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SINGAPORE (Reuters) - London-based Nithia Capital Resources Advisors LLP is seeking to acquire troubled Singapore commodity trader Agritrade International Pte
Following the voluntary administration of Union Standard International Group, which operated under the brand USGFX, the Australian Securities and Investments
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 restriction on the effectiveness of certain termination clauses in contracts for the supply of goods and services where a counterparty enters an insolvency procedure.
The Restriction on Ipso Facto Clauses
Under the Act, clauses that allow termination of an agreement for insolvency-related reasons (so called ipso facto clauses) will no longer be enforceable in contracts relating to the supply of goods and/or services. This restriction, which applies retroactively, also applies to clauses that provide for “any other thing” (i.e. any othe…
SINGAPORE (Reuters) – London-based Nithia Capital Resources Advisors LLP is seeking to acquire troubled Singapore commodity trader Agritrade International Pte Ltd (AIPL) and its shares in its Hong Kong-listed subsidiary, according to a source familiar with the matter.
FILE PHOTO: The financial district is seen shrouded by haze in Singapore September 18, 2019. REUTERS/Feline Lim/File Photo
AIPL, whose businesses span palm oil and coal, is undergoing a court-appointed restructuring after it collapsed earlier this year amid fraud allegations. It owes $1.55 billion, including $983 billion to at least 20 banks.
Nithia Capital, an alternative investment manager that specialises in turning around underperforming companies, has proposed the creat…
Katie Price told a bankruptcy hearing she has lost everything as she spoke about being burgled and attending the Priory.
The former glamour model, who was declared bankrupt in November last year, has had average recent monthly earnings of 45,000, a court heard.
She joined a hearing at the insolvency and companies court at the Rolls Building in London on Tuesday via Skype.
The 42-year-old said she was going to visit her son Harvey in hospital after the hearing, adding: Its one thing after the other.
At the weekend, she shared a video saying Harvey was feeling a lot better after confirming on July 12 that the 18-year-old, who suffers from partial blindness, Prader-Willi syndrome, autism, and learning and behavioural difficulties, had …
One of Australias most forward-thinking advisory firms – CEO Strategic -has partnered with a private financier to offer eligible companies financial assistance in restructuring their businesses in the wake of the Covid-19 pandemic.
Daniel Fah, a director at CEO Strategic, said, Businesses emerging from the carnage of COVID,having been unable to trade or trading at a reduced level, now face dwindling profits with social distancing regulations and significant other changes in customer behaviour. Many face an uphill battle to get back into the black and if they are to survive, they may ultimately be shadows of their former selves.
“Our main concern is for businesses to have a fighting chance they require restructuring to create an efficient…
One of the group companies that failed was Majella Towers One, a company initially set up to develop a 91-apartment project, Radius, in inner Brisbanes Woolloongabba.
Professor Monsour, a specialist in oral and facial surgery, had been a director of Majella Towers One from 2011 until ceasing in May 2016, saying he was pulling back as that development was built, he was elderly and the organisation was looking to extend into other projects.
I left the company with the capacity to generate a significant profit, he told the hearing, commenced by the companys liquidator, Nigel Markey of Pilot Partners.
Seb Monsour: I’ve got nothing.
The remaining director was Seb Monsour. The hearing heard a backer, Michael Kaminski, had lent $2 million…
(Bloomberg) — Another icon of post-war American suburbia went bust as Briggs & Stratton Corp. declared bankruptcy, felled by weak sales, too much debt and a final push over the edge from the coron…
Lusignan said there was not any information on file about the Bakunowiczs bankruptcy, so she was unsure how that might affect the outstanding debt.
At the time she filed for bankruptcy in 2017, Bakunowiczs companies also owed $147,000 in unpaid taxes to the Employment Security Department, $41,500 to the Internal Revenue Service and $95,000 in unpaid taxes for state workers compensation premiums. Officials from those agencies did not return phone calls for comment.
Bakunowicz did get permission from the U.S. Army Corps of Engineers to drill under the old Charlies building to install a fire suppression sprinkler system. The Corps OKed her to proceed with the project in August 2019, according to a spokesman.
Michael Rowland, a partner in KPMGs consulting division, has left the Big Four to join Westpac where he has been installed as chief financial officer, ending a near six-month job search.
The appointment comes six months after Australias second-largest bank revamped its top leadership after last November’s revelations of a major money-laundering scandal that sparked the departure of several former leaders. Veteran banker John McFarlane was appointed chairman early this year, while in April the former chief financial officer Peter King was shifted to the chief executive officer role.
The man filling his shoes Michael Rowland brings over two decades of experience to the role. Rowland spent the past five years at KPMG where he was a partne…
Downer is a diversified company with a range of divisions including mining, engineering, construction and transport. It manufactures and maintains trains and trams, builds bridges and maintains power stations. Via Spotless it also has a major asset maintenance, cleaning and laundry management business.
Management also updated the market on the company’s 2020 full-year results, forecasting underlying EBITA (earnings before interest, tax and amortisation) of $410 million to $420 million, and underlying NPATA (net profit after tax and amortisation) of $210 million to $220 million.
But the company is expecting a statutory net loss in the range of $150 million to $160 million for the year. The result has been dragged into the red by a serie…
A lack of transparency around how Centrelinks Family Tax Benefit is balanced has seen some payments stalled, leaving welfare recipients stressed and confused about potential money owed amid the agencys debt freeze imposed due to coronavirus.
Photo: AAP/Tracey Nearmy
The Family Tax Benefit is a two-part payment intended to help parents and carers who provide at least 35 per cent of a childs care with the cost of child rearing.
Eligible recipients receive a fortnightly payment and a once-off lump sum a…
Following the voluntary administration of Union Standard International Group, which operated under the brand USGFX, theAustralian Securities and Investments Commission(ASIC) announced this Tuesday that is has suspended the companys Australian Financial Services (AFS) licence.
According to the Australian regulator, the AFSL of USGFX has been suspended under section 915B of the Corporations Act 2001 (Cth) (Corporations Act) because the company is now under external administration.
