As pandemic restrictions loosen, bankrupt companies get a new lease on life. As the pandemic swept across the globe in 2020, a new sort of crisis began to emerge: bankruptcies. Companies that entered the year in a position of strength faced a new reality that kept consumers stuck at home and closed down stores, sometimes…
Source: AAP/Bremdon Thorne. The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected…
The Australian parent company, which is controlled by Greensill founder and chief executive Lex Greensill, is a creditor in the UK administration process and is understood to be owed hundreds of millions of dollars. Mr Greensill is also a director of Greensill Capital UK. Grant Thornton has told the Australian Securities and Investments Commission (ASIC)…
The government has launched a call for evidence seeking stakeholders views on the Insolvency Rules that set out the detailed requirements for company and individual insolvency procedures in England and Wales. Stakeholders are being asked to share their views on the Insolvency Rules as they currently stand, including whether they provide an appropriate framework for…
Japanese insurer Tokio Marine, which provided $US4.6 billion of coverage to Greensill credit notes, said that it was investigating the validity of those policies which it inherited when it bought Insurance Australia Group in 2019. A source familiar with the situation said the policies were directly linked to the $US10 billion Credit Suisse funds. The…
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
Performer Paul McDermott and former foreign affairs minister Alexander Downer have made a “gentlemen’s pact” to end a dispute between their ancestors that dates back more than 150 years. Key points: Alexander Downer’s grandfather took Paul McDermott’s great-great-grandfather to court in the 1860s Mr Downer attended McDermott’s recent Adelaide Fringe show Mr Downer, who did…
The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse. What is particularly interesting is that the expected consequences have not…
A specialist transport website, zdopravy.cz, said the company had debts reaching 1.8 billion Czech crowns (70 million euros, $80 million). AFP, Prague PUBLISHED ON MAR 10, 2021 09:29 PM IST A Czech court said on Wednesday it had declared bankruptcy on struggling national carrier Czech Airlines, following a request by the company itself. “The court…
A specialist transport website, zdopravy.cz, said the company had debts reaching 1.8 billion Czech crowns (70 million euros, $80 million). AFP, Prague PUBLISHED ON MAR 10, 2021 09:29 PM IST A Czech court said on Wednesday it had declared bankruptcy on struggling national carrier Czech Airlines, following a request by the company itself. “The court…