Insolvency Guardian Media Centre
June 10 (Reuters) – Moreton Resources Ltd:
* CO & UNITS HAVE ENTERED VOLUNTARY ADMINISTRATION
* APPOINTED GRANT SPARKS AND DAVID ORR OF DELOITTE FINANCIAL ADVISORY PTY LTD AS ADMINISTRATORS OF GROUP
* ADMINISTRATORS TO UNDERTAKE URGENT ASSESSMENT OF GROUPS BUSINESS & FINANCIAL POSITION TO DETERMINE FUTURE OF BUSINESS & ASSETS Source text for Eikon: Further company coverage:
Read the full article at: https://www.reuters.com/article/brief-moreton-resources-enters-voluntary-idUSFWN2DN06P
Ura Menndez lawyers review the extraordinary measures taken by the Spanish government to protect businesses and citizens
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| As many other countries, Spain has adopted a number of emergency measures to cope with the Covid-19 outbreak, with the main purpose of protecting public health, on the one hand, and mitigate the damages on the Spanish economy, on the other hand. Some of these new laws and regulations are of an extraordinary nature and will be applied only temporarily, while others, such as the foreign investments screening mechanism which Spain has put in place like many of its European peers, have been permanently introduced in our legal system. |
After the World Health Organization declared on March 11 2020 that t…
Read the full article at: https://www.iflr.com/article/b1lxmrrfr4gkfs/spains-response-to-covid19-emergency-measures-gradual-relaxation
Collapsed Estonian peer-to-peer lenders Envestio and Kuetzal have officially been declared bankrupt.
Business registry documents in Estonia show Andres Hermet was appointed as bankruptcy trustee for both companies this month.
The move means investors will have to file claims with the bankruptcy trustee to try to get their money back.
Claims forms can be obtained by emailing [email protected].
Investors raised the alarm on Envestio in January after it seemingly shut down while still holding 33m (27.87m) of lender funds.
Concerns also emerged over who owns Kuetzal and who its borrowers really are.
The Estonian police force has since launched a fraud investigation into the platforms.
Estonian police has started two criminal investi…
Read the full article at: https://www.p2pfinancenews.co.uk/2020/06/10/envestio-and-kuetzal-declared-bankrupt/
Australia Post restructure threatens over 2,000 jobs
By Oscar Grenfell
10 June 2020
A sweeping restructure by Australia Post, the countrys government-operated postal service, threatens up to 2,500 jobs, along with wage reductions and further attacks on working conditions.
Postal workers were informed at briefings called by management last week that one in four postal delivery positions would no longer be required. Australia Post has roughly 10,000 delivery employees, out of a total workforce of around 30,000.
While executives have told the press that workers would be redeployed and sackings were not on the agenda, management informed employees that redundancies would be offered, confirming that positions will be abolished.
The cuts are…
Read the full article at: https://www.wsws.org/en/articles/2020/06/10/post-j10.html
The head of the International Monetary Fund called on private creditors to join the Group of 20 in providing debt relief for the world’s poorest nations, saying that the alternative to suspension and restructuring is defaults.
A debt-service suspension would provide time for restructuring debt on a case-by-case basis in countries where debt sustainability needs to be restored, Managing Director Kristalina Georgieva said in a webcast with the U.S. Chamber of Commerce Tuesday.
Private investors last month said they may offer low-income countries cash to ease the burden of $140 billion in debt payments due this year to help them fight the coronavirus pandemic. Still, the voluntary nature of the proposal may mean it falls short of easing t…
Read the full article at: https://www.aljazeera.com/ajimpact/world-poorest-nations-risk-disorderly-default-imf-200610025739495.html
To paraphrase Winston Churchill, it is curious to see The Warehouse Group (TWG) not letting a good crisis go to waste.
Despite recently receiving NZ$68 million in government wage subsidies as a result of the COVID-19 lockdown, TWG has now proposed store closures and more than 1000 staff layoffs across its Warehouse, Noel Leeming and Warehouse Stationery brands.
The company joins the likes of Air New Zealand, Bunnings and Fletcher Building which have announced major cuts and closures.
While it is laudable to see TWG CEO Nick Grayston fronting as spokesperson for the move, it is disappointing to see management-speak alive and well in his explanations agile principles and changes to their footprint to improve productivity in an uncertain …
Read the full article at: https://theconversation.com/by-sacking-staff-and-closing-stores-big-businesses-like-the-warehouse-could-hurt-their-own-long-term-interests-140420
A GROUP of subcontractors badly impacted by the collapse of builder Ri-Con Contractors, has engaged investigators to prepare a brief of evidence in a bid to force a criminal investigation into events leading up to the company’s liquidation.
