Insolvency Guardian Media Centre
STAFF at troubled farm business Ceres Agricultural Companyhave been told to expect significant job losses after the company was placed in voluntary administration with advisory groupGrant Thornton.
In an internal memo sent to all staff from owner Garrick Hawkins on Thursday, staff were told the current business was unsustainable and Ceres would be closed.
It is understood meetings are being held with staff this morning.
According to its website, Ceres Agricultural Company manages 30,000 hectares of grazing and cropping land in the central tablelands and north-west slopes of NSW.
The 15 properties operated by Ceres include: Ballyroe and Mayfield at Oberon; Gunyerwarildi, Postmans, Brentwood, Lava Downs and Inverness at Warialda; and Brudle P…
Read the full article at: https://www.queenslandcountrylife.com.au/story/5980948/ceres-agricultural-placed-in-voluntary-administration/?cs=4698
Gambling is becoming legal in more states and in different ways as of late. With online betting and the rising popularity of fantasy sports and sports betting, there are more ways than ever to wager.
Many people consider gambling ill-advised or even sinful. In some of the most religious states gambling is outlawed in some or all forms because of moral objections.
Yet it is allowed and even encouraged by other states as taxes on casinos and profits from lotteries add hundreds of millions of dollars to state coffers where gambling is permitted. The states that allow gambling collected a total of $35.1 billion in 2016, helping to offset state debt
24/7 Wall St. reviewed lottery spending data from the U.S. Census Bureau and…
Read the full article at: https://247wallst.com/special-report/2019/03/28/states-spending-the-most-and-least-on-gambling-2/
Dear Moneyist,
I am engaged to a money monster. She just got rid of her old debts, but now has new debt and its growing. Weve been together seven years and engaged for four years. After getting engaged I found out about her debt, bad FICO score
…
Read the full article at: https://www.marketwatch.com/story/i-got-engaged-to-a-money-monster-2019-03-28
Philip Green is trying to quietly vacate one in 10 of his high-street stores before launching a controversial restructuring of his Arcadia fashion empire.
The embattled billionaire is working on a plan that will enable his retail group, which includes Topshop and Dorothy Perkins, to close its worst-performing outlets and slash rent costs.
On Thursday, it emerged that a list of 67 of the more desirable stores within Arcadias 570-strong network is currently being shared in property circles to see if rival chains can be persuaded to take over the leases.
Included in the document, seen by the Financial Times, were branches of Topshop, Dorothy Perkins and Miss Selfridge in well-known shopping centres, such as the MetroCentre in Gateshead, as…
Read the full article at: https://www.theguardian.com/business/2019/mar/28/philip-green-quietly-tries-to-vacate-stores-ahead-of-arcadia-restructure
(Reuters) – J. Crew Group Inc has tapped restructuring lawyers for the second time in as many years to explore options for reworking its debt, as the U.S. clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday.
The companys decision to seek help with its debt once again underscores the persistent business challenges J. Crew faces despite recent turnaround and financial restructuring efforts. A shift to pricier apparel turned off some shoppers, and J. Crew faces competition from e-commerce firms such as Amazon.com Inc that have squeezed an array of traditional retailers.
The preppy fashion retailer in recent weeks enlisted restructuring attorneys at Weil, Gotshal & Manges …
Read the full article at: https://www.kitco.com/news/2019-03-28/Exclusive-J-Crew-turns-again-to-debt-restructuring-lawyers-sources.html
Debenhams has cleared a hurdle in its attempt to push through a crucial restructuring plan, dealing a blow to a potential bid for the struggling retailer by Sports Direct chief executive Mike Ashley.
The department store chain said it had secured the support of a majority of its bondholders for a series of technical changes that help clear the way for a 200m refinancing. The approval puts Debenhams in a position to confirm the new funding in the coming days and move to pursue restructuring options to secure the future of the business.
The announcement will come as a disappointment to Mr Ashley and Sports Direct, which already owns a 29 per cent stake in Debenhams and on Wednesday said it wasconsidering making a 61m offer for the grou…
Read the full article at: https://www.ft.com/content/cf20638e-5137-11e9-9c76-bf4a0ce37d49
By Christine Lagarde, IMF Managing Director
Banque de France, Paris
March 28, 2019
As Prepared for Delivery
Introduction
Mesdames et Messieurs
bonjour. I would like to thank Governor Villeroy de Galhau for
the kind introduction. I would also like to thank Banque de France and the
European Money and Finance Forum [SUERF] for inviting me to this important
event.
As we celebrate the 20th anniversary of the euroand as we think about thenext 20 yearsit is fitting that we should honor the courage, creativity, and perseverance of those
who inspired this unique European project.
That spirit reminds me of a story that was once told by a great friend of
Euro…
Read the full article at: https://www.imf.org/en/News/Articles/2019/03/28/sp032819-the-euro-area-creating-a-stronger-economic-ecosystem
A separated Limerick couple had almost 3 million worth of debt written off for a payment of 2,000 in a personal insolvency arrangement signed off by the High Court this week.
The couple owed the bulk of the unsecured debt to Bank of Ireland arising from a failed hotel and newsagents business. They also owed an additional 257,000 secured against the family home.
Under the court-approved financial rescue, debts of 121,176 due to the Revenue Commissioners and a further 35,524 to a former supplier to their business both s…
Read the full article at: https://www.irishtimes.com/business/financial-services/separated-limerick-couple-secure-3m-debt-write-off-for-2-000-1.3841688
Seiki Australia has been placed into liquidation with questions now being asked about warranty claims on Seiki TVs following the Companies collapse which took place in 2017.
At a recent general meeting of the Company it was resolved that the entity be wound up and that Daniel Jean Civil be appointed liquidators in Australia.
The winding up relates to a Company that was set up four years ago flogging Seiki TVs to several retailers.
When they initally got into trouble Dick Smith bought a great deal of Seiki stock without any warranty, Dick Smith eventually went broke with debts of over $400M.
Currently Seiki products are being sold in Australia by both online and mainstream retailers including Winnings, 2nds World and Target, these product…
Read the full article at: https://www.channelnews.com.au/exclusive-seiki-tv-appliace-brand-liquidated-in-oz/
Amid the ongoing fallout of the Hayne banking royal commission, another area of financial services has been subject to quieter reforms: the thriving market for debt agreement and debt consolidation arrangements.
As anyone who listens to commercial radio would attest, theres no shortage of providers spruiking their wares as a panacea for indebted consumers for a hefty fee of course.
Debt agreements are binding contracts to repay an agreed amount to creditors over a certain period, while debt consolidation merges several troublesome debts into the one facility.
According to the listed FSA Group (FSA, $1.04), business is booming.
Consumer debt levels are at a record high, new inquiries are increasing and demand for our product and ser…
Read the full article at: https://www.sharecafe.com.au/2019/03/28/the-booming-debt-consolidation-sector/
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Read the full article at: http://www.switzer.com.au/the-experts/tim-boreham/debt-consolidation-sector-booms/
MDX Technology Limited (MDXT), the leading provider of real-time data collaboration and distribution solutions for the global trading community and financial services industry today announces the completion of a corporate restructuring programme.
Read the full article at: https://www.finextra.com/pressarticle/77813/mdx-technology-undergoes-corporate-restructuring