Insolvency Guardian Media Centre
FOR every successful Gympie business there is another fallen by the way side and some have collapsed in the most spectacular ways, occasionally leaving financial wreckage in their wakes.
Here are some of the most prominent and longstanding business to have fallen into liquidation over the past five years, whether through mismanagement, bad timing, or in one case at least questionable state laws.
United Project Partners
Gene Farrelly, director of United Project Partners Pty Ltd.
THE 2017 collapse of the Gympie and Toowoomba developer became embroiled in controversy, including allegations company funds were used for home renovations servicing a fleet of vintage cars at a time it was strapped for cash.
The company owed more than $…
Read the full article at: https://www.gympietimes.com.au/news/why-these-10-gympie-businesses-went-under-in-past-/4071577/
How did you move into specialising in insolvency? Newcastle born and bred, I moved to Sydney after finishing my commerce degree at Newcastle Uni. I joined accounting firm Grant Thornton when they were handling the restructure of Patrick Stevedores during the 1988 Australian waterfront dispute, which helped change Australian workplace law forever. I also handled the voluntary administration of Turf Monthly magazine, which saw me trade the business, publish a few editions and later sell it. I was hooked! In 2008, I returned to Newcastle. What does your role entail at Jirsch Sutherland? I joined the firm in 2007 and have been National Managing Partner since 2018, overseeing national operations. I’m also one of the firm’s 15 registered liq…
Read the full article at: https://www.newcastleherald.com.au/story/6858448/there-will-be-collateral-damage-good-businesses-will-also-fail-as-result-of-the-economic-climate/
These are without doubt, unprecedented times. Small businesses in virtually every sector are struggling financially and facing concerns about what is ahead and how they will survive.
Since May over a million bounce back loans have been issued, the 100-per-cent Government-backed loan scheme to support small businesses during the pandemic. But according to banks, its expected that half of these loans wont be paid back, with many small business kicking bad debt further down the road.
If your company is insolvent meaning its unable to pay its debts or youre worried that this is likely to be the case in the near future, then its important to consider your options.
>See also: Where to find your 5,000 small business technology grant
As a d…
Read the full article at: https://smallbusiness.co.uk/how-going-insolvent-could-be-the-best-way-to-save-your-business-2550860/
Later than any of its peers, Booking.com announced Tuesday it will be restructuring, and eliminating up to 25 percent of its global employee base, a number Skift estimated to be roughly 4,300 employees.
Glenn Fogel, the CEO of both parent company Booking Holdings and Booking.com, is expected to tell Booking.com employees that Covid-19 hit Booking.com hard.
In my heart, for a long time, I hoped this would not happen, Fogels statement to employees read. Since the beginning, we have been working hard to protect jobs. However, nothing can mitigate the impact this crisis has had and will continue to have on both the travel industry and our business.
The company said it expected the downsizing will match our expectation of the future of trave…
Read the full article at: https://skift.com/2020/08/04/booking-com-restructuring-will-pare-its-workforce-by-up-to-25-percent/
Pizza Express is considering closing 15% of its UK restaurants, which would mean the loss of 1,100 jobs.
The chain is the latest High Street outlet to undertake a restructuring of its business after trading was halted by the coronavirus pandemic.
It is poised to launch an insolvency procedure which could see 67 of its 449 outlets close.
The firm would not say which sites are affected, as the final outcome of the restructuring has “yet to be decided”.
Zoe Bowley, UK and Ireland managing director for Pizza Express, said that while the financial restructuring would be a “positive step forward”, the closures would be “incredibly sad for our Pizza Express family and we will do everything we can to support our teams at this time”.
Previously, Pizza…
Read the full article at: https://au.news.yahoo.com/pizza-express-may-close-67-100151740.html
A general view of a street linking to 9 de Julio Avenue is seen with cars as Argentina extends the curfew till 24th of May, imposed since 20th of March, in an effort to stem the spread of the coronavirus (COVID-19) pandemic in Buenos Aires, Argentina on May 21, 2020.
Muhammed Emin Canik | Anadolu Agency via Getty Images
Argentina’s government announced early Tuesday morning it had reached a deal with creditors to restructure $65 billion in sovereign debt, drawing a close to months of negotiations rife with gridlock and disagreement.
The country’s existing euro bonds rose by as much as 3 cents on the news, building on gains in the previous session on anticipation of an agreement.
