Insolvency Guardian Media Centre
An Albury businessman has been declared bankrupt in a win for the Commonwealth which says he owes it more than $10 million following a long-running court battle. The Commonwealth had applied to the Federal Court for a sequestration order against Allan Paul Endresz . He opposed it on a number of grounds, including a submission that the judge could not be satisfied that the debt was still owing. But Justice Jacqueline Gleeson on Thursday made the order and ruled that the Commonwealth’s legal costs of $19,739 be paid from the estate of Mr Endresz. In its March application, the Commonwealth said Mr Endresz owed it $11,588,824. This was said to be the balance of a debt order of $18,633,178 made in the ACT Supreme Court in 2014 less $7,044,35…
Read the full article at: https://www.lithgowmercury.com.au/story/6898672/nsw-man-bankrupted-over-claimed-10m-debt/
Coca-Cola announced on Friday a workforce restructuring plan that will include voluntary job cuts.
Shares of the beverage giant, which has a market value of $210 billion, rose 1% in premarket trading. The stock has fallen 12% this year.
Coke said it will offer voluntary layoff packages to employees who qualify, starting with about 4,000 workers in the U.S., Canada and Puerto Rico who were hired on or before Sept. 1, 2017.The voluntary buyouts are expected to limit the number of involuntary job cuts that will follow.
The company is forecasting that its overall global severance program will cost the company $350 million to $550 million. Coke had roughly 86,200 employees worldwide as of Dec. 31, of which more than 10,000 were in the U.S…
Read the full article at: https://www.cnbc.com/2020/08/28/coca-cola-to-restructure-workforce-and-it-sets-voluntary-job-cuts.html
Albury businessman and prominent racehorse owner Allan Endresz has been declared bankrupt for a fourth time, but is refusing to concede defeat in his marathon legal battle with the federal government. His latest legal setback came this week in the Federal Court where the Commonwealth had applied for a sequestrian order and Justice Jacqueline Gleeson ruled that the Commonwealth’s legal costs of $19,739 be paid from Mr Endresz’s estate. Mr Endresz opposed the order on multiple grounds, including a submission that the judge couldn’t be satisfied that the debt was still owing. In its application to the court, the Commonwealth stated Mr Endresz owed it $11,588,824 as the balance of a debt order of $18,633,178 made in the ACT Supreme Court …
Read the full article at: https://www.bordermail.com.au/story/6900614/endresz-down-again-but-says-he-is-still-not-out/
Crime Stoppers of Central Indiana allows Indianapolis residents to share anonymous tips with law enforcement. Here are a few things Crime Stoppers wants you to know before you call.
Corrections & Clarifications:A previous version of this story incorrectly stated the status of Stahura’s resignation. He has announced his intention to resign.
A longtime Northwest Indianamayor has announced he intends to resignafter being charged in federal court with misusing more than $250,000 in campaign funds for personal expenses.
Whiting Mayor Joseph M. Stahura, 64, has beencharged with wire fraud and filing a false income tax return in the U.S. District Court for the Northern District of Indiana
According to U.S. Attorney Th…
Read the full article at: https://www.indystar.com/story/news/crime/2020/08/27/whiting-mayor-joseph-stahura-charged-federal-court-wire-fraud/5646042002/
As a result of the severe impact of COVID-19 on the airport, Gatwick Airport will undertake a major business restructure, putting roughly 600 jobs at risk.
London Gatwick Airport (LGW) has announced plans for a significant restructure across its business, designed to further reduce operating and staff costs in light of the dramatic impact that the COVID-19 pandemic has had on its passenger and air traffic numbers.
The proposed organisation redesign will reshape the company so that it is best placed to respond quickly to future growth.
The new proposals could result in roughly 600 job roles being removed from across the business, which is approximately 24 per cent of the current number of employees. The company will now enter into …
Read the full article at: https://www.internationalairportreview.com/news/125521/gatwick-airport-business-restructure/
An Albury businessman has been declared bankrupt in a win for the Commonwealth which says he owes it more than $10 million following a long-running court battle. The Commonwealth had applied to the Federal Court for a sequestration order against Allan Paul Endresz . He opposed it on a number of grounds, including a submission that the judge could not be satisfied that the debt was still owing. But Justice Jacqueline Gleeson on Thursday made the order and ruled that the Commonwealth’s legal costs of $19,739 be paid from the estate of Mr Endresz. In its March application, the Commonwealth said Mr Endresz owed it $11,588,824. This was said to be the balance of a debt order of $18,633,178 made in the ACT Supreme Court in 2014 less $7,044,35…
Read the full article at: https://www.northweststar.com.au/story/6898672/nsw-man-bankrupted-over-claimed-10m-debt/?cs=9397
Profit hike from lower revenues follows restructures, government subsidies
 |
|
The company has overseen operational changes in the past 12 months |
The winds of change have swept through K&S Corporation, with vast restructuring delivering a much different outlook on recent years.
