Mr Joyce said the pandemic had hurt Qantas far more than any other local company, estimating the airline, which has received JobKeeper, has lost an estimated $16 billion in revenue since the outbreak of COVID-19. Slowly turning the corner Qantas is aiming to reduce its cost base by $1 billion a year, and Mr Joyce…
DetailsThe collapse of construction and property company, Pindan Group, which has gone into administration owing up to $100-million to workers, subcontractors and creditors mainly in WA shows the urgent need for statutory trusts and security of payment laws for the construction industry. This is according to the CFMEU Construction & General union, which has called…
DetailsOn 10 May, the IMF said it had reached broad agreement on the macroeconomic framework needed for Zambias request for an Extended Credit Facility (ECF). Zambias ministry of finance added that significant progress had been made and that talks would continue at the appropriate time. The real progress that has been made is rather limited,…
DetailsWednesday, May 19, 2021 A strong brand creates a competitive edge; such a brand will often enhance consumer loyalty, not only because of the products offered, but also because of the name on the label. While a brand may have a strong customer base, in todays climate it, unfortunately, does not mean that the business…
DetailsThe franchisor Jump Loops Pty Ltd (in liquidation) (Jump Swim) has been ordered to pay penalties of $23 million for making false or misleading representations and wrongly accepting payments from franchisees, in proceedings brought by the ACCC. Jump Swim offered Jump Swim branded learn-to-swim school franchises for sale between March 2016 and July 2019. The…
Details(WBNG) — Included in the American Rescue Plan was $5 billion which is to dedicated toward providing debt relief for farmers of color. It’s part of a federal effort to reconcile years of discrimination in the farming community. Assemblywoman Donna Lupardo responded to the bill Wednesday with a statement, writing: “Socially disadvantaged farmers have been…
DetailsRIO DE JANEIRO, BRAZIL – A Rio de Janeiro court declared Wednesday the bankruptcy of MMX Minerao e Metlicos, the mining company controlled by former Brazilian tycoon Eike Batista, who was once considered the seventh richest man in the world before his conglomerate collapsed. The Sixth Civil Chamber of the Court of Justice of Rio…
DetailsShutterstock Washington DC Bankruptcy litigators Erika Morabito and Brittany Nelson join firm in Washington DC Quinn Emanuel Urquhart & Sullivan has hired a duo of bankruptcy lawyers from Foley & Lardner to further bolster its insolvency and restructuring litigation capabilities. Erika Morabito and Brittany Nelson join as partners in the firms Washington DC office, bringing…
DetailsA new framework will be introduced for the cooperation between the courts of Hong Kong and Mainland China on cross-border corporate insolvency. The Secretary for Justice, Ms Teresa Cheng SC, and Vice-president of the Supreme Peoples Court (SPC), Mr Yang Wanming, signed a Record of Meeting in Shenzhen on 14 May 2021 to signify the…
Detailsdrafting of Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 commenced Small Company Administrative Rescue Process (SCARP) will be a simplified restructuring process for viable small companies that is timely and cost effective SCARP caters for the issue of onerous contracts debts owed to the State are addressed by SCARP Minister for…
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