Insolvency Guardian Media Centre
KAVINDA HERATH/STUFF
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…
Read the full article at: https://i.stuff.co.nz/business/122040703/deal-saves-former-all-black-dave-hewetts-housebuilding-company-from-liquidation
Auntie evades the cops
Pathum Thani police are tracking down a mysterious loan shark lender to answer claims she hired a man to beat a vendor who owed her money, leaving him with permanent brain damage.
The woman, aged 65-70, dresses plainly and lugs a large rubbish sack around with her, supposedly containing the cash she lends to traders in local markets, including the market outside the Zeer Rangsit IT centre where the March 12 attack occurred.
Despite her modest appearance, media reports dubbed her the “100-million-baht auntie” and linked her to a gang which employs brutal methods to chase up unpaid debts.
Trader Weerapat Kampiranon, 63, who has run a market stall outside Zeer with his wife Patcharaporn Parakunna selling crab fried …
Read the full article at: https://www.bangkokpost.com/life/social-and-lifestyle/1945988/loan-shark-on-run-suicide-pact-for-debt-pair-cat-in-the-bag
Warning: This article discusses suicide and could be upsetting to some readers.
The family of an Auckland businessman who took his own life during the liquidation of his company have spoken out about the tragedy.
Lloyd Green was found dead in December 2016.
Green had mental health issues that he hid from his family and close friends.
But when his business went under, he could no longer cope, Stuff reported today.
Green owned Great Barrier Island Rent-A-Car but in 2015 he was taken to court by a contractor for work done but not paid for.
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The contractor won the case and Green’s estranged wife Fiona told Stuff the total of the claim and legal bills was less than $10,000.
Green could not pay the sum immediately so a li…
Read the full article at: https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=12345552
QUEENSLAND companies are collapsing by the dozen as the nation’s businesses head towards an economic cliff when COVID-19 support ends.
In the final month of the financial year, 63 Queensland companies collapsed into liquidation or administration.
The numbers remain below the average monthly collapses, which hovered around 100 per month prior to COVID-19.
Liquidator Brendan Nixon of SM Solvency said the virus and associated lockdowns had already sealed the fate of many companies.
“Most of our recent liquidations from April onwards have had a cause of the company’s demise being attributed, at least partly to COVID-19,” he said.
“It’s the lockdowns, the travel restrictions and the inability to trade, particularly in hospitality, as usua…
Read the full article at: https://www.frasercoastchronicle.com.au/news/collapsing-by-the-dozen-63-companies-go-under/4049534/
The remaining assets of former dairy co-operative, Murray Goulburn, have been placed into voluntary liquidation.
Most of the assets of the once dominating dairy processor were sold to Saputo in 2018, but a shell company remained to finance litigation and pay for the costs of winding up the company.
The company had its roots in northern Victoria in 1950. Before it was sold it had assets of more than $1billion and annual revenues of more than $2billion. At its height it was the largest buyer of raw milk and employed several thousand people.
A report to the special meeting on June 26 put the total assets of the remaining company at $264million, with $259million of that in cash.
Shareholders will stand to benefit from a distribution within…
Read the full article at: https://www.sheppnews.com.au/rural-dairy/2020/07/03/1354296/murray-goulburn-shell-company-goes-into-liquidation
A little over a year ago, 30-year-old Clare Seal was 27,000 in debt, and in denial.
Ten years of living month to month, two pregnancies and a Pinterest-perfect wedding had caused her to lose her grip on her familys finances and avoiding the issue was easier than asking for help.
Calls from the bank were diverted to voicemail. Letters piled up, unopened. Her rock-bottom reckoning, in March 2019, revealed 25,000 of credit card debt, a 2,000 overdraft, and no accessible savings.
At the time, she was a social media manager, her husband works in hospitality, and their joint income was 64,000.
Desperate to break the cycle of debt, but too ashamed to ask her friends or family for help, she started @myfrugalyear on Instagram and posted a scree…
Read the full article at: https://www.theguardian.com/money/2020/jul/04/debt-the-first-step-towards-change-is-admitting-you-have-a-problem
IN 16 years of business in Central Queensland Geoff Gumley estimates he has lost between $250,000 to $400,000 in bad debt from other companies who owe him money who are now in liquidation.
The owner of CQ Fasteners, which has stores in Rockhampton and Yeppoon, said while it is very frustrating, it has just become the norm in his type of industry.
