Insolvency Guardian Media Centre
Under the overhaul, a student who fails half of their first eight subjects in a degree will lose access to a government-subsidised place and HELP loans. However, higher education providers will have discretion to maintain the students’ access to funding if they can demonstrate their performance was affected by exceptional circumstances.
The Department of Education, Skills and Employment estimates the change will affect about 2500 people annually.
Loading
The crackdown is targeted at extreme examples of students enrolling in an unreasonable number of courses at multiple institutions, persistently failing and amassing extraordinary HELP debts. In one case, a person enrolled in 44 courses with 26 providers, accruing a debt of $663,000 an…
Read the full article at: https://www.smh.com.au/politics/federal/no-help-uni-students-who-fail-half-their-subjects-to-lose-taxpayer-support-20200812-p55l18.html
Virgin Atlantics rescue deal is something of a watershed in how companies can escape insolvency. The deal, which will involve Richard Branson and US hedge fund Davidson Kempner Capital Management injecting US$1.6 billion (1.2 billion) into the airline, uses the new restructuring plans made possible by the UK Corporate Insolvency and Governance Act 2020.
While most creditors have accepted the rescue deal, the approved restructuring plan will also bind those who are against it. The UK procedure has also been recognised by a court in New York so it protects Virgins American assets as well as its British ones.
The new Act is quite a shift from the old UK insolvency rules. Theres always the need to find a trade-off between protecting credito…
Read the full article at: https://theconversation.com/uks-new-insolvency-process-should-worry-company-creditors-around-the-world-138465
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million.
Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’ reports note.
Omnia Lifestyle Group Pty Ltd, Omnia Group Pty Ltd, NRG Concepts Pty Ltd and Omnia Property Pty Ltd collapsed between May 30, 2019 and February 21 this year.
Omnia Group Pty Ltd director Gordon Smith.
The four companies collectively owe 197 creditors $13.05 million.
Now, the liquidator combing through the wreckage of the Omnia Property and NRG Conc…
Read the full article at: https://www.noosanews.com.au/news/13m-owed-ferrari-driving-businessman-declares-bank/4075324/
BELGRADE (Serbia), August 12(SeeNews) – The board of directors of Serbia’sJugoremedija has received three bids for the purchase of the insolvent pharmaceutical company’s assets, local media reported on Wednesday.
The bids were placed by Czech Republic-based APS Capital Group’s subsidiary Project One, Turkey’s Birgim, and an unnamed Belgrade-based company,Tanjug news agency quoted the bankruptcy administrator of Jugoremedija, Radovan Savic, as saying.
“The bids were ranked on August 5 and sent to the board of creditors of Jugoremedija to make a decision. The deadline for their decision is ten days, if the bankruptcy judge does not extend that deadline,” Savic said.
If Jugoremedija’s board of creditors approves none of theoffers, the…
Read the full article at: https://seenews.com/news/three-vie-for-serbias-insolvent-jugoremedija-report-709668
ASX-listed 3D metal printing technology player, Aurora Labs, has now confirmed the appointment of Peter Snowsill as the companys new Chief Executive Officer after he served five months as the Acting CEO. Snowsill, who has more than 25 years of tech-based executive, engineering and project management experience, took the reins during a period of restructuring and cost cutting largely brought on by the economic fallout of COVID-19 restrictions.
Pictured left is Peter Snowsill. Credit: Taya Reid
ASX-listed 3D metal printing technology player, Aurora Labs, has now confirmed the appointment of Peter Snowsill as the companys new Chief Executive Officer after he served five months as the Acting CEO. Snowsill, who has more than 25 years of tech…
Read the full article at: https://www.businessnews.com.au/article/Aurora-Labs-locks-in-Snowsill-as-CEO
About 6000 Spotless staff, mostly casuals who worked for the group’s hospitality businesses which includes catering at the Melbourne Cricket Ground were stood down when the pandemic closed venues.
Grant Fenn was paid $3 million in fiscal 2020, down from $4.7 million a year earlier. Louise Kennerley
Downer will proceed to buying out the remainder of Spotless it does not own after entering a call option deed with New York hedge fund Coltrane Asset Management.
Downer will use an option over 2.99 per cent of Spotless shares to lift its ownership of the group to more than 90 per cent and compulsorily buy the remaining shares.
The outcome of the offer should be known by the end of 2020, Downer said. The company has lodged its takeover …
Read the full article at: https://www.afr.com/companies/infrastructure/downer-edi-to-restart-dividends-in-fiscal-2021-20200811-p55kqi
I need some advice about my personal finance situation. I work for a company in Dubai, which has not paid my monthly salary of Dh14,000 since January. They put me on unpaid leave from April 2020 and there is no sign of going back to work in the near future.
