The Age and The Sydney Morning Herald can also reveal that a company closely linked to Unified Security, which had an almost identical name and operated from the same Sydney address, has been embroiled in a protracted liquidation process and as recently as February this year still owed unsecured creditors $4.5 million.

Melbournes second COVID-19 wave, which has killed 22 people and placed millions back under lockdown, has been blamed on the bungled quarantine program. The inquiry will examine the role of guards, companies and government agencies in the program.

The Victoria Police licensing and registration division database shows the private security business licence for Unified Security Group (Australia) Pty Ltd expired on June 21.

…

Read the full article at: https://www.theage.com.au/politics/victoria/covid-19-hotel-security-company-has-worked-on-expired-licence-for-a-month-20200722-p55ehq.html

This is a small excerpt from our upcoming Power Edition, where Sakic reveals 5 lessons she learned to become a more successful retailer. You can subscribe here.

One of the objectives of putting a business into voluntary administration is to see if a financially stressed business can be saved or restructured.

If the answer is no, the idea is that it will drive the best return to creditors versus an immediate liquidation or sale of the business.

Only about one in every four voluntary administration regimes meet the objective and recover and I was determined to be one of them.

Giving up the business and sitting on the sidelines, even though it was a relatively short period of time was challenging, but I had to trust in the administrators …

Read the full article at: https://www.ragtrader.com.au/news/tuchuzy-founder-daria-sakic-offers-rare-glimpse-into-voluntary-administration

Andorra-based European LED screen and lighting manufacturer Llum Creativa, trading as ARCH LED, has been declared insolvent. An administrator, Lourdes Alonso Martnez, has been appointed by the court in Andorra and creditors have 30 days to make contact.

The company was founded in 2003 by Belgian entrepreneur Sebastian Clement, and initially served the entertainment and architectural lighting markets, going on to manufacture products in Belgium, Andorra and Dubai. Most recently, the company reported that it had collaborated with another supplier on an LED staircase at the Berlin offices of Google and YouTube which won an industry award.

Among other projects listed on the companys website and Vimeo channel are the supply of a 1500-cabine…

Read the full article at: https://www.avinteractive.com/news/business/european-led-screen-manufacturer-declared-bankrupt-23-07-2020/

Many Aussie retailers are feeling the financial strain and expect to explore restructuring or insolvency options in the next six months, new research from national business recovery and insolvency firm Jirsch Sutherland has revealed.

The independent survey of over 1000 SME directors, almost one-fifth of whom are in the retail sector, identified the key sources of current stress and cash-flow and turnover were the stresses keeping many awake at night (over one-third of respondents).

Overall, just 10 per cent of respondents cited JobKeeper ending as their primary concern, Jirsch Sutherland partner Andrew Spring said.

More businesses fail due to lack of cash-flow than due to lack of profit.

In retail, its even more important to be consciou…

Read the full article at: http://www.ragtrader.com.au/news/1/3-of-businesses-will-explore-insolvency-options-when-jobkeeper-ends

German propulsion and machinery giant MAN Energy Solutions has announced a comprehensive program to secure the future viability of the company. The program includes extensive cost-cutting and restructuring measures that could see almost 4,000 jobs lost.

MAN says it is preparing for a long period of stagnant sales as a result of Covid-19, and sees the restructuring as a necessary part of the companys transformation into a solutions provider for sustainable energy supply.

The company plans to cut its costs by Euros 450m ($520.4m), with an aim to achieve an operating margin of 9% and improve the companys cash and liquidity position by 2023.

MAN says it intends to halt steam turbine production in Hamburg and may also close its production f…

Read the full article at: https://splash247.com/man-energy-solutions-to-cut-nearly-4000-jobs-as-part-of-restructuring/

A LIQUIDATED Central Queensland mining labour hire company is being sued for $2.8 million in a workplace injury lawsuit.

Michael Thorogood, 43, is suing One Key Workforce for negligence and breach of contract after he fell 1.5 metres to the ground, causing a severe wrist injury that required 10 surgeries.

The claim was served to One Key Workforce (in liquidation) with C/O Ernst and Young, a leading Brisbane accounting firm, and WorkCover Queensland.

At the time of the incident, One Key Workforce supplied labour hire workers to Anglo Coal at Grosvenor Mine, Moranbah.

One Key Workforce went into liquidation on September 28, 2018.

Mr Thorogood, of Kelsey Creek near Proserpine, was employed as a coal mine worker.

According to his claim, the…

Read the full article at: https://www.thechronicle.com.au/news/liquidated-companys-28m-lawsuit-for-mine-workers-f/4062827/

This is a small excerpt from our upcoming Power Edition, where Sakic reveals 5 lessons she learned to become a more successful retailer. You can subscribe here.

