Foodora has gone into voluntary administration over concerns it cannot exit Australia solvent, suspending a potentially precedent-setting sham contracting case against the gig company.
The on-demand food delivery firm appointed Worrells Solvency and Forensic Accountants on Friday just two weeks after announcing it was closing its operations on August 20.
In a statement, Worrells said the company had faced “significant external challenges” and the administration would stay all legal claims and put the company in a better position to pay back creditors.
“The voluntary administration process offers the company essential breathing space, including a statutory moratorium on claims against the company, with a view to ensuring tha…
Read the full article at: https://www.afr.com/news/policy/industrial-relations/foodora-enters-voluntary-administration-20180817-h144fs
A clumsy cat burglar has been sentenced to 10 months in jail for breaking into the homes of wealthy people, stealing jewellery and valuables.
Di Miao, 54, pleaded guilty to four charges of burglary, two counts of theft, possessing stolen goods and proceeds of crime.
The County Court previously heard that between January 2012 and January 2015 he broke into four homes in Toorak, Balwyn, Clayton and Burwood.
In explaining his offending, defence lawyer Matthew P…
Read the full article at: http://www.abc.net.au/news/2018-08-17/burglar-jailed-over-jewellery-thefts-in-melbourne/10131370
Delivery food company Foodora has entered into voluntary administration, two weeks after it told the ABC it was “solvent”.
“While Foodora’s intention was to wind down its affairs in Australia in an orderly fashion and with the support of its parent company [Delivery Hero] to meet all known liabilities, the company has been faced with significant external challenges,” Shelley Borstein, of administrators Worrells Solvency and Forensic Accountants, said in a statement.
“These have impeded the company’s ability to implement a solvent wind-down of its affairs.”
Two weeks ago Foodora announced it would pull out of Australia by August 20.
At the time, a spokesp…
Read the full article at: http://www.abc.net.au/news/2018-08-17/foodora-enters-into-administration/10133620
“Beth was in tears, Ty was in tears, Jase was in tears,” says Hill, who claims he remained steadfast in the face of all this sobbing. “I felt like a sociopath. ‘What are you doing, mate?’.”
If Hill was more inclined than his fellow travellers to take it in his stride that may owe something to the fact he’s been at this acting game a while. “I trained at the Victorian College of the Arts then I had a long 12 years walkabout.”
Since returning to the acting world eight years ago, he says, “I’ve been blessed”.
He co-wrote and starred in Pawno, and is about to begin shooting the next production with that film’s director, Paul Ireland. M4M is a modern-day adaptation of Shakespeare’s Measure For Measure set in a Housing Commission bl…
Read the full article at: https://www.smh.com.au/entertainment/movies/fathers-sons-and-time-the-life-lesson-at-the-heart-of-west-of-sunshine-20180813-h13x5f.html
Heres the litmus test for determining if you have too much debt: if your income was delayed, could you pay your monthly bills? If you couldnt meet those expenses, youve got too much debt, says Doug Hoyes, licensed insolvency trustee for debt relief experts Hoyes, Michalos & Associates. We often see our clients facing this situation. They might think the answer is to borrow to alleviate the immediate problem. But the solution to too much debt is not to get into more debt. You have to get off the hamster wheel.
The cycle Hoyes is talking about goes something like this: Something happens to cause an initial shortfall. It might be that you get sick, injured, lose your job, split with your partner. You start to put too much on your credit card…
Read the full article at: https://www.thestar.com/sponsored_sections/debtrelief/2018/08/13/the-solution-to-debt-isn-t-more-credit.html
SAN FRANCISCO, Aug. 16, 2018 /PRNewswire/ – Customer experience solutions and software company McorpCX, Inc. (TSXV: MCX, OTCQB: MCCX) (“McorpCX” or the “Company“) today announced second quarter ended June 30, 2018 results, as well as management changes and a corporate restructuring.
SECOND QUARTER 2018 FINANCIAL RESULTS
Select financial highlights for the three and six months ended June 30, 2018 include:
- Revenue increased by 133% from $602,613 during the second quarter of 2017 to $1,404,654 during the second quarter of 2018 and by 124% from $899,904 in the first half of 2017 to $2,018,508 in the first half of 2018.
- Gross profit increased by 83% from $362,412 in the second quarter of 2017 to $663,865, in the second quarter…
Read the full article at: https://markets.businessinsider.com/news/stocks/mcorpcx-inc-reports-second-quarter-2018-and-improved-year-over-year-results-management-changes-and-corporate-restructuring-1027465993
WASHINGTON Canadian remote sensing company UrtheCast says it has sufficient resources to cover the $20 million purchase of analytics firm Geosys from U.S. dairy giant Land OLakes.
Urthecast, which is in the midst of a restructuring in pursuit of becoming profitable, lost $10 million for the three months ending June 30.
Geosys, a Minneapolis-based geoanalytics firm billing itself as the largest purchaser of agricultural satellite imagery worldwide, should have greater success serving other agriculture customers who view Land OLakes as a competitor, and will serve as a conduit for UrtheCast satellite imagery, Donald Osborne, UrtheCasts new CEO, said during an Aug. 15 earnings call.
Osborne, who joined UrtheCast five weeks ago fr…
Read the full article at: https://spacenews.com/urthecast-amid-restructuring-acquires-analytics-firm-from-land-olakes/
This is a poignant question in the light of the wave of recent administrations and liquidations on the High Street.
The general position is that a holding company is only liable to pay any amount not paid up on its shares in the subsidiary company. However, there are some situations where a holding company or its directors may be held liable upon the insolvency of a subsidiary. Some examples are:
- Where there is a contractual liability, such as a guarantee or an indemnity.
- Where a subsidiary is merely acting as its holding companys agent in dealing with a third party.
- Where a person or company is under an existing legal obligation or liability, or subject to an existing legal restriction, which he/she/it deliberately frustrates by int…
Read the full article at: https://www.financialdirector.co.uk/2018/08/16/liability-of-a-holding-company-for-an-insolvent-subsidiary/