Last year it reported its annual net profit fell 86.4 per cent to $2.32 million, despite revenues rising 7.2 per cent to $905.2 million.
This year, K&S saw a statutory profit after tax of $11.2 million for the year, 384 per cent higher than the prior corresponding period (pcp), even though operating revenues decreased by 12.7 per cent to $790.6 million.
The change is underscored by what K&S cites as “operational efficiencies, supplier …
Read the full article at: https://www.fullyloaded.com.au/industry-news/2008/k-and-s-corporation-sees-off-transformative-financial-year
Crystal Cruises proud boast was that it was the most awarded luxury line. This week, it announced a preview of the deployment for the all-suite, 62-guest Crystal Esprityacht for 2023 and through to the first quarter of 2024.
It includes 35 all-inclusive luxury sailings in 2023, and 11 idyllic sojourns through the Seychelles islands and bays, perfect for tropical water adventures and outdoor activities.
It sounded like the usual aspirational launch you could almost hear the champagne corks popping.
Except they werent. Behind the scenes, things were slightly different.
Crystal is owned by the mighty Genting casino empire, which also owns Dream Cruises, Asias first luxury line, and Star Cruises. It also owns the Werften shipyard in Europ…
Read the full article at: https://cruisepassenger.com.au/crystal-insists-were-still-in-business-as-owner-halts-debt-repayments/
Heatset print giant Ovato suffered a $130m hit on its sales revenue in the 2019-2020 financial year, as catalogue and publication paginations plummeted.The company’ssales fell by 19.4 per cent to $539m, down from $669m in the prior year, as Covid tore through its clients.
Revenue July to February was already 9 per cent down, then the March to June Covid period saw sales tumble by 41 per cent. While printing was smashed, the company says books, packaging, retail distribution and marketing services “held up well”.
Nonetheless OvatoCEO Kevin Slaven issued a stark warning that the company ne…
Read the full article at: https://www.print21.com.au/news/covid-slashes-130m-from-ovato-sales-union-fight-looms
New Delhi, August 27
The Finance Ministry has asked public sector banks to monitor cases where insolvency proceedings could be initiated against individuals who are guarantors of corporate debtors that have defaulted on loans.
The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution of stressed assets. The Code also provides for initiation of insolvency proceedings against personal guarantors of corporate debtors, even though the provision has not been used much by lenders to recover dues.
In an advisory, the Department of Financial Services has asked Public Sector Banks (PSBs) to consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency …
Read the full article at: https://www.tribuneindia.com/news/business/invoke-insolvency-proceedings-against-guarantors-banks-told-132555
Good morning.
Heres Yahoo Finances Friday morning wrap.
ASX: The ASX is expected to lower, ahead of results from Village Roadshow, Boral and Costa. Futures were down early on Friday morning, after the ASX200 finished 0.16 per cent higher on Thursday.
Wall Street: Wall Street had a mixed day on Thursday local time, with both the S&P500 and the Dow Jones finishing higher but the Nasdaq closing in the red. It came as the US Federal Reserve revealed a new strategy to adopt an average inflation target.
The Dow Jones Industrial Average rose 160.35 points, or 0.57 per cent, to 28,492.27, the S&P 500 gained 5.82 points, or 0.17 per cent, to 3,484.55 and the Nasdaq Composite dropped 39.72 points, or 0.34 per cent, to 11,625.34.
Tax tips: Have yo…
Read the full article at: https://au.finance.yahoo.com/news/asx-to-slide-ahead-of-national-accounts-223240661.html
Financial institutions should help the beleaguered tourism industry by alleviating operators’ debt service burden for three years and encouraging businesses to maximise capability for a future revival, says a former tourism and sports minister.
“If we believe Thai tourism still has a future, such a policy is essential,” said senator Weerasak Kowsurat. “We hope that once the crisis subsides, we will have a firm industry awaiting a new wave of arrivals.”
He said a problem occurs when banks have to implement strict financial discipline and avoid non-performing loans to preserve liquidity, while the vast majority of tourism operators lack reliable credit or assets as collateral.
To offer this type of loan, banks don’t have to reduce inter…
Read the full article at: https://www.bangkokpost.com/business/1975943/former-tourism-minister-urges-debt-relief-for-struggling-operators