An overwhelming majority of industry experts believe the UK’s decision to leave the EU will lead to a rise in corporate insolvencies over the next year, according to a new study. A member survey by R3 of insolvency and restructuring firms also shows that 55 per cent believe their finances “have been hurt” since last…
By Sophie Vorrath on 3 February 2017 Upstart Australian power retailer Urth Energy has become the second energy market newcomer to fail within 12 months more than likely another victim of soaring wholesale electricity prices after administrators were called in this week, rendering it ineligible to trade on the NEM. In an announcement…
Administrators for the troubled milk supply company National Dairy Products (NDP) have announced another creditors meeting is to be held, to decide the companys future. The meeting comes amid claims the company may now be put into liquidation. Deloitte joint and several administrator Glen Kanevsky has written to creditors, telling them the next meeting would…
Virgin Australias profits are being squeezed by a fall in the number of people flying within Australia. Australias second largest airline reported a drop of $27.1 million to $45.9 million in underlying profit before tax for the second quarter of the financial year, compared to the same period last year. Statutory profit after tax for…
Fletcher Steel was successful yesterday in its High Court application to have Dunedin niche engineering company DC Ross forced into liquidation, over a debt of more than $600,000. DC Ross was placed in receivership by its majority shareholders, Dunedin business family the McConnons, in mid-September, with debts totalling almost $19million. Liquidation proceedings will now overtake…
Marcs and David Lawrence are the latest Australian fashion brands to fall into administration. ITS BEEN a treacherous few months for the fashion industry. First Payless Shoes and Pumpkin Patch went under, and now two of Australias best-known clothing brands are facing an uncertain future. Marcs and David Lawrence have been placed into voluntary administration…
Mumbai/Chennai: Corporate restructuring is a common practice. Assets or shares are transferred by one company to another group company for various business reasons. Such a transfer can even be done by way of a ‘gift’, which mitigates tax liability. It is this mode that the Budget proposals now seek to plug. Currently, taxation of gifts…
Picture shows: Adrian Berry, chair of R3 in Yorkshire and restructuring partner at Deloitte LLP Email to a friend. Finance Posted by Melanie Rice on 01 Feb 2017 … Read the full article at: https://bdaily.co.uk/finance/01-02-2017/2016-insolvencies-up-from-2015-r3-comments/
HIGH-end Australian fashion labels David Lawrence and Marcs have been placed in voluntary administration, throwing the futures of more than 1100 staff into limbo. The brands, both staples on the catwalk, operate a combined 52 stores in Australia, with 260 fulltime, 230 part-time and 640 casual staff. Sole director Malcolm Webster said the move was…
The collapse of national fashion brands Marcs and David Lawrence has added another 1130 workers to the retail rout that claimed close to 2000 jobs in the sector before Christmas. And retail insiders claim the rot that took down Payless Shoes and Pumpkin Patch in December has spread to Australia’s upmarket, national fashion chains and there warn of…