Insolvency Guardian Media Centre
NEWCASTLE law firm Roberts Legal has expanded and opened a city base close to the NSW Courts complex in Hunter Street. Husband and wifeand company co-directors Sam and Anna Roberts opened the firm in 2007 in Adamstown. The company will keep its Brunker Road operation but has relocated its corporate and commercial division to premises in the Telstra Civic building (adjacent to the NSW Courts complex), a position it says makes it the closest private law firm to the legal complex. The division offers specialist commercial legal services including commercial dispute resolution, building and construction law and corporate insolvency. Mr Roberts said the city relocation was a timely value-add for its clientele. We are pleased to assist a numbe…
Read the full article at: https://www.theherald.com.au/story/5882524/roberts-legal-opens-newcastle-city-office/
(Bloomberg) — Some of the worlds largest investment firms are preparing for a shakeout in the $770 billion market for private debt, making it a prime target for takeovers.
Private equity managers, many of whom had piled into lending when banks cut back risks after the 2008 financial crisis, say the market has become so competitive that it will be increasingly difficult for smaller firms to raise money. Meeting at this weeks SuperReturn International conference in Berlin, executives were asking whether theres a private credit glut after assets nearly tripled in the past decade.
We will see consolidation in the direct-lending market as private-capital firms look for scale in the asset class, said Kewsong Lee, co-chief executive officer of C…
Read the full article at: https://au.finance.yahoo.com/news/private-credit-glut-apos-hints-175212889.html
Super Typhoon Mangkhut locally named Ompong battered the province of Cagayan in the Philippines on September 14th 2018, destroying homes, severely affecting agricultural lands and livelihoods and damaging evacuation centres where residents fled for safety. Residents of the Sitio Laoc, Barangay Pateng, are still recovering from the effects of the typhoon.
Every time it rains my children get scared that it will happen again, said Rema Orden, a survivor of the typhoon and mother of two. I will never forget how wet and cold my children were and how there was nothing that I could do.
Sitio Laoc is predominantly a farming community of indigenous peoples who migrated to Cagayan in search of a better life. Many rely on their harvest for suste…
Read the full article at: https://reliefweb.int/report/philippines/debt-relief-support-farmers-after-typhoon-mangkhut
SMALL business owners have expressed concerns they may be locked into long-standing contracts after the closure of a Coast company which provided “free social media and digital marketing services.
Rebl Corp staff walked out of its Nicklin Way office building yesterday morning after reportedly being told they had lost their jobs.
When the Daily visited the building that afternoon, the doors were locked, the lights turned off and office equipment piled up inside.
Rebl Corp, which included Media Rebl, Digital Rebl and Business Rebl, helped businesses “create and deliver engaging videos, social media content, digital marketing solutions, and extensive business systems.
Rebl Corp director Michael Maunder took his company off his LinkedIn p…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/rebl-collapse-has-potential-to-crush-small-busines/3660916/
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Creditors have voted to place the Dubbo Railway Bowling Club into liquidation and its assets will be sold. The decision was made at a meeting of creditors held at Dubbo on Wednesday, four days after the club, which traded as Sporties Dubbo, ceased trading. It comes just over three months since the Erskine Street venue entered voluntary administration, with Aaron Lucan and Graeme Beattie, partners of Worrells Solvency and Forensic Accountants NSW & ACT appointed administrators. Unfortunately, despite lengthy negotiations with a number of interested clubs, we were unable to reach an agreement with an amalgamation partner who had the resources to enable to club to rectify its financial difficulties and con…
Read the full article at: https://www.dailyliberal.com.au/story/5929456/creditors-decide-sporties-assets-to-be-sold-off-under-liquidation/
Retail Food Group (RFG) widened its loss in the first half of FY19 to $111.1 million, after posting an $87.8 million loss in the same period a year ago.
The owner of Donut King, Michels Patisserie, Gloria Jeans, Crust, Pizza Capers and Brumbys Bakery reported a 73.4 per cent drop in underlying net profit after tax to $6.6 million in the half, which was decimated by $123.7 million in non-cash impairments and write-downs and provisioning.
The fast food franchisor blamed the drop in profit on a number of factors, including the impact of store closures, investment in its restructuring activity, declines in new store, resale and renewal activity and ongoing negative sentiment towards franchising.