One of the objectives of putting a business into voluntary administration is to see if a financially stressed business can be saved or restructured.

If the answer is no, the idea is that it will drive the best return to creditors versus an immediate liquidation or sale of the business.

Only about one in every four voluntary administration regimes meet the objective and recover and I was determined to be one of them.

Giving up the business and sitting on the sidelines, even though it was a relatively short period of time was challenging, but I had to trust in the administrators …

Read the full article at: http://www.ragtrader.com.au/news/tuchuzy-founder-daria-sakic-offers-rare-glimpse-into-voluntary-administration

The nation will be taking a deep breath today as were forced to see some scary numbers that will be compared to scarier times of this countrys life, such as World War II, when Japan bombed Darwin, fought a sea battle on the Coral Sea that laps Townsville and sent a submarine into Sydney Harbour! (When that happened my Mum and Nan hid under the kitchen table! Scarier times, indeed.)

These numbers that Josh Frydenberg will highlight today in his budget update statement will be big and the media will use them to shock the living daylights out of you, just as I did in the 1980s when our foreign debt for the first time was so bad that our dollar dipped below 50 US cents.

It was fair to shock my readers in The Daily Telegraph because it made …

Read the full article at: https://switzer.com.au/the-experts/peter-switzer/dont-worry-about-debt-deficits-and-drama-filled-disasters/

BUSINESS is full of highs and lows.

The Toowoomba business community has been through a lot in the last year.

Here are the businesses that shut up shop.

The Florence

ITS owner said in August 2019 that The Florence was “temporarily shut” for some renovation work.

“We’re just going to freshen up for spring,” publican Mic Uebergang said.

But “temporary” appears to have become permanent, with the pub still standing dormant 11 months later.

The Florence opened in July 2018, after being bought by Mr Uebergang and his business partner Karl Voll.

It was previously known as The Office and owned by the now-defunct Worldwide Hospitality Group, which went into liquidation in April 2018.

Mac’s Sand and Gr…

Read the full article at: https://www.thechronicle.com.au/news/revealed-21-businesses-that-went-bust-in-the-last-/4062658/

A LIQUIDATED Central Queensland mining labour hire company is being sued for $2.8 million in a workplace injury lawsuit.

Michael Thorogood, 43, is suing One Key Workforce for negligence and breach of contract after he fell 1.5 metres to the ground, causing a severe wrist injury that required 10 surgeries.

The claim was served to One Key Workforce (in liquidation) with C/O Ernst and Young, a leading Brisbane accounting firm, and WorkCover Queensland.

At the time of the incident, One Key Workforce supplied labour hire workers to Anglo Coal at Grosvenor Mine, Moranbah.

One Key Workforce went into liquidation on September 28, 2018.

Mr Thorogood, of Kelsey Creek near Proserpine, was employed as a coal mine worker.

According to his claim, the…

Read the full article at: https://www.noosanews.com.au/news/liquidated-companys-28m-lawsuit-for-mine-workers-f/4062827/

The International Monetary Fund has approved a $7.6 million debt relief to Burundi to help it deal with the impact of the COVID-19 pandemic.

IMF said the debt relief will help free up the East African country’s resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the pandemic.

“Economic growth projections for 2020 have been revised down by 5.3 percentage points to -3.2 percent in 2020. The pandemic has exacerbated preexisting economic challenges and creates significant external financing needs in 2020 and 2021, mainly as a result of lower exports, elevated imports needs, and reduced remittances inflows,” the IMF said in a statement. “The pandemic has also c…

Read the full article at: https://newsaf.cgtn.com/news/2020-07-21/IMF-approves-debt-relief-to-Burundi-to-cushion-COVID-19-impact-SjAChoi3Qc/index.html

A LIQUIDATED Central Queensland mining labour hire company is being sued for $2.8 million in a workplace injury lawsuit.

Michael Thorogood, 43, is suing One Key Workforce for negligence and breach of contract after he fell 1.5 metres to the ground, causing a severe wrist injury that required 10 surgeries.

The claim was served to One Key Workforce (in liquidation) with C/O Ernst and Young, a leading Brisbane accounting firm, and WorkCover Queensland.

At the time of the incident, One Key Workforce supplied labour hire workers to Anglo Coal at Grosvenor Mine, Moranbah.

One Key Workforce went into liquidation on September 28, 2018.

Mr Thorogood, of Kelsey Creek near Proserpine, was employed as a coal mine worker.

According to his claim, the…

Read the full article at: https://www.dailymercury.com.au/news/liquidated-companys-28m-lawsuit-for-mine-workers-f/4062827/