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…
Read the full article at: https://www.miragenews.com/disciplinary-committee-cancels-liquidator-amanda-young-s-registration/
New Zealand womens fashion brand Max is currently working with a partner from Australian consultancy McGrath Nicol to restructure its operations. At present, 17 of the companys stores are lined up for closure, after having virtually no revenue during the Covid-19 lockdown.
McGrath Nicol is a specialist advisory and restructuring firm that has built a reputation for managing complexity and consistently delivering the results our clients need. According to a report earlier in the year from the firm, the retail scene in New Zealand and Australia is expected to see a heightened need for restructuring in 2020, warning that electronic card data suggesting retail spending was down just 2% from a year earlier was just a short term result one l…
Read the full article at: https://www.consultancy.com.au/news/2242/womens-fashion-brand-max-planning-to-close-17-stores
When I was growing up, my dad and uncle would often joke about having to declare bankruptcy and putting their children up for sale as child servants to some mean, wealthy stranger.
The only life lesson (if you could call it that) for me? An irrational fear of the B-word bankruptcy.
But as I found out, bankruptcy although tedious and should be avoided at all costs is at its core a procedure that is designed to help you get out from under overwhelming debt.
Heres what you need to know about bankruptcy in Singapore, and some life lessons we can learn from it (not the ones by my dad and uncle).
Bankruptcy, not to be taken lightly
First, a caveat. Bankruptcy is not something to be taken lightly, as there are restrictions and consequence…
Read the full article at: https://www.asiaone.com/money/guide-bankruptcy-singapore-and-3-lessons-learn
State-run BHEL, which was also a secured creditor for Surana Power, had won an arbitration award against Surana Power.
The National Company Law Appellate Tribunal (NCLAT) has ruled that liquidation process of a company under the Insolvency and Bankruptcy Code (IBC) holds precedence over outcome of an arbitration proceeding.
A three-member Bench, headed by Justice Venugopal M, ruled that just because Bharat Heavy Electricals Limited had won an arbitration award against Surana Power, which was undergoing liquidation, the process would not be stopped to favour it. The Chennai Bench of National Company Law Tribunal (NCLT) had earlier ruled in favour of BHE…
Read the full article at: https://indianexpress.com/article/explained/what-does-recent-nclat-ruling-liquidation-of-a-firm-under-ibc-holds-precedence-mean-6468623/
(Bloomberg) —
South Africas debt levels will exceed 100% of gross domestic product in 2025 and rise to almost 114% before the end of the decade, according to a document presented by Finance Minister Tito Mboweni and seen by Bloomberg.
Mboweni made the presentation to the National Economic Development and Labour Council on Friday, according to posts on his Twitter and Facebook pages. It shows preliminary estimates of gross government debt climbing to 80.5% of gross domestic product in this fiscal year, compared with a projection of 65.6% in February. The trajectory presented doesnt show debt reaching a peak by 2028-29.
Mboweni is due to present a special supplementary budget on June 24, which will include the redirecting of 130 billion …
Read the full article at: https://au.finance.yahoo.com/news/south-africa-sees-government-debt-064833501.html
If you’re struggling with a lot of credit card debt, using a personal loan fordebt consolidationmay seem like a silver bullet.
One of the most talked-about benefits of using a debt consolidation loan is that it simplifies your payments. Instead of making payments to a handful of credit card accounts with variable APRs, you can pay them all off with a personal loan and then repay the new lender a fixed amount each month.
However, the biggest question to ask yourself when considering a debt consolidation loan, according to Shant Nicole Harris ofFinancial Common Cents, is this: How much will you actually save on interest?
Harris argues that doing a balance transfer with a zero-interest credit card is a better option if you can qualify f…
Read the full article at: https://www.cnbc.com/select/how-to-choose-between-loan-and-zero-percent-apr-card-for-debt/
COVID-19 update
While COVID-19 continues to spread in some areas of Africa, other countries look to open up. As of this writing, Africa has registered over 275,000 cases and over 7,00 deaths, though testing remains relatively low. Experts do not believe, however, that Africa is out of the woods yet: Earlier this week, the World Health Organizations (WHO) regional director for Africa, Dr. Matshidiso Moeti, warned, Even though these cases in Africa account for less than 3 percent of the global total, its clear that this pandemic is accelerating.
