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Introduction Domestic business Regulated business International business Introduction The government has restricted entry to the Cayman Islands since mid-March 2020
Australias largest producer of certified organic milk, Organic Dairy Farmers of Australia (ODFA), has entered voluntary administration. It is estimated
The future of Aussie music festival FOMO is in serious doubt, with reports that the event has gone into liquidation and creditors owed millions of dollars.
In an insolvency notice filed with the Australian Securities and Investments Commission (ASIC) on Tuesday, May 15, the festivals status was confirmed to be in liquidation.
Notice is given that at a general meeting of the members of the Company held on 15May2020, it was resolved that the Company be wound up and that Kathleen Vouris be appointed liquidator(s), reads the notice.
FOMO was one of the few Australian festivals to take place in 2020, with acts including Brockhampton, Lizzo, Kaytranada, Meduza, Madeon and more taking in dates across early January in Brisbane, Adelaide, Sydne…
A top business restructuring expert, whose firm makes money from insolvency work, has called on Prime Minister Jacinda Ardern to announce a level 1 Covid-19 regime immediately to save “unjustifiable” business failures and job losses.
KordaMentha partner and restructuring specialist Grant Graham in a social media post says New Zealand businesses cannot wait further weeks with minimal Covid-19 cases “knowing that the cost will not only be extreme but unjustifiable”.
He says he is dealing with people under “incredible pressure that grows day by day”.
QUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration.
Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million.
Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s financial options were being assessed, including the sale of all or part of the business.
Meanwhile, he said the company was continuing to trade and it was “business as usual” for its 32 staff.
Queenslands mining services capital of Mackay has been hit by a longstanding company being put into voluntary administration.
Thai Airways will resort to the country’sBankruptcy Act to enter a sweeping “rehabilitation” plan following the government’s refusal to extend a bailout package to the trouble’s flag-carrier.
In a statement issued to media, the Star Alliance member – whose domestic and international flights remaingrounded by the coronavirus pandemic said theThai Cabinet had approved a reform plan “which will be implemented through the business re-organization chapter under the auspices of the Central Bankruptcy Court of Thailand and the Bankruptcy Act.”
However, it stressed the airlinenot “be dissolved or go into liquidation or to be declared bankrupt,” but would instead“enable Thai to reach its reform plan’s objectives even more effectively step b…
The car-rental industry has seen yet another bankruptcy.
Advantage Rent A Car, previously owned by Hertz, filed for bankruptcy on Wednesday.
The intertwined stories of Hertz and Advantage, featuring Canadian distressed-debt investors and pro-competition American regulators, reveal how dozens of blunders sank both firms into bankruptcy.
A former subsidiary of Hertz just went bankrupt, claiming more than $US500 million in debt.
Advantage Rent A Car, which was founded in 1963 in San Antonio, Texas, filed for Chapter 11 protection on Wednesday. The news comes less than a week after its former parent company Hertz declared bankruptcy, carrying some $US19 billion of liabilities.
Londons Les Ambassadeurs Club casino is squaring off in court against yet another rich Saudi who doesnt want to pay their gambling marker.
Last Friday, a High Court ruling lifted a freezing order placed on the UK assets of Sheikh Salah Hamdan Al Balawi, who runs technology and communication consortium SAB Ventures. The ruling had been sought by the operators of Les Ambassadeurs after Al Balawi reportedly reneged on a 2m gambling debt.
Al Balawi (pictured) has been a patron of the members-only Mayfair casino for over a quarter-century, making over 150 visits to the property during that time. But the relationship soured after banks refused to honor 17 checks the sheikh left with the casino as collateral against a 2m gambling marker.
The government has restricted entry to the Cayman Islands since mid-March 2020 and is currently operating a curfew system day and night for residents other than essential workers, with the exception of exercise or essential trips such as to the supermarket or for medical reasons.
The financial services sector has adapted well to the new restrictions and continues to operate effectively through the use of electronic filing and payment systems. Court hearings are conducted by video link using electronic bundles, with multiple parties able to participate just as they did before the restrictions, and with court staff working hard in the background to ensu…
Australias largest producer of certified organic milk, Organic Dairy Farmers of Australia (ODFA), has entered voluntary administration. It is estimated it has more than $11.5 million in debts.
The co-op is 100 per cent owned by 40 family farmers, supplying milk from three main dairy regions of Victoria, central and north-west Tasmania. It provides milk for 5am Yoghurt, Lemnos and Pure Organic Milks. It also has a milk bottling factory in Geelong where it produces butter and other dairy products. The factory employs more than 20 people.
Worrells Solvency and Forensic Accountants were appointed administrators, which has subsequently been passed to Deloitte.
Deloitte told the ABC ODFA owed National Australia Bank $8 million and unsecured …
QUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration.
Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million.
Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s financial options were being assessed, including the sale of all or part of the business.
Meanwhile, he said the company was continuing to trade and it was “business as usual” for its 32 staff.
Queenslands mining services capital of Mackay has been hit by a longstanding company being put into voluntary administration.
In a claim describing Salim Mehajer as one of Australia’s most disliked people, a high-profile defence lawyer says a Sydney gossip column made out she sleeps with clients and unfairly exposed her to ridicule for her manner of dress and weight. The May 2019 article featuring a picture of Mr Mehajer and lawyer Zali Burrows outside a jail carried six defamatory meanings including that she was a ridiculous lawyer, documents filed in the Federal Court this week claim. The Sydney Morning Herald article titled “Headline-grabbing solicitor stands by her 60 Minutes’ man” describes Ms Burrows as a “diminutive blonde by (Mr Mehajer’s) side who has been raising eyebrows within Sydney’s legal fraternity”. Ms Burrows says that opening line made ou…
The iconic car rental company told its landlords days before that it would not pay them rent for the next six months, according to a letter reviewed by Business Insider.
Its the latest example of a big-name corporation asking building owners, many of whom run small businesses, for help.
Property owners who lease to Hertz received unwelcome news on May 19: Dont expect rent from us for the next six months.
In a letter reviewed by Business Insider, Hertz wrote that it will be deferring all Base Rent payments for six months. Additional rent and utilities payments will still be paid.
