Insolvency Guardian Media Centre
June 23, 2020
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMFs Executive Board.
- The Staff-Monitored Program will support the implementation of the authorities comprehensive reform package which focuses on stabilizing the economy, strengthening the social safety net, and improving governance and the business environment.
- The IMF continues to support the authorities efforts to reach out to donors to mobilize the needed financing to support reforms.
The Sudanese authorities have requested a 12-month Staff-Monitored Program (SMP) to support …
Read the full article at: https://www.imf.org/en/News/Articles/2020/06/23/pr20245-sudan-imf-staff-completes-mission-for-a-staff-monitored-program
We all are familiar f the fact that liquidation of the company is kind of painful. It is not just painful and stressful for the directors of the company but also for the creditors of the company. To relieve the stress to some extent, people get the help of business rescue.
There is no single answer to the question regarding the liquidation procedure of a company. there are so many aspects that are to be kept in mind regarding liquidation and only then we can proceed with the process of liquidation. If the liquidation is voluntary, the scenario will be different and if it is involuntary, things will be dealt with in a different manner.
Company Liquidation Process (compulsory liquidation)
People need to have a basic understanding of the …
Read the full article at: https://patch.com/new-york/new-york-city/what-company-liquidation-process-procedure
A CONSTRUCTION company that billed itself as Brisbane’s premier home extension and renovation business is being wound up after going into liquidation owing more than $1 million.
Total Lifestyle Builders Pty Ltd is insolvent and appointed Jarvis Archer from Revive Financial as liquidator on June 18 to wind up its affairs.
Mr Archer said according to a report on the company’s activities and property provided by Total Lifestyle Builders’s sold director Allan Ernest Stroud it owed $1,049,950 to unsecured creditors.
“Of this total, $610,000 is owed to the director who has advised he provided personal funds to the company,” he said.
“The balance of $439,950 is owed to unrelated creditors including the ATO, various suppliers, subcontractors…
Read the full article at: https://www.thechronicle.com.au/news/home-renovation-specialist-in-liquidation/4043436/
Chiles struggling casino operators could be allowed to expand into online gambling under a plan floated by the government to offset operators COVID-19 struggles.
On Tuesday, Chilean media reported that the government plans to send Congress a proposal to allow automatic renewals of the operating permits of 14 casinos that were scheduled to expire this year. The casinos right to operate would be extended for 12 months, after which the originally planned bidding process for renewal of the permits would occur.
All 26 of Chiles casinos were closed in mid-March due to COVID-19 and have yet to reopen. The government announced last week that the casinos might not be reopened until September or possibly even October.
This is weighing heavily on…
Read the full article at: https://calvinayre.com/2020/06/24/business/chile-casinos-online-gambling-proposal/
No reasonable prospects of being rehabilitated on its own
Company has assets of $257 million, liabilities of $3.5 billion
Evidence of years of account manipulation, forged papers, fictitious profits
Singapore Singapore oil trader Hin Leong Trading’s restructuring or rehabilitation will only be viable if it is clubbed with other group companies under the Lim Family, including Ocean Tankers and Universal Terminal, the family’s personal assets and their willingness to divest ownership, court-appointed interim judicial managers, or IJMs, said in a filing seen by S&P Global Platts.
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Hin Leong Trading “on its own will have no…
Read the full article at: https://www.spglobal.com/platts/en/market-insights/latest-news/oil/062420-hin-leong-restructuring-viable-only-when-combined-with-group-companies-personal-assets-judicial-managers
24th June 2020
The GSD has again voiced concern about the Gibraltar Governments planned joint venture with Chinas Beijing Liujian Construction Group, following reports that a Chinese-owned UK-based company specialising in modular construction has gone into liquidation.
The Opposition said the development highlighted weakness in demand for modular construction and undermined Sir Joe Bossanos hopes that the deal would drive economic growth in Gibraltar.
The party was reacting to a report in the Sunday Times that UK-based CIMC MBS Limited, the modular construction subsidiary of China International Marine Containers, had gone into liquidation with liabilities of 11m, mostly owed to another CIMC company.
Sir Joe Bossano stated in Parliament…
Read the full article at: https://www.chronicle.gi/gsd-questions-china-deal-after-uk-company-goes-into-liquidation/
A CONSTRUCTION company that billed itself as Brisbane’s premier home extension and renovation business is being wound up after going into liquidation owing more than $1 million.
