Insolvency Guardian Media Centre
Thousands of travellers who booked trips with STA Travel could find themselves out of pocket, after the company was placed into voluntary administration.
File photo. Photo: 123RF
Some people said they were promised refunds or credit notes by STA, but they had battled for weeks to get an answer about what happened to their money.
Emily Vale and her partner were looking forward to their first trip home to the UK since they moved to New Zealand five years ago.
“So we had a big three-week trip planned with returning flights booked with STA Travel,” Vale said.
They had booked the trip last year – well before Covid-19 all but put a stop to international travel.
Vale said they were meant to take off in April, but by the end of March it was c…
Read the full article at: https://www.rnz.co.nz/news/national/424426/travellers-face-losses-as-sta-travel-goes-into-voluntary-administration
(Bloomberg) — Delta Air Lines Inc. is preparing to issue new debt backed by its frequent-flyer program, the latest to use miles to help boost liquidity amid the Covid-19 pandemic.
The airline is set to market new loans and bonds secured by its SkyMiles loyalty program after the U.S. Labor Day holiday on Sept. 7, according to people with knowledge of the matter. The size of the deal and terms, including yield, are still being finalized and could change, said one of the people, asking not to be identified discussing a private matter.
A spokesman for Atlanta-based Delta declined to comment.
The deal would follow United Airlines Holdings Inc.s issuance of $6.8 billion in new borrowings secured by its MileagePlus program in June, a deal it …
Read the full article at: https://au.finance.yahoo.com/news/delta-plans-united-debt-backed-182540090.html
Macquarie Bank might be courting a backlash from mortgage brokers after revealing changes that will govern the types of people who can market its mortgage products.
Under a new policy that takes effect on 14 September Macquarie will be asking brokers to furnish details about their criminal records and personal financial histories before allowing them to recommend the banks home loans.
In a notification sent to brokers last Friday, Macquarie said it was updating application forms for broker accreditation to include more questions about applicants backgrounds.
A copy of our home loan broker accreditation application form is attached for reference. Additional documents may be required and will be confirmed on a case-by-case basis, the b…
Read the full article at: https://www.bankingday.com/macquarie-tightens-broker-accreditation-rules
New Delhi: At a time when business owners such as Anil Ambani and Venugopal Dhoot are trying to defend their family assets from getting attached as lenders stake claim on loans with personal guarantees, a little known Delhi-based businessman could provide much needed succour. In a recent ruling, the Delhi High Court has stayed personal insolvency proceedings against Lalit Kumar Jain, who runs auto components company Lakshmi Precision Screws,
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Read the full article at: https://economictimes.indiatimes.com/news/politics-and-nation/personal-insolvency-law-delhi-hc-issues-notices-to-mca-law-min-and-ibbi-for-writ-petition-filed-by-local-businessman/articleshow/77732714.cms
BUSINESS is full of highs and lows.
The Toowoomba business community has been through a lot in the last year.
Here are the businesses that shut up shop.
Charred
David Wood of Charred with frozen meals at The Toowoomba Farmers Market. The restaurant has moved to offering takeaway meals after coronavirus fears impact trade, Saturday, March 21, 2020. Picture: Kevin Farmer
ONE of Toowoomba’s most popular restaurants has shut its doors.
“For lease” signs have gone up outside Charred Toowoomba, which was based out of the old Weis Restaurant on Margaret St in East Toowoomba.
Along with closing the premises, the restaurant’s website and social media accounts have been shut down as well.
The highly-popular venue was run by Dave Wood, who…
Read the full article at: https://www.thechronicle.com.au/news/revealed-23-businesses-that-went-bust-in-the-last-/4085392/
Virgin Australia may have been trading while insolvent in the early days of the coronavirus pandemic’s impact on airline travel, according to a report by Virgin’s administrator Deloitte.
“Our preliminary analysis indicates the group was insolvent from 22 March 2020 and possibly as early as 18 March 2020,” Deloitte said in report to creditors ahead of a vote on Bain Capital’s proposed buyout of the airline.
Virgin Australia was not placed into voluntary administration until April 21, with debts of $6.8 billion.
Under corporations law, company directors have a duty to prevent a company from trading while insolvent.
If a director is found to have contravened the law, he or she may be ordered to pay an amount of compensation to the company eq…
Read the full article at: https://www.abc.net.au/news/2020-08-25/bain-capital-offer-3.5-billion-virgin-australia-creditors-vote/12592742
But Australian Restructuring Insolvency & Turnaround Association chief executive John Winter said that could be a dangerous path.
