Insolvency Guardian Media Centre
Ghanas central bank, the Bank of Ghana (BoG) on Wednesday announced the creation of a new bank meant to serve customers of five stressed banks.
The affected banks were named as: Unibank, The Royal bank, Sovereign Bank, Beige Bank and Construction bank. Unibank has links with a former BoG governor and one time Minister of Finance.
The BoG declared the five banks insolvent and stated that all their assets and deposits have been transferred to a newly created bank called Consolidate Bank Ghana Limited.
The apex bank added that the new bank is to have to…
Read the full article at: http://www.africanews.com/2018/08/02/ghana-central-bank-merges-five-stressed-banks-allays-depositors-fears/
Responsible lending, stricter credit assessments and easier card cancellations.
The banking code of practice has unveiled its facelift today. The code was revised during 2016-17 and will apply from 1 July 2019. The code of practice includes measures to protect small businesses and consumers and covers everything from credit products to customer complaints.
For credit cards, the major changes concern responsible lending to protect cardholders and help them manage their accounts. From stricter credit assessments to the end of credit limit increase invitations, heres how the new banking code of practice will impact how you pay on plastic.
Banking code of practice: Summary for cr…
Read the full article at: https://www.finder.com.au/new-banking-code-of-practice-credit-cards-2019
THE company formerly behind The Brisbane Hotel has been placed under voluntary administration, leaving in its wake debts worth hundreds of thousands of dollars.
Prominent hospitality operator Geoff Hayward cited high rents and a soft economy for entertainment venues on the Brisbanes trading losses for Capital Management over the past two years.
Poor trading for the Highgate venue came on the back of an exorbitant refurbishment, rumoured to cost millions of dollars that transformed the once tired corner pub into one of Perths most popular venues.
MORE:Millions owed in Ku De Ta failure
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Following voluntary administration of Capital Management, the hotel is now owned and operated by Brisba…
Read the full article at: https://www.perthnow.com.au/lifestyle/drink/the-brisbane-hotel-former-owners-capital-management-under-voluntary-administration-ng-b88914722z
Australia’s would-be Willy Wonka, Adriano Zumbo, is in a fight for the future of his sweet-laced empire after his company was placed in voluntary administration.
Administrators appointed to companies in which the dessert king is a director held a creditors’ meeting in Sydney on Wednesday morning.
While the administrators and Zumbo were unavailable for comment, attendees at the meeting who included a smattering of landlords and trade creditors were told debts could reach as high as $10 million. But that could be offset by assets, including equipment and company owned property, to the tune of $8 million.
The administrators confirmed the Zumbo empire, with eight stores in Sydney and Melbourne, remains open and will continue to tra…
Read the full article at: https://www.goodfood.com.au/eat-out/news/adriano-zumbos-company-placed-in-voluntary-administration-20180801-h13f6e
The rate of Australians declaring bankruptcy is increasing as record high household debt takes its toll, new data has revealed.
According to data analytics company illion, 32,350 Australians have declared bankruptcy in the 2018 financial year, marking a 4 per cent increase.
The lights are flashing red across several regions in terms of rising consumer stress levels, illion chief executive Simon Bligh said, pointing to rising levels of debt, falling house prices and anaemic wage growth as culprits.
Sydneys declining property market and the significant rise in personal bankruptcies could be mirrored in Melbourne in FY2019, as its property market is showing signs of following the same downwards trajectory.
At the same time, economie…
Read the full article at: https://www.nestegg.com.au/saving/12175-bankruptcy-claiming-more-aussie-scalps
On the run over a gambling debt in Marseilles, he scores a job as doctor on a passenger ship about to leave for distant ports. While the captain knows he’s not the real thing, he’s the only candidate. So he’s hired and does his best by employing his well-developed flair for improvisation. By the time the cruise is over, he’s decided to go to medical school.
When next we meet him, he’s taking over a practice in a small village in the Rhone-Alps where the population is so healthy that his predecessor has been chronically under-employed while the pharmacist is almost broke. But once again Knock’s resourcefulness comes into play and it’s not long before he has most of the village hooked on the joys of hypochondria.
Dr Knock is a French …
Read the full article at: https://www.smh.com.au/entertainment/movies/dr-knock-review-20180731-h13d9g.html
Health-focused fast-food chain Sumo Salad is still searching for a buyer after the business went into voluntary administration late last month.
The Sumo Group, which boasts a network of 85 franchise stores, called in Ferrier Hodgson partners Morgan Kelly and Peter Gothard as administrators on July 18.
