Insolvency Guardian Media Centre
JUMP! Swim Schools has been dealt another blow with franchisor Jump Loops Pty Ltd placed in court appointed liquidation. The Jump Loops liquidation announcement comes just weeks after alternate franchise entity Jump Swim Schools Services Pty Ltd suffered a similar fate.
At a Federal Court hearing on Friday, Registrar Claire Gitsham ordered that Jump Loops be wound up in insolvency under the provisions of the Corporations Act. Michael Yeo and Gess Rambaldi from Pitcher Partners were appointed as liquidators.
The Jump Loops liquidation and wind-up decision marks a notable development in the beleaguered franchises attempt to recover from a wealth of negative media attention.
The application had been ongoing since May, but was si…
Read the full article at: https://www.franchisebusiness.com.au/news/jump-loops-liquidation/
This week in fashion, Debenhams closes its only Australian store and Stockholm Fashion Week has been cancelled to shine a light on sustainability. Find these stories and more as we uncover the top international fashion news of the week.
Debenhams Closes Store in Australia
Debenhams has entered voluntary administration and is closing its only store in Australia in 2020. After opening in late 2017 in Melbourne, the British department store will shut its doors. In April, it announced it was closing 22 of its locations across the UK. Our appreciation of your loyalty and support is top of mind for us right now. Thanks for supporting us, read the announcement.
The Swedish Fashion Council Cancels Stockholm Fashion Week
The Swedish Fashion Council h…
Read the full article at: https://www.thetrendspotter.net/international-fashion-news-of-the-week-07-07-19/
SHOCKING photographs reveal the state of the abandoned “luxury” villas which Ant McPartlin and Dec Donnelly lost millions of pounds on.
The TV duo, along with Phillip Schofield, are fighting to get their cash back after the three lost a combined 7.5million in the “nightmare” collapse of the incomplete Algarve complex.
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The trio lost out when a bank withdrew its financial backing of The Keys develop…
Read the full article at: https://www.thesun.co.uk/tvandshowbiz/9457941/abandoned-algarve-resort-ant-dec-phillip-schofield/
Hundreds of City workers are fearing for their jobs after Deutsche Bank, the global bank that is one of the Square Miles largest employers, said it plans to axe 18,000 staff worldwide in the latest attempt to revitalise its reputation and business.
The layoffs, equivalent to 20% of the banks workforce, come after chief executive Christian Sewing flagged an extensive restructuring in May, when he promised shareholders tough cutbacks to the investment bank and that he would push ahead with a further 1bn (880m) in cuts this year.
The pledge came after similar moves in 2018 that led to 6,000 job losses, and a failure to agree a merger with rival Commerzbank.
Deutsche Bank, which has recently come under scrutiny over its business relationshi…
Read the full article at: https://www.theguardian.com/business/2019/jul/07/deutsche-bank-to-axe-18000-jobs-worldwide-in-radical-restructuring
These images reveal the abandoned luxury villas which cost TV hosts Ant McPartlin and Dec Donnelly millions of pounds in lost deposits.
The duo are fighting for their money back after both losing nearly 2.5million in the nightmare collapse of the unfinished Algarve property complex.
This Morning host Phillip Schofield is also out of pocket after a bank pulled the plug on The Keys development.
Ant and Dec are looking to regain their down payments plus nearly 430,000 compensation each.
The Saturday Night Takeaway hosts have instructed lawyers to seek the return of the seven-figure sums they handed over in the belief they were securing high-end properties with rooftop pools, cinemas and bars.
Read the full article at: https://www.mirror.co.uk/3am/celebrity-news/ant-dec-lose-25m-after-17486765
Among the claims none substantiated is an allegation that the former St George-Illawarra Dragons premiership winner secretly used a loan in the name of the family trust to splash out on a luxury $1.8 million Avalon property in 2013.
Then there was a request for enormous amounts of information from St George about Mark Gasniers sponsorship deals with vague allegations that money had been deposited in the family trust in 2011 and 2012 but not declared as income.
Most intriguing was the application for documents about benefits, even rental assistance, given to Mark Gasnier by James Vertzayias now-defunct property development outfit Globe Project Group between 2006 and 2012.
Vertzayias, an undischarged bankrupt bodybuilder whose company spons…
Read the full article at: https://www.smh.com.au/national/long-running-gasnier-dispute-gears-up-for-resolution-at-last-20190707-p524y9.html
Hes Australias makeup king but Napoleon Perdis has stood down from his own cosmetics empire.
