Myer has ruled out placing the beleaguered retailer into voluntary administration to hasten the exit or renegotiation of $2.7 billion in leases.
While Myer has only $19.9 million in net debt and gearing about 3 per cent, the retailer is moving closer to breaching fixed charges cover covenants in banking agreements after a 24 per cent fall in earnings in the January half.
Market sources have suggested Myer could take a leaf out of the playbooks of retailers such as OrotonGroup and SumoSalad and place the company into voluntary administration to void lease agreements and buy time while it renegotiates rents with landlords.
However, a Myer spokesman said VA was not under consideration, while insolvency experts said VA was a “blunt…
Read the full article at: http://www.afr.com/business/retail/myer-rules-out-using-voluntary-administration-to-exit-leases-20180326-h0xzlw
Brits living in seaside towns have the highest rates of personal insolvency where people are unable to pay their debts or meet their financial liabilities as these areas struggle to cope with economic decline, according to new figures.
Research by accountancy firm Moore Stephens of 573 parliamentary constituencies found that seven out of the 10 towns with the largest number of people who have become insolvent were by the sea.
Plymouth takes the top spot, with 47.5 insolvencies per 10,000 people, compared with a national average of 19.9. Torbay, near Torquay in Devon, and Bootle on Merseyside were in the top five, with 44.3 and 39.6 personal insolvencies respectively.
The accountancy firm puts this down to the economy of Br…
Read the full article at: https://www.moneywise.co.uk/news/2018-03-26/seaside-towns-hardest-hit-personal-insolvencies
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt.
McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt.
Former New Zealand rugby league player Jarrod McCracken leaves the Magistrates Court in Brisbane, on Monday.
Photo: AAP
The court heard the embattled former New Zealand captain, who was declared bankrupt in 2012 after a lengthy dispute over a north Queensland property development, left the country on three occasions between 2014 and 2015.
He travelled to New Zealand on two occasions – once for the funeral of a fr…
Read the full article at: https://www.brisbanetimes.com.au/national/queensland/former-nrl-player-left-australia-while-bankrupt-20180326-p4z6co.html
Project Group Constructions, a Melbourne-based builder working on residential and commercial projects with a contract value of about $190 million, has gone into voluntary administration.
Burnley-based Project Group, a company with about 100 staff, went into administration on Friday with a preliminary estimate, excluding employee entitlements, of $22 million in debts $7 million of that secured to banks and unsecured debts worth $15 million said Matthew Jess of Worrells Solvency & Forensic Accountants, who was appointed co-administrator with colleague Ivan Glavas.
“The business had great potential if it was administered correctly but they just f–ked it up,” said developer Ramon Collodetti, whose company Codstream employed Pr…
Read the full article at: http://www.afr.com/real-estate/project-group-residential-commercial-builder-goes-into-administration-20180326-h0xzeu
Futures markets have been tossed around by weather concerns for the US Hard Red Winter wheat crop, and the South American corn and soybean crops, for some weeks now. Last week we added uncertainty about a trade war between China and the US into the mix, as well as speculation about longer term interest rate moves in the US.
On a day to day basis there is little warning as to what will drive the market. Will it be a forecast for rain/no rain, or will it be an escalation of trade issues between China and the US? In turn there is the impact on the value of the US dollar from trade war speculation, and speculation interest rates.
On Friday night we saw a sharp selloff in US futures markets, only for that to be reversed, particularly for cor…
Read the full article at: http://www.queenslandcountrylife.com.au/story/5307155/grain-market-can-turn-on-a-dime/?cs=4785
The Insolvency and Bankruptcy Code, 2016 (Code) was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote entrepreneurship and balance the interest of all the stakeholders. The Legislative intent was to improve ease of doing business and to facilitate more investments, leading to a higher economic growth and development.
The Supreme Court of India in a recent judgment in Innovative Industries Vs. ICICI Bank (2018) 1 SCC 407, authored by Honble Justice R.F. Nariman, has exhaustively de…
Read the full article at: http://www.livelaw.in/insolvency-bankruptcy-code-fundamentals-issues/
“Directors have determined that it is advisable and in the best interests of the Company that the Company file, or cause to be filed, a Voluntary Petition commencing the Chapter 11 Case,” the bankruptcy filing says.
