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With international travel plans axed, employees working less hours and some savings accounts looking thinner, Aussies are starting to tighten their wallets.
This is according to MyState Bank, who found that a large 44% chunk of Australians are wanting to cut back on spending on discretionary items for the rest of this year.
The survey showed that there were a myriad of things people are wanting to spend less on over the next six months. Amongst them were gym memberships (44%), public transport (43%), home furnishings and decor (38%), takeaway food (38%) and clothing/footwear (36%).
For many Australians, the introduction of social distancing measures has been an opportunity to save more than ever before on expenses from public tra…
Mayfair 101s IPO Wealth declared voluntary administration and appointed administrators from Cor Cordis in an attempt to prevent its trustee, Vasco, to prevent a fire sale of its assets. But the Supreme Court of Victoria has now decided that it was appropriate for Vasco to appoint receivers from insolvency firm Dye & Co a move Mayfair managing director James Mawhinney blasted as displaying a lack of commercial aptitude and the fund is now set to be liquidated.
It is disappointing that Vascos decision to appoint receivers has forced the end to an otherwise independent process that we sought to undertake via the voluntary administration, Mr Mawhinney said. Moving forward, we will be cooperating with the provisional liquidators to ensure …
Willie Breedt is accused of going on the run after allegedly failing to repay the money investors had paid him.
Around 2 000 investors put an estimated R227 million into Breedts VaultAge Solutions to invest in bitcoin and other cryptocurrencies.
The South African Reserve Bank, through KPMG, is probing the sale of cryptocurrency by VaultAge agents.
Willie Breedt, the alleged bitcoin and cryptocurrency scammer, has been declared bankrupt.
earlier reported around 2 000 investors in Breedts defunct company, VaultAge Solutions (VS), stand to lose around R227 million after promises by Breedt to pay out their investments and growth were not honoured.
On Friday, one of the biggest investors, who entrusted R7.5 million to Breedt, Simon Dix f…
When I was younger, I was taught that prevention was better than cure. This is something we as a country did not adhere to following the last recession regarding mortgage arrears. It is essential that the lessons learned from that crash are applied to what is coming here next.
The pre-Covid-19 mortgage arrears landscape was already far from good and I will start by outlining this to illustrate the challenges with arrears post-virus.
This was despite the spin used to convince us that all was well. There were 63,437 mortgages in arrears pre-Covid with 27,085 of them in arrears longer than two years. There has also been an increase of 3,000 mortgages in arrears in quarter one of this year. The value of the arrears of this group is 90 per c…
Company directors could be personally liable when coronavirus relief measures end.
As we know, the federal government has implemented a package of changesto Australian insolvency and bankruptcy laws to provide relief from the economic impacts of COVID-19.
The package included a temporary insolvent trading safe harbour, which provides company directors with temporary relief from the risk of personal liability for insolvent trading between March 25 and September 25, 2020, provided certain conditions are met.
We also know that the Australian Taxation Office has implemented a series of measures to assist taxpayers, including automatic lodgement deferralsandpayment deferrals on request. For example, the ATO previously announced an extens…
Willie Breedt, CEO of VaultAge Solutions, who is alleged to have scammed bitcoin investors out of millions.
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Willie Breedt is accused of going on the run after allegedly failing to repay the money investors had paid him.
Around 2 000 investors put an estimated R227 million into Breedt’s VaultAge Solutions to invest in bitcoin and other cryptocurrencies.
The South African Reserve Bank, through KPMG, is probing the sale of cryptocurrency by VaultAge agents.
Willie Breedt, the alleged bitcoin and cryptocurrency scammer, has been declared bankrupt.
News24 earlier reported around 2 000 investors in Breedt’s defunct company, VaultAge Solutions (VS), stand to lose around R227 million after promises by Breedt to pay out their in…
I turned 5 into 90 betting on football so thought I must be good at it. That was disastrous
Smartphones, online gaming and shrewd marketing have led to such a shocking rise in young problem gamblers, the NHS has opened a specialist clinic solely for teenage addicts. And the scariest thing? Many parents were oblivious to the issue, discovers Sally Williams
James Grimes was your average football-mad 15-year-old. Living in a small town in Norfolk, his two passions were local team Peterborough United and Premier League side Tottenham Hotspur, and his dream was to be a top-level football coach: I had a te…
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EMN raises C$3.85 Million (A$4.1 Million) with strong support from existing shareholders, directors and management
Company initiates board restructuring to set stage for commercial development of the Chvaletice Project
VANCOUVER, British Columbia, July 05, 2020 (GLOBE NEWSWIRE) — Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN“) is pleased to announce a private placement (the “Offering“) of 11,979,682 common shares (“Shares“) and 51,145,605 CHESS Depositary Interests (“CDIs“, with each CDI representing one Share), at a price of C$0.061 per Share or A$0.065 per CDI , f…
Dave Hewetts financial position was described in the creditor compromise offer as being exhausted.
Former All Black Dave Hewett has done a deal with creditors to prevent the liquidation of his home-building business.
Hewett, the sole director and shareholder of Bainbridge Homes, sought a deal with creditors after realising the company could not trade its way out of its cashflow difficulties.
I have now come to the realisation that the business has no prospect of trading its way out of its current predicament given the high level of debt owing, inability to recover significant related party receivables and uncertain economic times in the wake of the Covid-19 pandemic, Hewett said when presenting the compromis…
Boris Becker was a tennis phenom in the 1980s and 1990s. The former world No. 1 won 49 titles, six Grand Slams, and an Olympic gold medal during his pro career. Over the course of his career, Becker made $25 million in prize money and $130 million in total earnings. Despite his massive riches from tennis, Becker was declared bankrupt in 2017. At one point, Becker had such a massive debt a judge could only describe it as historic.
Boris Becker was a bonafide star in the tennis world by the time he was a teenager. In 1985, Becker won his first Wimbledon title when he was just 17 years old. He became the younge…
News of a business restructuring at Motherson Sumi Systems Ltd drove down the shares of the auto components supplier by about 5.4% on Friday.
The complex restructuring has two components. One, Motherson will de-merge its domestic wiring harness (DWH) division, which will be listed eventually. Two, promoter holding company, Samvardhana Motherson International Ltd (Samvardhana) will be merged into Motherson through a share swap, and will be renamed Samil. The newly formed Samil would also own a 100% stake in the international subsidiary, SMRP BV. Currently, Motherson and Samvardhana hold a 51% and a 49% stake in SMRP, respectively.
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Graphic: Satish Kumar/Mint
There are good reasons for investors displeasure over this…
The Australian division of T.M. Lewin Australia has collapsed into administration, jeopardizing around 40 jobs in Melbourne, Sydney and Brisbane. EY has taken on the administration process, after private equity subsidiary Torque Brands purchased T.M. Lewins UK parent, and commenced a stringent restructuring operation.
TM Lewin, is a British online menswear retailer. It was started in 1898 by Thomas Mayes Lewin who opened his first shop on Londons Panton Street. By 2011, TM Lewin had 100 UK stores and outlets, and one year later it launched its first overseas store (excluding Dublin) in Sydney, Australia. The brands growing footprint soon attracted the attention of private equity buyers, and following a 2015 deal with Bain Capital, Sven …
