Insolvency Guardian Media Centre
Budget airfare website Bestjet has collapsed just six weeks after it changed hands, sparking fears Australian travellers may be left stranded over Christmas.
The Queensland-based companys website is currently offline, with the Australian Securities and Investments Commission (ASIC) listing its status as under external administration.
9News understands Bestjet Travel Pty Ltd was yesterday put under the administration of Pilot Partners, a chartered accounting firm in Brisbane.
9News has contacted Pilot Partners for comment.
Have you been affected? Contact the reporter at [email protected] or on Twitter@rosielentini.
Bestjet was sold to McVicker Investment Group just six weeks ago, according to Travel Bulletin.
We have a global vision an…
Read the full article at: https://finance.nine.com.au/2018/12/19/16/19/bestjet-budget-airfare-website-collapses
Transport, postal and warehousing fifth-most likely sector to experience financial difficulty
The Australian Securities and Investments Commission (ASIC) has released its insolvency statistics for the 2017-18 financial year, with the transport, postal and warehousing category recording 379 insolvencies for the period equating to 5 per cent of the 7,613 cases across 24 industries.
Insolvency statistics: External administrators reports (July 2017 to June 2018) shows the transport, postal and warehousing sector was the fifth-most insolvent sector, behind only: retail trade (7.8 per cent), accommodation and food services (14 per cent), construction (21.6 per cent) and oth…
Read the full article at: https://www.fullyloaded.com.au/industry-news/1812/transport-insolvencies-highlighted-in-asic-report
Miniso Canada (various locations),a discount retailer thats like a Uniqlo-meets-Muji hybrid, is allegedly facing bankruptcy.
According to a Miniso Group press release issued yesterday (December 17),the Chinese parent companies of the global chain have filed an applicationin the B.C. Supreme Court to begin bankruptcy proceedings for its Canadian division of variety stores that carry low-cost consumer goods and household items.
The news release further states that Minisos Guangzhou, China, headquarters wants to have its Canadian licensee declared bankrupt so a court officer can operate the 50 Miniso stores selling Miniso brand items in Canada.
Miniso Groups court petition claims that its operations in Canada have been misusing the Miniso trad…
Read the full article at: https://www.straight.com/news/1178426/miniso-canada-reaches-preliminary-agreement-chinese-parent-company-amid-news-bankruptcy
Say hello to 2019! Were here to help you easily make smart money moves this year so you can save more and spend more time doing the things you love.
The holidays can be tough on your wallet. Between buying gifts, paying for expensive flights and dining out more than usual, you might be carrying some credit card debt.
But dont be discouraged. 2019 offers a fresh beginning and a chance to check off your resolution to pay off that debt, one baby step at a time. One way to start is by looking into a balance transfer credit card to save on interest.
Regardless of how much you might owe the average U.S. household with credit card debt has an estimated $6,929 in revolving balances, according to a recentNerdWallet study getting rid of you…
Read the full article at: https://www.nerdwallet.com/blog/credit-cards/balance-transfer-pay-off-debt/
A nonprofit helps people in need by purchasing bundles of past-due medical bills and forgiving them.
If youre looking for a special Christmas gift to mark this holiday season, you could follow in the footsteps of two women in upstate New York, a man who lost his wife to cancer, and a well-known television host.
All of them donated money to RIP Medical Debt, a nonprofit that helps people in need by purchasing bundles of past-due medical bills and forgiving them.
RIP Medical Debt is one of multiple organizations across the country hoping to help people with crushing medical costs. Other organizations allow people to make charitable donations so patients can afford exp…
Read the full article at: https://www.healthline.com/health-news/looking-for-a-gift-that-helps-buy-and-forgive-medical-debt
close up man hand press on calculator counting calculating about monthly expense from debt bill at the table in home office and managing payroll,money risk financial conceptGetty
Theres one thing uniting many employees today: student debt. With the average graduate taking on $37,172 in student loan debt more than some graduates make in one year of work that figure stays front and center while they make financial decisions.
That means that while money isnt everything when it comes to work, it takes on outsized importance. An inability to pay back student loans can result in losing the hard-won professional license that college made possible; the National Consumer Law Center notes many states tie licensing to st…
Read the full article at: https://www.forbes.com/sites/jaimecatmull/2018/12/18/how-businesses-are-helping-their-employees-ditch-student-loan-debt/
GROWER-BASED conservation farming association, Conservation Farmers Inc (CFI), is to be wound up.
