MONTREAL SNC-Lavalin is selling its South African resources business as part of its corporate restructuring.
The Montreal-based engineering and construction firm says it has entered into an agreement to sell the business to local management for an undisclosed price.
The South African business has around 1,800 employees and primarily services construction and site maintenance clients
SNC-Lavalin is exiting the resources business as it focuses onprofessional services and project management which generateconsistent earnings and cash flow.
In March, it closed Valerus,a non-core, mid-stream oil and gas production and processing facil…
Read the full article at: https://www.orilliamatters.com/national-business/snc-lavalin-selling-south-african-resources-business-to-local-management-2593398
Strapped for cash, Mitsubishi has placed another legend on the chopping block. While the Pajero is famous globally for its stellar performance at the Dakar Rally, giving Mitsubishi more wins at the event than any other brand in history, you probably knew it as the Montero (or Dodge Raider if youre old enough).
Sadly, you wont be knowing it as anything but a memory soon even if you live somewhere with a source of fresh examples. Having forecast another year of losses, Mitsubishi decided it need to continue tightening its belt. The Pajero will be taken out of production while the brand focuses on business in Asia.
Even die-hard Mitsubishi fans waiting for a return to form have largely given up at this point.
The days of the brand offerin…
Read the full article at: https://www.thetruthaboutcars.com/2020/07/mitsubishi-discontinues-pajero-suv-globally-restructuring-continues/
Member Article
Over 8 in 10 respondents to a national survey of members of the insolvency and restructuring profession carried out by insolvency and restructuring trade body R3, expect personal insolvency numbers to increase within the next 12 months.
Nearly half (44.5%) of the respondents to R3s member survey who work in personal insolvency say they expect personal insolvency numbers to be somewhat higher than 2019, while two in five (41.6%) expect them to be significantly higher than last years figures.
Of those who expect numbers to rise, the majority (61.5%) expect the increase to happen in October-December of this year. Three in ten (30.6%) think it will occur between January and March of 2021, while just 3.4% expected the increas…
Read the full article at: https://bdaily.co.uk/articles/2020/07/27/personal-insolvencies-set-to-rise-r3-member-survey-finds
Steinhoff, the corrupt South African retail group who changed their name to Greenlit Brands in Australia and were responsible for the questionable sale of Harris Scarf, that saw consumer and appliance distributors owed millions is offering up A$1.4 Billion dollars to settle a multi-billion dollar accounting scandal.
Greenlit Brands CEO Michael Ford, he was not employed by the scandal linked Steinhoff when the accounting scandal was exposed.
In Australia Greenlite Brands is run by Michael Ford the former CEO of The Good Guys, he has not commented on the scandal or the questionable sale of Harris Scarf who was declared insolvent days after Greenlit Brands offloaded the business.
The company, whose stable of brands includes Freedom, Fant…
Read the full article at: https://www.channelnews.com.au/big-retail-group-offers-up-1-4-billion-to-settle-accounting-scandal-after-off-loading-harris-scarf/
Scottish bus manufacturer Alexander Dennis has announced plans to initiate a restructuring programme for the business which will put up to 650 jobs at risk.
It comes as a result of significant decline across the UK for new buses and coaches due to the impact of lockdown and social distancing measures caused by the COVID-19 pandemic.
Measures taken by the business such as utilisation of the UK Government Job Retention Scheme, salary and working hour reductions were insufficient to align the company’s cost base to the current economic reality.
A formal consultation will begin in the coming weeks on the restructuring programme across all of Alexander Dennis’ functions and facilities in the UK.
Alexander Dennis’ sister companies in the …
Read the full article at: https://www.insider.co.uk/news/alexander-dennis-puts-650-jobs-22423762
Swimco chief executive Lori Bacon had a date in mind.
The first day of summer sounded like the perfect time for the head of a Canadian swimsuit retailer to set off on retirement.
But the arrival of COVID-19 changed a lot of plans, including hers.
