Insolvency Guardian Media Centre
The Daniel Wellington flagship store on Auckland’s Queen Street which opened in June 2019 and the Newmarket store closed permanently on 28 May.
Posted June 12, 2020 | By Arabella Roden Assistant Editor
The New Zealand subsidiary of Daniel Wellington was liquidated on 28 May 2020 less than two years after it was incorporated due to the unprecedented challenges of the COVID-19 pandemic.
A report prepared by liquidator Craig Sanson of PriceWaterhouseCoopers noted that New Zealands level-four lockdown which was in place from 25 March to 27 April and prohibited trading of all non-essential businesses had diminished revenues for the business, while significant fixed costs remained.
Confirming the companys demise to Jeweller, Sco…
Read the full article at: https://www.jewellermagazine.com/Article/8911/Daniel-Wellington-New-Zealand-goes-into-liquidation
Photo: Getty Images
When Christchurch bookkeeper and business owner Lisa Cowe was declared bankrupt in 2017, it was over a $6200 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.
Cowes career had been spent helping other…
Read the full article at: https://www.odt.co.nz/star-news/star-christchurch/losing-it-all-business-owners-personal-story-bankruptcy
Hertz, the car rental group facing bankruptcy, is looking to sell up to $1bn in stock to take advantage of frenzied trading in its shares, in an unprecedented move for a company whose solvency is in doubt.
The proposed cash infusion, outlined in a filing on Thursday, would help fund the companys reorganisation process and would come in lieu of the traditional senior loan most companies under Chapter 11 protection tap.
Hertz filed for bankruptcy protection in May after travel restrictions imposed due to the coronavirus pandemic effectively shut down air traffic around the world, hurting its rental activity at airports the lifeblood of its business.
Hertz shares reached $5.53 on Monday, implying a market value of above $700m, even as it…
Read the full article at: https://www.ft.com/content/211ca989-3d9d-43ee-9e6f-526d0a809ed6
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Roadrunner Transportation Systems was in the final steps in a multiyear financial turnaround effort when the coronavirus pandemic hit, forcing the company to confront the same economic challenges facing all of trucking while also seeing its plans through, a company executive said.
What happened over the last couple of months has kind of accelerated our plans, said Roadrunner Freight President Frank Hurst during an interview with Transport Topics. We sat down right when this happened as a management team and asked, What are the short-term decisions that we need to make to ensure that we remain healthy during this period?
Roadrunner decided to advance …
Read the full article at: https://www.ttnews.com/articles/roadrunner-wraps-restructuring-plan-amid-pandemic
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KAMPALA, June 11 (Xinhua) — Uganda is negotiating with bilateral creditors for debt relief after the COVID-19 pandemic affected its economic growth, a top official said here on Thursday.
Matia Kasaija, minister of finance, while presenting the budget estimates for 2020/21 financial year, which starts on July 1, said the move will free resources to finance interventions in the fight against the pandemic.”
Kasaija said to ensure that public debt remains sustainable, government will implement the Domestic Revenue Mobilization Strategy to increase the capacity to finance programs with less reliance on domestic and external borrowing.
Ministry of finance figures show that total debt stock as of December 2019 was 13.3 bil…
Read the full article at: http://www.xinhuanet.com/english/2020-06/12/c_139132393.htm
Spending on gambling and streaming services has jumped massively during the coronavirus lockdown, but overall consumption is flatlining.
NAB transaction data shows Australians are spending 62.7 per cent more on gambling and 41.6 per cent more on streaming services than they did this time last year.
The figures refer to the average money spent over the four weeks to June 6 and come after data from credit bureau illion and economic consultants AlphaBeta also showed an uptick in gambling.
A separate Westpac-Melbourne Institute survey shows consumers are feeling more optimistic about the economy now that restrictions have eased.
But NABs data suggests the economy is in for a bumpy ride.
Although consumer spending is still on an upward tra…
Read the full article at: https://thenewdaily.com.au/finance/finance-news/2020/06/11/gambling-consumer-spending/
The owner of British Gas has said it will cut 5,000 jobs as part of a major restructuring plan to turn around the company.