I have six credit cards and a personal loan with different banks, which I managed to keep paying with my savings and help from family until April. I am on payment plans for some of them, and have also been given between one and three-month deferments from April because of Covid-19.
My debts are:
- Loan: Dh88,456 (Dh3,400 monthly instalment)
- Credit card 1: Dh18,418 (Dh1,800 monthly instalment)
- Credit Card 2: Dh35,074 (Dh3,000 monthly instalment)
- Credit Card 3: Dh52,841 (Dh2,650 monthl…
Read the full article at: https://www.thenational.ae/business/money/the-debt-panel-i-haven-t-been-paid-since-january-how-can-i-apply-for-personal-insolvency-1.1062295
- US bankruptcies are on track to hit a 10-year high as the coronavirus pandemic recession continues to slam businesses, according to a Monday report from S&P Global.
- This year, 424 companies have gone bankrupt through August 9, surpassing the number of filings during any period since 2010, according to the report.
- Consumer-focused companies such as retail have been hit particularly hard 100 companies in the sector have filed for bankruptcy this year, S&P Global reported.
- Read more on Business Insider.
US bankruptcies are on track to hit their worst level in a decade as the coronavirus pandemic-induced recession continues to slam businesses, according to a Monday report from S&P Global.
This year through August 9, as many as 424 com…
Read the full article at: https://www.businessinsider.com/us-bankruptcies-track-hit-decade-year-high-coronavirus-crisis-businesses-2020-8
| Source: Pharmagreen Biotech Inc.CARSON CITY, NV, Aug. 11, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Pharmagreen Biotech, Inc. (OTC: PHBI), a company specializing in the development of highest quality tissue cultured starter plantlets for the cannabis and hemp industry, announced today that the Company has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Nevada (the Court).
As we started to execute on our business plan, earlier this year before the spread of COVID-19, we completed financing that carried toxic terms after 6 months. Due to the Pandemic, our ETN process got delayed as Europe shut down for over two month…
Read the full article at: https://www.globenewswire.com/news-release/2020/08/12/2076824/0/en/Pharmagreen-Biotech-Aims-to-Restructure-Debt-Protect-the-Company-and-Its-Shareholders.html
Queensland’s rural debt has increased by 10.75 per cent in the past two years, which the opposition says is a stark reminder that the state’s producers are doing it tough and need more help.
However, a mayor in one of the regions carrying a large percentage of the state’s debt said the QRIDA 2019 Rural Debt Survey tabled by the government in parliament last Friday didn’t include the value of the asset behind the debt.
Crippling drought and a monsoonal flood were among the contributing factors for Queensland’s $19.1 billion debt burden, which is up from the $17.24b in the 2017 survey.
Of the 16 industries covered in the 2019 survey, the three major rural debt holding industries were beef, grain and grain/grazing, which accounted f…
Read the full article at: https://www.queenslandcountrylife.com.au/story/6874941/rural-debt-increase-not-all-bad-mayor-says/?cs=4699
Transport services were the biggest contributor to Downer’s earnings in fiscal 2021, down 2.8 per cent to $242.4 million, followed by utilities services, where earnings dropped 16 per cent to $136.1 million.
Downer is restructuring its business operations to wind down risky engineering and construction contracts, including solar, coal and iron ore projects, and focus on urban services.
Downer’s results included restructure costs of $35.6 million, and $10 million in transaction costs after putting its mining and laundries businesses up for sale. It also wrote down its IT systems by $26.1 million.
The company will proceed to buying out the remainder of Spotless it does not already own after entering a call option deed with New York hedg…
Read the full article at: https://www.afr.com/companies/infrastructure/downer-to-restart-dividends-in-fiscal-2021-20200811-p55kqi
- US bankruptcies are on track to hit a 10-year high as the coronavirus pandemic recession continues to slam businesses, according to a Monday report from S&P Global.
- This year, 424 companies have gone bankrupt through August 9, surpassing the number of filings during any period since 2010, according to the report.
- Consumer-focused companies such as retail have been hit particularly hard 100 companies in the sector have filed for bankruptcy this year, S&P Global reported.
- Read more on Business Insider.
US bankruptcies are on track to hit their worst level in a decade as the coronavirus pandemic-induced recession continues to slam businesses, according to a Monday report from S&P Global.
This year through August 9, as many as 424 com…
Read the full article at: https://www.businessinsider.com.au/us-bankruptcies-track-hit-decade-year-high-coronavirus-crisis-businesses-2020-8