Unsecured creditors from across the cotton industry are being warned to expect to be repaid maybe just a fifth of their losses following the collapse of Chinese-owned merchant Weilin Trade owing about $58 million. Latest estimates suggest about 195 cotton growers, brokers, merchants and other service providers have lost money after Weilin bought cotton for…
Experts warn that the additional relief provided to directors grappling with unprecedented business conditions could have unintended consequences. At a glance New legislation has provided struggling companies some relief from liability should they become insolvent. The legislation is applicable until 25 September, and it has helped guard companies during adverse business conditions. However, there are…
news, latest-news, Ben Ismay, Shaw Gidley, insolvency, business, economy, 2020, Port Macquarie Figures show a plunge in company insolvencies across the country in April and May despite the coronavirus-fuelled hit to the economy. The trend is forecast to continue, particularly until the end of September when the JobKeeper wage subsidy is wound back. Shaw Gidley…
Written by Theresa Grech Partner, Head of Corporate, Cardiff at Ince Theresa has over 20 years experience advising on a range of domestic and cross-border transactions and corporate governance matters. She also advises on commercial contracts and has a specialist interest in intellectual property and IT related issues. Protecting Businesses will give the Economy the…
On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible Companies The…
One of the nation’s most popular pizzeria chainsfiled for bankruptcy Thursday, blaming thecoronavirus pandemicfor its financial struggles. California Pizza Kitchen said it will continue operating as usual while working through a Chapter 11 restructuring plan aimed at reducing its debt by $230 million. The pizzeria hinted in its filing that it will close some of…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 35 bankruptcies in week 30. This is 11 down on the previous week. In addition, 2 sole proprietorships were declared…
As part of the general business cycle, there are always a certain number of companies that get wound up, every week, and looking at the statistics at the moment, there have only been a handful of external administrations. Many are suggesting that there are upwards of 2000 businesses that would have ordinarily failed since March…
More than 50 per cent of small to medium sized businesses are preparing to explore insolvency options over the next six months, a new survey has found. An independent survey commissioned by insolvency firm Jirsch Sutherland has found that of the 1,000 business owners and directors surveyed, 51 per cent said they were expecting to…
I think for us, weve probably been hit more than most areas of insurance by the pandemic, he said. Obviously, the economic impacts of COVID-19 have been well-publicised and Credit Solutions protects against the risk of insolvency, which has probably never been so much of the forefront of clients minds. Read more: What’s next? Australian…