Loading Obviously any return will be a long, multi-year path back for Xinja, the letter said. If shareholders are willing to support it, the business may be able to reset and rebuild shareholder value. Xinja shocked shareholders and customers when it announced plans to close all customer accounts and return its banking licence, 15 months…
DetailsFood, transport and building companies were among 25 Queensland firms that collapsed into liquidation or administration in January. That was half the number of companies that failed in December but experts warn that the tally will likely increase in coming months as pandemic-related support measures are withdrawn. Hall Chadwick partner Ginette Muller said there could…
DetailsCreditors of 22 companies connected to the flagging Dyldam Group are reportedly chasing $500 million in debt, as the company wades through voluntary administration proceedings. According to the Australian Financial Review, minutes of the first creditors meeting held in January and lodged with ASIC show total debt claims of $510 million. McGrathNicol was appointed as…
DetailsBy Joe McDonald|AP, BEIJING Companies that are part of HNA Group, a Chinese conglomerate that says creditors want it declared bankrupt after a global acquisition spree, want to recover as much as $15 billion that might have been paid out improperly to major shareholders. The announcements highlight the tangled finances of HNA, the latest in…
DetailsMcGrathNicol has kicked off the year in style with the appointment of three new partners across its Melbourne and Sydney offices. Matthew Hutton is a partner in the firms heritage Restructuring practice. He has been with the nationalconsulting firm for more than 12 years, and specialises in turnaround, restructuring and insolvency matters. Hutton works closely…
DetailsBy Giuseppe Fonte, Gavin Jones 4 Min Read ROME (Reuters) – Italy, this years president of the Group of 20 rich and emerging nations, will push its members to extend debt relief to poor countries struggling to deal with the coronavirus pandemic, a top official from Romes G20 financial team told Reuters. FILE PHOTO: U.S.…
DetailsDyldam Development boss Sam Fayad is facing the threat of bankruptcy after being ordered by the NSW Supreme Court to pay a debt of $1.6 million. A bankruptcy notice served by Barrak Lawyers on behalf of their client Eid Azzi obtained by The Australian Financial Review orders Mr Fayad to pay $1,638,421.16 within 21 days…
DetailsIn a mythical American past, families took out one 30-year mortgage, worked at one company for 30 years while paying off the mortgage and sailed off into retirement free of debt. Today, the reality is that the dream of retiring debt free is fading, and debt among older Americans is soaring. The percentage of households…
DetailsIn the beginning, Rongrong and Ralf Szydlewski were optimistic. They launched their start-up Fresh Tasia in 2019 and have since grown Indian spinach, beans and Vietnamese coriander in a greenhouse in Kladow. With their company, the couple wants to bring Asian vegetables into German kitchens – not imported, but grown locally. Inside the greenhouse /…
DetailsEleanor Temple, Yorkshire Chair of R3 Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on the 2020 corporate and personal insolvency statistics for England and Wales: Corporate insolvencies There were 12,557 underlying corporate insolvencies in 2020 a fall of 27.1% from 2019s…
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