Insolvency Guardian Media Centre
STUFF
The five-star hotel has closed down due to the financial impact of Covid-19, resulting in at least 139 job losses.
The five-star Sofitel Auckland Viaduct Harbour has gone into liquidation, leaving at least 139 people out of work.
Viaduct Quays Hotel, the registered company operating the waterfront hotel, was put into liquidation on Monday.
It received $929,000 in Covid-19 wage subsidies for 139 staff.
Liquidator Jared Booth of Baker Tilly Staples Rodway said liquidators had been told the business stopped trading before they were appointed as a result of the financial impact of Covid-19.
READ MORE:
* Wealthy Pandey family to spend $100m on major facelifts for several local hotels
* Wealthy Pandey family buys Novotel Wellingto…
Read the full article at: https://www.stuff.co.nz/business/industries/122093968/coronavirus-139-jobs-lost-as-sofitel-auckland-viaduct-harbour-goes-into-liquidation
Some excellent news for your Golden Goose collection comes today with an announcement from Tuchuzy, one of Sydneys longest running and most iconic fashion retailers.
A spokesperson for the company has stated that the Bondi institute has regained control and has come out of voluntary administration thanks to the support and willingness to shop local from the community.
This follows their announcement in early June that Tuchuzy, known for their stock of luxury and emerging international and Australian brands, had entered voluntary administration amid the dire 2020 retail market caused by bushfires, coronavirus and a pre existing difficult retail environment.
Daria Sukic, who founded Tuchuzy in 1995 (as well their online store in 2013…
Read the full article at: https://www.pedestrian.tv/makes-cents/tuchuzy-voluntary-administration-free/
Tax and advisory firm Grant Thornton has been appointed as the voluntary administrator of cladding supplier Fairview Architectural.
Fairview Architectural specialises in the design, manufacture and supply of cladding and composite panel products to the construction sector. Based in Lithgow, Fairview Architectural employs 52 people in Australia. Fairview Architectural shares a licence agreement with brands in the UK and NZ to supply some products, however all companies are independently owned.
The company has been placed into voluntary administration by its director as the business was unlikely to remain solvent in the future due to a series of company and industry challenges. This includes incurring approximately $1.5 million in costs d…
Read the full article at: https://www.architectureanddesign.com.au/news/fairview-architectural-goes-into-voluntary-admin
NBN Co CEO Stephen Rue
NBN Co is planning to shed at least 800 jobs as part of a major overhaul of its business structure.
The national broadband builder plans to reduce headcount from 6,300 employees to 5,500 by the end of the year.
The announcement, which first appeared inComms Day, also saw NBN Co claim it had, until now, managed its contractor workforcein line with requirements to complete the final stages of the initial build.
The company also stated it had paused the majority of internal restructuring activities over the last six months to ensure its network building and support remained afloat during the increased data and operational demands stemming from the COVID-19 pandemic.
Top line management will also …
Read the full article at: https://www.arnnet.com.au/article/681179/nbn-co-axe-800-jobs-major-restructure/
Thursday, July 9, 2020
As the government slowly unlocks the British economy, and activity adapts to the new normal alongside coronavirus, the hope must be that latent consumer demand triggers a rapid, equally dramatic, recovery in GDP and jobs, allowing businesses to boost cash-flow and repay debt. An economic recovery of this nature (the sharper the point of the V, the better) would allow the gradual withdrawal of governmental support (e.g. from 1 August 2020, employers will be asked to contribute towards the cost of furloughed employees wages under the Coronavirus Job Retention Scheme (CJRS), and the scheme is due to close entirely on 31 October 2020) without occasioning further disruption.
However, considering the mag…
Read the full article at: https://www.natlawreview.com/article/uk-tax-implications-business-restructurings
Keith Steven of Company Rescue explores and comments on the new Corporate Insolvency and Governance Act which came into force at the end of June 2020
The new Corporate Insolvency and Governance Act came into force for companies in the UK and Northern Ireland to give distressed businesses breathing space and focus their efforts to ensure they are able to operate post-pandemic.
This becomes the largest change to the UKs corporate insolvency regime in more than 20 years. So, what has come into play?
Permanent:
New moratorium period
This is an extendable 20 working day period to businesses giving them protection from creditor action whilst they seek professional advice. Companies are thus given a payment holiday for pr…
Read the full article at: https://www.openaccessgovernment.org/the-new-corporate-insolvency-and-governance-act/90192/
Like the frequently cited daily infections rate curve, Mr Coghlan said flattening the curve for ill companies was going to need banks to make tough early decisions even as they and the government keep providing targeted support.
