Insolvency Guardian Media Centre
Longstanding Canberra retail businesses, Bags To Go, has entered voluntary administration, as its administrators predict further companies could follow the same route as the government prepares to reduce JobKeeper payments. Bags To Go, along with its affiliated stores Travelite and Trend Bags, entered voluntary administration on July 24. The stores had been trading in the Canberra region for the past 16 years. Just one of its stores, its megastore in Fyshwick, remains trading, as does its online store. Bags to Go, Travelite and Trend Bags had stores across the ACT, including locations in Woden, Tuggeranong and Belconnen. There were as many as 24 stores operating around the country when the company went into voluntary administration. Canb…
Read the full article at: https://www.canberratimes.com.au/story/6853995/administrator-warns-of-big-hit-to-traders-as-jobkeeper-payments-become-reduced/
The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.
Banking law expert Jia Lin Ho of Pinsent Masons, the law firm behind Out-Law, said the legislation was good news for businesses and practitioners.
The new act is part of a wider effort to enhance Singapores corporate debt restricting regime by giving better support to companies, creditors, and other stakeholders. The consolidati…
Read the full article at: https://www.pinsentmasons.com/out-law/news/singapore-regulatory-regime-for-insolvency-practitioners
Remington Arms, the nation’s oldest gunmaker, has declared bankruptcy for the second time in as many years.
Remington first soughtbankruptcy protection in 2018after reporting nearly $1 billion in debt. Although the company exited court supervision that same year, it remained weighed down by lawsuits and retail sales restrictions following the2012 Sandy Hook school massacre.
The company is filing for Chapter 11 protection even asfirearm sales have jumpedabout 400% this year. Although the Navajo Nation had been in talks to purchase Remington, talks broke down last week, the Wall Street Journal reported. Remington has assets and liabilities of between $100 million and $500 million, according tocourt filings.
Before a surge in gun sale…
Read the full article at: https://www.cbsnews.com/news/remington-arms-bankruptcy-chapter-11-second-time/
With the number of consumers in hardship soaring as hundreds of thousands of people put their mortgage payments on hold, the bank said its action was aimed at protecting customers from potentially ending up in a worse situation.
NAB’s group executive for personal banking, Rachel Slade, said customers were in vulnerable situations due to the pandemic and the bank was hearing “very difficult” stories from customers every day. We continue to check in with our customers who have requested payment deferralsdue to the impact of COVID-19 and know many still need our support through this crisis,” Ms Slade said in a statement.
However, we also understand that some customers wont be able to bounce straight back. As more Australians seek help it …
Read the full article at: https://www.brisbanetimes.com.au/business/banking-and-finance/nab-to-crack-down-on-debt-vultures-as-financial-stress-surges-20200728-p55g90.html?ref=rss&utm_medium=rss&utm_source=rss_feed
Tuesday, July 28, 2020
On 26 June 2020 theCorporate 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 pan…
Read the full article at: https://www.natlawreview.com/article/key-takeaways-corporate-insolvency-and-governance-act-2020-standalone-moratorium
Against a backdrop of growing demand for steering distressed companies through the choppy waters of today’s crisis economy, one of the globes top restructuring consultancies has expanded its turnaround and insolvency offerings into Norway and Switzerland.
Alvarez & Marsal has been active in the restructuring business since 1983, but the firm rose to global fame on the back of its role on the Lehman Brothers bankruptcy the largest of its kind in the history of the US. The New York-headquartered consultancy assumed management of Lehmans estate and its assets in 2008, and over 500 asset restructurings and 300 deals down the line, the firm managed to generate over $20 billion in receipts.
Since then, Alvarez & Marsal has grown its footpri…
Read the full article at: https://www.consultancy.eu/news/4622/am-launches-restructuring-service-in-norway-and-switzerland
Cashflow and turnover were the key sources of stress for one third of survey respondents, compared to just 10 per cent who said the end of JobKeeper is their primary concern. But it might not be so straightforward, since the cuts to JobKeeper payments that are coming at the end of September 2020 and again in March 2021 could lead to cashflow and turnover problems.
These are telling statistics, said Andrew Spring, a partner at Jirsch Sutherland, in a media release about the survey results.