Three creditor groups the Ad Hoc Group of Argent…
Read the full article at: https://www.cnbc.com/2020/08/04/argentina-clinches-deal-with-creditors-to-restructure-65-billion-debt-bonds-rise.html
Man pushing a large ball labeled “DEBT” up a steep hill
If you have multiple debt balances from credit cards, high-interest loans and other forms of debt, you may want to merge them into one payment. You can use a debt consolidation loan to combine them into one lower-interest loan. There are many options on the market, so it is important to understand what a debt consolidation loan is and how to find the best one for you.
Debt Consolidation Loans, Defined
A debt consolidation loan is a loan that you use to pay off the balance on your other debts. This allows you to make a single payment each month, typically with a much lower interest rate than your other debt balances. By consolidating your debt payments into one, …
Read the full article at: https://finance.yahoo.com/news/debt-consolidation-loan-162446011.html
But in 2010 he brokered a Part X personal insolvency deal to repay creditors $3.3 million, plus a profit-sharing deal, to restructure $495 million in debt. He was subsequently declared bankrupt in 2012, and this was discharged in 2015.
But he was arrested in 2017 and declared he is not guilty of 12 fraud charges relating to $800,000 of investor funds obtained in 2013 and 2014.
Those investors had created self-managed superannuation funds and dealt with a man called Craig, whom the prosecution alleges is Mr Gore, to invest in debentures linked to the Gold Coast-based Arion group of companies. The defence has admitted Mr Gore had a significant part in Arion.
The court had heard that Arion only repaid $39,000 of $800,000 in debentures that…
Read the full article at: https://www.afr.com/companies/financial-services/rich-lister-gore-never-defrauded-investors-court-hears-20200804-p55ier
Many Indian households are likely to experience financial distress in the aftermath of the Covid-19 pandemic. Unemployment rates, according to the Center for Monitoring Indian Economy, increased from around 8 per cent in February to approximately 23 per cent in May 2020. In many cases, especially for migrant workers, the situation has metamorphosed into a humanitarian crisis with even food security on the line. It is likely that many households, especially low-income households (LIH) will not be able to service their outstanding debt to the extent needed once the RBIs moratorium period is crossed in August 2020.
Since it is unclear whether economic lives will return to pre-Covid levels, it is reasonable to conclude conservatively that t…
Read the full article at: https://www.thehindubusinessline.com/opinion/needed-a-modern-personal-insolvency-regime/article32267319.ece
kikki.K founder Kristina Karlsson will stay on as shareholder and leader of the business.
The Australian design retailer was placed into voluntary administration in March, blaming external pressures such as Brexit and social unrest in Hong Kong.
A partnership with US-based EC Design will see kikki.K continue to trade online,in addition to a selective retail footprint of 30 stores.
The business partnership terms with the preferred party, EC Design, were inked on paper on July 30, which will see kikki.K effectively remain an independently-run business.
Karlsson and her partner Paul Lacy will remain as shareholders and leaders.
Its been such a challenging time these last few months for so many people, and all of us at kikki.K were no exce…
Read the full article at: http://www.ragtrader.com.au/news/kristina-karlsson-reveals-life-after-voluntary-administration
A TWEED Heads travel agency has likely become the latest victim of COVID-19 – falling into liquidation owing $155,000.
The directors of D P & C Ryan Pty Ltd, which traded as Global Travel & Cruise and was part of the Helloworld Travel group, made the decision to undertake a creditors’ voluntary winding up of the company on July 15.
The directors are Rebecca and Jason Collins of Nerang and Dallas and Cecile Ryan of Bogangar. The travel agency’s office was located on level two of Mantra Twin Towns in Tweed Heads.
One day after the resolution ASX-listed Helloworld tapped investors for $50 million to deal with the coronavirus fallout on the business.
The travel sector has been hit hard by coronavirus. Picture: iStock
MORE BUSINESS N…
Read the full article at: https://www.dailymercury.com.au/news/tweed-travel-agency-goes-bust/4070741/
How did you move into specialising in insolvency? Newcastle born and bred, I moved to Sydney after finishing my commerce degree at Newcastle Uni. I joined accounting firm Grant Thornton when they were handling the restructure of Patrick Stevedores during the 1988 Australian waterfront dispute, which helped change Australian workplace law forever. I also handled the voluntary administration of Turf Monthly magazine, which saw me trade the business, publish a few editions and later sell it. I was hooked! In 2008, I returned to Newcastle. What does your role entail at Jirsch Sutherland? I joined the firm in 2007 and have been National Managing Partner since 2018, overseeing national operations. I’m also one of the firm’s 15 registered liq…
Read the full article at: https://www.newcastleherald.com.au/story/6858448/there-will-be-collateral-damage-good-businesses-will-also-fail-as-result-of-the-economic-climate/?cs=4200