Today (19/06/2020) marks 100 days till JobKeeper ends (on September 27). And that means nows the time for small to medium business owners around Australia to ask themselves the hard questions and plan for the future, urges national insolvency solutions firm Jirsch Sutherland.
With the Australian Bureau of Statistics (ABS) reporting that 72 per cent of businesses have taken a revenue hit as a result of COVID-19, while 73 per cent of Aussie businesses have accessed support measures (wage subsidies, renegotiated rent/lease, deferred loan repayments), the biggest question of all is, Can my business stand on its own two feet without these crutches?
The JobKeeper safety net is being removed in three months not to mention othe…
Read the full article at: https://www.3ba.com.au/shows/big-show/latest-from-the-big-show/99317-100-days-till-jobkeeper-ends
THE role of the Australian Taxation Office in the $7 million collapse of a 75-year-old Brisbane building products firm is being questioned by the company’s administrators.
Directors of Wacol-based Sharp Plywood, which had worked on some of the state’s most iconic public buildings, called in administrators in May after a fellow director launched a winding up action in the Supreme Court seeking a compulsory acquisition of her shares in the business.
Founded by Jack Sharp in 1945, the family business owns a substantial amount of property around its factory in the city’s southern industrial heartland. But in recent years it had struggled against a rising tide of Chinese imports.
Gavin Morton, of insolvency firm Morton & Lee, has told cre…
Read the full article at: https://www.dailymercury.com.au/news/family-company-in-7m-collapse-as-chinese-imports-t/4040518/
If you go back a decade, Palermo had threatened to become a major force in Serie A football.
Coronavirus Outbreak Coverage|Football News
Known as U.S. Citta di Palermo, the Sicilian outfit secured three consecutive top-six finishes between 2004 and 2007 but there was something different about their famed 2009-10 side.
There was an extra sprinkle of stardust Palermo boasting the youthful Edinson Cavani and Javier Pastore, as well as talismanic captain Fabrizio Miccoli, Antonio Nocerino and Salvatore Sirigu.
Palermo dazzled as they celebrated a memorable fifth-place finish, missing out on Champions League qualification to Sampdoria by an agonising two points.
A lot has changed since, however. Palermo were declared insolvent in October 20…
Read the full article at: https://www.outlookindia.com/website/story/sports-news-the-rise-and-fall-of-palermo-remembering-the-famous-2009-10-team/355020
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…
Read the full article at: https://www.dailymercury.com.au/news/romeo-brothers-blackmailer-sued-by-his-accomplice/4040306/
Brevard Sheriff’s Office
BREVARD COUNTY, Fla. – One teen is dead after a triple shooting in Merrit Island on Wednesday, deputies said.
The Brevard County Sheriff’s Office said that they received acall around 6:55 p.m.on Wednesdayat the Courtenay Palms Apartments inMeritt Island.When deputies arrived at the scene, the Sheriff’s Office reportedly found threemen with gunshot wounds.
They said that all three men were brought to hospitals.One victim, 19-year-oldDevyon Collinsof Cocoa Beach, was pronounced dead. The identities and conditionsof the other two havenot been reported by law enforcement yet.
According to the Sheriff’s Office, the shooting escalated after an allegeddispute about a gambling debt.
Read the full article at: https://www.fox35orlando.com/news/teen-dead-after-triple-shooting-over-gambling-debt-central-florida-deputies-say
Hertz Global Holdings Inc. is in talks to obtain a bankruptcy loan to fund its business reorganization after scrapping a controversial sale of potentially worthless stock, according to people familiar with the matter.
The rental-car company on Wednesday called off a potentially unprecedented sale of up to $500 million in shares, leaving it in need of an alternative source of financing to keep its business afloat through its chapter 11 restructuring. Bankruptcy is expensive, and Hertz was counting on raising capital from speculative…
Read the full article at: https://www.wsj.com/articles/hertz-seeking-bankruptcy-loan-after-suspending-stock-sale-11592502836
Recent studies reveal that debt consolidation is the top reason why people take out personal loans.
According to an Aprilstudyby Bankrate that analyzed responses from more than 160,000 applicants, debt consolidation was the most reported reason for getting a loan in quarter one, at 38%. An additional 5% of applicants in Bankrate’s study selected credit card refinancing as their main motivation.
Meanwhile, the peer-to-peer lending platformLendingTreereported that in the last month of 2019, 35.7% of loan applicantswere looking to consolidate debt, and 31.4% of applicants cited credit card refinancing as their main reason for requesting a loan.
In addition, both studies revealed that debt consolidation loans were also the largest dollar…
Read the full article at: https://www.cnbc.com/select/average-personal-loan-amount-for-debt-consolidation/
Introduction
Ordinary moratorium
COVID-19 moratorium
A moratorium under the Debt Enforcement and Bankruptcy Act is a standstill period granted by a court for a company going through financial hardship to assess whether it can enter composition proceedings or go bankrupt.
Originally, unlike in other jurisdictions, the purpose of a moratorium in Switzerland was not necessarily to continue doing business, but rather to find a better way to liquidate a company; however, this has changed as a result of the COVID-19 crisis. There is now another type of moratorium under Swiss law (although probably only until 20 October 2020), which is intended to promote restructuring.
An ordinary moratorium is granted by a S…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Switzerland/Pestalozzi-Attorneys-at-Law/Moratoria-during-COVID-19-pandemic-an-overview
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- A personal loan can be a helpful tool for consolidating and paying off credit-card debt.
- According to data analyzed by Credible, the “spread” between the average credit-card interest rate and average personal loan interest rate is nearly seven percentage points an all-time high.
- If you have good credit but are working to pay off a credit card, you could save money on interest by taking out a personal loan and using the cash to pay your balance, then making fixed paymen…
Read the full article at: https://www.businessinsider.com/personal-finance/save-money-credit-card-debt-consolidation-2020-6
Calisen announced plans for a restructuring of its Lowri Beck business unit on Thursday, in a bid to make it a leaner, more efficient and sustainable business.
The London-listed firm described Lowri Beck as a capability-enhancing acquisition, which it made last August, to enable it to provide meter installation services to the growing independent energy supplier segment.
Calisen and Lowri Beck had worked together for a number of years, meaning the business was well-known to the board at acquisition, including that it was loss-making at an operating level – a trend that continued into the first quarter of 2020 when the coronavirus pandemic halted meter installations.
A new leadership team was in place at the start of the year, and went …
Read the full article at: https://www.sharecast.com/news/news-and-announcements/calisen-flags-250-job-losses-in-lowri-beck-restructure–7545557.html