Insolvency Guardian Media Centre
The Australian Securities and Investments Commission (ASIC) has pointed to a situation where there may not be enough registered liquidators (RLs) to handle COVID-19 related corporate insolvencies because many of the RLs are facing financial struggles themselves.
ASIC had revealed the dilemma to the Parliamentary Joint Committee on Corporations and Financial Services noting it as an area of potential risk.
One area of potential risk that we are monitoring relates to corporate insolvency. The impact on ASIC internal resourcing from companies entering external administration following any withdrawal of temporary relief measures will depend on the timing, volume and complexity of company failures, and what other measures or legislative ref…
Read the full article at: https://www.moneymanagement.com.au/news/policy-regulation/asic-reveals-lack-liquidators-handle-covid-19-liquidations
- STA Travel Group has collapsed into voluntary administration.
- It comes after the collapse of its Swiss-based parent company STA Travel Holding AG.
- Deloittes Jason Tracy and Timothy Norman were appointed as administrators, with the company telling customers that they are unable to provide cash refunds.
- Visit Business Insider Australias homepage for more stories.
Travel agent STA Travel Group has gone into voluntary administration.
It comes after the collapse of the travel groups Swiss-based parent company STA Travel Holding AG, which filed for insolvency.
STA operates online travel agent services and 27 outlets in Australia, with Deloittes Jason Tracy and Timothy Norman appointed as administrators on August 21.
In a statement to Bus…
Read the full article at: https://www.businessinsider.com.au/sta-travel-group-voluntary-administration-2020-8
Sports Direct parent company Frasers Group has bought the gyms business of DW Sports out of administration for 37 million and will rebrand them as Everlast Fitness Club.
The company – full name Dave Whelan Sports – was declared insolvent in August and BDO appointed to manage its assets.
It had DW Fitness premises in Aberdeen, Coatbridge, Dundee and Inverness, some of which were acquired as part of Fitness First in 2016, but it is not clear whether its shops including Dunfermline, Kilmarnock and Kirkcaldy form part of the deal.
Frasers’ chain of Everlast-branded gyms includes venues at East Kilbride and Glasgow Fort and it also has clubs branded as Sports Direct Fitness.
Mike Ashley’s Sports Direct bought much of Whelan’s previous bu…
Read the full article at: https://www.insider.co.uk/news/frasers-group-buys-dw-sports-22567856
- Five bedroom property in The Little Boltons was home to the last Maharaja of Lahore Sir Duleep Singhs son
- PrinceVictor Duleep Singh married Lady Anne Coventry, the daughter of the 9th Earl of Coventry, in 1898
- Caused furore in London high society as it was first time an Indian royal had married an English noblewoman
- In 2010 semi-detached villa refurbished and modernised, with a stylish extension added to lower ground floor
The former family palace of Prince Victor Albert Jai Duleep Singh, son of Maharaja Dalip Singh, is to be sold in London and is priced at 15.5million.
Duleep Singh, the youngest son of Maharaja Ranjit Singh, was the last Maharaja of the Sikh Empire until he was exiled to England and his empire came under the British…
Read the full article at: http://singhstation.net/2020/08/london-mansion-of-maharaja-duleep-singhs-son-goes-on-sale/
Retailing collective Super Retail Group has reported a 20 per cent slide in profit for the full year after repayments costs related to the company’s $62 million underpayment scandal continue to weigh on the business.
The company, which operates Supercheap Auto, Rebel Sport, BCF and MacPac, told investors on Monday its statutory net profit after tax had sunk 20.9 per cent to $110.2 million due to a slew of one-off items affecting its bottom line.
Super Retail Group chief executive Anthony Heraghty.Credit:Attila Csaszar
The most significant of these was $17.1 million in wage underpayment and remediation costs, more than double the amount recorded in the year prior. This was due to Super Retail increasing the total estimate for its w…
Read the full article at: https://www.brisbanetimes.com.au/business/companies/strong-start-for-new-year-at-super-retail-group-despite-profit-slide-20200824-p55omz.html?ref=rss&utm_medium=rss&utm_source=rss_feed
One of the country’s major direct mail houses, Direct Mail & Marketing, is in voluntary administration, sending a cold shiver through the Victorian print industry.
With its corporate office in Bourke Street and production centred in Dandenong South, the company is a powerhouse of the sector. When it merged with Datasend a decade ago it created one of the largest privately-owned mail houses in Australia.
Run by long time managing director Fred Humphrey, the company called in the administrator on Thursday.
