Insolvency Guardian Media Centre
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.thechronicle.com.au/news/13m-owed-ferrari-driving-businessman-declares-bank/4075324/
WASHINGTON, Aug. 10, 2020 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) today announced that 26 professionals from the firms Corporate Finance & Restructuring segment have been named to the Whos Who Legal: Restructuring & Insolvency Advisers 2020 list, up from 23 professionals in 2019.
FTI Consulting had the most professionals of any firm named to the list, which recognizes the worlds leading restructuring and insolvency advisers based on nominations from peers outside of the legal sphere. In addition, FTI Consulting had two professionals recognized as Global Elite Thought Leaders for Restructuring & Insolvency, including David Griffin and Andrew Morrison. These experts …
Read the full article at: https://www.globenewswire.com/news-release/2020/08/10/2075548/0/en/FTI-Consulting-Leads-Who-s-Who-Legal-Restructuring-Insolvency-Advisers-List.html
The shutdown of businesses across the world to halt the spread of the coronavirus has led to a collapse in corporate income. Government support schemes, whether ad hoc bailouts or loan guarantees and employment subsidies, have helped shield some businesses from the worst of the storm. Many, however, are quickly approaching the crunch point when the economic pain will need to be shared between shareholders, management and employees. Wise business leaders should not shy away from these difficult decisions but they should proceed carefully and ensure they are not seen to take advantage of a crisis.
Airlines, which are already in the most acute phase of this crisis, provide a cautionary tale for other sectors. Lufthansa, the German flag car…
Read the full article at: https://www.ft.com/content/e52fac5a-b85c-4036-a725-73acf9bc5baf
Iconic Aussie swimwear brand Seafolly has purchased rival brand JETS in a strategic move to help lift both companies out of voluntary administration.
Seafolly collapsed into receivership in late June, before it was sold to American-owned private equity company L Catterton by administrators KordaMentha.
JETS swimwear suffered a similar fate in May, when its parent company PAS Group entered voluntary administration.
Scott Langdon from KordaMentha said administrators had been eyeing the purchase of JETS swimwear before the sale of Seafolly had even been approved.
“All interes…
Read the full article at: https://www.9news.com.au/national/coronavirus-australia-seafolly-picks-up-struggling-rival-jets-swimwear/ae23a895-e112-40cf-a543-7d30e4392b43
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.warwickdailynews.com.au/news/13m-owed-ferrari-driving-businessman-declares-bank/4075324/
Image copyright AFPSandwich chain Pret A Manger has confirmed that it has asked thousands of staff to work fewer hours, as part of a post-pandemic restructuring.
Despite the easing of coronavirus lockdown restrictions, trading continues to be slow as many office workers are still at home.
Staff in stores have been asked to work about 20% fewer hours than before.
A Pret spokeswoman said: “Our biggest priority is to do everything we can to save jobs.
“With footfall in our shops still significantly below normal levels, we have had to review the hours team members are contracted to work each week – although of course we hope to increase these hours as trade improves.
“By making these changes we are able to save a large number of roles.”
…
Read the full article at: https://www.bbc.com/news/business-53715262
Many Americans are struggling to meet their credit card mills during the pandemic.
zenstock | iStock | Getty Images
Amid one of the worst downturns in U.S. history, nearly 80% of credit card holders say they’re worried they won’t be able to continue making even the minimum payments on their debt.
The figure comes from a survey by CreditCards.com, which found millennial card holders (91%) are most at risk of missing payments. Meanwhile, 1 in 4 people say the pandemic has pushed them to take on more credit card debt.
Most of the relief measures delivered to Americans in the first stimulus package have dried up, even as the coronavirus pandemic shows no sign of abating.The unemployment rate is still above 10%,higher than at any po…
Read the full article at: https://www.cnbc.com/2020/08/09/nearly-80percent-of-credit-card-holders-are-worried-about-making-payments.html
Australians who activated hardship programs from their energy provider should be able to access them for the rest of the year after a major ruling from a key advisory body.
The Australian Energy Market Commission (AEMC) on Thursday declared most energy providers could defer their network bills for six months giving them the financial breathing space to extend hardship measures for struggling customers.
The decision, which is essentially a six-month moratorium on retailers payments to distribution network service providers, could see more than 40 per cent shaved off retail bills until December.
However, eligible retailers would have to eventually repay those costs at 3 per cent interest.
The ruling is the latest step to combat retailer…
Read the full article at: https://thenewdaily.com.au/finance/consumer/2020/08/09/energy-costs-hardship-provider/
The Department of Education, Skills and Employment (DESE) have provided an update on the rules and expectations around the Employment Guarantee which is embedded as a key condition of participation in the current national Transition Package support measures as well as the new measures announced for Victoria last week.
Specifically, providers who receive payments under the Transition Payment grant system must guarantee that educator employment levels are maintained for the duration of the receipt of the funds and reflects the expectations of the DESE and the community that services will look after their educators and their staff, permanent and casual.
The clarification is particularly important for the early childhood education and car…
Read the full article at: https://thesector.com.au/2020/08/09/dese-updates-employment-guarantee-rules-and-expectations-8-key-questions-answered/
CHICAGO (AP) Cook County authorities say that a 79-year-old used-car dealer fatally shot a 40-year acquaintance in Chicago during an argument over a gambling debt. The Chicago Tribune reports that Willie Dunmore was held on a $200,000 bond Saturday. He is charged with first-degree murder in connection with the death of James Kelley, 72. Kelley was killed by a gunshot wound to the back about 3:25 p.m. Wednesday at Dunmores Auto Sales.Prosecutors say that Dunmore and Kelley had known each other for four decades and that Kelley repeatedly went to the auto dealer to collect on an old gambling debt.
Read the full article at: https://wsiltv.com/2020/08/08/gambling-debt-is-fatal-shooting-motive-prosecutors-say/
Twenty-three postal executives were reassigned or displaced, the new organizational chart shows. Analysts say the structure centralizes power around DeJoy, a former logistics executive and major ally of President Trump, and de-emphasizes decades of institutional postal knowledge. All told, 33 staffers included in the old postal hierarchy either kept their jobs or were reassigned in the restructuring, with five more staffers joining the leadership from other roles.
The reshuffling threatens to heighten tensions between postal officials and lawmakers, who are troubled by delivery delays the Postal Service banned employees from working overtime and making extra trips to deliver mail and wary of the Trump administrations influence on …
Read the full article at: https://www.washingtonpost.com/business/2020/08/07/postal-service-investigation-dejoy/
The companys sole director, Stuart Abbott, is a prominent member of the Baptist church community and serves on the board of BaptistCare.
Stuart Abbott, a board member of BaptistCare. His company Clifford Constructions has gone bust leaving a string of angry creditors in its wake.
Clifford Constructions sole shareholder is Abbott Corporation Pty Ltd, a company owned and controlled by Mr Abbotts wife, Rachael Abbott.
It has been estimated the company owes around half a million in unpaid taxes, $1 million in entitlements to its 40 employees, and over $11 million to unsecured creditors, who have been told recently they may come away with nothing.
One of those creditors, John Geeves of Round the Bend Plumbing, called on the corporate w…
Read the full article at: https://www.smh.com.au/national/nsw/the-whole-thing-is-so-wrong-knox-and-manly-corso-caught-in-builder-s-collapse-20200808-p55jv2.html