Honeypot Cafe owner Brendan Alcock.
Christchurch’s Honeypot Cafe has gone into liquidation for a second time, owing at least $250,000.
Owners Brendan and Sophie Alcock took over the Colombo St cafe on August 7, 2013, after the previous company,running it went into liquidation.
The couple, who were new to the hospitality industry, were now trying to sell the business after their company, Sanders Ltd, also went into liquidation.
An initial liquidators report said the company owed at least $250,000.
Liquidators were appointed on Nov…
Read the full article at: http://www.stuff.co.nz/the-press/business/75205642/christchurchs-honeypot-cafe-goes-into-liquidation-again
U.S. lawmakers agreed to extend some health-care aid to Puerto Rico as part of a $1.1 trillion spending bill that would avert a government shutdown, a step that fell far short of the lifeline the Caribbean island was seeking to rescue it from its escalating debt crisis.
The legislation, which marks Congresss first step to assist Puerto Rico, failed to include any of the islands key priorities, opting instead for measures that would increase health funding by about $900 million over a decade and allow the Treasury Department to provide technical assistance. The bill may be the last chance this year for the commonwealth to receive help from the federal government.
The bill doesnt provide any meaningful provision to help Puerto Rico address …
Read the full article at: http://www.bloomberg.com/politics/articles/2015-12-16/congress-offers-health-aid-to-puerto-rico-in-u-s-spending-bill
Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website.
But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency and restructuring laws.
The reports released today recognise that our restructuring laws have fallen behind world best practice. We need to ensure that our laws provide appropriately flexible mechanisms to achieve good commercial outcomes from restructuring efforts.
Current laws
Australias laws provide both formal insolvency proces…
Read the full article at: http://theconversation.com/innovation-statements-significant-insolvency-changes-are-well-overdue-51908
Crown Resorts, of which James Packer is a director, had a board meeting on Wednesday. Photo: Pat Scala
James Packer has held talks with potential partners about buying assets held by his majority-owned casino operator Crown Resorts, but the billionaire is yet to raise the privatisation plan with his fellow directors.
Any privatisation plan that is being hatched up was not discussed when Mr Packer dialled into the monthly Crown board meeting on Wednesday from the United States, where he now spends most of his time.
It has long been rumoured that Mr Packer might look at taking Crown private. His family has long p…
Read the full article at: http://www.smh.com.au/business/james-packer-in-talks-to-privatise-crown-resorts-casino-assets-20151216-glovpe.html
Toshiba Corp. is considering slashing several thousands of jobs worldwide as it aims to restructure its loss-making, television, personal computer and white goods businesses, sources close to the matter said Tuesday.
The scandal-hit conglomerate is expected to solicit early retirements and to transfer workers, the sources said, adding that the company could unveil such plans on Monday.
The envisaged job cuts are part of Toshibas broader restructuring following revelations this year that the company inflated profits over a period of almost seven years.
The downsizing of Toshibas Ome complex in west Tokyo, which develops TVs and PCs, is also under consideration, the sources said.
In its global…
Read the full article at: http://www.japantimes.co.jp/news/2015/12/15/business/corporate-business/toshiba-eyes-several-thousand-job-cuts-restructuring-scandal/
14 December 2015
By Karen O’Flynn.
Key Points:
You can lead a director to the safe harbour, but you can’t make him drink.
The Government’s new approach to insolvency is long on rhetoric about risk taking and the need to remove the stigma of business failure.
However, it is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency.
Those rules aim to balance the interests of creditors against the need to encourage business start-ups.
There is no objective evidence that the current system is slanted too heavily against …
Read the full article at: http://www.claytonutz.com/publications/news/201512/14/new_dangers_in_safe_harbour_rules.page
The Prime Ministers announcement on Monday 7 December of a National Innovation and Science Agenda is a welcome development.
However, the challenge will be for the government to turnaround our National Innovation System (NIS) which has been steadily in decline for some time.