Beauty lovers were shocked earlier this year when it was revealed that Napoleon Perdis Cosmetics had appointed administrators after racking up debts of $22.8 million.
A stocktake sale was immediately announced, followed by the closure of dozens of stores across the country but two months ago, the chain finally had some good news after it was rescued by daigou queen Livia Wang and ex-Witchery boss Henry Lee.
Ms Wang and Mr Lees Kuba Investments took over the company and saved it from liquidation, and also agreed keep Mr Perdis and his wife Soula-Marie Perdis on as creative consultants.
Creditors approved the deal, with administrator Simon Cathro …
Read the full article at: https://www.news.com.au/finance/business/retail/makeup-mogul-napoleon-perdiss-shock-departure-from-beauty-empire-revealed/news-story/1b851275cfc37e3e56fe5f72cf6f513f
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has directed the Mumbai bench of the NCLT to pass an order over the insolvency plea against 15 Videocon group companies within next three weeks.
The NCLAT said that taking into consideration the nature of the matter, the National Company Law Tribunal (NCLT) Mumbai should pass an order within three weeks over the insolvency plea filed by banks.
The NCLAT order came over the plea filed by the lenders, led by SBI and the Resolution Professional of the company. The lenders had pleaded that the NCLT was yet to pronounce its judgement even as it reserved an order after the completion of arguments in January 2019.
Observing that arguments in the matter have already been completed, a…
Read the full article at: https://www.livemint.com/companies/news/nclt-mumbai-asked-to-pass-order-on-insolvency-against-videocon-cos-in-3-weeks-1562501049527.html
- Almost half of British adults are in currently in debt
- 46% of the population are living with an average of 6,465 in debt
- The rising cost of owning and running a home listed as the top causes of debt
ALMOST HALF of UK adults are currently in debt and believe the rising cost of independent living is to blame.
A survey of 1,000 UK adults published inThe UK Spending Report, commissioned by a leading personal insolvency practice,Creditfix.co.uk, has revealed that almost 1 in 2 Brits (46%) are currently in debt.
Those who admitted to being in financial difficulty were found to have an average debt of 6,465.
The top cause of debt in the UK has been revealed as increases in household bills (36%) followed by raised rent or mortgage repayments (33%).
Exp…
Read the full article at: https://www.globalbankingandfinance.com/half-of-british-adults-struggling-with-debt/
One man presides over most, if not all, of the corporate insolvency resolution cases in the country ever since the Insolvency and Bankruptcy Code came into force in 2016.
Justice Sudhansu Jyoti Mukhopadhaya, a 69-year-old retired Supreme Court judge, has headed the National Company Law Appellate Tribunal since its inception in June 2016 and all important cases under the IBC pass through his court, especially if there is a point of law to be considered. He is often seen to be coming down hard on stuff that delays resolution processes.
On June 26, the NCLAT bench he presided over with Justice Bansi Lal Bhatt came down strongly on lenders of Amtek Auto for issuing a fresh expression of interest after Liberty House withdrew its winning bid o…
Read the full article at: https://economictimes.indiatimes.com/news/politics-and-nation/justice-sudhansu-jyoti-mukhopadhaya-the-judge-deciding-corporateinsolvency-cases-at-nclat/articleshow/70109401.cms
- Bernie Sanders and Elizabeth Warren have both said eliminating student debt would help black families attain more wealth.
- Currently, black college grads from four-year schools take on $US7,400 more in loans than their white peers.
- A 2018 analysis by the Roosevelt Institute found that white families have 12 times the amount of wealth as black families. Eliminating student debt could narrow that gap.
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The US might need to look to the student-debt crisis to address racial inequality.
Americans are currently saddled with $US1.5 trillion worth of student-loan debt, and the total amount of debt young people owe is the highest since immediat…
Read the full article at: https://www.businessinsider.com.au/how-eliminating-student-debt-would-close-the-racial-wealth-gap-2019-6
Desperate Dundonians have the highest personal debts in Scotland after turning to credit cards and loans to survive.
The average debt is an astonishing 20,000 and money experts blame a combination of the controversial Universal Credit system plus poor pay packets in the city.
The latest figures for personal debt index (PDI) have been revealed by personal insolvency practice Creditfix, and show the national average debt is 17,631.
The firm predicts the situation will only worsen as the summer holidays kick in with childcare costs, kids looking for fun days out or even just a meal that would have been provided at school.
Dundees Citizens Advice Bureau (CAB) has launched a new service for people struggling financially, including many who a…
Read the full article at: https://www.eveningtelegraph.co.uk/fp/dundonians-have-highest-personal-debts-in-scotland/