, a…
Read the full article at: https://www.prnewswire.com/news-releases/sdrl—cleansing-announcement—restructuring-process-301121153.html
University degrees could take 20 years to pay off under the Governments proposed HECS-HELP plan, with humanities and communications degrees taking the biggest hit.
Arts, humanities, communications and social science degrees could take twice as long to pay off as it does under the current system.
The plan puts a cap on what students can borrow from the Government to cover the costs of tertiary tuition fees which could put students into debt for decades.
Under the changes, fees for humanities and communications courses will more than double, and law and commerce students will be paying around 28 per cent more.
However, teaching, nursing, clinical psychology, English, languages, maths and agriculture courses will drop by up to 62 per cen…
Read the full article at: https://www.adelaidenow.com.au/business/economy/university-fee-changes-will-put-students-into-20-years-of-debt/news-story/e80db7090fdf514f3155a1aece2581d2