WELCOME As the 2023 calendar year rapidly draws to a close, chances are you have people in your business and personal circles that are feeling the financial pinch – its been a tough year for many. The fast-approaching festive season can also bring heightened emotions and additional financial pressures for some. In a recent statement,…
DetailsDainton Beer have emerged from voluntary administration today after creditors approved their Deed of Company Arrangement (DOCA), with control of the business returning to Dainton’s management team, and with Dan Dainton as CEO. The announcement comes less than a month after the brewery appointed administrators. Dan told The Crafty Pint the decision means their equity shareholders…
DetailsIn this day and age, can we still trust anything we see online? Recently, Ah Ge Li Nanxing took to his Facebook to highlight that a testimony he did for a church event had been repurposed illegally by an online gambling site. “When I shared my testimony in church, I mentioned that it was through God…
DetailsThe corporate regulator is taking a sledgehammer approach to company directors yet to sign up for a Director Identification Number, a senior lawyer says, as industry leaders question if the mandatory scheme is still fit for purpose. Mark Addison, general counsel at Keypoint Law, this week said a client received a letter from the Australian…
DetailsPanoramic Resources and its subsidiaries PAN Transport and Savannah Nickel Mines have entered voluntary administration. As of yesterday, December 14, Panoramic directors resolved to appoint administrators as a result of falling nickel prices. Panoramic launched a strategic review of its Savannah project in the Kimberly region of Western Australia on November 16. The review was…
DetailsDec 15, 2023 12.00am Young renters bearing the brunt of cost-of-living pressures will be a driving force of a more than 20 per cent rise in annual bankruptcies for at least the next two years, according to government forecasts. The Australian Financial Security Authority expects personal insolvencies to jump 23 per cent to 12,250 in…
DetailsThe Supreme Court has held that the Promoter of a Corporate Debtor is eligible to submit a resolution plan in terms of Section 240A of the Insolvency and Bankruptcy Code, 2016 (IBC), even if the Corporate Debtor was registered as Micro Small Medium Enterprise (MSME) after commencement of Corporate Insolvency Resolution Process (CIRP). The Bench…
DetailsPanoramic Resources, the company that operates one of Western Australia’s few nickel mines, has entered voluntary administration. Key points: Panoramic Resouces, the company behind the Savannah nickel mine, has entered voluntary administration The company employs more than 150 staff and 200 contractors in WA’s Kimberley region It comes as the price of nickel has fallen…
DetailsSomalia is set to receive debt relief of $4.5 billion from international creditors, the International Monetary Fund and World Bank announced Wednesday, as part of a debt forgiveness initiative overseen by both organizations. The east African country is one of the poorest in the world, struggling to recover from decades of civil war, and with…
DetailsDecember 13, 2023 WASHINGTON, DC:The Executive Boards of the International Monetary Fund (IMF) and the World Banks International Development Association (IDA) have approved[1] the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion.[2] Following HIPC Completion Point, Somalias external debt has fallen…
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