Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
It is now looking to raise funds needed to reach 2021 by securing finance against its facilities and collection of heritage cars.
McLarens road car sales plummeted to just 307 in the first three months of 2020, less than a third of the figure sold in the same period the previous year.
Its revenue as a result took a nose dive while pre-tax losses increased six fold to USD 165.6 million.
However, those figures do not account for the cost of producing the cars …
NORTH Lakes, north of Brisbane, has emerged as one of Australia’s worst bankruptcy hot spots. According to figures from the Australian Financial Security Authority, the suburb in the heart of Brisbane’s mortgage belt had the highest per capita number of personal insolvencies at the end of March.
The percentage was 0.096 per cent, meaning just under 1 in every 1,000 adults who live there are subject to some type of personal insolvency administration such as bankruptcy. The region had 49 debtors out of a population of 51,039 aged over 18.
Not a large number of people in the greater scheme of things, but according to Brendan Nixon, a partner at SM Solvency Accountants, it could be a sign of things to come as we come out…
A former retail worker who tried and failed to blackmail the Romeo family has been forced into bankruptcy by the man he roped in to the scheme with promises of repaying a $320,000 debt.
Christopher Garuccio was sentenced to two and a half years in prison for attempting to scam more than a million dollars from the prominent family, which owns a chain of Romeo’s Foodland supermarkets and food halls across Adelaide and Sydney.
However, his woes have only intensified after Adrian Malusa, who was owed a substantial sum by Garuccio and became involved after being convinced he would receive some of the money back, successfully sued him in the Federal Court.
Orders made before a registrar of the court last month show that Garuccio’s estate ha…
PARIS As the tally of job cuts across the globe continues to mount, Swarovski plans to cull 600 positions, with the coronavirus crisis adding urgency to restructuring efforts at the historic, family-owned crystal-maker.
In a bid to streamline the company, which is based in Austria and Switzerland, chief executive officer Robert Buchbauer is kicking off a restructuring drive by merging marketing and sales activities that were spread across businesses, as indicated in an e-mailed statement from the group.
Swarovski is currently realigning its business along a new vision and growth strategy and with this fundamentally changing its existing organizational structures and business model, it said.
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.
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 …
A wholly foreign-owned enterprise (WFOE) is a common investment vehicle for foreign investors wishing to operate in Chinas manufacturing, trading, or service sector. This corporate structure offers foreign investors full ownership and the autonomy to own property, form legally binding contracts, recruit local staff, and invoice in RMB.
While the challenges to setting up a WFOE are well-known and discussed, what often comes as a surprise to many investors, is that a WFOE deregistration can be a much more arduous process, typically taking 12 to 14 months to complete, in contrast to three to six months needed for a WFOE setup.
This extended period of time accounts for the time that the government bureaus require to ensure that all obligati…
Digital transformation services provider Crayon has inked an agreement to transfer Wincs software licensing business as part of its expansion plans in the region.
The agreement will enable Winc’s software and cloud customers to leverage Crayons expertise in cloud economics, licensing and cost-optimisation services while also ensuring continuity on their transactional software and cloud business, Crayon said.
Winc staff will also be brought across under the deal, including national sales manager for software solutions YakovPazhentsev.
Winc is a Microsoft license solution provider (LSP) volume licensing partner, and also has partnerships with Adobe, VMware and Symantec.
According Crayon CEO, Torgrim Takle, the Winc team …
Todd Wolynski, Partner at White & Case, and Oliver Althoff, Managing Director North America at Seabury Securities, explain what aviation companies need to do to restructure. As former General Counsel and Chief Administrative Officer (Wolynski) and MD, Capital Markets and Treasury (Althoff) at Waypoint Leasing, the large helicopter lessor that filed for Chapter 11 in 2018, they are talking from personal experience.
If you are an aviation professional in the COVID-19 era, you are likely learning about, or reacquainting yourself with, the restructuring process.
Airlines, helicopter operators and their principals and managers who have long experience in the industry are accustomed to a regular cycle of restructuring and will be familiar w…
Woolworths expects full year earnings could be 2.7 per cent lower after it outlined one-off charges worth $591 million for restructuring and staff underpayments and incurs additional costs related to COVID-19.
The retail giant said it expects full year earnings before interest and tax (EBIT) to be in the range of $3.2 billion to $3.25 billion, compared to $3.29 billion last year.
The biggest hit will be sustained in its Endeavour Group hotels and drinks business, with earnings expected to slide more than 50 per cent to between $160 million and $170 million, as venues stayed shut on account of coronavirus lockdowns.
It will also incur costs of $230 million towards restructure of the Endeavour business, which it originally planned to de-…
The registration of Ms Amanda Young as a liquidator has been cancelled following a decision by a disciplinary committee that she was not a fit and proper person to be registered as a liquidator.
The Committee concluded that Ms Young had improperly used her position, falsified books and misappropriated funds totalling $238,502.23 from four liquidations.
The Committee noted Ms Young,took deliberate steps to conceal her actions, including falsifying official documents and misleading and deceiving her colleagues.
Further, the Committee concluded, that a suspension would be inappropriate and contrary to the public interest, due to the gravity of Ms Youngs repeated misconduct, her failure to express contrition or remorse and because of th…
They were once the giants of Australian retail. The only places to shop. Everything you wanted, all under the one roof.
Key points:
QBE is Australia’s largest provider of trade credit insurance, and it will no longer cover contracts with Myer and David Jones
This is because the risk of the big department stores defaulting on their debts to creditors is judged to have become too high
Both department stores reject the risk of default, but analysts say voluntary administration remains a real option for both as they struggle to survive COVID-19
But for Myer and David Jones, the rise of specialty stores coupled with the invasion of the internet has triggered a dramatic fall from grace.
Now, both are struggling to stay alive, and COVID-19 has made …
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 t…