“To be honest, I think that if that occurs, that would probably give us a much smoother curve in terms of insolvency happening over a longer period of time,” he said.
“I think the banks are saying now, ‘We know there’s a lot of companies out there that shouldn’t be operating. [Those companies] should be speaking to us now or they should be speaking to a restructuring specialist or insolvency practitioner and winding up their business.’ “
In the past week, the major banks have extended interest deferrals on $…
Read the full article at: https://www.afr.com/policy/economy/how-to-flatten-the-insolvency-curve-20200612-p5520b
Thursday, July 9, 2020
Your Questions Answered
At our webinar on 2 July 2020 we examined the impact of the CIGA for corporates engaged with third parties who might enter into an insolvency process.
We have put together this question and answer sheet responding to the questions raised which, together with our quick guides, will help corporates understand the issues and challenges that the new processes and procedures could pose.
In light of these changes and looking towards how trading post-COVID 19 might impact supplier relationships, now is an opportune moment for corporates to review supplier contracts, refresh terms and conditions and update credit control procedures to mitigate any adverse effects on healthy businesses moving forwar…
Read the full article at: https://www.natlawreview.com/article/impact-corporate-insolvency-and-governance-act-ciba-corporates
The gambling industry is facing an uncertain future as states and countries reopen and coronavirus cases rise in the U.S. and abroad. Reopening resorts and casinos may sound like good news, but it’s unlikely gamblers will travel to major resorts in droves while the virus is still a big threat.
Given this backdrop, a few companies will provide some important insights over the next few weeks. Here are the stocks I’m watching in July to give us a glimpse of the gambling industry’s future.
Image source: Getty Images.
Wynn Resorts
Macau was the biggest gambling market in the world by a wide margin before COVID-19 hit, but it’s seen gambling revenue decline over 93% year over year each of the last three months. June was especially bad, …
Read the full article at: https://www.fool.com/investing/2020/07/09/3-top-gambling-stocks-to-watch-in-july.aspx
Tuchuzy founder Daria Sakic has regained control over the business.
Sakic placed the designer retailer into voluntary administration last month, citing tough trading conditions.
Theres been lots of sleepless nights,” she said of the voluntary administration period.
“I feel responsible for the livelihood of my team but also wanting to be able to provide the signature style and quality that our customers and suppliers expect from Tuchuzy.
“Its been a challenge for me as an entrepreneur, but its also been a learning experience.
“We know we have to continue to strengthen our operations and take the time to listen to our customers and suppliers to earn back their trust.
“Without the support of our customers, team and our suppliers, today co…
Read the full article at: https://www.ragtrader.com.au/news/daria-sakic-reveals-life-during-voluntary-administration-lots-of-sleepless-nights
- Some Australians have used the governments early access to super scheme in desperate bid to buy a home.
- Despite being ineligible for it, they have simply declared themselves to be infinancial hardship in order to withdraw up to $20,000 of their superannuation or $40,000 for couples to use as a home deposit.
- This government let house prices go through the roof with negative gearing so they can deal with the consequences of first home buyers doing whatever [they] can to get in, one told Business Insider Australia.
- Visit Business Insider Australias homepage for more stories.
Having long-been priced out of the market, many young Australians are beginning to dip into their retirement savings in an effort to buy a home.
While Australia…
Read the full article at: https://www.businessinsider.com.au/early-super-withdrawal-home-deposit-mortgage-application-2020-7
You finally made it through college and graduated with a degree, a new set of friends, great memories, and most likely a significant amount of student loan debt. How can you manage paying such a substantial debt on a starting salary (assuming you were fortunate enough to find a job at all)? It is not easy, but by following some simple rules, you can increase your chances of successful student loan repayment.
Consider the following dos and don’ts of managing your student loan:
1. Don’t Splurge on Spending It’s tempting to take that first paycheck and splurge on some of the things you’ve always wanted and can now afford. Resist that urge and make it a priority to pay down debt. Devote at least the minimum payment amount to your stude…
Read the full article at: https://www.jacksonprogress-argus.com/news/your_money/5-dos-and-donts-for-managing-student-loan-debt/article_6bcd8a8f-9936-5d13-ac0f-116958bdd888.html