As outlined in the Prime Ministers statement, Australia has many world class businesses, universities and research organisations. However, Australia ranks at the bottom of the OECD group of advanced nations in relation to university-industry collaboration.
We also lag in terms of our spending on R&D. For example, Australia spends around 2.13% of GDP on R&D compared to the OECD average of 2.63%. As a benchmark South Korea spends 4.15% of GD…
Read the full article at: http://www.startupsmart.com.au/growth/growth-strategy/will-the-national-innovation-and-science-agenda-deliver-australia-a-world-class-national-innovation-system/2015121616155.html
News Written by Emmy Mack on December 16, 2015
The promotion company responsible for New Zealands cancelled Echo Festival previously known as the McLaren Falls Music & Arts Festival has gone into voluntary liquidation.
The promoters have issued the following statement on the events official website:
After a long and what now seems pointless struggle it is with deep disappointment we must announce that it has been resolved to place the festivals promoting company into liquidation.
The festival and its advisers have been trying hard to identify an effective way to provide the project with a future and at the same time recover from the huge losses sustained over the last few m…
Read the full article at: http://musicfeeds.com.au/news/company-behind-nzs-cancelled-echo-festival-gone-liquidation/
The Federal Group has rejected accusations the tying of its redevelopment plans for Wrest Point Casino to the extension of its exclusive gambling licence in Tasmania amounts to “corporate blackmail”.
The company yesterday unveiled its plans for a $70 million upgrade to its Hobart casino, but warned the investment was on hold until the State Government decided on the future of the monopoly deal.
The Tasmanian Greens and independent MP Andrew Wilkie have both labelled it as an attempt at corporate blackmail.
Federal Group’s head of corporate affairs Daniel Hanna told 936 ABC Hobart its business relied on licences to operate.
“With our licences matu…
Read the full article at: http://www.abc.net.au/news/2015-12-16/federal-group-rejects-corporate-blackmail-claim/7032580
29/07/2015
Personal insolvency has fallen to a 10 year low in England and Wales, according to figures from the insolvency service.
The number of people being declared insolvent between April and June fell to 18,688, which is 29.3% less than a year ago, and the lowest total number since 2005. The number of firms falling into insolvency has also fallen, with 3,908 firms becoming insolvent over the last three months, the smallest number since the end of 2007.
Industry experts have claimed that the fall in insolvencies is linked to the increasing strength of the economy and the real term increase of wages.
The Money Advice Trust (MAT), which runs National Debtline, welcomed the fall, but warned that peoples debt l…
Read the full article at: https://www.financialadvice.co.uk/news/loans/personal-insolvency-falls-to-10-year-low.html
The Flaming Lips were one of a number of international acts scheduled to perform at Echo Festival.
Refunds for hundreds of Echo Festival ticket holders are in doubt after its promoter was put in liquidation.
McLaren Falls Festival, the company behind music festival was placed in liquidation by its director Paxton Talbot on Monday.
A post from Talbot on the event’s Facebook page said festival organisers had been trying to recover from huge losses sustained over the past few months, but the task was too great.
There were a number …
Read the full article at: http://www.stuff.co.nz/business/industries/75160756/echo-festival-liquidation-angers-ticket-holders
The Australian operations of vitamin retailer GNC LiveWell have been placed in voluntary administration by parent company Osim International.
GNC, which stands for General Nutrition Corporation, was founded in the United States in the 1930s and the brand is licensed in 49 countries.
The brand sells vitamins, supplements and nutritional products, as well as sports, diet and energy goods.
The Australian operations are owned by Singapore-based retail group, Osim International, which is also the franchisee for GNC in Singapore, Malaysia, China and Taiwan.
The first Australian GNC store opened in 2000 and the retailer currently operates 30 outlets in New South Wales, Victoria and Queensland, along with an online store.
Osim Internation…
Read the full article at: http://www.smartcompany.com.au/finance/49377-gnc-livewell-australian-operations-collapse-into-voluntary-administration.html