Carey Group is to begin restructuring its business to cut costs and staff, with turnover falling as a result of theCovid-19 pandemic.
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Read the full article at: https://www.newcivilengineer.com/latest/covid-19-careys-to-restructure-as-pandemic-hits-turnover-16-06-2020/
Australian designer fashion retailer has fallen into financial hardship, forcing the company to go into voluntary administration.
The Sydney-based retailer is working with experts from consulting firmMcGrathNicol to get the company back on track, said Tuchuzy founder Daria Sakic. She founded the retailer in 1995, and under her wings the company grew into one of the better known premium fashion retailers for women in New South Wales.
Tuchuzy sells clothes, shoes and accessories of international and Australian designers such as Anine Bing, Alexander Wang, Chloe, Givenchy, Jean Paul Gaultier, Mara & Mine, Rag & Bone and Saint Laurent, both in its Bondi-based store as well as through its website.
The voluntary administration sees the compan…
Read the full article at: https://www.consultancy.com.au/news/2212/fashion-retailer-tuchuzy-taps-mcgrath-nicol-for-administration
Due to the coronavirus many otherwise economically viable businesses are experiencing significant trading difficulties [] this bill is aimed at ensuring businesses can maximise their chance of survival. This is the policy background to the Corporate Insolvency and Governance Bill now making its way quickly through parliament and which will impact on construction contracts.
The bill consists of eight measures, which are either permanent changes to insolvency law or temporary changes to insolvency law and corporate governance. One of the temporary measures is removal of the threat of winding up where the unpaid debt is due to covid-19. It also voids statutory demands served during the period March 2020 to 30 June 2020. The courts alrea…
Read the full article at: https://www.building.co.uk/communities/what-will-the-insolvency-bill-mean-for-construction-contracts/5106470.article
The UK Corporate Insolvency and Governance Bill, currently progressing through UK Parliament, will have an impact on various stakeholders in the aviation industry once enacted, due to its moratorium, supply contract, and restructuring plan provisions.
KEY FEATURES
The UK Corporate Insolvency and Governance Bill has three key features:
- Moratorium: A new moratorium for companies in financial distress with breathing space which prevents creditors (with some exceptions) from pursuing payment, commencing or continuing legal proceedings, or taking enforcement action whilst the company explores its rescue and restructuring options.
- Supply Contracts: A prohibition on suppliers under certain supply contracts invoking supplier termination claus…
Read the full article at: https://www.jdsupra.com/legalnews/uk-corporate-insolvency-and-governance-74299/
The High Court has issued an important reminder of the need for solid evidence of a real risk that a respondent will take steps to dissipate their assets to frustrate a judgment in applications to continue a worldwide freezing order (WFO). Evidence of dishonesty alone is not enough, and conduct falling short of dishonesty is less likely to suffice.
Sheikh Salah Hamdan Albluewi, a Saudi national, had been a member of a members’ club and casino owned by Les Ambassadeurs for approximately 26 years. Given his longstanding membership, Les Ambassadeurs provided Albluewi with a cheque cashing facility. In September 2019 this was extended to 2 million on a temporary basis. Albluewi utilised the full amount.
Howeve…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Litigation/United-Kingdom/RPC/Freezing-orders-risk-of-dissipation-Get-real
| Source: African Gold Group, Inc.- Danny Callow appointed as President and Chief Executive Officer;
- Scott Eldridge appointed as Non-Executive Chairman of the Board;
- Jan-Erik Back appointed as Vice-Chairman, Strategy of the Board;
- John Begeman appointed as Lead Independent Director of the Board; and
- Proposed change of name to Avion2 Gold Inc.
TORONTO, June 15, 2020 (GLOBE NEWSWIRE) — African Gold Group, Inc. (TSX-V: AGG) (AGG or the Company) is pleased to announce the following structural changes to the board of directors (the Board) and management of the Company as it moves towards construction and first gold at its flagship Kobada Gold Project in southern Mali.
Highlights include the appointment of Danny C…
Read the full article at: https://www.globenewswire.com/news-release/2020/06/15/2047940/0/en/REPEAT-African-Gold-Group-Announces-Board-and-Senior-Management-Restructuring-and-Name-Change-as-It-Moves-Into-the-Construction-Phase.html
Monday, June 15, 2020
Part One
The Corporate Insolvency and Governance Bill (the Bill) is passing through parliament at the moment. Some of the measures included in the Bill are in response to the current pandemic and will provide temporary easements for company directors from an acute economic downturn. Other measures have been under consideration for a while, and will be permanent.
Our restructuring colleagues provide some insights into the proposed new measures on theirblogpage.
The pensions/insolvency nexus has long been a complex interface. The key areas where the pensions and insolvency worlds collide in statutory terms are the employer debt regime under section 75 of the Pensions Act 1995 and the trigger events for entry to the P…
Read the full article at: https://www.natlawreview.com/article/geometry-and-trigonometry-corporate-insolvency-and-governance-bill-what-s-pensions
The High Court in Ireland has granted a restriction order against the directors of an insolvent company, Winning Ways Ltd. The order was requested by the liquidator of the business at the request of the Office of the Director of Corporate Enforcement (ODCE). The judgment confirms that the onus is on directors to prove that they acted honestly and responsibly when raising a defence against a restriction order under section 819 of the Companies Act 2014. When assessing the claim, the court will take into account the preferential payments to the directors that occurred prior to the liquidation.
The company was a wholesale trader of pet products and started to experience trading losses in 2013. In December 2014, the company lost a contract …
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/court-restricts-directors-of-insolvent-irish-company
The European Court of Justice (ECJ) June 11 issued a preliminary ruling for Case No. C-146/19, stating that EU principles under the common VAT system prevent the Slovenian denial of a reduction of the VAT base for an insolvent company. A taxpayer filed for insolvency, and after the bankruptcy concluded a Slovenian tax agency audit revealed that the taxpayer hadnt declared various claims during the bankruptcy proceedings. The tax agency denies VAT reductions when, after a transaction has been concluded, part or all of the consideration hasnt been received by the taxable person due to an insolvent debtor. The ECJ…
Read the full article at: https://news.bloombergtax.com/daily-tax-report-international/european-court-of-justice-issues-preliminary-ruling-on-slovenian-vat-reduction-rules-for-debts