Insolvency Guardian Media Centre
Wirecard NZ – the fully-owned subsidiary of the scandal-plagued German payments group – has today been placed in voluntary administration.
McGrathNicol partner Andrew Grenfell, who has been appointed voluntary administrator, told the Herald, “It’s business as usual”, for around 20 Auckland-based staff.
He hoped to find a buyer.
Overnight, BDO partners Andrew Fielding and Nicholas Martin were appointed administrators of Wirecard Australia, whose clients include Westpac Australia.
Grenfell said he was working with his opposite numbers across the Tasman, and a sale of both businesses was possible.
It was also possible that Wirecard NZ could be sold standalone.
Grenfell said Wirecard NZ was set up differently from the rest of the group. …
Read the full article at: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12347940
Two Woolworths-owned venues have been fined for enabling problem gambling. However, the punishment is little more than a slap on the wrist.
Woolworths-owned Australia Leisure and Hospitality Group (ALH) which owns a number of pubs around the country has been fined for giving gamblers free alcohol.
Two of its hotels on the New South Wales North Coast have been ordered to pay $172,000 in fines to Liquor and Gaming NSW the industry oversight body for unethical pra…
Read the full article at: https://www.thebigsmoke.com.au/2020/07/14/woolwoths-owned-venues-fined-for-giving-gamblers-free-alcohol/
Embattled ZenRock Commodities Trading was granted judicial management yesterday, but the judicial managers have noted that any restructuring of the firm, which is under investigation by the Commercial Affairs Department (CAD), would “at best preserve only a fraction of its business”.
KPMG Services’ Martin Wong, Bob Yap and Toh Ai Ling, who were confirmed as judicial managers yesterday, said in a report filed last Thursday with the High Court that ZenRock was “unlikely to continue in the long term under its original three pillars of business”.
But they added that there is value in a judicial management of ZenRock, even a short one, as it will give the managers time to complete a sale of inventory in storage tanks in Malaysia and conside…
Read the full article at: https://www.straitstimes.com/business/companies-markets/restructuring-zenrock-would-at-best-save-fraction-of-business-kpmg
Wirecards Australian and New Zealand businesses were officially placed in voluntary administration yesterday afternoon.
Around 70 local and Kiwi staff were notified of the decision following the appointment of Andrew Fielding and Nicholas Martin from BDO Business Restructuring as administrators of the Australian operation.
Melbourne staff were told that BDO would make an assessment on whether the business was viable and would try to identify potential buyers.
Wirecard AG, a German-listed global payments company filed for insolvency last month after special audits of its latest financial report found that 2 billion of cash could not be accounted for.
That revelation resulted in the arrest of several former directors of the group, includi…
Read the full article at: https://www.bankingday.com/bdo-administrators-take-control-wirecard
Seven out of 10 Americans get married with some amount of debt mainly credit card and student loan debt, according to Debt.org.
While having debt is common, it can unfortunately be a relationship dealbreaker no matter how long you and your partner have been together.
For instance, Kara Stevens, a personal finance and lifestyle blogger at The Frugal Feminista, was open with her husband about how she felt about his credit card debt and even refused to marry him until he paid it off.
But before you let money woes interfere with your love life, CNBC Select has some advice for when you or your partner is in debt. The first step? Talk about it with your partner. From there, you can work on being solution-oriented, creating a budget and tea…
Read the full article at: https://www.cnbc.com/select/what-to-do-when-your-partner-is-in-debt/
Image copyright GoogleTwo companies that raised 25m from a car park investment scheme near Glasgow and Manchester airports have been forced into liquidation.
The land has now been put up for sale after the Insolvency Service ruled the initiative was “misleading” and “unscrupulous”.
More than 14m was raised from investors willing to spend more than 23,000 for each space in Paisley.
They were promised guaranteed returns of 11% by the Aston Darby company.
The investments, in a 1,050-space car park at Harbour Road, two miles from Glasgow Airport, were sold from April 2017 until December last year.
A similar scheme was selling spaces at a car park near Manchester Airport, …
Read the full article at: https://www.bbc.com/news/uk-scotland-glasgow-west-53397203
SEYMOUR, Ind. (Inside INdiana Business) A Philadelphia-based generic pharmaceutical manufacturer has announced a restructuring plan involving its facility in Jackson County. Lannett Co. Inc. (NYSE: LCI) says it is consolidating its research and development operations into a single facility, which involves 80 employees being laid off, a majority of them located in Seymour.
