Insolvency Guardian Media Centre
Embattled Danish flat-pack furniture maker Tvilum has been rescued.
A three-way investor consortium, led by Viking Trading, the parent company of Tvilum rival of Steens plus members of the founding Kristiansen family and Tvilums new CEO, Torben Porscholdt have signed a deal which saves some 500 of the (mostly factory-based) 600 jobs at Tvilum, which was declared insolvent last week.
Viking Trading is the majority shareholder in the business, representing a significant consolidation of Danish cabinet furniture manufacture.
Read the full article at: https://www.furniturenews.net/news/articles/2018/02/157432494-tvilum-rescued-steens-led-group
WA streetwear retail chain Live Clothings stores will be closed over the next month with the loss of about 90 jobs following failed efforts to save the business.
However, the insolvency experts managing the failed 24-year-old business have emphasised they are still open to offers for all or parts of Live from interested parties.
Live had 11 stores in Perth when directors called in administrators from Ferrier Hodgson in late November, blaming falling sales flowing from WAs softer economy, increasing competition and high rents.
The stores remained open over the Christmas/New Year trading period while Ferrier Hodgson canvassed interest in a sale or a restructuring of the business.
However, in the absence of an offer, its creditors on Tuesday ac…
Read the full article at: https://thewest.com.au/business/retail/no-buyers-come-forward-to-save-embattled-live-clothing-stores-and-jobs-ng-b88746373z
Riga Vidzeme District Court on Wednesday decided to release former insolvency administrator Maris Spruds on bail of 500,000 euros giving him a month to secure the bail. Meanwhile he remains in custody.
Commenting on the sum of the bail, Spruds said after the court sitting that he has to try to find it. Spruds lawyer Janis Rozenbergs said that Spruds own assets are listed on his official income statement, and most of his assets are frozen, therefore he will have to find assistance from other people.
“I think it will not be easy to find the person who wants to pay this amount now, but we will do our best to make it possible in the near future. After the security deposit, we must submit both a certificate of payment and a s…
Read the full article at: https://eng.lsm.lv/article/society/crime/former-insolvency-business-high-flier-spruds-granted-bail.a267993/
Knowing why your home loan application was knocked back can help your next application succeed.
7 reasons
Having your home loan application declined can be a heartbreaking experience. When you’ve got your sights and heart set on getting into the property market, finding out your finance didn’t get approved is a major setback.
Fortunately, a rejected home loan application doesn’t have to derail your home buying dreams. Knowing why your application might have been declined is the first step in getting your next application back on track.
1. Your income …
Read the full article at: https://www.finder.com.au/7-reasons-your-home-loan-application-got-declined
(BusinessDesk) – Carpet maker Cavalier Corp [NZX:CAV] reported an improved first-half net profit on better margins, after restructuring the business to reduce costs and introduce a more efficient manufacturing system.
Net profit rose to $1 million, or 1.5 cents per share, in the six months ended Dec. 31, from $31,000 in the prior period. Revenue fell to $75.3 million from $84.3 million, reflecting reduced carpet sales in the first half due to market conditions as well as the materially lower wood prices which impacted the revenue of its wool buying business Elco Direct.
Earnings after adjusting for abnormal gains and transition costs were $1.15 million versus a normalised loss of $1.9 million in the same period a year ago.
Chief exec…
Read the full article at: https://www.nbr.co.nz/article/cavalier-boosts-first-half-profit-benefits-restructuring-b-212699
Tomcar Australia, subject of a round of 2017 articles that labeled it as “Australia’s last automotive manufacturer”, has gone into voluntary administration.
Citing hostile investors and increasing costs of business, admistrators confirmed the turnover for Tomcar in the 2016-17 financial year was $4.65 million, despite previous reports that the companys turnover was just under $10 million.
The Melbourne-based business was founded in 2005, had five employees, and spent seven years in development before releasing its first product in 2012. The company made 100 of its premium off road, all-terrain cars in its first run, which sold out almost immediately after first launch.