The administration process has an approximate timeline of 35 to 60 days, as Ferrier Hodgson scrambles to explore “rescue options” such as the sale of the business or reaching a compromise with creditors.
Because the chain’s individual stores are operated by franchisees the day-to-day operations of Sumo Salad’s have not yet been impacted.
Stores owned by Sumo Salad Holdings WA will also not be affected by the restructuring process.
…
Read the full article at: https://finance.nine.com.au/2018/08/02/10/35/sumo-salad-still-searching-for-a-buyer-after-calling-in-the-administrators
Celebrity chef Adriano Zumbo’s dessert empire will continue trading while under voluntary administration, the group’s administrator says.
DW Advisory principals Justin Holzman and Anthony Elkerton were appointed voluntary administrators on July 22 to manage three of Mr Zumbo’s businesses, which reportedly owe millions to creditors.
“We are hopeful that there will be a restructure by way of a deed of company arrangement,” Mr Holzman told AAP on Thursday.
“That’s something we are investigating over the course of the next two weeks and we will be providing creditors with a further report in two weeks’ time.”
Read the full article at: https://www.afr.com/lifestyle/food-and-wine/fine-dining/adriano-zumbos-company-will-continue-to-trade-while-in-voluntary-administration-20180802-h13gie
Cooper & Oxleys newly appointed chief executive Bob Hudson has promised the builder is entering a new era of transparency and will earn back the confidence of subcontractors working on its projects.
Mr Hudson, speaking to The West Australian less than two months into his new job, admitted there were continuing issues emerging about how Cooper & Oxley projects were running.
The company, which was given a lifeline by its creditors in February after it went into administration owing unsecured creditors $27 million, returned from voluntary administration on May 25.
After a spate of collapses, it is the only WA building company to emerge from voluntary administration.
There has been absolute confusion in everyones minds about elements of the vol…
Read the full article at: https://thewest.com.au/business/commercial-property/cooper-oxley-pledge-to-win-back-subbies-trust-ng-b88907407z
Prominent Perth hospitality and tourism operator The Prendiville Group has confirmed the purchase of bustling inner-city pub The Brisbane Hotel after its previous owner went into voluntary administration.
The family-run company added another iconic pub to its portfolio with the purchase of the hip watering hole on the corner of Beaufort and Brisbane streets after prominent hospitality operator Geoff Hayward’s company Capital Management WA Pty Ltd was placed in liquidation in late June.
The Brisbane Hotel in Highgate on the edge of Perth has been sold to The Prendiville Group.
Photo: Supplied
The sale of the sprawling Highgate pub comes after Mr Hayward – responsible for iconic venues like Bar One and Luxe Bar that elevated Perth’s dining …
Read the full article at: https://www.watoday.com.au/national/western-australia/prominent-perth-hospitality-family-the-prendivilles-buy-the-brisbane-hotel-20180801-p4zuvi.html
Famous celebrity pastry chef Adriano Zumbos businesses are reportedly facing a $10 million debt to creditors after three of his sweets-serving companies have entered voluntary administration.
The companies, 611 Pty Ltd, Mel611 Pty Ltd and Im So Fancy Pty Ltd had administrators DW Advisory appointed on July 22. The first two companies operate eight Zumbo confectionery and pastry shops, where the last company was behind a tea room that reportedly shut down a year ago.
According to the companys website, Zumbo operates just eight stores across Melbourne and Sydney.
Administrator Justin Holzman told SmartCompany the stores will continue to trade throughout the administration process, and at this point it was too early to determine th…
Read the full article at: https://www.smartcompany.com.au/business-advice/legal/adriano-zumbos-businesses-placed-into-voluntary-administration-with-debts-reportedly-as-high-as-10-million/
By Stephen Jewkes
MILAN (Reuters) – Italian utility Enel <ENEI.MI> expects to raise up to 1.5 billion euros (1.34 billion pounds)from asset sales in the second half of the year to help cut debt after a series of acquisitions.
Speaking to analysts on first half results, Enel CFO Alberto De Paoli said disposals would include renewable energy assets in Mexico and Brazil as well as coal and biomass operations.
“Overall we could raise between 1.2 and 1.5 billion euros,” he said.
In June, Europe’s biggest utility agreed to spend almost $1.5 billion to buy a majority stake in Brazilian power company Eletropaulo <ELPL3.SA> and also said it could spend more than $2.3 billion to buy a Latin American fiber company.
Enel, which controls Spanish utilit…
Read the full article at: http://www.euronews.com/2018/07/31/enel-expects-to-sell-assets-worth-up-to-1-point-5-billion-euros-to-help-cut-debt