CATALIST-LISTED phosphate miner AsiaPhos is weighing a restructuring exercise to restore its financial position, the board announced on Wednesday night. The potential restructuring, which could include buying other businesses, follows an interruption of the group’s mining operations in China on the back of regulatory issues there. The board warned that negotiations and arbitration with the…
DetailsThe Federal Government is planning to overhaul insolvency rules, adopting an American-style model to help small businesses struggling because of the coronavirus pandemic to either restructure or fold. Key points: Finance bodies expect a wave of insolvencies when emergency protections for business owners expire at the end of the year The reforms will allow small…
Details“The reforms are a critical part of our economic recovery plan and will help to boost business confidence and dynamism across the economy by allowing viable businesses to survive as our economy rebuilds,” Mr Frydenberg said. Loading The changes come as Mr Frydenberg resets fiscal policy to drop old assurances about a return to surplus…
DetailsThe Morrison government will make sweeping changes to the insolvency system to improve the chances of saving small businesses hit by the pandemic. The reforms which are described as the most significant for three decades will cover three quarters of businesses currently subject to insolvency, almost all of which have less than 20 employees. The…
DetailsBefore the Covid-19 outbreak, from late 2019 to early 2020, the market was already witnessing a significant increase in the number of companies applying for court-supervised insolvency proceedings, including bankruptcy, an insolvent liquidation proceeding, and rehabilitation, a proceeding somewhat akin to a Chapter 11 bankruptcy proceeding in the US. The number of distressed companies was…
DetailsThe government is asking for the public’s opinion about the impact of loot boxes in video games, in an eight-week consultation. Loot boxes are a controversial feature of many video games – both console and mobile. When a player purchases a loot box, they only find out what is inside it once they have paid.…
DetailsEarlier this year liquidators were told to gear up for what could be the busiest period ever as the toll of the COVID-19 pandemic was expected to wreak havoc on businesses of all sizes. But now despite being in a recession, unprecedented government interventions mean company insolvencies have slowed to a trickle. Andrew Fielding laughs…
DetailsAMP Capital has launched a new infrastructure debt strategy, set to help investors capitalise on emerging growth opportunities in the Asia Pacific region. The Infrastructure Debt Asia Pacific strategy will target infrastructure mezzanine debt opportunities in both developed and developing countries in the region, across the energy, transportation, utilities, and digital infrastructure sectors. AMP Capital…
DetailsThe leader of the Democratic Republic of Congo appealed Tuesday before the UN General Assembly for debt relief for developing countries to help them cope with the pandemic. “In order to help developing countries exit the crisis and fare better after Covid-19, the international community’s efforts must include debt cancellation and other relief so they…
DetailsHowever, many of these businesses could remain viable concerns if they had more flexibility to restructure their affairs. It is with this objective of keeping more businesses in business and people in jobs that the Morrison government is embarking on the most significant reforms of insolvency law in almost 30 years. Incorporated businesses with liabilities…
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