The multi-billion dollar financial empire built by Bundaberg farmer’s son Lex Greensill faces unravelling. London-based Greensill Capital, founded by Mr Greensill a decade ago, has appointed Grant Thornton to look at restructuring options as it faces the possibility of filing for insolvency, according to people familiar with the company. The financial strife came after Credit…
By Reuters Staff 2 Min Read MILAN (Reuters) – A revamped Alitalia will start with 45 planes, have around 4,500 workers and get just over 1 billion euros ($1.2 billion) in state support, less than half of what was previously envisaged, newspaper La Repubblica reported on Tuesday. FILE PHOTO: An Alitalia Airbus A320-200 passenger aircraft…
PREMIUM By Bongani Qangule – 01 March 2021 I am on the verge of being declared insolvent. In the next few years I will receive pension payouts from my pension fund. I am concerned, though, that my pension will also fall into my insolvent estate and I will lose my pension. Will this happen?.. Please…
Convicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court. Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of…
SMEs TO BENEFIT FROM CHANGES TO INSOLVENCY REGIME The new insolvency reforms introduced by the Australian Government for incorporated small businesses with liabilities of less than $1 million have far reaching benefits for the pandemic-ravaged economy and Aussie families, according to a leading tax accountant. The reforms, which include new debt-restructuring, offer some other major…
The Insolvency Service paid out 453.4 million in missing wages and benefits to workers at firms that went bust last year, according to new data. The payments made by the agency, which is part of the Department for Business, Energy and Industrial Strategy (BEIS), were at the highest levels in a decade although the various…
The dramatic developments cap almost three years of trouble for Greensill Capital, a startup lender aiming to disrupt a niche part of global finance. Greensill-linked financings played a role in the demise of a former star bond manager at GAM Holding AG in 2018. Last year, Germanys banking regulator BaFin pressured the financiers lender to…
Convicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court. Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of…
VBS liquidators are going after KPMG SA to try and recover some of the funds lost in large-scale fraud that the firm’s auditors failed to report. Photo: Getty Images VBS liquidator Anoosh Rooplal isgoing after KPMG SA to try to recover some of the funds lost in large-scale fraud that the firm’s auditors failed to…
Is Your Business on the Verge of Bankruptcy? 5 Warning Signs Your Company is Approaching Insolvency Whether your business is growing exponentially month after month or generating stable profits, executives poor business choices and mismanagement of funds can quickly lead a thriving corporation into insolvency. When individuals or companies can no longer meet their financial…