Raedium Digital, an email agency based in Melbourne, Australia, has closed its doors, owing AUS $2 million, according to Mumbrella. The company, which went into voluntary liquidation late last month, had only AUS $97 in the bank. Creditors have been trying to collect for months, Mumbrella reports. There are 50 Read the full article at:…
DetailsSUPPLIED Sectors such as retail have been hit particularly hard by Covid-19 and successive lockdowns. Many economists predicted a plummet post Covid-19. But the softening effect of government subsidies, quantitative easing, and mortgage holidays saw many New Zealand businesses come out of 2020 relatively unscathed. A year on, there are storm clouds on the horizon.…
DetailsDebt can seem like an overwhelming burden, and some peoples problems with debt have grown much bigger over the past year. A recent survey by VoucherCodes.co.uk found on average, the 25-34-year-olds they polled had worked up 2,673-worth of debt since the pandemic lockdowns started. Rachel Springall, a finance expert at Moneyfacts.co.uk, says some people who…
DetailsACCC chair Rod Sims. Debt collectors misleading or harassing small businesses will be closely monitored by the consumer watchdog, amid growing concern of a spike in unfair debt collection practices now that COVID-19 support measures have ended. The Australian Competition and Consumer Commission (ACCC) is concerned that the end of both JobKeeper in March and…
DetailsAccording to the reports sent to the commercial court number 2 of Alicante by the bankruptcy administrator of the Agricultural Cooperative of Altea, which started its insolvency procedures on February 13, 2020, and was declared bankrupt on February 11, 2021, the cooperative and its Villaranja subsidiary have debt amounting to 28 million euro, 4 million…
DetailsTweaks to insolvency rules during the COVID-19 pandemic produced a strange phenomenon a recession without soaring company wind-up numbers. That’s all set to change. (Image: AAP/Private Media) Among the many good pieces of policy introduced during the pandemic was a very accommodating set of rules around insolvencies. It was very difficult indeed for a company…
DetailsAnil Ambani-promoted Reliance Communications (RCom), which is now bankrupt, will now undergo liquidation, unless the Supreme Court overturns the National Company Law Appellate Tribunal (NCLAT) order. The order states that spectrum owned by the firm can be sold under the insolvency process after government dues are cleared. A banking source said the committee of creditors…
Details18 April 2021 Consultancy.com.au 2 min. read Insolvency and restructuring consultancy Mackay Goodwin has broadened its service portfolio to include corporate advisory, with Covid-19 having presented unique challenges for clients. Mackay Goodwins expansion into corporate advisory services is overseen by Anthony Lucic and Michael Bogue, who have both been brought in to lead the new…
DetailsEarlier this month, NBCC and Mumbai-based Suraksha group submitted their revised bids to acquire Jaypee Infratech through an insolvency process TopicsJaypee Infratech|Jaypee Infratech bid Jaypee Infratech’s lenders have asked state-owned NBCC Ltd and Suraksha group to improve their bid and offer more land parcels under an insolvency process to acquire debt-laden realty firm. Earlier this…
DetailsLenders of the debt-ridden Future Retail Ltd have approved a plan to restructure the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress. The restructuring plan now would be forwarded for approval to an expert committee, formed by RBI under the chairmanship of K V Kamath, Future Retail…
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