When you supply into the construction industry there is some risk you arent going to get paid, he said.
We cant even get insurance to cover bad debt.
And when one construction company goes down, three-quarters of the building industry suppliers in town take a hit goes down, he said.
This was evident with the collapse of JM Kelly in October 2018.
The $50m liquidation saw the loss of more than 2…
Read the full article at: https://www.themorningbulletin.com.au/news/cq-small-businesses-cry-out-for-better-liquidation/4049937/
When contacted, an Uber spokesperson said, ‘Uber continues to provide a high level of service to all its riders in Mumbai’
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Uber|Uber bike taxi|Lockdown
Ride hailing platform Uber has shut down its Mumbai office as part of its restructuring efforts, but it will continue to provide services in the city, according to sources.
The company’s services in the city, however, would remain unaffected.
When contacted, an Uber spokesperson said, “Uber continues to provide a high level of service to all its riders in Mumbai”.
The sources said the decision to close the Mumbai office was part of the global restructuring exercise. In May, Uber CEO Dara Khosrowshai had written to employees informing them of the decision to close 45 …
Read the full article at: https://www.business-standard.com/article/companies/uber-shuts-mumbai-office-as-part-of-restructuring-services-to-continue-120070400066_1.html
Businesses are also enjoying deferrals on almost 300,000 loans while a range of state government fees, charges and payroll tax have been paused or waived.
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Once this support ends, many businesses are expected to discover they cannot continue or will have to shed staff to remain viable.
The government is looking at measures to help troubled firms close in a way that leaves operators in a position to start new businesses, setting up the economy in 2021 and beyond. It is also considering assistance for firms that are not bankrupt but still facing a tough future to restructure or rewrite their business plans.
Tax assistance for businesses planning to invest in new plant or equipment will also feature in the package.
Council of Sm…
Read the full article at: https://www.smh.com.au/politics/federal/multibillion-dollar-plan-to-help-businesses-survive-or-close-20200703-p558p7.html
NEW YORK, July 03, 2020 (GLOBE NEWSWIRE) — Epiq, a global leader in legal services, released the June 2020 bankruptcy filings statistics today from its AACER business. Notably, commercial Chapter 11 filings are up 43% over June of last year, with 609 new filings, up from 424 from the same period last year. For the first half of 2020, total commercial Chapter 11 filings are up 26% with 3,604 new filings, up from 2,855 from the same period last year.
As expected, U.S. companies are seeking bankruptcy protection while the markets are recovering from the early stages of the global pandemic, says Deirdre OConnor, managing director for corporate restructuring at Epiq. In challenging economic environm…
Read the full article at: https://www.globenewswire.com/news-release/2020/07/03/2057391/0/en/Chapter-11-U-S-Commercial-Bankruptcies-up-43-in-June.html
Indonesia is running out of time to rescue its businesses from the impact of the coronavirus pandemic, and banks should immediately ramp up promised working capital loan disbursement to bolster the economy, businesspeople have said.
Indonesian Chamber of Commerce and Industry (Kadin) chairman Rosan Roeslani said the implementation of one of the governments stimulus programs was too slow, urging banks to soon disburse working capital loans after receiving fresh funds of Rp 30 trillion (US$2.08 billion) from the government.
After the debt restructuring process, we now need working capital loans for micro, small and medium businesses as well as [big] businesses, Rosan told reporters in a press conference on Thursday.
Without working capit…
Read the full article at: https://www.thejakartapost.com/news/2020/07/03/businesses-urge-banks-to-speed-up-loan-disbursement-to-boost-economy.html
The former company behind a Lancashire pub has been ordered to pay more than 25,000 after it was found it unfairly sacked one of its employees.
Leyland Park Ltd, which had been trading as the Withy Arms Leyland up until June 2019, has been told to pay up 25,567.46 after former company employee John Travill filed an unfair dismissal claim.
An employment tribunal was subsequently held, with Employment Judge David Franey ruling in favour of Mr Travill.
The decision was taken after Leyland Park Ltd did not offer any formal rebuttal to the claims despite being offered the opportunity.
In the ruling, which took place in May and was published in June, Employment Judge Franey ordered Leyland Park Ltd to pay Mr Travill a basic payment of 2,481 …
Read the full article at: https://www.lancs.live/news/lancashire-news/former-company-behind-leylands-withy-18534171