The company says the move is part of a cost savings plan. Tim Crew, chief executive officer of Lannett, says the Seymour employees affected by the move will receive severance and other benefits.
This is a difficult but necessary move for the company, Crew said. The people of Lannett dedicate themselves to the business, and we appreciate all of their contributions.
The…
Read the full article at: https://www.wishtv.com/news/inside-indiana-business/pharma-company-restructuring-affects-seymour-workers/
That boon underscores how the biggest banks roles as financial intermediaries can translate to billions of dollars of profits after borrowing floodgates open. When the firms start releasing their second quarter earnings on Tuesday, theyre broadly expected to post their worst results since the financial crisis as they set aside more money for bad loans. Gains from bond underwriting — and the resulting debt trading — are one of the few bright spots.
That fee income might be enough to turn quarterly net losses into profit for some banks, said Gerard Cassidy, an equity research analyst at RBC Capital Markets.
The Feds unprecedented actions in monetary policy since the start of Covid-19 have benefited banks very well, Cassidy said….
Read the full article at: https://www.washingtonpost.com/business/on-small-business/wall-street-reaps-a-bonanza-on-feds-support-for-corporate-debt/2020/07/13/3b8e6000-c501-11ea-a825-8722004e4150_story.html
Leela M Ramdeen
“We pray for those suffering from addiction may be properly helped and accompanied.” – Pope Francis
In Pope Francis’ prayer intention for April 2020, he asked everyone to pray for those who suffer from addiction, especially addiction to gambling, pornography, and the internet.
If we are to journey with our Domestic Church on Mission; if we are to be leaven in our neighbourhood’s/nation’s dough, we must avoid being judgmental and reach out to families that are hurting, for example, because one or more members of their family is/are addicted to gambling.
Our Catechism tells us that Gambling, whether it involves games of chance (e.g. card games), wagers or betting, or even lotteries, is not intrinsically evil:
“Games of …
Read the full article at: https://www.indcatholicnews.com/news/40011
PHILADELPHIA, July 13, 2020 /PRNewswire/ –Lannett Company, Inc. (NYSE: LCI) today announced a restructuring and cost savings plan. The initiatives include consolidating the research and development (R&D) function into a single location in Philadelphia and lowering operating costs. The company’s workforce will be reduced by approximately 80 positions, equal to approximately 8.5% of the company’s total number of employees. The company said that it expects these actions to result in cost savings in excess of $15 million annually.
“Our goal is to proactively strengthen our business by enhancing our manufacturing efficiencies and improving our cost structure,” said Tim Crew, chief executive officer of Lannett Company. “For the coming year…
Read the full article at: https://www.pharmiweb.com/press-release/2020-07-13/lannett-announces-restructuring-cost-reduction-initiatives
SINGAPORE – Embattled ZenRock Commodities Trading was granted judicial management on Monday (July 13) but the judicial managers have noted that any restructuring of the firm now under Commercial Affairs Department (CAD) investigation would “at best preserve only a fraction of its business”.
KPMG staff members Martin Wong, Bob Yap and Toh Ai Ling, who were confirmed as judicial managers on Monday, said in a report filed on July 9 with the High Court that ZenRock was “unlikely to continue in the long term under its original three pillars of business”.
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Read the full article at: https://www.straitstimes.com/business/companies-markets/restructuring-of-oil-trader-zenrock-would-preserve-only-a-fraction-of-its
(Bloomberg) — Businesses and unions are pushing the worlds richest countries to do more to help poorer nations get through the coronavirus pandemic.
In a letter to finance ministers from the Group of 20, the International Chamber of Commerce and the International Trade Union Confederation call for a suspension of debt payments to be extended to April 2022 from the end of the year.
They also said the initiative, which was agreed this April and currently covers more than 70 countries, should be expanded to other nations depending on health and debt vulnerabilities.
Removing the spectre of sovereign debt from pandemic containment and the economic crisis is an absolute imperative to business, workers and citizens throughout the world, they…
Read the full article at: https://au.finance.yahoo.com/news/global-business-unions-unite-call-220000056.html