LIMA Faced with the effects of the COVID-19 pandemic, emerging and developing economies have been taking on massive debt backed by no more than governments future ability to tax their citizens directly, or to tax them indirectly by inflating away the debts value. Already, the International Monetary Fund and sovereign bond markets have provided tens of billions of dollars in emergency financial assistance and debt relief to…
Read the full article at: https://www.project-syndicate.org/onpoint/monetizing-dead-capital-in-developing-worlds-informal-economy-by-hernando-de-soto-2020-07
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 …
Read the full article at: https://www.investordaily.com.au/latest-news/47390-ipo-wealth-set-for-liquidation
TOOWOOMBA civil construction company Hotshot Transport Queensland, which traded as HTQ Civil Pipe Mining, is in liquidation.
The company was placed into a members voluntary liquidation on June 30 and Adam Ward of Worrells Solvency and Forensic Accountants was appointed liquidator.
In a notice to former employees dated July 3, Mr Ward wrote that he expected “to be able to payout your full employee entitlements” and that it would occur “as a priority dividend”.
“I am currently reviewing the company books and records to assist you with your claim and advising you what your entitlements are indicated to be,” Mr Ward wrote.
“I am aware that there are timesheets for the last week’s wages which I am obtaining in order to calculate any unpaid …
Read the full article at: https://www.thechronicle.com.au/news/toowoomba-civil-construction-company-liquidation/4049885/
Seafolly Group will close 15 of its Sunburn branded stores as administrators for the collapsed swimwear retailer seek to slim down the business for sale.
More than 50 potential local and international buyers are circling the company, which collapsed into voluntary administration on Monday.
A total of 25 Seafolly stores in Australia will remain open for now as administrators kick off a fire sale to clear stock.
The business had 44 stores in Australia when it fell into administration, so by implication four Sunburn locations will also continue trading.
The company also has 12 stores overseas, but a spokesperson for the administrators confirmed none of the companys Seafolly-branded locations are slated for closure.
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Read the full article at: https://www.smartcompany.com.au/industries/retail/seafolly-sunburn-stores-closing/
A T.M. Lewin store in the UK. Source: Facebook
Apparel retailer T.M. Lewin Australia collapsed into voluntary administration on Thursday, days after its UK parent announced a restructuring deal that will see all its stores close indefinitely.
Stuart McCallum, Adam Nikitins and Colby OBrien, directors of Ernest & Youngs local restructuring arm, were appointed joint administrators of T.M. Lewin Australia Pty Ltd on Thursday, according to documents lodged with the corporate regulator.
It comes just days after T.M. Lewin announced it would keep its 66 British stores closed indefinitely and lay off around 600 workers in a restructuring deal aimed at saving the business, which is known for its shirts and business attire.
McCallum said EY …
Read the full article at: https://www.smartcompany.com.au/coronavirus/t-m-lewin-australia-collapse/
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.dailymercury.com.au/news/collapsing-by-the-dozen-63-companies-go-under/4049534/
Auto components major Motherson Sumi Systems Ltd. on Thursday announced a group restructuring under which it will demerge its domestic wiring harness business into a new company that will eventually be listed.
The reorganisation has been approved by the respective boards of MSSL and group firm Samvardhana Motherson International Ltd.
As part of the restructuring, after the demerger of wiring harness unit, SAMIL will be merged into MSSL to consolidate 100% shareholding in Samvardhana Motherson Automotive Systems Group BV as well as to bring all auto component and allied businesses in SAMIL under MSSL, the company said in a statement.
The group re…
Read the full article at: https://www.bloombergquint.com/business/motherson-sumi-announces-group-restructuring-wiring-harness-biz-to-be-spun-off
SAN JOSE, Calif., June 23, 2020 /PRNewswire/ –Of late, it seems that several debt consolidation advertisements surface just about every time I log on promising substantial savings if I consolidate all my debt onto a single loan. With the amount of debt in America staggeringly high, it’s not surprising that many people may consider this an enticing option to address their debt situation.
For more loan and credit education, visit myFICO’s blog at https://www.myfico.com/credit-education/blog
According to Debt.org, Americans owe over $1 trillion in both student loans and credit card debt. On average, each household with a credit card carries $8,400 in credit card debt, and about 37% carry balances on their cards, paying interest charges …
Read the full article at: https://www.prnewswire.com/news-releases/is-debt-consolidation-right-for-me-301081261.html
MACKAY businesses have been left more than $20,000 out of pocket after the collapse of a civil and mine site contracting construction company.
The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites.
Mackay’s Rapid Electrical Service is owed $8455.95 and Porters Can Do Mackay is owed $12,709.51
Moranbah’s Light Vehicle Solutions is also owed $855.
More stories:
End of era: Eungella ‘hub’ shuts doors for final time
Iconic Kaytown Shoes closes its doors after 45 years
Read the full article at: https://www.dailymercury.com.au/news/collapsed-company-owes-mackay-businesses-20000/4049274/