A group of NSW factory workers who were unceremoniously dumped weeks before Christmas have received their official termination notice but the company has been spared from going into liquidation. On Friday, all 30 cabinet makers at a joinery and manufacturing site in Wetherill Park in western Sydney were sent their official termination notice, more than…
Dishes at an Okami restaurant. Source: Okami / Facebook Sixteen restaurants managed by the all-you-can-eat Japanese restaurant business Okami have entered voluntary administration, as its founder contends with delayed COVID-era costs and rising inflation. Documents listed by the Australian Securities and Investments Commission (ASIC) show businesses corresponding with Okami locations across Victoria, New South Wales,…
(Adds details in paragraph 3 and 6) Dec 18 (Reuters) – Crop protection products maker FMC said on Monday it has initiated layoffs in its Brazil business and a global restructuring plan, in response to the unprecedented global downturn in the sector. Worries over supply chain disruptions following the pandemic had prompted distributors to stock…
There are plenty of debt relief solutions – even if you have a poor credit score. Getty Images If you’re looking for a way to get out of debt, chances are you’ve read about options like balance transfer credit cards with promotional interest rates, debt consolidation loans and home equity loans. However, you’ll typically need…
Creditors of Daicom Australia Pty Ltd trading as Dainton Beer have voted to accept a Deed of Company Arrangement which will see the company emerge from Administration. Under the DOCA proposal creditors, including the ATO, will receive 10c in the dollar. Dainton entered Voluntary Administration last month saying it needed to financially restructure as a…
A report by Economic Confidential, a subsidiary of PR Nigeria, has declared seven states, including Lagos, Ogun, Rivers, Kaduna, Kwara, Oyo and Edo as the most viable states in Nigeria for 2022. The Assistant Editor of Economic Confidential, Zekeri Idakwo, disclosed this at a press briefing and presentation of the 2022 Annual States Viability Index…
Horns of livestock after their corpses were cremated near a livestock market in Kajiado County, Kenya following a historic fifth consecutive failed rainy season earlier this year.Imago / Alamy With many countries trapped in debt crisis as the climate emergency deepens, the aid agency Cafod has warned that billions of pounds more in support will…
Akin financial restructuring partner Liz Osborne has been quoted in Legal Business article A new era of stress: Perspectives from City restructuring partners and what to expect from 2024. The article explores some of the key themes of restructuring in 2023 and looks ahead to the coming year. Reflecting on the activity of the past…
Member Article R3 responds to November 2023 insolvency statistics Corporate insolvencies increased by 6.4% in November 2023 to a total of 2,466 compared to Octobers total of 2,317, and increased by 21.4% compared to November 2022s figure of 2,032. o Corporate insolvencies increased by 47.1% from November 2021s total of 1,676 and by 63.9% compared…
Liverpool directors closed their company after moving Bounce Back Loan money into family bank accounts A couple were sentenced at Liverpool Crown Court on 7 December, following an Insolvency Service investigation which found they had abused a 30,000 Bounce Back Loan, and then closed down their company in an attempt to avoid paying back the…