Former Forensic accountant Abigail Cheadle restructured foreign debt for the Soviet Union and Iraq and helped save Indonesian banks and Thai finance companies during the Asia economic crisis.
Now the 45-year-old chartered accountant wants to turn around ailing online surf and skate wear retailer SurfStitch.
Ms Cheadle has outed herself as the SurfStitch non-executive director who submitted a confidential restructuring proposal last month to SurfStitch’s administrators after the former market darling went into voluntary administration in August.
Under the deed of company arrangement proposed by Ms Cheadle, non-core assets would be sold, two class action lawsuits settled, most creditors would be repaid in full and the company would be r…
Read the full article at: http://www.afr.com/business/retail/surfstitchs-wouldbe-saviour-abigail-cheadle-20171004-gytzvv
The latest quarterly insolvency statistics published today by Deloitte show that the number of corporate insolvencies has fallen by 14% in 2017 compared to the same period in 2016.
So far in 2017 there have been 657 corporate insolvencies, compared to 765 in the same period in 2016. Of the 657 corporate insolvencies, creditors voluntary liquidations accounted for the majority, with 393 recorded in the period. This is a decrease of 12% on the same period last year when there were 448. It represents 60% of the total recorded.
Looking at the Top Five industry sectors, it was the service industry which recorded the most insolvencies to date in 2017 with 229 appointments (35%). This is just a 4% increase on the same period in 2016…
Read the full article at: https://www.businessworld.ie/financial-news/Irish-corporate-insolvencies-total-657-so-far-this-year-569484.html
LAS VEGAS, NV–(Marketwired – Oct 5, 2017) – Momentous Entertainment Group, Inc. (“Momentous”) (
Read the full article at: http://www.marketwired.com/press-release/momentous-entertainment-group-accelerates-restructuring-of-its-poolworks-subsidiary-2236233.htm
By Ann O’Loughlin
A debtor cannot seek a court review of a rejection of their proposed personal insolvency arrangement because the law requires any such review must be applied for by their Personal Insolvency Practitioner, the High Court has ruled.
Ms Justice Marie Baker’s findings have implications for hundreds of cases which stand adjourned pending clarification of whether a debtor, rather than their PIP, can seek such a review.
Today, the judge agreed with Bank of Ireland a mans appeal over rejection of his proposed arrangement (PIA) was not validly brought because it was brought by the debtor himself and not his PIP.
On a “plain” reading of the “clear words” of the relevant provisions of Personal Insolvency Act and the relevant Ci…
Read the full article at: http://www.irishexaminer.com/breakingnews/ireland/high-court-makes-ruling-that-could-have-repercussions-for-hundreds-of-personal-insolvency-cases-808661.html
BORIS Becker is selling his Wimbledon trophies amid claims his debts have hit £44million.
The BBC pundit, 49 three-time champ in the 1980s hopes his trio of silver gilt cups will net £1million.
Splash News
The move comes months after the German tennis legend, once worth £30million, was declared bankrupt over £3million he owed a bank.
His debts are said to have since soared. A Swiss ex-business partner has gone to court demanding £31million.
The former ace was said to have reluctantly agreed to flog his trophies after accepting the time for sentimentality has passed.
A source close to him said: Boris needed to find cash fast.
Rex Features
Read the full article at: https://www.thesun.co.uk/news/4614537/boris-becker-sells-wimbledon-trophies/
Citrix Systems, Inc.CTXS has announced a restructuring program in a bid to expedite the transformation to a cloud-based subscription business, increase strategic focus as well as improve operational efficiency.
The program will witness removal of some full-time positions and consolidation of facilities.. However, layoffs outside the United States will be subject to local law and consultation requirements.
The company expects to incur around $60-$100 million pre-tax restructuring charges from the program. The same is inclusive of roughly $55-$70 million related to employee severance costs and around $5-$30 million, associated with consolidation of leased facilities and other expenses pertaining to the plan….
Read the full article at: http://www.nasdaq.com/article/citrixs-revamp-plan-to-ramp-up-business-profile-and-growth-cm855587
Shutterstock photo
(RTTNews.com) – NeoPhotonics Corp. ( NPTN ), a manufacturer of optoelectronic solutions, on Thursday announced certain restructuring actions, including job cuts. The move is part of its continuing actions to improve profitability and cash flow. Citing the restructuring charges and weak demand in China, the company trimmed its forecast for third quarter.
In pre-market activity, NeoPhotonics shares were losing around 3 percent to $5.68.
The actions include a reduction in force, real estate consolidation, a write down of inventory for certain programs and assets and a write-down of idle assets.
…
Read the full article at: http://www.nasdaq.com/article/neophotonics-plans-restructuring-incl-job-cuts-cuts-q3-outlook-20171005-00302
Qantas shares have soared to a record high after US investment bank Goldman Sachs upgraded its rating on the airline’s improved earnings growth prospects.
Qantas shares gained as much as 3.7 per cent to hit $6.15 today after Goldman Sachs upgraded its rating on the stock from neutral to buy, and reset the airline’s target price at $6.86 – more than 15 per cent higher than its most recent close.
Goldman Sachs analyst Owen Birrell said Qantas remains well placed to capitalise on a forecast recovery in the Australian domestic travel market led by solid emerging business and international leisure travel demand.
“In our view, the movement in the share price to date has been largely aligned with the global re-rating of peers and is yet to ful…
Read the full article at: https://www.businessnews.com.au/article/Qantas-shares-soar-to-a-record-high
FIVE million consumers are struggling to pay their credit card debts, the chief of the City watchdog has warned.
Financial Conduct Authority (FCA) boss Andrew Bailey slammed lenders for not doing enough to help those customers “with persistent credit debt.”
Getty – Contributor
Speaking at the annual Mansion House Dinner, Mr Bailey said some customers were paying as much as £2.50 in interest and charges for every pound they borrow.
He said: “Five million people experience real difficulties in paying off their balance, and credit cards have become a source of long-term expensive debt, something for which they were not designed.
“Firms can lack incentives to tackl…
Read the full article at: https://www.thesun.co.uk/money/4616393/five-million-have-credit-card-debts-they-cant-repay-as-city-watchdog-warns-lender-must-do-more-to-help/