Remington had announced it would file for bankruptcy in February, just two days before a shooting at a Parkland, Florida high school killed 17 people and reignited a national debate on gun control.
Remington Outdoor Company announced they would file for Chapter 11 bankruptcy protection, but stay in business during the process.
AAP
The restructuring agreement will allow Remington to reduce some $700 million of its consolidated debt, according to the company, as well as inject a contribution of $145 million of new capital into i…
Read the full article at: https://www.sbs.com.au/news/gunmaker-remington-files-for-bankruptcy
HONG KONG (Reuters) Noble Group Ltd <NOBG.SI> warned on Monday that it would begin insolvency proceedings if the beleaguered commodity traders $3.4 billion (£2.4 billion) debt restructuring proposal was not approved by shareholders.
Nobles debt restructuring process is seen as critical for the firms survival. But the deal has been opposed by some bondholders and shareholders, including Goldilocks Investment Co, which has an 8.1 percent stake in the firm.
Goldilocks has filed a lawsuit with a Singapore court against the commodities trader and some of its former and current senior executives, alleging they inflated Nobles assets.
Defending its proposal, Singapore-listed Noble said on Monday that the support of it…
Read the full article at: http://www.euronews.com/2018/03/26/noble-group-says-board-to-seek-insolvency-protection-if-restructuring-fails
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt.
McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt.
Former league star Jarrod McCracken has been handed a fine and a two-year good behavior bond.
Photo: Robert Rough
The court heard the embattled former New Zealand captain, who was declared bankrupt in 2012 after a lengthy dispute over a north Queensland property development, left the country on three occasions between 2014 and 2015.
He travelled to New Zealand on two occasions – once for the funeral of a friend’…
Read the full article at: https://www.brisbanetimes.com.au/national/queensland/ex-nrl-star-fined-for-leaving-australia-while-bankrupt-20180326-p4z69h.html
HONG KONG (Reuters) – Noble Group Ltd (NOBG.SI) warned on Monday that it would begin insolvency proceedings if the beleaguered commodity traders $3.4 billion debt restructuring proposal was not approved by shareholders.
Nobles debt restructuring process is seen as critical for the firms survival. But the deal has been opposed by some bondholders and shareholders, including Goldilocks Investment Co, which has an 8.1 percent stake in the firm. [nL3N1R41TM]
Goldilocks has filed a lawsuit with a Singapore court against the commodities trader and some of its former and current senior executives, alleging they inflated Nobles assets.
Defending its proposal, Singapore-listed Noble said on Monday that the support of its senior creditors and trad…
Read the full article at: https://www.reuters.com/article/us-noble-group-debt-bankruptcy/noble-group-says-board-to-seek-insolvency-protection-if-restructuring-fails-idUSKBN1H208M
CHANDIGARH: The Punjab government will waive the loans of around 50,000 farmers, amounting to Rs 200 crore, during a state-level function in the first week of April in Gurdaspur, said a spokesperson of the state government on Sunday.
The function will be help as part of the next phase of the Congress governments debt-relief scheme. The spokesperson said all eligible farmers would be covered under the scheme and nobody would be left out. The beneficiaries will hail from Gurdaspur, Pathankot, Hoshiarpur, SBS Nagar, Amritsar and Tarn Taran, said the spokesperson.
Up to Rs 2 lakh would be provided to marginal and small farmers who have borrowed crop loan from cooperative institutions, public sector banks and other commercial banks. Unde…
Read the full article at: https://timesofindia.indiatimes.com/city/chandigarh/rs-200cr-debt-relief-for-50k-farmers-in-april/articleshow/63457242.cms
Former rugby league star Jarrod McCracken has been handed a $5000, two-year good behaviour bond for leaving the country while bankrupt.
McCracken, 47, appeared in Brisbane Magistrates Court on Monday where he pleaded guilty to three charges of leaving Australia, and one of preparing to leave Australia, while an undischarged bankrupt.
The court heard the embattled former New Zealand captain, who was declared bankrupt in 2012 after a lengthy dispute over a north Queensland property development, left the country on three occasions between 2014 and 2015.
He travelled to New Zealand on two occasions – once for the funeral of a friend’s son and once for a coaching clinic.
He also took an 18-day holiday to Bali with his family without seeking perm…
Read the full article at: https://www.9news.com.au/national/2018/03/26/11/08/ex-nrl-player-left-aust-while-bankrupt