Total Lifestyle Builders Pty Ltd is insolvent and appointed Jarvis Archer from Revive Financial as liquidator on June 18 to wind up its affairs.
Mr Archer said according to a report on the company’s activities and property provided by Total Lifestyle Builders’s sold director Allan Ernest Stroud it owed $1,049,950 to unsecured creditors.
“Of this total, $610,000 is owed to the director who has advised he provided personal funds to the company,” he said.
“The balance of $439,950 is owed to unrelated creditors including the ATO, various suppliers, subcontractors…
Read the full article at: https://www.dailymercury.com.au/news/home-renovation-specialist-in-liquidation/4043436/
A CONSTRUCTION company that billed itself as Brisbane’s premier home extension and renovation business is being wound up after going into liquidation owing more than $1 million.
Total Lifestyle Builders Pty Ltd is insolvent and appointed Jarvis Archer from Revive Financial as liquidator on June 18 to wind up its affairs.
Mr Archer said according to a report on the company’s activities and property provided by Total Lifestyle Builders’s sold director Allan Ernest Stroud it owed $1,049,950 to unsecured creditors.
“Of this total, $610,000 is owed to the director who has advised he provided personal funds to the company,” he said.
“The balance of $439,950 is owed to unrelated creditors including the ATO, various suppliers, subcontractors…
Read the full article at: https://www.chinchillanews.com.au/news/home-renovation-specialist-in-liquidation/4043436/
Podcast: Two Cents’ Worth
When Christchurch bookkeeper and business owner Lisa Cowe was declared bankrupt in 2017, it was over a $6,200 credit card debt owed to the BNZ.
Cowe joined 1862 others in bankruptcy that year, many of them voluntarily making the move to clear their debts and attempt to start anew, free of the debt that had been weighing them down.
In bankruptcy, your slate of unpayable debts is wiped clean. For many, it is final relief after years of financial stress.
For Lisa Cowe it was different. She fought bankruptcy all the way, angered by her treatment at the hands of the banks she owed money to and the debt collectors assigned to pursue her for payment. It was also a matter of pride.
Subscribe to Two Cents’ Worth for…
Read the full article at: https://www.newsroom.co.nz/1230245/losing-it-all-a-personal-story-of-bankruptcy
The UKs National Union of Students has launched a mass action aimed at getting debt relief for students whose education has been disrupted by coronavirus, as experts warn against government proposals to push back A-level exams in 2021 for school-leavers who have been affected.
The NUS said it is wanted students who have faced the most disruption to their education to come forward in mass student complaint chain action. The union said it would use their experiences to demand compensation and debt relief to make up for the disrupted studies.
According to NUS estimates, around 20 per cent of students have been unable to access their learning at all due to Covid-19 and 33 per cent do not believe their education has been high quality. This i…
Read the full article at: https://www.timeshighereducation.com/news/nus-mass-action-demands-covid-19-student-debt-relief
Ishka in Warrnambool has reopened its doors after surviving both voluntary administration and the coronavirus crisis. Business owner Toby Darvall said the Kepler Street shop, which employees eight people, would continue to trade after being placed into voluntary administration on February 20. The shop remained open for about a month until an administrator shut all of Ishka’s 58 stores on March 28 in response to the COVID19 crisis. Mr Darvall said it had been “an epic struggle to get our much loved store back on its feet”. “Almost four months ago we made the heartbreaking decision to put our 50-year-old family business into voluntary administration. A combination of the bushfires and delays over Christmas meant we could not trade forward…
Read the full article at: https://www.standard.net.au/story/6802621/ishka-resurrected-after-surviving-voluntary-administration-and-virus/
Mayfair 101 has appointed Barry Wight, Darryl Kirk and Rachel Burdett of Cor Cordis as voluntary administrators to protect the IPO Wealth Fund investors from the liquidation of assets.
The decision to undergo a voluntary administration process is centred on providing IPO Wealths investors with the opportunity to convene a unitholder meeting and vote on a proposal from the Mayfair 101 Group to restore monthly distributions and facilitate redemptions in a timely manner, preserving the value for our investors, a spokesperson for Mayfair 101 said. Nearly 70per cent of our investors have already shown their support for calling a unitholder meeting.
The announcement comes after news that trustee Vasco had appointed receivers from Dye & Co to …
Read the full article at: https://www.ifa.com.au/news/28144-mayfair-101-puts-subsidiary-in-voluntary-administration