Analysis by credit bureau illion and consultancy AlphaBeta, part of Accenture, shows those using their super spent almost $3000 more than normal in the fortnight after receiving the lump sum.

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Their analysis, based on the bank transactions of 13,000 people who have withdrawn superannuation since the coronavirus outbreak, showed 40 per cent of them had not experienced a drop in income or their loss had been fully offset by other government payments.

Sixty-four per cent of their spending had gone on discretionary goods such as furniture and alcohol, with 11 per cent of going towards gambling.

Separate data compiled by the NAB from its customer base showed gambling spending is 71.5 per cent up since the start of the year, the bigge…

Read the full article at: https://www.brisbanetimes.com.au/politics/federal/early-super-access-scheme-is-another-robo-debt-labor-says-20200601-p54ycw.html?ref=rss&utm_medium=rss&utm_source=rss_feed

Dive Brief:

• Credit card startup Brex laid off 62 employees as the company restructures over the impact of the coronavirus pandemic, co-founders Pedro Franceschi and Henrique Dubugras announced in a blog postFriday.

• The layoffs make up about 17% of the Silicon Valley-based fintech’s total workforce, according to a Pitchbook estimate, cited by Business Insider. Brex, which is valued at $3 billion, provides credit cards and banking services for startups.

• “As the extraordinary events of the last few months unfolded, it became increasingly clear that our plans for 2020 would have to be different,”Franceschi and Dubugras said. “Today we’re restructuring the company to better align our priorities with this new reality, while simultaneo…

  Read the full article at: https://www.bankingdive.com/news/brex-layoffs-restructuring-coronavirus/578966/

  A leading special situations and restructuring lawyer, Matt has broad experience acting for a wide range of stakeholders, including debtors, banks and alternative capital providers. He has advised on transactions across the credit spectrum, including cross-border and domestic financial restructurings, lending transactions, and distressed and recovery situations.

  Matt joins one of the world’s leading restructuring teams. Ropes & Gray’s business restructuring lawyers have represented clients in virtually every form of restructuring, insolvency and workout. The practice is widely recognized in the leading legal directories and is described as being a “sophisticated, high-quality” practice by Chambers USA.

  David Djaha, managing partner o…

  Read the full article at: https://www.prnewswire.com/news-releases/leading-european-restructuring-lawyer-matthew-czyzyk-joins-ropes–grays-business-restructuring-group-in-london-301068581.html

  Analysis by credit bureau illion and consultancy AlphaBeta, part of Accenture, shows those using their super spent almost $3000 more than normal in the fortnight after receiving the lump sum.

  Loading

  Their analysis, based on the bank transactions of 13,000 people who have withdrawn superannuation since the coronavirus outbreak, showed 40 per cent of them had not experienced a drop in income or their loss had been fully offset by other government payments.

  Sixty-four per cent of their spending had gone on discretionary goods such as furniture and alcohol, with 11 per cent of going towards gambling.

  Separate data compiled by the NAB from its customer base showed gambling spending is 71.5 per cent up since the start of the year, the bigge…

  Read the full article at: https://www.smh.com.au/politics/federal/early-super-access-scheme-is-another-robo-debt-labor-says-20200601-p54ycw.html

  June 01, 2020 09:15 ET | Source: SHARC International Systems Inc.

  VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC” or the Company) announces that on May 29^th, 2020, further to its news release dated May 27, 2020, it has closed a non-brokered private placement of convertible debenture units (Debenture Units) for gross proceeds of $2,000,000 (the Offering) and completed the settlement agreements (the Settlement Agreements) as agreed to with all holders (Debentureholders) of the Companys $1.32M and $1.023M 12% unsecured, convertible debentures due May 30, 2020 and June 29, 2020 (the Maturing Debentures).
  

  Each Debenture Unit consists of: (i) $…

  Read the full article at: https://www.globenewswire.com/news-release/2020/06/01/2041553/0/en/SHARC-International-Completes-Balance-Sheet-Restructuring.html

  Professional services consultancy Begbies Traynor has acquired a portfolio of 503 Scottish personal insolvency cases from Grant Thornton UK for up to 500,000.

  Begbies Traynor said the deal involved an initial payment of 250,000, with the same on offer subject to fee income generated from the caseload post-completion.

  The AIM-listed group said on Monday that the cash would come from existing financial resources and highlighted that the new cases would be added to its existing Scottish personal insolvency portfolio of roughly 1,500.

  Chairman Ric Traynor said: “As we reported in our recent trading update, the group is in a strong position, trading well and we continue to seek opportunities to grow the business, both organically and throug…

  Read the full article at: https://www.sharecast.com/news/aim-bulletin/begbies-traynor-buys-scottish-insolvency-cases-for-up-to-pound05m–7525705.html

  A LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation.

  Homestead Highfields was placed in voluntary administration by Mr Peart on April 21.

  At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr Peart, his wife Fiona, and Grant Allsop to enter into a Deed of Company Arrangement.

  The vote paves the way for former administrator-now liquidator Jason Bettles of Worrells Solvency and Forensic Accountants to investigate the reasons behind the company’s collapse.

  Homestead Highfields is the fifth of Mr Peart’s ventures to fall into external administration in the past 19 mont…

  Read the full article at: https://www.dailymercury.com.au/news/liquidation-pearts-multi-million-dollar-land-ventu/4025479/

  Australias PAS Group, which owns high-street clothing brands Review, Black Pepper and Yarra Trail, recently entered voluntary administration. The company employs 1,300 people and operates 225 shops in Australia and New Zealand. The decision by the group, which has struggled for years, follows a recent announcement that it was looking at restructuring options.

  The PAS Group board has appointed PwC partners Stephen Longley, David McEvoy and Martin Ford as voluntary administrators.

  It was a tough time for Australian retailers even before the pandemic hit in March, with several household names, including homewares chain Ishka, Harris Scarfe, Jeanswest, Bardot, Bose, EB Games and Dimmeys, collapsing in late 2019 and early 2020.

  The company board…

  Read the full article at: https://www.fibre2fashion.com/news/fashion-news/australia-s-pas-group-goes-into-voluntary-administration-267606-newsdetails.htm