Insolvency Guardian Media Centre
The new boss of Godfreys Group has embarked on a rescue mission at the vacuum cleaner retailer, promising to ramp up e-commerce and wholesale distribution as sales continue to slide.
Godfreys has suffered a further sales slump and plunged to a $59 million loss for the first half of 2017/18, with new recently installed chief executive Jason Gowie pledging to turn around the business’ ailing fortunes over the next three years.
“We are confirming the continuation of a negative like-for-like sales trend which has been consistently around minus six to seven per cent for the last three halves,” Mr Gowie said on Tuesday.
“It was clear to me when I joined Godfreys in early December that there is fundamental value in the business but there is a …
Read the full article at: https://www.sbs.com.au/news/godfreys-cleanup-ordered-as-sales-slide
THE lingering impacts of the resources slump and a strong entrepreneurial spirit have sent Toowoomba broke at one of the highest rates in the state.
Australian Financial Security Authority figures revealed Toowoomba had one of the highest personal insolvency rates in Queensland for the December 2017 quarter.
Toowoomba recorded 64 debtors entering a new personal insolvency arrangement in the timeframe, a small portion of the 1141 debtors across the state outside the greater Brisbane region.
Brisbane and its outer suburbs recorded 1021 new personal insolvency arrangements.
But greater support for existing business could turn around the fortunes.
While an alarming figure, Toowoomba Chamber of Commerce CEO Jo She…
Read the full article at: https://www.thechronicle.com.au/news/why-toowoomba-among-highest-personal-insolvency/3339607/
The Balmoral Knitwear factory – a favourite brand among Scotland’s golfing community – has closed following the appointment of liquidators to the Ayrshire-based business.
Paul Dounis and Steven Ross of RSM Restructuring Advisory have been appointed provisional liquidators of Balmoral Knitwear , which makes plain and embroidered corporate uniform, school and workwear. The move means that all 42 manufacturing staff have been made redundant with immediate effect.
The family-owned factory has been in the Mackie family for five generations, and was incorporated as a limited company in 1911. The associated Balmoral Mill Shop, which is separately-owned, continues trading.
The mill shop was one of the few to still exist in conjunc…
Read the full article at: https://www.insider.co.uk/news/historic-ayrshire-knitwear-business-goes-12051128
More trouble seems to be brewing in the jewellery industry with the National Company Law Tribunal (NCLT) ordering the commencement of corporate insolvency resolution proceedings against Winsome Diamonds and Jewellery Ltd.
As per a Debt Recovery Tribunal order of December 2016, the total amount payable by the company to creditors is about 4,700 crore. This comes even as the jewellery industry is reeling under the fallout of the scam involving Nirav Modi and Mehul Choksi, the promoter of Gitanjali Gems.
The corporate insolvency resolution process commenced for Winsome Diamonds (formerly Su-Raj Diamonds and Jewellery Ltd) on February 13 and creditors were asked to submit their claims by February 27.
Under CIRP, the insolvency professional (I…
Read the full article at: https://www.thehindubusinessline.com/economy/winsome-diamonds-faces-insolvency-proceedings/article22800446.ece
The Australian share market has opened lower in the absence of a lead from US markets, which were shut for a public holiday, leaving local investors with only a negative lead from Europe and Britain.
The benchmark S&P/ASX200 stock index was down 21 points, or 0.36 per cent, at 5,882 points at 1030 AEDT, with weakness among the big banks and most major miners.
With US and most Asian markets closed for public holidays, the only leads available for the Australian market were from Europe and London – and they were firmly down.
London’s FTSE100 closed 0.64 per cent lower and Germany’s DAX lost 0.53 per cent.
Phillip Capital senior client adviser Michael Heffernan said the futures market had pointed to a weaker open on Tuesday and there was no m…
Read the full article at: https://www.businessnews.com.au/article/Europe-UK-negativity-flows-to-Aust-shares
Headwinds in the Australian consumer market has caused Vocus to revise its full-year earnings guidance for the second subsequent time, the company has revealed.
In reporting its first-half 2018 revenue and earnings growth, Vocus said it had revised full-year earnings guidance in underlying EBITDA to $365-380 million down from between $370-$390 million on revenue of between $1.9-2 billion.
