CLOSE J.C. Penney has filed for bankruptcy and is closing their doors after being around for almost 120 years. So why does it hurt to see them go? USA TODAY J.C. Penney is looking to go forward with a sale of the business to avoid a brush with liquidation. The retailer’s attorney, Joshua SussbergofKirkland& Ellis,…
DetailsI think for us, weve probably been hit more than most areas of insurance by the pandemic, he said. Obviously, the economic impacts of COVID-19 have been well-publicised and Credit Solutions protects against the risk of insolvency, which has probably never been so much of the forefront of clients minds. Read more: What’s next? Australian…
DetailsDannys last bet was two years ago. But I still think about gambling addiction, and the anxieties and worries it digs up, every day and probably always will. I think about how my fiancs addiction has cost me more than money but my story is not one of doom, and fortunately Danny (not his real…
DetailsHowever, Ms Ball said the TMA would not insist on any exemptions to unfair preference payments that involved related party payments or phoenix transactions. “The amendment would not however, exempt those payments made by a company pre-insolvency to any related party or where there exists phoenix company-type transactions.” The government has already made significant changes…
DetailsA financial planner conned a couple out of $360,000, sinking to staggering depths of deceit so he could pay off his credit cards and feed an online gambling addiction, a court has heard. Daniel Peter Logan, 40, was in extreme financial stress when he took the Brisbane couple on as clients while working as a…
Details29 Jul 2020 The new Corporate Insolvency and Governance Bill introduces an unprecedented level of protection to insolvent companies in supply chains. Suppliers will now be obliged to continue providing goods and services despite the fact the recipient is in an insolvency process. The standard practice in most supply contracts is that a clause will…
Details29 Jul 2020 The Corporate Insolvency and Governance Bill offers directors of struggling companies with some welcomed respite in regards to some of their decisions and action during the COVID-19 period. There is relief available with regards to personal liability for wrongful trading, voluntary moratoriums and restructuring options. Wrongful trading The impact of the COVID-19…
DetailsNajib, who led Malaysia from 2009 to 2018, co-founded 1MDB to attract foreign capital and help advance the Malaysian economy. Instead, up to $US4.5 billion was siphoned off. In 2018, the fund was declared insolvent and unable to pay its debts. That same year, Najib was bounced out of office in a historic election defeat.…
DetailsA financial planner conned a couple out of $360,000, sinking to staggering depths of deceit so he could pay off his credit cards and feed an online gambling addiction, a court has heard. Daniel Peter Logan, 40, was in extreme financial stress when he took the Brisbane couple on as clients while working as a…
DetailsCash-flow issues not JobKeeperare whats keeping Aussie business owners awake at night, new research from business recovery and insolvency firm Jirsch Sutherland has revealed. The research, based on an independent survey of over 1,000 business owners, found that todays cash-flow troubles could translate into a number of insolvencies over the next six months as the…
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