Insolvency Guardian Media Centre
Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on Fridays publication of the Governments monthly corporate and individual insolvency statistics for May:
Todays figures show corporate insolvency numbers declined between April and May of this year, while the number of individual insolvencies increased, largely driven by a rise in the numbers of Individual Voluntary Arrangements (IVAs).
The corporate insolvency figures show the Government COVID-19 support measures appear to be helping many businesses that may otherwise have struggled during this period of economic disruption. This, in part, explains the drop …
Read the full article at: https://www.businessupnorth.co.uk/r3-responds-to-corporate-and-individual-insolvency-statistics-for-may-2020/
BUSBY Contracting’s liquidation is set to be wound up by the end of this year as its debts have blown out to almost $5 million.
The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of under-quoting liquidation of associated major debtors and flooding of its project sites.
It was initially reported the civil and mine site contracting construction company owed $2.4 million to creditors, employees and the tax office.
In fresh documents obtained by The Morning Bulletin, it has been revealed the debt was estimated to be $4,775,388.78.
FTI Consulting was appointed as an administrator on February 5, 2018, however the company could have been insolvent from as early as mid-2016.
Public documen…
Read the full article at: https://www.dailymercury.com.au/news/named-60-businesses-impacted-by-major-cq-firm-liqu/4046367/
Pavement has filed for voluntary administration, citing 2020 as a year of difficulties for many retailers.
The childrens clothing retailer has appointed Pitcher Partners, Andrew Yeo and Gess Rambaldi as administrators.
We get customers who are totally obsessed with the brand, who send their mothers and grandmothers in with the instruction that they can buy anything at all from the store and they know they will love it, said Stephen Meurs, the Founder of Pavement and other brands, including Smiggle.
We have learned a lot over the past 12 years about getting the pitch right so that you are fashion-forward while still being age-appropriate and finding the right balance with extended sizing as well.
Meurs believes that the right investo…
Read the full article at: https://powerretail.com.au/news/pavement-voluntary-administration/
A scion of one of Britains richest families who spent 50 million on his daughters wedding has been declared bankrupt with debts of more than 130 million, The Times can reveal.
Pramod Mittal, 64, appears to have lost a fortune while becoming embroiled in an investigation into organised crime.
His familys mansion in Mayfair, central London, is a two-mile stroll across Hyde Park from the 300 million home of his older brother Lakshmi Mittal, who is Britains 19th richest person with an estimated fortune of 6.78 billion.
Lakshmi, 70, head of Arcelor Mittal, the worlds largest steel maker, has declined to bail out his brother despite the damage that the news of his bankruptcy will cause to their family name. The siblings became estranged
Read the full article at: https://www.thetimes.co.uk/article/a-50m-wedding-an-arrest-and-bankruptcy-for-lakshmi-mittal-s-brother-pm3h367t0
A scion of one of Britains richest families who spent 50 million on his daughters wedding has been declared bankrupt with debts of more than 130 million, The Times can reveal.
Pramod Mittal, 64, appears to have lost a fortune while becoming embroiled in an investigation into organised crime.
His familys mansion in Mayfair, central London, is a two-mile stroll across Hyde Park from the 300 million home of his older brother Lakshmi Mittal, who is Britains 19th richest person with an estimated fortune of 6.78 billion.
Lakshmi, 70, head of Arcelor Mittal, the worlds largest steel maker, has declined to bail out his brother despite the damage that the news of his bankruptcy will cause to their family name. The siblings became estranged
Read the full article at: https://www.thetimes.co.uk/edition/news/a-50m-wedding-an-arrest-and-bankruptcy-for-mittal-brother-pm3h367t0
by German Press Agency – DPA
Jun 28, 2020 10:20 am
Lufthansa’s biggest shareholder, Heinz Hermann Thiele, has said restructuring the German airline could take five to six years, in comments to the Bild am Sonntag newspaper published Sunday.
It was announced Thursday that the German government will take a 20% stake in Lufthansa, clearing the way for 9 billion euros (10 billion dollars) in state aid for the crisis-hit airline.
Management will be drawing up a restructuring plan which will be “a painful way forward for all parties,” Thiele said, but “how painful, nobody can say today.”
Thiele said that reductions in personnel and material costs would not be enough to cover the company’s loans, which also require interest to be paid.
“Inv…
Read the full article at: https://www.dailysabah.com/business/transportation/lufthansa-restructuring-to-take-several-years-key-shareholder-says
Rugby Australia is expected to start laying off staff as early as this week after finally completing its 2019 financial report.