This revision primarily relates to the Australian consumer division facing headwinds in H2 FY18 due to over hedging of its energy portfolio and a change in its go-to-market strategy, resulting in a reduction in the amount of subscriber acquisition costs that can be deferred, the company said.
A similar earnings revision V…
Read the full article at: https://www.crn.com.au/news/vocus-communications-revises-2018-full-year-earnings-guidance-485502
Godfreys Group has suffered a further sales slump and slid to a $59 million half-year loss as the vacuum cleaner retailer’s new chief executive pledges to turn around the business’s declining fortunes.
Godfreys booked a net loss of $58.6 million for the half, compared with its $21.7 million loss a year ago, following a previously flagged $75.2 million impairment charge and other business restructuring costs.
Underlying profit – which excludes one-off items – for the six months to December 29 fell nearly 62 per cent to $897,000 and recently installed CEO Jason Gowie said new efficiency gains were needed.
“We are confirming the continuation of a negative like-for-like sales trend which has been consistently around minus six to seven per ce…
Read the full article at: https://www.sbs.com.au/news/godfreys-hy18-loss-59m-as-sales-slide
Lawyers, accountants, academics and farmers are among the 22 HBF councillors who will decide the future of the health insurers $4 billion merger proposal.
Under HBFs constitution, its council is the groups most powerful oversight body, with the deciding vote on the planned merger of equals with Sydney-based insurer HCF.
However, despite rapidly changing standards around business transparency, HBF has never openly disclosed the identities of most of the elected or appointed councillors.
The West Australian has now been provided with the names after applying for the full list after the merger announcement.
It reveals HBFs 11 appointed general councillors include one-time auditor Jeff Dowling, lawyers Mark Paganin, Will Moncrieff and Steven Col…
Read the full article at: https://thewest.com.au/business/mergers-and-acquisitions/revealed-the-secret-council-to-decide-hbfs-4-billion-merger-fate-ng-b88749418z
Vacuum cleaner retailer Godfrey’s Group has deepened its first-half loss on the back of a $75.2 million impairment charge and other business restructuring costs.
The company’s net loss of $58.6 million for the six months to December 29 compares to its $21.7 million loss a year ago, while underlying profit – which excludes one-off significant items – has fallen almost 62 per cent to $897,000.
The company, which did not declare a dividend, anticipates full-year earnings to be between $5 million and $6 million due to a decline in like-for-like sales.
Read the full article at: https://www.sbs.com.au/news/godfrey-s-deepens-hy-loss-to-58-6m
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay.
Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper
Read the full article at: https://www.90min.com/posts/5981838-a-c-milan-owner-yonghong-li-declared-bankrupt-according-to-reports-in-italy
The Institute for Accountability in Southern Africa has written to Eskom chairperson Jabu Mabuza requesting a detailed written explanation as to why the current board believes the State-owned utility can be rescued from its current financial distress, cautioning that Eskom may currently be trading recklessly in terms of the legislation governing companies in South Africa.
Campaigning as Accountability Now, the institute asserts that Eskom is both insolvent and illiquid, making it unlikely that it will be able to meet operational costs and long-term debt obligations.
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Therefore, by continuing to trade, Eskom could be in breach of Section 22 of the Companies Act, which states that a company must not carry on its busi…
Read the full article at: http://www.miningweekly.com/article/eskom-board-called-on-to-prove-utility-not-trading-recklessly-2018-02-19
HSBC Holdings (0005) releases its annual results today and many investment houses seem positive.
Goldman Sachs expects the total amount of share buybacks of the banking group to hit US$3 billion (HK$23.4 billion) this year and the dividend payout to be maintained at 51 US cents per share.
The conglomerate has had three public repurchases in the past, ranging from US$1 billion to US$2.5 billion.
It will record a US$3.7 billion profit before tax for the fourth quarter of the last financial year while the average market expectation is US$3.9 billion, up 49 percent from its result last year, Goldman Sachs added.
Investors will tend to …
Read the full article at: http://www.thestandard.com.hk/section-news.php?id=192969&sid=2