Insolvency Guardian Media Centre
Tuesday, June 9, 2020
As set out in the firstblogin this series, the Corporate Insolvency and Governance Bill (the Bill) introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern.
The first blog outlined how the moratorium will work and the secondblogfocused on the key provisions that secured lenders should be aware of. This blog will outline issues for other stakeholders the insolvency practitioner (IP) monitoring the moratorium (the monitor), creditors, suppliers, the debtor company and its directors.
The Monitor
In a moratorium, directors remain in control and continue to trade in the ordinary course of business. The monitor does not have the same leve…
Read the full article at: https://www.natlawreview.com/article/uk-insolvency-law-changes-new-moratorium-and-other-stakeholders
Passengers wait to get on a Hertz shuttle bus at Los Angeles International Airport.
Patrick T. Fallon | Bloomberg | Getty Images
To get a slice of one of the market’s most epic rallies, investors are snapping up stocks everywhereincludingshares in bankrupt companies, which in theory will be worth nothing.
Hertz, Whiting Petroleum, Pier 1and J.C. Penney, which all declared bankruptcy amid the pandemic,saw their shares surging at least 70% each in Monday’s trading alone, some of which more than doubling. Imminent bankruptcy filersChesapeake Energy and California Resources also skyrocketedfrom a few pennies to a couple of dollars in a matter of days.
The wild moves in bankrupt names came as the market rallies aggressively with eac…
Read the full article at: https://www.cnbc.com/2020/06/09/the-hot-new-thing-to-make-your-stock-pop-go-bankrupt.html
Dufry is making sweeping changes to its business in a bid to accelerate growth and support profitability during the recovery phase of the economic crisis and beyond, it announced today.
The changes, in place from 1 September, include: the integration of its headquarters and divisions, as well as rationalising its country groupings from 23 down to seven plus North America; simplifying the first management level by grouping related functions and introducing a new, reduced Global Executive Committee to reflect organisational changes
Julian Diaz, CEO of Dufry said: Dufrys new simplified organisation will allow us to adapt the company to the new business environment, by adding flexibility, agility and by accelerating the decision making proc…
Read the full article at: https://www.dfnionline.com/lead-stories/dufry-announces-major-global-business-restructure-09-06-2020/
Murchison is making a last-ditch attempt to save its embattled community hub, Murchison Neighbourhood House, nine months after its parent company liquidated taking the town’s only nursing home with it.
Key points:
- With less than a week until tenders for the purchase of the building close, Murchison Neighbourhood House management has made a last-minute appeal for public donations
- The house was embroiled in the larger liquidation of assets of Murchison Community Care, including the town’s nursing home, which was placed into receivership last year
- Community is ‘disappointed’ there has been no financial commitment from the State or Federal Governments
Operator Murchison Community Care was found to owe dozens of creditors including the ATO, B…
Read the full article at: https://www.abc.net.au/news/2020-06-09/murchison-community-house-fights-for-survival/12334648
Image via Tuchuzy
Words by Tori Mathison
Another blow to the retail industry.
Designer brand mecca Tuchuzy has announced that its entered into voluntary administration. The news comes after a startling number of Australian stores have been buckling under the coronavirus-related pressure on the retail market.
The Bondi fixture has been an iconic Sydney fashion destination since 1995 and is known for stocking a legion of cult-favourite brands, notably Chloe, Jean Paul Gaultier and Bassike, as well as shining a light on emerging designers.
The email sent to customers following the decision claimed that the difficult retail climate was a factor in the verdict. It also announced that it wont be able to honour vouchers or gift cards for …
Read the full article at: https://fashionjournal.com.au/fashion/iconic-sydney-fashion-destination-tuchuzy-enters-into-voluntary-administration/
The peak body for equestrian sport in Australia has been placed in voluntary administration by its board in what has been described as a “difficult decision”.
Key points:
- Equestrian Australia says has gone into voluntary administration to avoid insolvency
- EA has produced nine gold medallists and its events play host to Olympic selection
- Some members say they werent notified and are shocked by the development
Equestrian Australia (EA) says the decision follows the withdrawal of funding by Sports Australia and the impact of COVID-19 on its forecast revenue.
“This places the organisation at risk of trading insolvently,” EA said in a statement.
“Clearly, the current EA model does not work.