Atlas Advisors Australia The economic impact of significant falls in migration as a result of COVID-19 could be offset by restructuring the Business Innovation and Investment Program (BIIP), leading wealth manager Atlas Advisors Australia says. Executive Chairman Atlas Advisors Australia, Guy Hedley said an anticipated 85 per cent fall in migration in the 2020-21 financial…
The banks had claimed over Rs 260 crore as default dues from the company with further interest and other charges. The Chennai bench of the National Company Law Tribunal (NCLT) has ordered initiation of the corporate insolvency resolution process (CIRP) against power management products, systems and services company Eason Reyrolle, acting on petitions filed by…
Two weeks ago, advisory firm Ansell Strategic warned their COVID-19 modelling showed aged care operators would pay out $9 billion in departing RADs over the next nine months or $37 million a day with insolvencies starting in mid-May. Now the defaults have commenced with the Department of Health paying out for pre-COVID Berrington Aged Care…
The company at the centre of Victoria’s recycling crisis will be wound up after it was declared insolvent in the Supreme Court of Victoria. Key points: SKM earlier warned 400,000 tonnes of material could end up in landfill if it went under An Australian Workers’ Union representative said the company was “too big to fail”…
May 1 was an important day for the world’s poorest nations. It was the day the rich club of G20 nations gave debtors a payment holiday until the end of the year, giving developing nations more headroom to pay for healthcare during the pandemic. Despite more than 100 countries applying to the International Monetary Fund…
SUPPLIED Gareth Hoole is a director of Ecovis KGA and a member of the Restructuring and Turnaround Association of New Zealand. ANALYSIS: In troubled economic times some businesses, despite their best efforts and use of the survival tools available, simply cannot continue and management must make the tough call that there is no longer a…
Hall & Wilcox special counsel in commercial litigation Katherine Payne. One of the earliest economic stability measures passed by the federal government to battle COVID-19 involved a new form of safe harbour, which provides directors with short-term relief from the insolvent trading provisions. Temporary safe harbour joins the pre-existing safe harbour regime, which was introduced…
Though there is little live sport to gamble on and high street betting shops have closed, gambling charities are concerned that the combination of money worries, social isolation and having a lot of free time on our hands may lead to a spike in gambling addiction and debt. Horse racing and football, which make up…
The Rose Bay modernist home of bankrupt former mining executive IanStolyarand his wife Beth has sold on the quiet for $16.6 million as a knock-down rebuildto London-based expat foreign exchange dealer TonyCollick. The waterfront property was designed as Lapin House in 1949 by the late architect NevilleGruzmanfor his auntMollieLapin, and long owned by former High…
DUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters. The business, founded 20 years ago, grew into a company generating $3 billion in…