The low down According to the OECD, the UK economy will shrink by 11.5% this year and by as much as 14% in the event of another lockdown. Unsurprisingly, the government has rushed through legislation to avert a deluge of corporate insolvencies, pushing it through parliament in just six weeks. It moves UK law closer…
While the disconnect between markets and the real economy has widened further, there is no guarantee that it will narrow, especially with central banks acting as the buyer of last resort. Yet the risk of an extended run of corporate insolvencies remains. In this environment, high-quality income generation is the key, together with the flexibility…
Fixed income investors have long held a reputation in markets as the smart money. With a focus on stability, income, and capital protection, and a propensity for complicated formulas and spreadsheets, fixed income investors often have a better idea of whats happening in markets than just about anyone else. So, when Jay Sivapalan, one of…
Hamish McNeilly/Stuff An injured person is taken off a rescue helicopter at Dunedin Hospital. A tour bus company involved in a crash that caused a girl to lose both her hands and a woman to lose her arm has gone into liquidation, owing more than $1 million. Awing Travel NZ, a Christchurch-based company that provided…
Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June, the government introduced emergency coronavirus legislation to suspend the threat of liability for such ‘wrongful trading’. This protection runs out on…
A Brisbane special effects company which worked on Hollywood blockbusters, including Peter Jackson’s King Kong, has gone into liquidation. SLB Media, trading as Steve Boyle Studios, collapsed this week owing $55,873 to four creditors following a major downturn in the film industry. Company owner Steve Boyle, a long-time employee of the film industry, worked on…
Hedge funds and private-equity firms financing JC Penneys bankruptcy, meanwhile, would take ownership of some stores and distribution centres after forgiving portions of the companys $US5 billion debt load, one of the people said. The lenders, led by H/2 Capital Partners, would own those assets in two separate real estate investment trusts. Loading The iconic…
Aussie fashion brand Colette by Colette Hayman has been officially sold out of voluntary administration, with a new owner announced today but the businesss bricks-and-mortar presence has been cut by a third. The new major shareholder and executive chairman, revealed in an announcement this morning, is ex-Myer and Edcon CEO Bernie Brookes, while John Skellern…
Virgin Australia has slashed a string of regional routes from its network as part of its restructure after it was crippled by the coronavirus pandemic. Under its new US owners Bain Capital, who took over the aviation company in late June after it went into voluntary administration, the airline has cut flights from Ayers Rock,…
By Wayne Robinson | 9 September 2020 The number of Australian businesses going into liquidation or administration plummeted to way below normal levels in July and August, leading to fears of the true state of many businesses, with printers warned to ensure they keep a tight rein on credit terms. Warning: keep a close eye…