The economic impact of significant falls in migration as a result of COVID-19 could be offset by restructuring the Business Innovation and Investment Program (BIIP), leading wealth manager Atlas Advisors Australia says.
Executive Chairman Atlas Advisors Australia, Guy Hedley said an anticipated 85 per cent fall in migration in the 2020-21 financial year compared to 2019-20 year posed serious ramifications for Australias economic growth and could exacerbate the potential for a deep recession.
This impact could be substantially offset by restructuring the BIIP to encourage a higher proportion of high net worth migrant investors with greater capacity to assist Australias economic recovery, Mr Hedley said.
The A…
Read the full article at: https://www.miragenews.com/offset-economic-impact-of-migration-falls-by-restructuring-business-innovation-and-investment-program-2/
A PRELIMINARY report has found Illawarra Hawks Proprietary Limited was $2.4 million in debt when placed into administration in April, with players and staff owed an estimated $750,000 in entitlements. They are among the revelations in the report prepared by administrator Michael Jones, which shows the club suffered losses of more than $1.6 million in the two years after Simon Stratford became sole owner of the club. A former minority partner, Stratford took sole ownership of the club in March 2017 when former majority owner James Spencely relinquished his controlling stake in the company he created in 2015. Having sustained “ongoing losses since 2016” the report shows the club ran at a loss of more than $1 million in 2018 and more than $…
Read the full article at: https://www.begadistrictnews.com.au/story/6751790/illawarra-hawks-players-and-staff-750000-out-of-pocket/?cs=4783
Virgin Australia captain George Kailis has been flying planes for almost 20 years, but fears for himself and his co-workers as the company looks likely to enter into voluntary administration.
Key points:
- Virgin Australia is on the edge of insolvency, with about $5 billion in debt
- Pilots want the Federal Government to step in with a $1.4 billion bailout
- Credit agencies have downgraded Virgin’s rating saying a ‘default’ is likely
The Morrison Government has continued to hold back support for the airline, and despite NSW and Queensland’s governments arguing about where the company should be headquartered, private equity firms are circling.
They are waiting for cash-starved Virgin Australia to enter into voluntary administration, which sources…
Read the full article at: https://www.abc.net.au/news/2020-04-20/virgin-australia-pilot-calls-for-lifeline-against-insolvency/12165550
The government should consider extending the six-month moratorium protecting directors whose companies are trading while insolvent in order to safeguard smaller- to medium-sized businesses, a senior commercial disputes lawyer has warned.
Last month, the federal government enacted temporary measures to avoid unnecessary insolvencies and bankruptcies in light of the challenges COVID-19 poses, by providing a safety net for directors and businesses to help them operate during a temporary period of illiquidity.
Intended to run for six months, the changes grant directors temporary relief from the risk of personal liability for insolvent trading with respect to any debts incur…
Read the full article at: https://www.mybusiness.com.au/management/6887-government-told-to-safeguard-business-by-extending-insolvency-relief
As part of efforts to fast-track processing of cases, the government has been mulling introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors.
Last year, the corporate affairs ministry sought comments on …
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/pre-packaged-resolution-plan-to-help-expedite-insolvency-process-experts/articleshow/75659528.cms
Whats new: CEFC China Energy Co. Ltd., the fallen energy and financial conglomerate controlled by secretive tycoon Ye Jianming, has been declared bankrupt by a Shanghai court, according to a ruling (link in Chinese) dated March 31 and published Friday on an enterprise bankruptcy information disclosure platform set up by Chinas Supreme Peoples Court.
In addition to CEFC China, several of its subsidiaries including CEFC Shanghai International Group Ltd. and CEFC Hainan International Holdings Co. Ltd. were also declared bankrupt in the same ruling.
Whats the background: CEFC China is one of the private Chinese conglomerates that spent several years amassing sprawling assets abroad through debt-backed investments. But the company has been u…
Read the full article at: https://www.caixinglobal.com/2020-04-25/fallen-energy-conglomerate-cefc-declared-bankrupt-101547143.html
Raelene Castle said she could not see the advantages for Rugby Australia to go into voluntary administration, although it might depend on nations leaving in place severe international travel restrictions that would prevent a return to the status quo of Super Rugby.
One of the advantages of Rugby Australia declaring itself insolvent is that it would enable it to start from scratch. All its existing contracts and arrangements would be declared null and void, which would enable Australia to wriggle free of a Super Rugby competition that has become alien to Australian rugby fans.
The downside of going down the VA path, however, is massive: sp…
Read the full article at: https://www.theaustralian.com.au/sport/rugby-union/travel-restrictions-to-determine-rugbys-structure-castle/news-story/b146ec82d8da01eb83b663d89afd4f10
The economic impact of significant falls in migration as a result of COVID-19 could be offset by restructuring the Business Innovation and Investment Program (BIIP), leading wealth manager Atlas Advisors Australia says.
Executive Chairman Atlas Advisors Australia, Guy Hedley said an anticipated 85 per cent fall in migration in the 2020-21 financial year compared to 2019-20 year posed serious ramifications for Australias economic growth and could exacerbate the potential for a deep recession.
This impact could be substantially offset by restructuring the BIIP to encourage a higher proportion of high net worth migrant investors with greater capacity to assist Australias economic recovery, Mr Hedley said.
The A…
Read the full article at: https://www.miragenews.com/offset-economic-impact-of-migration-falls-by-restructuring-business-innovation-and-investment-program/