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Harvest Homes liquidator to quiz fraudster Oliver Roths in court over corporate collapse that cost creditors millions – Newcastle Herald
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Student travel agency STA Travel files for insolvency as COVID-19 pandemic claims latest victim – The West Australian
Student travel agency STA Travel has filed for insolvency, becoming the latest tourism business to fall victim to the global
How can we tackle global debt and climate change together? – World Economic Forum
Many developing countries face huge debts from the COVID-19 pandemic. Market analysts now suggest that almost 40% of emerging- and
Anil Ambani to challenge personal insolvency proceedings in NCLAT – Business Today
Anil Ambani will approach National Company Law Appellate Tribunal (NCLAT) against an order by the Mumbai bench of National Company
Explained: Why Anil Ambani faces bankruptcy proceedings – The Indian Express
Written by Aashish Aryan , Edited by Explained Desk | New Delhi | Published: August 21, 2020 4:40:13 pm Anil
Apparel maker Renown to sell D’urban, other brands, go into liquidation – The Japan Times
Failed Japanese apparel maker Renown Inc. said Friday it will sell some of its main brands, including the Durban suit
Debt firm worker stole £380,000 to feed gambling addiction after bookmakers offered him free bets – Daily Mail
Debt firm worker stole 380,000 from his employers to feed gambling addiction after bookmakers offered him free bets and hospitality
Crystal: Genting HK is not going out of business – Seatrade Cruise News
Crystal issued a statement late Thursday to calm fears about its viability as parent Genting Hong Kong pursues a restructuring.
Bondholders’ rival bid for Virgin crash lands – afr.com
"While we maintain that our recapitalisation plan represents a superior outcome for Virgin Australia and its stakeholders, we acknowledge the
Hundreds of insolvency firms accessing JobKeeper – afr.com
Director Peter Lucas said it was crucial support for insolvency experts was not abandoned before a wave of company failures
Mayne Pharma reports $92 million loss – InDaily
adelaide Friday August 21, 2020 MPs refuse to release documents to ICAC's entitlements probe Your views: on COVID-19 marshalls, Centrelink,
Carriageworks Farmers Markets – Broadsheet
Buy olive oil loved by top Sydney chefs, award-winning saucisson and outstanding eggs thatll remind you what good eggs taste

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A JAILED fraudster who swindled an investor out of $500,000 will face a public examination in the Federal Court to explain his involvement in the failed Newcastle building company Harvest Homes that went into liquidation last year owing millions. The public examination later this year, bankrolled by the liquidator and the former directors of Harvest Homes, will put the spotlight firmly on a bitter wrangle over the demise of the Hunter company that went from turning over $16 million to collapsing in just over two years. Five people will be su…

Read the full article at: https://www.newcastleherald.com.au/story/6887579/revealed-the-hunter-building-company-the-fraudster-and-the-corporate-collapse/

Student travel agency STA Travel has filed for insolvency, becoming the latest tourism business to fall victim to the global COVID-19 pandemic.

The iconic youth-focused travel advisor chain went into external administration on Thursday, with Consumer Protection today issuing advice for customers who were still owed money by STA Travel.

At its height STA Travel, founded by two Australian backpackers in Melbourne in 1979, had 70 retail stores across Australia alone.

By this year, it had shrunk down to 35 shops.

STA Travel was originally an acronym for Student Travel Australia, however, the well-known travel agency later branded and became Student Travel Association and Start The Adventure.

In a statement its Swiss-based parent company S…

Read the full article at: https://thewest.com.au/business/student-travel-agency-sta-travel-files-for-insolvency-as-covid-19-pandemic-claims-latest-victim-ng-b881645701z

  • Many developing countries face huge debts from the COVID-19 pandemic.
  • Market analysts now suggest that almost 40% of emerging- and frontier-market sovereign external debt could be at risk of default in the next year.
  • An IMF endorsed ‘debt for nature swaps’ initiative could help countries tackle debt and improve sustainability together.

A global debt crisis is looming. Even before COVID-19 swept the world, the International Monetary Fund had issued a warning about developing countries public debt burdens, noting that half of all lower-income countries were at high risk of or already in debt distress. As the economic crisis worsens, these countries are experiencing steep output contractions at the same time that COVID-19 relief and…

Read the full article at: https://www.weforum.org/agenda/2020/08/global-debt-for-climate-swaps

Anil Ambani will approach National Company Law Appellate Tribunal (NCLAT) against an order by the Mumbai bench of National Company Law Tribunal (NCLT) allowing bankruptcy proceedings against him. A spokesperson on Ambani’s behalf assured that the NCLT order will have no bearing on the operations of companies under the Reliance Group – Reliance Infrastructure, Reliance Power and Reliance Capital.

“Anil Ambani is reviewing the order dated 20 August 2020 of the National Company Law Tribunal, Mumbai Bench (NCLT), and is taking advice on filing an appropriate appeal before the National Company Law Appellate Tribunal against the appointment of the resolution professional,” the spokesperson said.

ALSO READ: Personal bankruptcy against Anil Am…

Read the full article at: https://www.businesstoday.in/current/corporate/anil-ambani-to-challenge-personal-insolvency-proceedings-in-nclat/story/413682.html

Written by Aashish Aryan , Edited by Explained Desk | New Delhi |
Published: August 21, 2020 4:40:13 pm

Anil Ambani during a media interaction in Mumbai. File/Express Photo by Ganesh Shirsekar

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the initiation of insolvency proceedings against Anil Ambani after two companies promoted by him failed to pay dues on Rs 1,200 crore that they had borrowed from State Bank of India (SBI).