Instead of retirement, Bacon is working on restructuring the family-run business in a bid to weather its recent insolvency and see better days.
“We’re still here, we’re fighting the good fight,” said Bacon, who sees it as another evolution for the 45-year-old company.
“We’ve been through evolutions in malls. We’ve been through evolutions in our product offering. And this is a very dramatic time frame, but it’sone more evolution.”
Company owes more than $1 million to landlords
For Swimco,…
Read the full article at: https://www.cbc.ca/news/business/swimco-restructuring-pandemic-1.5662445
The Canada Revenue Agency (CRA) is closely monitoring the COVID-19 situation, and is committed to supporting Canadians throughout it. The CRA understands that individuals and businesses might be dealing with difficulties in meeting their financial obligations, including paying tax debts they may have incurred prior to the crisis. In addition to measures already announced, the CR…
Read the full article at: https://www.miragenews.com/canada-revenue-agency-announces-an-extension-to-payment-deadline-and-offers-interest-relief-on-outstanding-tax-debts-during-covid-19-pandemic/
Loading
The energy regulator told retailers in March they must not disconnect any small business or residential customer who had contacted them about their payments, and that they could not refer anyone to debt collectors for unpaid bills.
Those instructions were extended on Tuesday until the end of October.
The Australian Energy Council, representing 22 electricity and gas businesses including retailers, said they “stand ready and willing” to help those under financial strain.
The group’s chief executive, Sarah McNamara, called for the government, regulators and industry to work on a plan to avoid the growing threat of “financial contagion”, where bad customer debts push retailers to the point of collapse.
Read the full article at: https://www.smh.com.au/politics/federal/energy-retailers-ordered-to-help-struggling-customers-through-covid-19-20200727-p55fv1.html
MONTREAL SNC-Lavalin is selling its South African resources business as part of its corporate restructuring.
MONTREAL SNC-Lavalin is selling its South African resources business as part of its corporate restructuring.
The Montreal-based engineering and construction firm says it has entered into an agreement to sell the business to local management for an undisclosed price.
The South African business has around 1,800 employees and primarily services construction and site maintenance clients
SNC-Lavalin is exiting the resources business as it focuses onprofessional services and project management which generateconsistent earnings and cash flow.
In March, it closed Valerus,a non-core, mid-stream oil and gas production and processing facil…
Read the full article at: https://www.piquenewsmagazine.com/national-business/snc-lavalin-selling-south-african-resources-business-to-local-management-2593398
More number of cases have been closed by liquidation than by resolution ever since the corporate insolvency resolution process (CIRP) came into effect from December 1, 2016, going by the status of CIRPs as on March 31, 2020.
As per the Reserve Bank of Indias latest Financial Stability Report (FSR), about 57 per cent (914 cases) of the CIRPs were closed under liquidation and only about 14 per cent (221 cases) ended with resolution plans.
It is, however, important to note that 73 per cent of the CIRPs that ended in liquidation (637 out of 879, of which data is available) were earlier with the Board of Industrial and Financial Reconstruction (BIFR) or defunct and the economic value of most of these corporate debtors had already eroded befo…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/corporate-insolvency-more-cases-closed-by-liquidation-than-by-resolution-says-rbi-report/article32201781.ece
The customers had established SMSFs with one financial advisory outfit and then ultimately were told in 2013 that it was becoming Arion Financial, the court heard.
All of the witnesses who are making a complaint … dealt with somebody called Craig, Mr Copley said.
A director of Arion would testify that person was Craig Gore, who was not a director himself, Mr Copley said.
The SMSF beneficiaries allegedly said that Craig had asked if they wanted to invest in debentures.
These people understood that what they were doing was they were making their capital available, that it was going to be put into an investment which at the end of 90 days would be returned to them, Mr Copley said.
That their capital was safe, that [it] would come back p…
Read the full article at: https://www.afr.com/companies/financial-services/the-only-way-rich-lister-gore-rejects-fraud-charges-20200724-p55f3s