Greensill Capital has sought protection from Australias insolvency regime, as the finance group races to strike a rescue deal and another fund severed ties. The company is hoping to invoke safe harbour protection in Australia, which shields directors from personal liability for a company trading while insolvent, according to people familiar with the matter. Greensill…
DetailsHospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month. There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month. Revive Financial partner Jarvis Archer said his office had seen an increased number…
DetailsBack in 2003, just a year after his loss to fellow legend Lennox Lewis, Mike Tyson declared bankruptcy with reported debts of $23 million (16.5 million). And while he has made more than $300 million (216 million) in his entire carrier, Tyson was forced to sell off many of his assets, which also included his…
DetailsCredit Suisse is understood to be concerned about the rising level of noise surrounding Greensill over the past two years and its fiduciary duty to investors. This includes Greensills financial exposure to British billionaire Sanjeev Guptas GFG Alliance, which owns steel, aluminium and iron ore mining businesses, and operates the Whyalla steelworks in South Australia.…
DetailsThe multi-billion dollar financial empire built by Bundaberg farmer’s son Lex Greensill faces unravelling. London-based Greensill Capital, founded by Mr Greensill a decade ago, has appointed Grant Thornton to look at restructuring options as it faces the possibility of filing for insolvency, according to people familiar with the company. The financial strife came after Credit…
DetailsBy Reuters Staff 2 Min Read MILAN (Reuters) – A revamped Alitalia will start with 45 planes, have around 4,500 workers and get just over 1 billion euros ($1.2 billion) in state support, less than half of what was previously envisaged, newspaper La Repubblica reported on Tuesday. FILE PHOTO: An Alitalia Airbus A320-200 passenger aircraft…
DetailsOne of the most unfortunate outcomes of the pandemic is that many businesses who started 2020 confident about their prospects could never have imagined confronting challenges that have put many of them right on the edge. The Governments COVID Safe Harbour laws kept many businesses in play last year, but these safeguards are no longer…
DetailsThe NCLAT by its judgment had approved continuation of parallel proceedings under Section 138 of the Negotiable Instruments Act even as the resolution process under the IBC was under way against the company subjected to moratorium. By way of background, the National Company Law Tribunal (NCLT), Chennai had initiated Corporate Insolvency Resolution Process (CIRP) against…
DetailsPREMIUM By Bongani Qangule – 01 March 2021 I am on the verge of being declared insolvent. In the next few years I will receive pension payouts from my pension fund. I am concerned, though, that my pension will also fall into my insolvent estate and I will lose my pension. Will this happen?.. Please…
DetailsConvicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court. Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of…
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