The insolvency process will be initiated against Ambani as he had given personal guarantee against the loans provided to his firms.

Is this a case of personal insolvency against Anil Ambani?

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The case is significant as it is one of the first cases of insolvency against a major b…

Read the full article at: https://indianexpress.com/article/explained/explained-why-anil-ambani-faces-bankruptcy-proceedings-6564283/

Failed Japanese apparel maker Renown Inc. said Friday it will sell some of its main brands, including the Durban suit brand, to an apparel group in Osaka for an undisclosed amount.

Renown is likely to go into liquidation after the planned sale of its brands to Koizumi Co.s group companies on Sept. 30, sources close to the matter said.

Tokyo-based Renown also said it plans to sell its Aquascutum and Simple Life brands to the group.

Founded in 1902, Renown filed for protection from creditors in May as the coronavirus pandemic caused sales to plummet following the nationwide closure of its shops in many department stores to curb the virus.

Renown fell under the control of the Shandong Ruyi group in 2010 to restore its financial health. T…

Read the full article at: https://www.japantimes.co.jp/news/2020/08/21/business/corporate-business/renown-durban-bankrupty/

Debt firm worker stole 380,000 from his employers to feed gambling addiction after bookmakers offered him free bets and hospitality at Cheltenham races

  • Glyn Rothwell, 36,stole money from debt management firm Harrington Brooks
  • He used unwitting colleagues to ‘approve’ payments which went to his account
  • Inquiries revealed 343 fraudulent transactions occurred between 2015 and 2019
  • He admitted fraud by abuse of position and was jailed for three years

By Nicole Conner For Mailonline

Published: | Updated:

A finance worker stole money to feed a spiralling gambling habit after becoming hooked when bookmakers offered him free bets and away days to race …

Read the full article at: https://www.dailymail.co.uk/news/article-8650259/Debt-firm-worker-stole-380-000-feed-gambling-addiction-bookmakers-offered-free-bets.html

Crystal issued a statement late Thursday to calm fears about its viability as parent Genting Hong Kong pursues a restructuring.

‘Committed to honoring contractual obligations’

‘It is important to understand that the company is not going out of business,’ the statement said. ‘Whatever option our parent company pursues, it will allow Crystal to operate its business. Additionally, we havealways been committed to honoring our contractual obligations with guests and travel partners, including the processing of refunds.

‘While we have extended our suspension of global voyages until the end of the year, we are working with government and health authorities in our key markets to resume sailing when it is safe to do so and we look forward…

Read the full article at: https://www.seatrade-cruise.com/finance/crystal-company-not-going-out-business

“While we maintain that our recapitalisation plan represents a superior outcome for Virgin Australia and its stakeholders, we acknowledge the Federal Court’s decision. We are undoubtedly disappointed,” the spokesman said.

“Australia deserves a strong second airline, and we genuinely believe our recapitalisation proposal is the best long-term option for Virgin Australia and its stakeholders. It represents a superior outcome for all stakeholders and maximises the return to creditors, which is the primary objective of the Voluntary Administration process.”

“Unfortunately, for now, we are left with no choice after the Federal Court decision but to withdraw our proposal,” they said.

The bondholder proposal for the company would have seen Vi…

Read the full article at: https://www.afr.com/companies/transport/bondholders-rival-bid-for-virgin-crash-lands-20200821-p55o5e

Director Peter Lucas said it was crucial support for insolvency experts was not abandoned before a wave of company failures hit the economy.

“There will inevitably be company failures and if we are not there then there is going to be serious problems,” Mr Lucas said. “It’s important that insolvency firms stick around for as long as they can.”

CreditorWatch data shows there has been a 48 per cent drop in the number of company administrations in June compared with the same month the year before. Administrations have fallen from 998 in June 2019 to 518 in June this year.

Fall in registered liquidators

The Australian Securities and Investment Commission has also reported the number of registered liquidators declined by about 10 per cent to…

Read the full article at: https://www.afr.com/politics/federal/hundreds-of-insolvency-firms-accessing-jobkeeper-20200820-p55nhj

adelaide

Adelaide-based pharmaceutical company Mayne Pharma has reported a $92.8 million loss for the 2020 financial year, driven by asset write downs in its generic medicines business.

Mayne Pharma CEO Scott Richards says COVID-19 is presenting unprecedented challenges for the business. Picture: Tracey Nearmy/AAP.

The Salisbury South company, which also has signifi…

Read the full article at: https://indaily.com.au/news/business/2020/08/21/mayne-pharma-reports-92-million-loss/

Buy olive oil loved by top Sydney chefs, award-winning saucisson and outstanding eggs thatll remind you what good eggs taste like.

Eveleigh arts and culture precinct Carriageworks went into voluntary administration earlier on in 2020. Thankfully, though, its been saved with a mix of government grants and philanthropic donations. And that means its popular weekly Farmers Markets is back too.

The market stocks fresh produce from a community of more than 70 NSW producers, who gather every Saturday, together with Sydneysiders.

It has also established a strict safety plan due to the pandemic, operating as a shop-and-go service (meaning no hanging around to munch on your Flour and Stone croissant), with entry limited to 350 shoppers at a time…

Read the full article at: https://www.broadsheet.com.au/sydney/event/carriageworks-farmers-markets

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