Insolvency Guardian Media Centre
National cabinet will meet on Friday, with the Melbourne outbreak to dominate deliberations.
Mr Morrison revealed he would take a proposal to the meeting to slow down the number of Australians returning home from overseas in a bid to take pressure off the hotel quarantine system after some states warned they were being overwhelmed.
Following the announcement by the major banks on Wednesday to extend $260 billion in interest holidays for another four months, the Prime Minister also said his government was now preparing extensions for other financial supports to ensure the economic recovery was not undermined.
“There’ll be a further phase of [JobKeeper] support that goes beyond September. Where there is the need, then there will continue…
Read the full article at: https://www.afr.com/politics/federal/pm-vows-to-break-victoria-s-fall-20200708-p55a38
Adelaide
A distillery outside Victor Harbor may be forced to sell off its stock of valuable inaugural whisky after being placed into liquidation with potentially more than $400,000 worth of debts, according to the liquidator.
Rochfort Distillery was established in 2018 by John Rochfort, the former CEO of Tasmanias Lark Distillery.
InDaily reported last year that …
Read the full article at: https://indaily.com.au/news/2020/07/09/fleurieu-distillery-in-liquidation/
Union Standard International Group PTY LTD (USGFX) has revealed to Finance Magnates via a statement that it has entered into voluntary administration on the 8th of July 2020.
According to the company, it has gone into voluntary administration to allow USGFX to restructure so that it can continue to provide financial services to its client. BRI Ferrier will be the administrator.
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In its statement, the foreign exchange (forex) broker said that this move by the company has largely been forced by the Australian Securities and Investments Commission (ASIC), of which USGFX was regulated by.
USGFX claims ASIC harmed companys reputation
These actions have deeply …
Read the full article at: https://www.financemagnates.com/forex/regulation/breaking-usgfx-enters-into-voluntary-administration/
The Wirecard logo is seen at the payment company’s headquarters in Aschheim near Munich, southern Germany, on June 24, 2020.
Christof Stache | AFP via Getty Images
Despite its spectacular descent into insolvency last month, Wirecard‘s share price has not yet hit zero.
Last week, Munich prosecutors raided the offices of the German payments giant, widening the investigation into the company to include fraud. It follows an accounting scandal and the arrest of former CEO Markus Braun.
When it filed for insolvency on June 25, Wirecard owed almost $4 billion to creditors. It admitted that $2.1 billion was missing from its balance sheet and probably does not exist.
Administrator Michael Jaffe said on Tuesday that more than 100 potenti…
Read the full article at: https://www.cnbc.com/2020/07/09/why-some-investors-are-holding-onto-wirecard-shares-even-after-insolvency.html
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: http://www.ragtrader.com.au/news/daria-sakic-reveals-life-during-voluntary-administration-lots-of-sleepless-nights
multilang-release
- Company to accelerate transition to online retailing and wholesale distribution in North America
- Intends to significantly reduce brick & mortar footprint
- DAVIDsTEAs online business at www.davidstea.com and sales in grocery stores and pharmacies across Canada will continue during the restructuring process
MONTREAL, July 08, 2020 (GLOBE NEWSWIRE) — DAVIDsTEA Inc. (Nasdaq:DTEA) (DAVIDsTEA or the Company), a leading tea merchant in NorthAmerica, announces that it is implementing a restructuring plan under the Companies Creditors Arrangement Act (Canada) (theCCAA) in order to accelerate its transition to an online retailer and wholesaler of high-quality tea and accessories. T…
Read the full article at: https://www.globenewswire.com/news-release/2020/07/08/2059269/0/en/DAVIDsTEA-to-Implement-Restructuring-Plan-Under-Companies-Creditors-Arrangement-Act.html
PARIS/WASHINGTON (Reuters) – G20 countries and Paris Club creditor nations must start thinking about debt relief for the poorest countries beyond a debt payment freeze this year and outright restructurings may be unavoidable, top global finance chiefs said on Wednesday.
Speaking to an online G20 debt conference, International Monetary Fund Managing Director Kristalina Georgieva said debt restructuring may be needed on a country-by-country basis for those that simply cannot stay above water without determined action.
World Bank President David Malpass told the conference the debt payment freeze should be extended through 2021, and called for reductions in the debt load of some of the most indebted countries to avoid an even longer poverty…
Read the full article at: https://www.reuters.com/article/us-g20-debt/creditor-countries-urged-to-think-about-post-2020-debt-relief-idUSKBN24923A
NBN Co is set to cut around 800 staff by the end of the year as part of a broader post-rollout restructure of the company.
CEO Stephen Rue said that the company would slim down the size of its direct workforce from around 6300 employees to around 5500 people by the end of this calendar year.
As we have approached the final stages of the initial build, we have talked about changing the size and shape of the organisation and we are now preparing for the next phase of the companys evolution, Rue said.
Rue said NBN Co had paused the majority of internal restructuring activities over the past six months, in part to stay resourced enough to meet data and operational demands brought on by the COVID-19 crisis.
But it will now move ahead with a …
Read the full article at: https://www.itnews.com.au/news/nbn-co-to-cut-800-staff-by-end-of-2020-550223
When sitting down with 29-year-old Yiannis Simosis, it is difficult for one to fathom that this intelligent, mature, kind and down to earth young man, spent some of the best years of his life struggling with gambling addiction that led him down a difficult path which nearly ruined his life.
Yiannis story with gambling stems back to his childhood.
At the age of five, the eldest son of Greek businessman Sotiris Simosis and Sydney-born Greek- Australian Niki, started playing soccer in his hometown in Aliveri.
Yiannis love for the sport and his natural ability to play good soccer drew the attention of various coaches and soccer clubs that saw the potential in the young boy.
Yiannis became ob…
Read the full article at: https://neoskosmos.com/en/169419/the-one-mistake-that-almost-ruined-my-life/
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-to-axe-800-jobs-in-major-restructure/
Building on previous insolvency reforms, the UKs Corporate Governance and Insolvency Act 2020 has gone into effect. Our Finance Group explain how blending temporary measures to deal with the COVID-19 pandemic with permanent changes means the Act fundamentally reforms UK insolvency law.
- Directors receive temporary respite from liability and maintain control during insolvency
- A new restructuring plan that avoids a value destructive liquidation process
- New corporate governance measures for general meetings
In an update to our previous advisory on the UK governments changes to insolvency law in response to the ongoing COVID-19 crisis, the government has now announced a further shakeup to the insolvency regime in an effort to prevent other…
Read the full article at: https://www.jdsupra.com/legalnews/covid-19-update-what-your-business-14853/?
Australians paid off their credit card debt in record numbers in May, according to Reserve Bank data.
But analysts say the debt repayments have come at the expense of superannuation, with the tax office having approved roughly $25 billion of early withdrawal claims from 2.4 million people.
New figures released by the Reserve Bank of Australia on Tuesday revealed credit card holders paid off $1.64 billion in balances accruing interest in May, according to comparison website RateCity.
That represents a 6.45 per cent fall in credit card debt accruing interest from April the biggest monthly decrease in the metrics history.
RateCity research director Sally Tindall said Australians had taken the bull by the horns after the pandemic forced …
Read the full article at: https://thenewdaily.com.au/finance/your-budget/2020/07/07/credit-card-debt-pandemic/