Insolvency Guardian Media Centre
With many companies already facing unsteady financial ground before the onset of this crisis, the economic consequences of Covid-19 will transform GCCs business landscape for the foreseeable future. For the majority of organisations, it will be key to address issues related to debt, cash flow and balance sheet, better sooner than later.
With over 25 years of international experience in the worlds of corporate finance (restructuring, mid-market M&A) and real estate investments, Nicholas Gilani is one of the more prominent figures in GCCs financial landscape. Prior to co-founding Cyal Advisors DWC, Gilani served as Managing Director for the National Bank of Abu Dhabi’s investment banking division, Chief Investment Officer at a Dubai fami…
Read the full article at: https://www.consultancy-me.com/news/2972/explore-financial-restructuring-options-before-it-is-too-late
Unsecured creditors from across the cotton industry are being warned to expect to be repaid maybe just a fifth of their losses following the collapse of Chinese-owned merchant Weilin Trade owing about $58 million.
Latest estimates suggest about 195 cotton growers, brokers, merchants and other service providers have lost money after Weilin bought cotton for the 2019-20 and 2020-21 seasons for as much as $660 a bale – or typically about $15 to $30 above mainstream market prices.
However, its contracts were not honoured by buyers or shareholders in China after coronavirus triggered a demand slump in February-March.
A big portion of Weilin’s 2020 crop purchases had to be re-sold into a depressed July market for significantly less than $5…
Read the full article at: https://www.farmweekly.com.au/story/6862188/chinese-cotton-companys-creditors-may-get-20c-in-the-dollar/?src=rss
news, latest-news, Ben Ismay, Shaw Gidley, insolvency, business, economy, 2020, Port Macquarie
Figures show a plunge in company insolvencies across the country in April and May despite the coronavirus-fuelled hit to the economy. The trend is forecast to continue, particularly until the end of September when the JobKeeper wage subsidy is wound back. Shaw Gidley Port Macquarie partner Ben Ismay said there were predictions about the economy falling off a cliff at the end of September before the federal government’s JobKeeper extension announcement. “Hopefully now that won’t occur with the introduction of the second phase of JobKeeper but only time will tell on that front,” he said. So-called zombie businesses, debt-ridden and propped up …
Read the full article at: https://www.portnews.com.au/story/6858087/swift-advice-key-for-financially-troubled-businesses-expert-says/
Experts warn that the additional relief provided to directors grappling with unprecedented business conditions could have unintended consequences.
At a glance
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By Zilla Efrat
Under normal circumstances, directors become personally liable if their company incurs debt when there are reasonable grounds to suspect the company is insolvent or could…
Read the full article at: https://www.intheblack.com/articles/2020/08/01/consequences-easing-insolvency-laws
AUSTIN, Texas–(BUSINESS WIRE)–Mood Media, the worlds leading on-premise and connected media solutions company dedicated to elevating the Customer Experience, today announced that it has taken the next step to implement the prepackaged financial restructuring plan that will reduce the Companys debt by approximately $404 million. The transaction provides the Company with the financial flexibility necessary for long-term success. Mood Media and certain of its subsidiaries have voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The Companys international subsidiaries are not part of the Chapter 11 filing.
As previously announc…
Read the full article at: https://www.businesswire.com/news/home/20200730005906/en/Mood-Media-Initiates-Step-Implement-Prepackaged-Financial
The major bank is cracking down on unlicensed debt management companies, revealing that it will no longer deal with them.
NAB has announced that it will no longer deal with unlicensed, fee-charging debt management providers in a bid to help protect customers from potentially being placed in a worse position financially and help give them confidence they are getting the best support possible.
The major banksaid this was an important step as more Australians seek financial assistance as they deal with the economic impacts of the coronavirus pandemic.
Many for-profit providers do not hold a current Australian Financial Services Licence (AFSL) or an Australian Credit Licence (ACL) from ASIC, despite often appearing to offer services that r…
Read the full article at: https://www.theadviser.com.au/breaking-news/40629-nab-stops-dealing-with-unlicensed-debt-management-providers
The case was interesting for many reasons. The Star Entertainment Group sued a gambler on behalf of The Star Gold Coast Casino in Queensland for more than $43 million. It was a massive case of a casino versus a high-stakes baccarat player.