RFG initiated a number of strategic change…
Read the full article at: https://www.insideretail.com.au/news/retail-food-group-feels-impact-of-scrutiny-on-franchise-sector-201903
A disciplinary committee has cancelled David John Leighs registration as a liquidator following charges against him for allegedly misappropriating $800,000 from a liquidation bank account.
The committee, consisting of an ASIC representative, an Australian Restructuring Insolvency and Turnaround Association(ARITA) representative, and an appointee of the Minister for Revenue and Financial Services, also decided that a condition should be imposed on all other registered liquidators that they must not allow Mr Leigh to carry out any of the functions or duties, or exercise any of the powers, of a registered liquidator on their behalf for eight years commencing on 22 February 2019.
The committee refrained from issuing the maximum 10 year per…
Read the full article at: https://www.accountantsdaily.com.au/business/12696-ex-ppb-advisory-partner-stripped-of-rego-barred-for-8-years
“Any of these consequences could negatively impact our business.”
Activision Blizzard has, in an SEC filing, discussed some of the ramifications of its decision to cut 800 jobs and how it may negatively impact its business going forward.
Via GamesIndustry.biz, PCGamesInsider.biz has d…
Read the full article at: https://www.ign.com/articles/2019/03/01/activision-blizzard-aware-800-job-cuts-could-negatively-affect-business
30-second summary
- Singaporean property agent scammed money from his clients
- Escaped to Malaysia to gamble the stolen money
- Racked up further debt and forced to fake his own kidnapping
- Pleads to his family to pay the ransom
Joe Tan Kia Hian has been jailed for crimes he committed to fund his gambling addiction, including faking his kidnapping. After scamming his clients out of thousands of Singaporean dollars, his sister advised him to seek counselling.
Instead, he escaped to Malaysia, where he continued to gamble and borrowed what he could.After losing the money, he fabricated his kidnapping in exchange for a ransom to free him from his debts.
Property agent targeted clients
How far would you go to fund your gambling debts? Joe Tan Kia …
Read the full article at: https://www.vegasslotsonline.com/news/2019/02/28/kidnapping-scam-tricked-family-paying-gambling-debts/
WASHINGTON Maxar Technologies has decided not to sell or shut down its commercial geostationary orbit satellite business, but will restructure it with a greater emphasis on smaller satellites and government customers.
In an interview with SpaceNews, Walter Scott, executive vice president and chief technology officer of Maxar, said that after months of analysis about the future of its Space Systems Loral business unit, including options to sell the business or even shut it down, the company has decided to keep it.
SSL has more value to us than any prospective buyer was willing to pay, he said. The cost and the risk that would be associated with the wind down would have been very destructive for our customers and our team and unattracti…
Read the full article at: https://spacenews.com/maxar-to-retain-but-restructure-geo-satellite-business/
HOME Fundraising has today (1 March) announced that it is entering into voluntary administration, after more than 16 years of delivering door-to-door fundraising services for charities across the UK.
All 16 regional offices have suspended operations and HOMEs staff base of over 600 employees have today entered into a redundancy consultation. Administrators from H W Fisher & Company have been appointed to continue this process and to actively seek buyers for all or part of the business and assets.
HOMEs fundraising services were contracted on a payment by results model, minimising the risk of liability to charity clients, and HOME Companies Ltd, continues to operate as parent company to HOME India and creative consultancy Wisdom Fish.
Chang…
Read the full article at: https://fundraising.co.uk/2019/03/01/home-fundraising-enters-voluntary-administration/
The Certified Financial Planner Board of Standards released the names of two CFP mark holders who have declared personal bankruptcy within the last five years.
Diane D. Thornton of Houston declared bankruptcy in November 2015, and Frederick E. Powell of Phoenix declared bankruptcy in April 2016, the CFP Board said Thursday. The names are released by the board once a bankruptcy court has ruled on the case.
The CFP Board verifies when a CFP professional has filed a petition for bankruptcy and discloses the bankruptcy on the CFP professionals public profile, which is available through the search functions on CFP Boards website. The board also shares the information wit…Read the full article at: https://www.fa-mag.com/news/cfp-board-announces-mark-holders–bankruptcies-43587.html