The heartbreaking decision to cut jobs looms as the only way the cash-strapped code can survive in the future even after getting the thumbs up to continue operating from its accountants KPMG.
Despite being declared solvent – pending the approval of the Australian Securities and Investments Commission (ASIC) – RA remains in a dire financial position after failing to secure a new broadcast deal and paying out millions to Israel Folau after his messy termination.
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Players, coaches, executive…
Read the full article at: https://www.whitsundaytimes.com.au/news/rugbys-ugly-blueprint-to-survival/4027241/
by German Press Agency – DPA
Jun 28, 2020 10:20 am
Lufthansa’s biggest shareholder, Heinz Hermann Thiele, has said restructuring the German airline could take five to six years, in comments to the Bild am Sonntag newspaper published Sunday.
It was announced Thursday that the German government will take a 20% stake in Lufthansa, clearing the way for 9 billion euros (10 billion dollars) in state aid for the crisis-hit airline.
Management will be drawing up a restructuring plan which will be “a painful way forward for all parties,” Thiele said, but “how painful, nobody can say today.”
Thiele said that reductions in personnel and material costs would not be enough to cover the company’s loans, which also require interest to be paid.
“Inv…
Read the full article at: https://www.dailysabah.com/business/transportation/lufthansa-restructuring-to-take-several-years-key-shareholders-says
For five years, gambling addict Katie has sought to repeat the adrenaline rush of bagging her first 10,000 win.
Instead, online gaming has ruined her life and left her in despair.
Furloughed from work, she fears she has run up debts of 9,000 during lockdown which she has hidden from her husband.
Ive gambled for about five years now online. I had a win of 10,000 when I started and Ive chased a big win ever since, she said.
Katie, whose identity we are protecting, says she gets a buzz, hoping for another win, followed by despair at losing.
She said: Ive tried setting deposit limits but these can only be set in most cases for 24 hours or can be worked around. Some sites remind you to set a limit when you first register, a lot dont.
I got…
Read the full article at: https://www.mirror.co.uk/news/uk-news/gambling-campaigners-fury-online-spin-22263382
German payments provider Wirecard said Saturday that it would continue to operate despite filing for insolvency following a vast accounting fraud scandal.
The group admitted this week that 1.9 billion euros ($2.1 billion) missing from its accounts likely does not exist, in a spiralling saga that has stunned Germany and evoked memories of the Enron scandal in the United States.
Just hours after Wirecard opened insolvency proceedings with a court in Munich on Thursday, Auditing company EY accused the company of carrying out “elaborate and sophisticated fraud” across the world “with a deliberate aim of deception”.
But on Saturday the group said its business activities “will be continued”.
“The management board is of the opinion that continuatio…
Read the full article at: https://au.news.yahoo.com/wirecard-continue-operating-despite-filing-insolvency-002718809–spt.html
Photograph: Shutterstock
The coronavirus pandemic and ensuing shutdown have had a massive impact on restaurants, with industry sales at one point cut in half compared tolast year. Some chains that had been struggling before the pandemic were unable to weather the storm.
Seven chains have declared bankruptcy, though thesemay well be the tip of the iceberg, as HopCat CEO Mark Sellers said after his chain filed earlier this month. Here’s a look at the restaurant chains that have filed for credit protection since the shutdown began.
Vapiano
The German chain of Italian fast casuals filed an application in Cologne, Germany, to open insolvency proceedings in early April.
It operated six units in the U.S. and blamed its financialproblemson…
Read the full article at: https://www.restaurantbusinessonline.com/financing/these-restaurant-chains-have-declared-bankruptcy-due-coronavirus
Sri Lankas request to India for a postponement of its debt repayment amidst the current economic crisis is under consideration, say officials, though no decision has been taken, more than four months after the request was made personally by Sri Lankan Prime Minister Mahinda Rajapaksa to Prime Minister Narendra Modi.
On Saturday, Mr. Rajapaksa renewed calls for international monetary organisations to provide debt relief for developing countries during an interaction with United Nations officials, the Prime Ministers office said, repeating earlier appeals to all its debt partners, including India.
Also read | Sri Lanka gears up for daunting debt repayment
$960 million debt
According to officials in Delhi and Colombo, the two sides have be…
Read the full article at: https://www.thehindu.com/news/international/four-months-on-sri-lanka-still-waits-for-indian-decision-on-debt-moratorium/article31934947.ece