While it might seem as if Covid-19 has already wreaked havoc on the retail sector, judging by the high-profile collapses of Seafolly, Tigerlily, T.M. Lewin, PAS Group, G-Star Raw and Kikki K over the past five months, the number of retailers that enter…
Read the full article at: https://insideretail.com.au/news/more-than-half-of-retail-directors-expecting-to-restructure-survey-202007
AUSTRALIAN country clothing and accessories Bullzye could be making a comeback.
The company went into liquidation in March, with all five physical Queensland stores closing soon after.
There were stores in Rockhampton, Townsville, Bundaberg, Toowoomba and Mackay, plus a warehouse in Murrarie for online orders.
Bullzye Australian Co. store in Mackay. Picture: Tony Martin
READ HERE: SHOCK AS AUSTRALIAN FASHION BUSINESS COLLAPSES
READ HERE: BULLZYE STAFF LEFT IN THE DARK AS STORE CLOSURES NEAR
It was revealed the company owed unsecured creditors an amount of $1,544,041.34.
This includes general creditors for $743,833.01, the Australian Taxation Office – business activity statements for $272, 328 and integrated client account worth $5…
Read the full article at: https://www.noosanews.com.au/news/huge-announcement-in-bullzye-brand-liquidation/4065673/
- After going into voluntary administration, Seafolly is on its way to receiving a lifeline.
- Administrators KordaMentha selected L Catterton as the preferred bidders for Seafolly the swimwear brands former parent company.
- Seafolly was founded by Peter and Yvonne Halas back in 1975 and acquired by L Catterton in 2014.
- Visit Business Insider Australias homepage for more stories.
Seafolly is on its way to getting a lifeline.
The Aussie swimwear brand went into voluntary administration in June 2020 after being impacted by the coronavirus pandemic and the bushfires before that. It appointed KordaMentha as administrators.
Now KordaMentha has revealed L Catterton as the preferred bidder for Seafolly the very same company Seafolly was prev…
Read the full article at: https://www.businessinsider.com.au/seafolly-lifeline-l-catterton-2020-7
Photo by Melissa Walker Horn on Unsplash
Wealth management platform Myprosperity has seen a 200% increase of debt recorded on its platform since the start of the year.
As more Australians are having conversations about their financesduring the COVID-19 pandemic, Myprosperity now tracks $12 billion worth of debt on its platform, with an 80% increase in credit card accounts added since late 2019.
Used by more than 35,000 households in Australia, the Myprosperity portal also tracksmore than $63 billion in assets.
Mypropserity founder Peter McCarthy said there’s growing concern over debt management.
“People are seeing the need to keep on top of their money during these tough times,” he said.
For households, weve seen a significant spike i…
Read the full article at: https://www.savings.com.au/savings-accounts/wealth-tracker-records-200-increase-in-debt-on-its-platform
Zambia was once a model in Wall Street’s rush to issue debt for the world’s poorest nations, attracting bigger orders and lower interest rates than some more-developed countries.
Less than a decade later, the Southern African nation is straining to pay back more than $11 billion in loans.
The world is gearing up for a battle over developing-country debt like few it has seen before. Rich and poor countries are at loggerheads with private investors that, over the past decade, replaced governments as the biggest creditors to emerging markets.
Zambia looks set to become a case study in the clash over how to ease the debt load of developing countries that were ill-prepared fo…
Read the full article at: https://www.bangkokpost.com/business/1958507/covids-next-economic-crisis-developing-nation-debt
The stress of losing your life savings really muddles your thinking, Mr Russell said.
His appearance is part of a stream of prosecution witnesses appearing in the case against Mr Gore, who has declared he is not guilty to the 12 fraud charges relating to $800,000 of investor funds. He was arrested in 2017 following an Australian Securities and Investments Commission.
Mr Gore is the son of former Sanctuary Cove developer, the late Mike Gore. Craig Gore, now 53, was valued at $183 million in 2007 in the BRW Young Rich List, listing his projects in developments, financial services and owning a V8 racing car team at the time.
He tumbled from grace in 2010 when brokering a Part X personal insolvency deal, by agreeing to repay creditors $3.3 …
Read the full article at: https://www.afr.com/companies/financial-services/everything-silent-investor-testifies-at-rich-lister-trial-20200728-p55g3h