A Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19. Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring. In a press release, the company says the restructuring…
THE impact of COVID-19 on the economy is likely to be long-lasting. The UK economy contracted by 2 per cent in the first quarter of 2020 and analysts expect the figure to be worse for the second quarter as lockdown continues. The Scottish and UK Governments financial support measures have been a massive lifeline to…
Executive Summary New legislation will introduce permanent and temporary reforms to the UK restructuring and insolvency regime Permanent reforms: company moratoriums; restructuring plans; the prohibition of insolvency termination clauses in supply contracts Temporary reforms: suspension of the director wrongful trading offence; restriction on the service of statutory demands and winding up petitions Overview On 20…
COMMENT: Struggling to keep your business afloat? The financial impact of Covid-19 may have struck your business like the iceberg that sank the Titanic, causing you to shut stores and cut jobs. Perhaps you are simply uncertain about the future of the economy. Advertisement Now is a difficult time to be in business, and a…
A top business restructuring expert, whose firm makes money from insolvency work, has called on Prime Minister Jacinda Ardern to announce a level 1 Covid-19 regime immediately to save “unjustifiable” business failures and job losses. KordaMentha partner and restructuring specialist Grant Graham in a social media post says New Zealand businesses cannot wait further weeks…
Introduction Domestic business Regulated business International business Introduction The government has restricted entry to the Cayman Islands since mid-March 2020 and is currently operating a curfew system day and night for residents other than essential workers, with the exception of exercise or essential trips such as to the supermarket or for medical reasons. The financial…
A snapshot of Exide’s global operations. Exide Technologies, a former Fortune 1000 battery manufacturer based in Georgia and now squeezed by a growing debt load and the COVID-19 supply crunch, has filed for bankruptcy as it seeks to sell off remaining assets. Exide is using Chapter 11 protection to stave off action by its creditors…
Drought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner control of day-to-day management of Namoi’s trading and marketing and warehousing activities. In what is expected to be the last in a six-month run of sweeping restructuring and staff shedding actions at the NSW-Queensland ginning…
Drought-weakened Namoi Cotton has re-jigged its marketing joint venture with multinational commodities giant Louis Dreyfus Company, effectively giving its partner control of day-to-day management of Namoi’s trading and marketing and warehousing activities. In what is expected to be the last in a six-month run of sweeping restructuring and staff shedding actions at the NSW-Queensland ginning…
JSE-listed capital equipment and solutions provider ELB Group will proceed with selling its Australian business, after a majority of shareholders voting in favour of the disposal. The company hosted a general meeting on May 25 for shareholders to vote on the proposed disposal of ELB Australia. Advertisement ELB Australia imports, distributes and maintains underground utility…