The business has now stopped trading and the first…
Read the full article at: https://www.industryupdate.com.au/article/australias-last-car-manufacturer-enters-administration
Embattled real estate business McGrath says it is seeking urgent clarification from founder John McGrath over media reports alleging gambling-related debts and borrowing so that the company can update the market.
McGrath went into a trading halt on Thursday ahead of an announcement it said would relate to recent media reports about Mr McGrath.
The halt came as the company posted a $25.5 million first-half loss.
Recent reports from Fairfax Media have claimed Mr McGrath has $16.2 million in gambling debts with betting company William Hill Australia.
And a report from News Corp claimed Mr McGrath has a $100 million margin lending facility connected to a private investment company.
Mr McGrath has denied all the allegations and McGrath Ltd advised…
Read the full article at: https://thewest.com.au/business/markets/mcgrath-shares-in-halt-over-founders-gambling-debt-claims-ng-b88745897z
It looks like the Coast is a hotspot for people going bankrupt.
The Australian Financial Security Authority‘s latest personal insolvency stats are out, and 80 people reporting it in the Wyong region the December, the second highest number of any region statewide.
While the Gosford region came next with 74, putting it third.
The only spot struggling more was Campbelltown, with 91 over the same timeframe.
Further north, Newcastle had the highest number of debtors of anywhere in regional NSW, with 51.
Read the full article at: https://www.triplem.com.au/news/central-coast/coast-among-the-worst-spots-in-state-for-bankruptcy
Embattled real estate agency McGrath will release a statement by Monday addressing recent media speculation about incoming executive chairman and founder John McGrath.
The company requested a trading halt on Thursday morning, after delaying a conference call with media and analysts to discuss its half-year results.
It earlier reported a half-year loss of $25.5 million, which includes a $21.8 million goodwill impairment of company-owned sales.
”The reason for the trading halt is a pending announcement regarding recent media comment in relation to Mr McGrath,” the company said.
“The event that will end the trading halt is the company issu…
Read the full article at: http://www.smh.com.au/business/property/mcgrath-shares-halted-pending-announcement-after-25-5m-loss-20180214-p4z0cl.html
John McGrath, the salesman who founded the first ASX-listed real estate agency, will tomorrow take back control of the company bearing his name, hoping to reverse a slide in revenue and profits.
Revenue at ASX-listed real estate agency McGrath fell 23% to $51.6 million for the half year to December.
The company posted a lost of $25.5 million after impairments of $22.9 million to goodwill.
McGrath has $3.4 million cash, no debt, and net assets of $74.4 million.
Founder McGrath, who has taken back direct management control of the company, said a new approach was needed, and thanked investors for their loyalty.
I am very proud and excited to again be leading the business, he says.
Despite the challenges we…
Read the full article at: https://www.businessinsider.com.au/mcgrath-half-year-loss-23-2018-2
More than half of companys 19,500 workers still in limbo as suppliers count cost of its failure
Carillions liquidation is causing problems for former employees and along its supply chain
Photograph: Yui Mok/PA
A month after the government contractor Carillion folded, the effects of its failure are still filtering through.
The latest cost of the companys collapse has landed on the construction firm Galliford Try, which is to tap shareholders for £150m after taking a £25m hit on the cost of picking up Carillions share of their Aberdeen bypass joint venture.
Galliford Try needed the extra cash, it said, so that it did not have to divert money from other projects it was working on. Its sha…
Read the full article at: https://www.theguardian.com/business/2018/feb/14/carillion-a-month-after-its-collapse-employees-partners-and-rivals-are-still-feeling-the-pain
Bunge has revealed an exceptionally weak finish to 2017, with results that will intensify questions over the future of the 200-year-old global agricultural trading house as an independent company.
It buys crops from farmers for processing into ingredients and feeds, or for bulk shipment to customers around the world. International trade in grains has been breaking records, and Bunge said its main agribusiness handled 34.3m tonnes in the quarter, an increase of 4.6 per cent year on year.
But ample supplies have made it difficult for merchants to extract profits from these flows, as farmers hold back crops in storage bins in hop…
Read the full article at: https://www.ft.com/content/3502dd38-11a3-11e8-940e-08320fc2a277