The subbies had been working on jobs for which Gympie, Noosa and Sunshine Coast councils were clients.
O’Brien Plumbing Noosa and O’Brien Plumbing Sunshine Coast along with other impacted subbies, have engaged Complete Corporate Services to prepare a brief.
Peter King, who owns O’Brien Plumbing Sunshine Coast, has also called on Noosa and Sunshine Coast Councils to follow Gympie’s lead and agree to release documents provided by Ri-Con to secure progress payments.
Builders were required by law to…
Read the full article at: https://www.gympietimes.com.au/news/ri-con-subbies-launch-investigation-into-builder-c/4033839/
Sophos plans to cull its workforce by up to 16 percent and close some offices just three months after being acquired by private equity firm Thoma Bravo, according to media reports.
Sophos confirmed the restructuring in a statement to CRN, but did not respond to questions about how many workers were impacted and in what job functions or geographies. Thoma Bravo did not respond to a request for comment.
The U.K.-based platform security vendor has already started reducing headcount, with the coronavirus pandemic forcing Thoma Bravo to take steps to bolster Sophos short-term outlook and accelerate the companys strategic transition, according to Private Equity News. The cuts will potentially amount to around 16 percent of Sophos overall head…
Read the full article at: https://www.crn.com.au/news/sophos-undertakes-company-restructuring-staff-cuts-due-to-covid-19-reports-549075
The Office of the Supervisor of Insolvency (OSI) and Office of the Government Trustee (OGT) are encouraging persons who have been facing financial obstacles as a result of the COVID-19 pandemic to engage the organisations for assistance.
Speaking with JIS News, Deputy Supervisor of Insolvency, Fayola Evans-Roberts, said the organisations offer services that can assist businesses or persons who have seen a reduction in income or have lost their jobs recently.
A person who is unable to pay their debt, who considers themself insolvent, can approach the OSI to enter into an agreement, whether it is a proposal to avoid bankruptcy or enter into bankruptcy. So, if you feel that you are insolvent and you are unable to pay your debt, then you ma…
Read the full article at: https://jis.gov.jm/businesses-facing-financial-difficulties-can-contact-the-osi/
Sophos plans to cull its workforce by up to 16 percent and close some offices just three months after being acquired by private equity firm Thoma Bravo, according to media reports.
Sophos confirmed the restructuring in a statement to CRN, but did not respond to questions about how many workers were impacted and in what job functions or geographies. Thoma Bravo did not respond to a request for comment.
The Abingdon, U.K.-based platform security vendor has already started reducing headcount, with the coronavirus pandemic forcing Thoma Bravo to take steps to bolster Sophos short-term outlook and accelerate the companys strategic transition, according to Private Equity News. The cuts will potentially amount to around 16 percent of Sophos ov…
Read the full article at: https://www.crn.com/news/security/sophos-to-cut-staff-by-up-to-16-percent-due-to-covid-19-reports
Executive Summary
During the Covid-19 pandemic, many companies have been meeting their cash needs through existing lines of credit. But these will soon run out and those with highly leveraged balance sheets will need to undergo a financial restructuring in which the key contracts with financial stakeholders are renegotiated. This article describes the out-of-court and in-court (Chapter 11) measures that companies can take to achieve a financial restructuring. The best outcomes leave the company potentially more valuable than it was before.
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Government resp…
Read the full article at: https://hbr.org/2020/06/a-primer-on-restructuring-your-companys-finances
This significant recent decision of the Supreme Court of Canada confirms (i) that a CCAA supervising judg…
This significant recent decision of the Supreme Court of Canada confirms (i) that a CCAA supervising judge enjoys broad discretion and the necessary jurisdiction to prevent a creditor from voting on a plan of arrangement when the creditor is acting for an improper purpose, and (ii) that litigation funding is not intrinsically illegal and that a litigation funding agreement can be approved by the Court as an interim financing in insolvency. The decision establishes third-party litigation funding as a powerful tool in debtor counsels toolkit to maximize recovery for company stakeholders.
Introduction
As the number of corporate i…
Read the full article at: https://iclg.com/briefing/13257-bluberi-key-canadian-insolvency-ruling-affirms-litigation-funding-as-a-tool-for-insolvent-debtors-and-supports-judicial-discretion-in-ccaa-proceedings