Centrica says half of its 40-strong senior leadership team will step down by the end of August – and it also plans to strip out three layers of management to slimline the business.
In total, about 50% of the jobs lost will be in its corporate, management or leadership teams.
The group employs 26,000 people globally with nearly 80% of its workforce based in the UK.
The country’s largest household energy supplier has been bleeding household accounts in a market that has faced increased competition to the dominance of the “big six” firms.
Advertise…
Read the full article at: https://news.sky.com/story/british-gas-owner-to-cut-5-000-jobs-in-major-restructuring-plan-12004585
The US Federal Reserves whatever-it-takes approach to stabilising markets has had an unintended victim: serious discussions about debt relief in the emerging markets.
As eye-wateringly high EM debt burdens are exacerbated by the economic effects of Covid-19, several high profile economists are frantically penning jointly-authored articles warning of an unprecedented debt crisis.
Coordinated debt relief is urgently needed, they say, and not just for the poorest countries that have signed up to the G20s payment standstill. Middle income countries are likely to face tough choices about debt payments in the medium term.
Yet rational ponderings from renowned academics about debt sustainability dynamics in emerging nations are powerless agains…
Read the full article at: https://www.globalcapital.com/article/b1m0nhz26jl2c4/em-rally-makes-a-mockery-of-debt-relief-calls-for-now
news, local-news, Central West Local Land Services, farm business banking webinar, central west lls, Robinson Sewell Partners, Brad Sewell
The Central West Local Land Services will be hosting a second webinar to help the next generation of farmers on debt management and banking on June 17. The webinar will cover how to present information to your banks or financial institutions at engagement meetings and approach debt management within the business. Robinson Sewell Partners founding director of agribusiness Brad Sewell will expand on his experience in rural and business finance. Pre-webinar material will be made available to registered participants and a question and answer session will also run at the end of the event. To register, hea…
Read the full article at: https://www.centralwesterndaily.com.au/story/6787929/webinar-to-help-ease-financial-stress-for-farmers/
Accordingly, both Australia and the new British rules allow suppliers to apply to court for permission to use an ipso facto clause. This is not a realistic option for cash-strapped small suppliers. One new British rule is therefore worth urgent consideration in this country: small-scale suppliers of goods and services will be able to use ipso facto clauses (without court approval) until at least June 30 this year. This balances the long-term benefits of restricting ipso facto clauses against the need to keep small-scale suppliers in business during the present crisis. A similar moratorium could be quickly and simply implemented in Australia.
Rebalance of power
Longer term, another new British provision would be widely welcomed in Austra…
Read the full article at: https://www.afr.com/policy/economy/no-quarantine-for-new-ideas-on-handling-company-collapses-20200611-p551oa
The Thai Bankers’ Association (TBA) is considering extending debt restructuring measures as the domestic economic recovery should take a couple of years.
The banking industry has been focusing on helping customers ease their burden via several methods of debt restructuring.
Under the Bank of Thailand’s debt restructuring scheme, this allows debtors to suspend principal and interest payment for up to six months.
The central bank has implemented the debt restructuring programme since April 1.
“We need to monitor the economy before making any decision about the debt restructuring p…
Read the full article at: https://www.bangkokpost.com/business/1932740/tba-mulls-debt-restructuring
STUFF
Tourism businesses fear job losses could surpass 100,000.
Tourism businesses owed $3m by online travel agency Aoliday NZ Ltd have forced the company into liquidation.
Administrator Grant Thornton had recommended 130 creditors accept Aoliday’s offer to pay $284,000 while it chased up a major debtor in China.
But representatives from major operators such as Wayfare and Ngi Tahu Tourism, insisted on liquidation saying it would give a clear message to other agents who failed to pay their bills.
Grant Thornton liquidator David Ruscoe said they had identified the Chinese debtor and issued a demand for payment through their lawyers.
READ MORE:
* Coronavirus: Tourism companies facing millions in bad debts
* Coronavirus: Ngi Tahu To…
Read the full article at: https://www.stuff.co.nz/business/121785910/online-travel-agency-aoliday-liquidated-over-3-million-debt