The organisation, which has driven the adoption of no-till farming practices for more than three decades in the northern farming regions of Queensland and northern New South Wales, has been put into voluntary liquidation following a claim by a former director for substantial expenses that is now in the hands of the courts.
CFI chair, Darryl Bartelen, said the magnitude of the claim was untenable for a not-for-profit company.
Mr Bartelen said the CFI was unable to confront the financial enormity of the legal proceedings, leaving the Board with no other choice than to seek the closure of the …
Read the full article at: https://www.graincentral.com/news/conservation-ag-group-forced-into-liquidation/
Dear Sir / Madam,
We would like to inform you that Meeting of the Resolution Professional is scheduled to be held on Wednesday, 19th December 2018 at 02.30 P.M. IST at C-25, Laxmi Towers, A – 601, 6th Floor, Bandra Kurla Complex, Bandra (East), Mumbai 400051, INDIA to consider and approve audited financial results for the financial year 31st March 2018 of Sterling Biotech Limited.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/sterling-biotech-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25774674.ece
Disappointment
Chairman Philip OLeary expressed disappointment, however, that the numbers opting for mediation have fallen in Dublin, with 318 first joint information sessions in 2017 compared with 348 in 2016 and 407 in 2015.
The board wants a higher take-up of mediation in applications for guardianship, custody or access in the Dublin area, and it is planning to hone its strategy in this area.
Of the boards 17,103 new applications for civil legal aid or international protection in 2017 (which represented a 3% increase), 68% involved family disputes.
The numbers waiting for legal services dropped for the fifth successive year, to 1,776 at year-end, from a high of over 5,000 in 2013.
Protection
A total of 25,049 aid applications were s…
Read the full article at: https://www.lawsociety.ie/gazette/legal-analysis/mediation-numbers-fall-in-dublin-family-law-cases/
Katie Price commanded a fortune of 45m during her heyday as one of the most powerful media figures in the UK.
After starting out as a glamour model, she starred in her own reality TV shows, won Celebrity Big Brother and even dabbled in pop music. Price, previously known by the pseudonym Jordan, has also put her name to lingerie, jewellery, perfume, baby clothes and multiple books, including a string of autobiographies.
But this year the mother-of-five has only narrowly avoided bankruptcy, has checked herself into rehab and, it emerged today, has been charged for drink driving.
On 4 December, HMRC agreed to accept her plans to repay her creditors 22,000 as part of an Individual Voluntary Agreement (IVA), which allows people to re…
Read the full article at: https://www.theweek.co.uk/95638/how-did-katie-price-lose-all-her-money
Ching Yau Yu and Vincent Wai Kit Yu were directors of Kai Hing Limited. The company was incorporated in January 2011 and traded under Yu and You Restaurant and Bar, a Chinese eatery in the Copster Green area of Blackburn.
The restaurant featured in the TV programme, Ramsays Best Restaurant, in 2013.
However, Kai Hing Limited entered into difficult trading conditions and because the company couldnt pay its debts, Vincent and Ching Yu liquidated the company in January 2017, owing their creditors close to 385,000.
Independent insolvency practitioners were appointed to wind-up the business and reported to the Insolvency Service that the company had a substantial amount of tax discrepancies.
This triggered an investigation by the Insolve…
Read the full article at: https://www.gov.uk/government/news/mother-and-son-restaurateurs-banned-for-under-declaring-tax
The Insolvency and Bankruptcy Code, 2016 has seen its share of twists and turns. One more twist may be lying in wait; operational creditors seeking a voice alongside financial creditors in the insolvency process.
A financial creditor is one who has lent money to the company, and an operational creditor is a vendor who has supplied goods or services and is owed money by the company.
In the insolvency food chain, secured financial creditors rule the roost at the all-powerful committee of creditors (CoC). This is logical, no doubt. Banks should have a first claim to the proceeds of resolution when a borrower has defaulted on their loans. That is key for them to recover bad loans.
But other creditors are also victims. The hie…
Read the full article at: https://www.moneycontrol.com/news/business/quick-take-operational-creditors-seeking-a-seat-at-the-ibc-high-table-could-muddy-insolvency-waters-3304451.html