Insolvency Guardian Media Centre
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.cqnews.com.au/news/liquidation-pearts-multi-million-dollar-land-ventu/4025479/
If you think you’re in line for a refund as a result of the failed Robodebt scheme, The Government says you don’t need to do anything right now.
Yesterday, the Government announced it will be giving $721 million back to people who paid Centrelink debts they may never have owed.
About 373,000 people are affected, though it’s not clear how many of those people paid unsound debts and are now owed money by the Government.
Here’s what you need to know.
I paid Centrelink, will it be refunded?
That depends on the type of debt the Government demanded you pay.
Yesterday’s decision relates to income-compliance debts that relied on the process of income averaging between the 2015-16 financial year and November 2019, when the process was halted.
There…
Read the full article at: https://www.abc.net.au/news/2020-05-30/robodebt-backdown-money-owed-what-to-do-centrelink/12303372
A Saudi Sheikh is reportedly involved in a feud over a 2 million outstanding debt to the iconic Les Ambassadeurs Club.
Sheikh Al Balawi Has a 2 Million Debt to Iconic Mayfair Casino
Sheikh Salah Hamdan Al Balawi is allegedly involved in a gambling debt with a private London casino. The sheiks assets are estimated at more than 100 million, while the alleged debt is only 2 million. According to UK news outlets, Sheik Al Balawi owns debt to the iconic Les Ambassadeurs Club.
The Mayfair members-only casino was actually featured in the James Bond Movie Dr. No back in 1962. A few of the scenes from the legendary movie were shot at Les Ambassadeurs Club. One simply cannot miss mentioning the colossus Sean Connery, who was playing the lead rol…
Read the full article at: https://www.gamblingnews.com/news/saudi-sheikh-involved-in-gambling-debt-with-iconic-private-london-casino/
Brex, last valued at $2.6 billion, is restructuring its credit card for startups business and cut 62 staff members, the co-founders Pedro Franceschi and Henrique Dubugras said in a blog post.
“Today we’re restructuring the company to better align our priorities with this new reality, while simultaneously accelerating our product vision. With that, I have some very sad news to share. 62 people will be leaving Brex today,” the post reads.
The cuts come as Brex’s customer base itself is struggling to stay afloat amid COVID-19: high-growth startups. The trickle-down to Brex’s core business, which depends on its customers spending money, was thus expected.
Brex has already cut some customer credit limits to mitigate some of the exposure r…
Read the full article at: https://au.finance.yahoo.com/news/brex-credit-card-startups-cuts-211447904.html
Joint administrators for NMC Health, the holding company of the UAE-based healthcare provider NMC Group, have said the company will probably be dissolved or put into liquidation.
Administrators from the consulting firm Alvarez & Marsal Europe were appointed in April to oversee the hospital operator, after an application from one of its biggest creditors, Abu Dhabi Commercial Bank.
The bank has since begun criminal proceedings against an unspecified number of individuals at the company, which has been delisted from the London Stock Exchange and is now the subject of a UK accounting investigation.
The administrators said it would not be possible to conclude the outcome of the process until all investigations had progressed and the liability p…
Read the full article at: https://www.theguardian.com/business/2020/may/29/scandal-hit-nmc-health-on-verge-of-liquidation
Latest reports emerging, talk about the potential sale of the Williams F1 team. Now another team may be following suit. French Car manufacturing company, Renault recently announced that they will be cutting 15000 jobs worldwide.
This comes under a massive restructuring plan by Renault. The French car manufacturing company saw car sales plunge dramatically this year after the COVID-19 pandemic. This was after the company recorded its first losses in the last 10 years.
The restructuring involves cost-cutting of up to $ 2.1 million over the span of the next 3 years. However, the company said that they will announce voluntary redundancy packages and may also deploy some members in different jobs within the company.
The French state als…
Read the full article at: https://www.essentiallysports.com/f1-news-after-williams-will-renault-see-the-end-of-their-f1-business/
Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough.
The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis this year, after concluding a one-size-fits-all approach would have been “practically impossible.”
It was the culmination of work involving more than 100 top money managers after the Group of 20 economies had called on the private sector to match their recent Debt Service Suspension Initiative (DSSI) to help 77 low-income countries.
“The IIF has been adamant that creditors of eve…
Read the full article at: https://www.thejakartapost.com/news/2020/05/29/debt-relief-plans-for-worlds-poor-countries-inch-forward.html
Credit: DreamstimeSydney-based Private Data Clouds has gone into voluntary liquidation with more than $140,000 owed to creditors.
According to liquidation documents, the companys unsecured creditors include Telstra, 5G Networks and Digital Pacific, who are all owed an unspecified amount.
Private Data Clouds is also embroiled in a legal dispute with its largest debtor, company director Robyn Hutley, according to liquidator Kathleen Vouris, partner at HallChadwick.
That dispute and those dealings has affected the business for some time, and the company is not in a position to put further funds in fighting that legal action, she said.
Hutley, along with spouse Geoff Ferris, are also listed as unsecured creditors, along with Arnott Te…
Read the full article at: https://www.arnnet.com.au/article/680088/private-data-clouds-goes-into-liquidation-face-legal-woes/
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.chinchillanews.com.au/news/liquidation-pearts-multi-million-dollar-land-ventu/4025479/
Australias bleak retail climate has claimed another scalp with the owner of high-street clothing brands Review, Black Pepper and Yarra Trail sinking in to administration.
PAS Group, which employs 1300 people and operates 225 shops in Australia and New Zealand announced on Friday it had entered voluntary administration.
The ASX-listed group owns a portfolio of womens fashion brands but has struggled for years.
The decision follows an announcement in April that the group was looking at restructuring options. PAS Group chief executive Eric Morris, said Fridays decision was difficult.
The Australian retail sector was already facing significant challenges prior to the COVID-19 pandemic, he said.
Against the backdrop of many retailers closin…
Read the full article at: https://thenewdaily.com.au/finance/consumer/2020/05/29/pas-group-voluntary-administration/
The UK government introduced the Corporate Insolvency and Governance Bill (CIGB) to Parliament on 20 May 2020. As well as including temporary measures to help support businesses affected by COVID-19, it proposes significant permanent changes to UK insolvency law. These proposed permanent changes include a new company moratorium: a mechanism to give a company in financial difficulty a temporary breathing space against creditor action, during which the directors remain in control, but overseen by a monitor.
This note provides high-level answers to some of the key questions parties to lending transactions are likely to have about the moratorium, based on the current form of the Bill. It focuses on the proposed new provisions applying withi…
Read the full article at: https://www.jdsupra.com/legalnews/the-corporate-insolvency-and-governance-60626/
A Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19.
Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring.
In a press release, the company says the restructuring plan will help build a more resilient organization that will be positioned for long-term success.
Filing for protection under the CCAA is truly the hardest decision we have had to make as an organization in our almost one hundred years of history, said Stephen Reitman, president and chief executive officer, in the release.
This pandemic has left us no choice we believe th…
Read the full article at: https://www.capebretonpost.com/business/local-business/cape-breton-reitmans-outlets-expected-to-reopen-as-company-works-to-restructure-455065/