It describes itself as “an industry leader providing multi-channel communication solutions tailored to the needs of individual busines…
Read the full article at: https://www.print21.com.au/news/shock-as-direct-mail-and-marketing-into-admin
Australia is in recession, which means now is an important time to be focus on ways to become financially secure.
By following these three golden rules you can change your relationship with money, take stock of your current financial situation and help prepare your family for what may lie ahead.
- Build an emergency fund
Youve likely heard people talk about saving for a rainy day, but building an emergency fund for your family can be very useful in helping you navigate a recession and becoming financially secure.
Virginia Marshall, CFO of SocietyOne, recommends putting money aside now to avoid the stress associated with paying any unforeseen expenses.
Try to save enough money to cover three to six months of expenses. This may help you a…
Read the full article at: https://financy.com.au/staying-financially-secure-through-a-recession/
Parma have dismissed coach Roberto d’Aversa three weeks after the end of the season, the Serie A club announced on Sunday.
D’Aversa, 45, took charge of Parma when they were in the third-tier Lega Pro in 2016 and earned consecutive promotions to restore the club to the Serie A.
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“Parma announce that Roberto D’Aversa has been relieved of his role of first team coach,” the club said in a statement.
“This is a result of the fact that over the last few weeks, the cohesion, unity of intent, harmony and mutual…
Read the full article at: https://www.espn.in/football/parma/story/4165039/parma-sack-coach-roberto-daversa-for-lack-of-mutual-enthusiasm
Mall owner CBL & Associates (NYSE:CBL) has been struggling for years. As a result, it has been teetering on the brink of bankruptcy ever since the COVID-19 pandemic hit the United States.
Last Wednesday, the REIT acknowledged the inevitable. CBL issued a press release stating that it had entered a restructuring support agreement with a majority of its unsecured debt holders, calling for the company to file for bankruptcy protection by no later than Oct. 1. CBL stock jumped after this announcement, although it gave up most of its gains by the end of Thursday.
Dats source: YCharts.
Share price surges for companies declaring bankruptcy have become surprisingly common in 2020. This particular bounce was less irrational than many, as CBL in…
Read the full article at: https://www.fool.com/investing/2020/08/23/dont-buy-this-mall-reits-bankruptcy-bounce/
- A record 46 companies with at least $US1 billion in assets have filed for Chapter 11 bankruptcy this year, the Financial Times reported, citing BankruptcyData.com.
- The previous record was 38 billion-dollar businesses during the same period of 2009.
- JCPenney, Brooks Brothers, and Chesapeake Energy are among the big companies that have filed for bankruptcy this year as the coronavirus pandemic continues to hammer multiple sectors.
- Its going to be a bumpy ride, Ben Schlafman, operating chief of New Generation Research, which owns BankruptcyData.com, told the Financial Times.
- Visit Business Insiders homepage for more stories.
Billion-dollar US companies have filed for bankruptcy at an unprecedented rate this year as the coronavirus pande…
Read the full article at: https://www.businessinsider.com/record-46-billion-dollar-companies-filed-bankrupcy-this-year-ft-2020-8
Australian national cabinet exploits pandemic for economic restructuring
By Mike Head
22 August 2020
Despite continuing COVID-19 deaths, especially in Australias chronically-underfunded aged care facilities, yesterdays meeting of the bipartisan ruling national cabinet focused on further reopening the economy for the benefit of corporate profit.
The federal, state and territory government leaders paid lip service to the aged care catastrophe, which had claimed 302 lives by today, and to the hundreds of infections daily in the state of Victoria.
However, the cabinets priority was clearly to exploit worsening unemployment and financial distress facing working people to ram through the further restructuring economic and workplace relations…
Read the full article at: https://www.wsws.org/en/articles/2020/08/22/aust-a22.html
NORWALK, Conn.–(BUSINESS WIRE)–Frontier Communications Corporation (OTCMKTS: FTRCQ) (Frontier or the Company) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Companys Plan of Reorganization (the Plan), subject to final documentation. Upon emergence, the Company will have reduced its total outstanding indebtedness by more than $10 billion and have achieved significant financial flexibility to support continued investment in its long-term growth. The Company expects to complete its restructuring and successfully emerge from Chapter 11, following the completion of the regulatory approval process.
We are pleased to have reached this next critical milestone in our expedited restruct…
Read the full article at: https://www.businesswire.com/news/home/20200821005477/en/Frontier-Communications-Restructuring-Plan-Confirmed-Court