Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
One of the nation's most popular pizzeria chainsfiled for bankruptcy Thursday, blaming thecoronavirus pandemicfor its financial struggles. California Pizza Kitchen
Willie Mason has been accused of partying too hard, leading to the loss of his life savings. Picture: AAP Image/Joel Carrett
Former rugby league star Willie Mason has been accused of aiding and abetting the regular hard partying that led to the failure of an investment company and, with it, the loss of his life savings.
The extraordinary explanation for the failure of John and Paul Hannas private investment firm is detailed in their response to a lawsuit filed by Mason last month.
The NRL cult figure is seeking $985,838 in the NSW Supreme Court from the Hannas after investing half a million dollars that he intended to retire on in their company, Fairchild Property Investments.
We’ve all heard about China’s Belt and Road Initiative, which has been making news since it was launched at the end of 2013, but when and how did China start its push westward?Dr Parag Khanna explains that ‘upon the conclusion of Chinas civil war in 1949, China began a decades-long campaign to push westward into contested terrain…By the time the Soviet Union collapsed in 1991, Chinese roads were well positioned to expand across once frozen Cold War borders and reshape the trade relations of the half-dozen newly independent Central Asian republics’. He takes us through the history of China and roads and explains how the world has largely ignored or misinterpreted this push. So what should be done to ensure that ‘all roads need no…
Written by Theresa Grech Partner, Head of Corporate, Cardiff at Ince
Theresa has over 20 years experience advising on a range of domestic and cross-border transactions and corporate governance matters. She also advises on commercial contracts and has a specialist interest in intellectual property and IT related issues.
Protecting Businesses will give the Economy the Greatest Chance of Recovery
The Covid-19 pandemic has presented governments, financial markets and economies across the globe with challenges never faced before. Whilst Covid-19 is primarily and most terribly a public health crisis, its far-reaching consequences are devastating the global economy.
UK GDP is forecast to contract by as much as 12% in 2020 and a report from …
On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts.
Eligible Companies
The moratorium is available for companies of all sizes (including overseas companies which meet a sufficient connection test) unless specific exclusions apply. The exclusions include, inter alia, companies that are subject to current or recent insolvency procedures, banks, and companies which are party to capital markets arrangements in excess of 10 million (in view of the COVID-19 pandemic, certain of th…
One of the nation’s most popular pizzeria chainsfiled for bankruptcy Thursday, blaming thecoronavirus pandemicfor its financial struggles. California Pizza Kitchen said it will continue operating as usual while working through a Chapter 11 restructuring plan aimed at reducing its debt by $230 million.
The pizzeria hinted in its filing that it will close some of its 200-plus locations, though it expects to exit bankruptcy in less than three months. CEO Jim Hyatt said in a statement that declaring bankruptcy now will create “a stronger future for California Pizza Kitchen.”
“The unprecedented impact of COVID-19 on our operations certainly created additional challenges,” Hyatt said.
Like many restaurant chains, CPK temporarily closed …
Anglo American insisted the diamond market was in a very positive place despite an earnings slump at its De Beers unit, where staff were briefed on a restructuring of the business that will lead to job losses.
The $80bn diamond industry has been paralysed by the coronavirus pandemic with every part of the supply chain from mines in South Africa, to cutters and polishers in India, to retail stores in New York hit by lockdowns and travel restrictions.
As a result earnings before interest, tax, depreciation and amortisation at De Beers fell to just $2m in the six months to June, down from $518m in the same period a year ago, after selling only $56m worth of diamonds in the second quarter.
The Hannas, however, deny making false and misleading claims to secure Mason’s money or that there was any offer or agreement that they would guarantee it.
In their response in the Supreme Court they allege the ex-footballer’s partying with John Hanna precipitated the downfall of his company.
Willie Mason, right, with John Hanna in 2014.Credit:Facebook
They claim a close friendship existed between Mason and John Hanna between 2014 and 2018 “in which they partied hard”.
“This regular partying was aided and abetted by [Mason] and caused [John Hanna] in his capacity as the sole director of Fairchild to not properly manage the company and this resulted in the mismanagement of Fairchild,” the Hannas allege in documents filed with the…
Manas Imnam, 39, and NiphonPanthong, 45, were captured early Thursday by police in Bangsaen where they allegedly fled after killing PratumSaardnuk, 47, with a single bullet to the face July 28 on Soi 17 behind Pattaya School No. 8.
Witness ParidsadaKlubpong, 28, found him found slumped over his Yamaha Smart Style moments after hed dropped her off on Soi 17. She had hired Pratum after getting off a ferry at Bali Hai Pier to take her to her car parked behind the school.
Manas Imnam, 39, and NiphonPanthong, 45, were captured early Thursday by police in Bangsaen where they allegedly fled after killing PratumSaardnuk, 47, with a single bullet to the face July 28 on Soi 17 behind Pattaya School No. 8.
Witness ParidsadaKlubpong, 28, found him found slumped over his Yamaha Smart Style moments after hed dropped her off on Soi 17. She had hired Pratum after getting off a ferry at Bali Hai Pier to take her to her car parked behind the school.
All organizational structures have a shelf life as internal and external conditions evolve is yours in need of a refresh? First, its important to clarify that restructuring your business isnt the same thing as reducing your workforce. In fact, smart organizations regularly analyze and proactively adjust their structure to take advantage of new trends and opportunities it shouldnt be a last-ditch effort to save a business.
Restructuring aligns different parts of the organization to ensure performance can be realized. A restructure can reap a number of positive rewards, such as improved financial performance, the ability to more effectively leverage supplier relationships, easier recruitment of talent to meet changing needs, improved di…
One of Australia’s big banks has cracked down on “debt vultures” – businesses or individuals that claim to assist those struggling with debt but actually rake in big fees.
National Australia Bank said it will no longer deal with unlicensed, fee-charging debt management provides.
“Debt vultures exploit loopholes in the law to prey on the vulnerable and target those in desperate need,” Consumer Action Law chief executive Gerard Brody said.
“All banks should follow NAB’s lead and stop dealing with debt vultures if they care about their customers.”
Sponsored by Franklin Templeton Report: Building stronger relationships with ESG investing
Many for-profit debt assistance providers do not hold a current Australian financial services…
Members of the OECD Development Assistance Committee (DAC), comprised of 29 donor countries and the EU, have agreed on a method for reporting debt relief as official development assistance (ODA).
The agreement follows calls by developing countries and civil society for expanded international debt relief efforts. Creditors within the Paris Club, a forum of official creditors for negotiating debt restructuring, had asked as well for the system to encourage the forgiveness and rescheduling of debt. The new agreement paves the way for more resolute action to relieve developing countries of the burden of debt as they struggle with the economic and social consequences of the COVID-19 pandemic.
Written by Theresa Grech Partner, Head of Corporate, Cardiff at Ince