When it went in front of the Singapore International Commercial Court last year, The Star lost its case. But only recently did the public discover the reason for the loss and the public policy upon which the judge based his decision.
Starting with a 2018 Gambling Session
Dr. Wong Yew Choy is a 55-year-old man from living in Singapore, known for his high-stakes gambling trips to casinos around the world.
As many casinos did, The Star Gold Coast invited him to its Queensland casino for the VIP treatment…
Read the full article at: https://www.casinoaus.com/news/singapore-court-multi-million-star-ruling/
The Government has promised to review gambling legislation but patience is running out amid worries that the industry could be used for money laundering.
A boom in online and mobile gaming has seen licensed gambling grow by 57 percent in a decade fuelling worries about the human cost.
Betting companies in Great Britain enjoyed a yield of 11.3billion (bets placed less winnings paid out) in 2018-19, with gambling duties of 3billion going to the Treasury.
MPs including former Tory leader Iain Duncan Smith have written to Culture Secretary Oliver Dowden, urging him not to delay reform, stating: Enough is enough.
A House of Lords report last month warned of a perfect storm of addictive 24/7 gambling, claiming that…
Read the full article at: https://www.express.co.uk/news/politics/1317414/gambling-inquiry-uk-richard-holden
SNC-Lavalin Group Inc. is restructuring its money-losing resources business with a plan to sell off or shut down the non-profitable parts and fold the remnants into its engineering services division.
The announcement Friday came alongside earnings that fell short of analysts expectations as the engineering giant lost $111.6 million in the second quarter compared to $2.12 billion a year earlier.
The legacy resources projects business and associated lump-sum turnkey projects will be largely wound down and the projects complete by the end of 2020, SNC-Lavalin said in a release Friday.
The company forecasts the business will be profitable next year.
The move, which wraps up a strategic review launched by CEO Ian Edwards when he took the he…
Read the full article at: https://globalnews.ca/news/7240808/snc-lavalin-to-restructure-resources-business-to-be-profitable-next-year/
Paying off your debt can seem like an obstacle you don’t even know how to start climbing over.
While millions of Americans carry some form of debt whether fromcredit cards, medical bills or student loans it could be that a simple mindset shift is all you need to get rid of it for good.
“It’s very easy to see paying off debt as a chore,” Jordanne Wells, personal finance blogger at Wise Money Women, tells CNBC Select. “A lot of sacrifice is required and it feels very difficult.”
Yet Wells describes her debt payoff as joyful when she’s able to keep perspective.
“I do it with joy when I’m working toward my lifestyle and where I want to be,” she says.
Wells, who successfully paid off $30,000 in credit card debt in one year, says it ta…
Read the full article at: https://www.cnbc.com/select/debt-myths-debunked/
MONTREAL SNC-Lavalin Group Inc. is restructuring its money-losing resources business with a plan to sell off or shut down the non-profitable parts and fold the remnants into its engineering services division.
The announcement Friday came alongside earnings that fell short of analysts’ expectations as the engineering giantlost $111.6 million in the second quarter compared to$2.12 billion a year earlier.
“The legacy resources projects business and associated lump-sum turnkey projects will be largely wound down and the projects complete by the end of 2020,” SNC-Lavalin said in a release Friday.
The company forecasts the business will be profitable next year.
The move, which wraps up a strategic review launched by CEO Ian Edwards when he …
Read the full article at: https://ca.finance.yahoo.com/news/snc-lavalin-aiming-restructured-resources-125453433.html
SO PAULO, BRAZIL Biorigin on July 29 announced a restructuring of its feed business sector.
Alessandro Lima, with the company since 2019, is now Biorigins global feed business manager. Lima has more than 20 years of experience in multinational animal health companies, where he worked in marketing, product and sales management.
Claudia Mnaco has recently joined the sales team as sales manager for Brazil. Mnaco worked for more than 15 years in multinational companies of different industries.
Thaila Putarov has joined Biorigins technical sales team as global technical manager for pets. Putarov, an animal scientist, has MSc and PhD degrees in pet nutrition by UNESP, Botucatu, Brazil. Putarov was recently head of the pet nutrition research…
Read the full article at: https://www.petfoodprocessing.net/articles/14013-biorigin-shuffles-leadership-in-feed-business-restructure