Experiences fighting the virus continue to be mixed, with cases surging in Cameroon, Ghana, and Cte dIvoire, but very few new cases in countries such as the Gambia and Namibia. Nigeria announced …
Read the full article at: https://www.brookings.edu/blog/africa-in-focus/2020/06/20/africa-in-the-news-covid-19-debt-relief-and-political-updates/
The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework. The availability of a plan proposed under the new Part 26A of the Companies Act 2006 (a Restructuring Plan) will undoubtedly change how many distressed companies seek to address their financial difficulties. However, until case law is developed, there will remain considerable uncertainty as to how the Restructuring Plan will work in practice.
Below, Weils Business Finance and Restructuring team provides their key observations on the draft legislation which they expect will be the main focal points when the new law becomes effective.
1. INTRODU…
Read the full article at: https://www.jdsupra.com/legalnews/the-new-restructuring-plan-in-depth-35932/
Summary
- Cathay Pacific‘s bailout package was unavoidable in order to stave off more unpalatable alternatives
- Another important step will be a thorough business review and likely streamlining
- Cathays passenger demand was affected by protests, then took a larger hit from COVID-19
- The government will monitor its new stake via observers, but vows hands-off approach
- Strategic overhaul could mean major changes for Cathays fleet plan and order book
COVID-19 meant a second major challenge in quick succession
Cathay already faced problems before COVID-19 arrived. The carriers demand was weakened due to the protest movement that began in Hong Kong last year, and it was still in a fragile condition when the pandemic delivered an even larger blo…
Read the full article at: https://centreforaviation.com/analysis/reports/bailout-keeps-cathay-pacific-alive-but-restructure-now-essential-528554
Following the award, BHEL, which is also one of the secured creditors, refused to give its consent for liquidation as it would have resulted in it getting lesser share according to IBCs waterfall mechanism.
The National Company Law Appellate Tribunal (NCLAT) has held that the liquidation process of a company under the Insolvency and Bankruptcy Code (IBC) holds precedence over outcome of an arbitration proceeding, and therefore process under IBC shall not be stopped.
In its judgment, a three-member Bench of NCLAT held that Bharat Heavy Electricals Limiteds (BHEL) objections to liquidation of Tamil Nadu-based Surana Power were not valid as majority of sec…
Read the full article at: https://indianexpress.com/article/business/companies/nclat-overrules-bhel-objections-gives-nod-to-surana-power-liquidation-6467193/
Insolvency experts are expecting a flood of businesses to collapse when the Government’s stimulus packages end in September.
Referred to by some economists as the “September cliff”, business owners who are struggling with cash flow are being urged to balance their books now while there is still time.
Recent Australian Bureau of Statistics (ABS) figures show that 72 per cent of businesses took a hit to revenue as a result of COVID-19.
A further 73 per cent of businesses accepted support measures such as the JobKeeper program or deferred loan repayments to defer sacking workers.
Bill Lang…
Read the full article at: https://www.9news.com.au/national/australia-coronavirus-flood-of-business-insolvencies-when-jobkeeper-ends/b121497a-4605-4d4c-a406-96a4bd4422ce
We see them quite often, those helpline numbers offering specialist help for a variety of community concerns. But when you call that number, who is going to be on the other end of the line? Wagga’s Nick Georgiou is one of the people who you might encounter if you pick up the phone to get some financial help. He’s a financial counsellor with the National Debt Helpline, a not-for-profit telephone-based service that helps people in Australia tackle their debt problems. The service is free to users. “I love that this role puts me on the front line to help people work though what can sometimes be complex debt issues. It’s great to be able to offer practical solutions that can very quickly change their lives for the better,” Mr Georgiou sai…
Read the full article at: https://www.illawarramercury.com.au/story/6799360/when-you-pick-up-the-phone-for-help-you-might-find-nick-answers/?cs=7