“A move to a debtor-friendly system is going to send shockwaves through any business that provides loans or trade credit,” Mr Winter said.
“It’s all based on this notion that some people who ruined a business should be left in charge and that their creditors, generally other SMEs and tradies, just have to eat their losses, which of course creates the domino effect of financial distress.
“A debtor in possession regime means greater risks for creditors who will have less rights to enforce against a business that isnt paying their debts,” Mr Winter said.
King & Wood Mallesons partner Tim Klineberg said while th…
Read the full article at: https://www.afr.com/policy/economy/too-soft-on-insolvencies-will-do-more-harm-than-good-20200824-p55onn
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Swissport, a company which offers airport ground and cargo handling services, has reached an agreement in principle for a comprehensive restructuring.
The move comes after Swissport reported a 70% year-on-year drop in revenues in the second quarter of this year amid the Covid-19 crisis.
Meanwhile, the company received a binding commitment from an ad hoc group of senior secured creditors (AHG) for interim financing of 300m.
The funding, subject to fi…
Read the full article at: https://www.airport-technology.com/news/swissport-agreement-restructuring/
Macaus leading junket operators have seen no increase in volume since border restrictions between Macau and Guangdong Province, according to industry analysts, with tightening controls on outbound capital flow from China and liquidity concerns heavily impacting the VIP sector.
Authorities reinstated the Individual Visit Scheme (IVS) for residents of Zhuhai to visit Macau on 12 August, with the rest of Guangdong set to follow this Wednesday, however as of Sunday there had been little impact with daily visitation rising only slightly to 7,700 people on Sunday compared with an average 5,600 per day in early August.
Brokerage Bernstein said in a Monday note that August GGR to date is still tracking at a 95% year-on-year decline and is eve…
Read the full article at: https://www.asgam.com/index.php/2020/08/24/macau-recovery-yet-to-take-shape-as-liquidity-china-regulatory-controls-impact-vip-sector/
A MAN has been jailed for 20 months after stealing almost 300,000 to pay a gambling debt.
Oliver De Haan, of Upper Bolney Road, Shiplake, admitted taking cash belonging to an equine business owned by his father Ben De Haan, a former jockey who won the Grand National on Corbire in 1983.
The firm, which was based in Lambourn, went into administration as a result of his crime.
Reading Crown Court heard how De Haan, 29, stole 289,707 from his parents business account between 2018 and 2019 while employed to manage the company finances.
He hid postal items and stopped his mother from speaking to an accountant in an effort to hide the fraud. He handed himself in to police after being found out.
The firm had to be liquidated before restarting u…
Read the full article at: http://www.henleystandard.co.uk/news/shiplake/154568/jockeys-son-jailed-for-fraud.html
Administrators for collapsed travel chain STA Travel say they will not offer refunds to customers who cancelled their holidays because of the COVID-19 pandemic.
STA Travel appointed administrators from Deloitte on Saturday after weeks of refund claims from angry customers forced to ditch their travel plans amid domestic and international border closures.
The chain, which currently employs about 180 full-time staff, has closed its 27 stores amid the administration, with administrator Jason Tracy assessing company finances with an eye towards restructuring or a potential business sale.
In the meantime, Deloitte has told customers they will not be able to get cash refunds for cancelled trips.
Due to the current circumstances we are not cu…
Read the full article at: https://www.smartcompany.com.au/industries/tourism/sta-travel-collapses-no-refunds/
(Bloomberg) — BillionaireJohann Grafhas never had to fight on so many fronts at the same time.
The ordinary-mans gambling company, Novomatic, the 73-year-old Austrian butcher-turned-tycoon created four decades ago, is raking in smaller profits as the pandemic drives people away from slot machines in casinos from Las Vegas to Macau. His company is also battling allegations of corruption, its chief executive has left and it needs to refinance about 1 billion euros ($1.2 billion) in debt.
Not only is it in a delicate sector, but its also facing several challenges at once, saidAlois Woegerbauer, the head of 3 Banken-Generali Investment, a Linz, Austria-based firm managing 10 billion euros in holdings, including Novomatic bonds. Given the w…
Read the full article at: https://au.finance.yahoo.com/news/butcher-turned-gambling-billionaire-fights-040013782.html