Melbourne-based prefab home builder Archiblox was more than $5.5 million in debt when it went into voluntary administration in February, and may have been trading insolvent for more than 18 months. These were some of the findings in a preliminary report from liquidators Vince & Associates which was handed to ASIC on May 22. The…
DetailsFrankie & Bennys owner The Restaurant Group (TRG) has confirmed it is in talks with its landlords over restructuring plans, as it looks to shed up to 120 of its sites. It is understood that the casual dining business is set to permanently close between 100 and 120 restaurants, in a move which will affect…
DetailsPITTSBURGH–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced that it has approved significant and broad restructuring actions to reduce its global cost structure. The company cited weakened global economic conditions stemming from the COVID-19 pandemic and related pace of recovery in a few end-use markets, along with further opportunities to optimize supply chain and functional costs. When completed,…
DetailsBowral two-hat restaurant Biota Dining was weighed down with liabilities of $761,708 and had just $698 in the bank when it slipped into liquidation. A report from insolvency firm SV Partners paints a bleak picture for Viles Group (formerly trading as Biota Dining), with employees owed $288,368, trade creditors $207,283, the ATO $166,057 and related…
DetailsJune 8th, 2020 Jason Jiang Europe, Offshore 0 comments Norwegian offshore driller Borr Drilling has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315m until the first quarter of 2022. Under the amendment agreement, the company will defer the delivery of five newbuild…
DetailsKate Hesson Redundancies are generally made to save a business financial cost but they add a human cost for business leaders who must make people redundant, for team members who must leave and for those who may stay. In the current economic climate, it is likely that we know at least one person from one…
DetailsLast month, the U.S. House of Representatives passed the HEROES Act, a $3-trillion stimulus bill, that would include additional relief for those with student loan debt. But its unlikely to pass the Senate in its current form. Several Senate Republicans have publicly stated they wont support the legislation, including Senate Majority Leader Mitch McConnell (R-Ky).…
DetailsA recent paper from academics at Leiden Law School suggests that if a crypto exchange or crypto custodian goes bankrupt, investors could well lose control over their stored coins. This happened in Japans Mt. Gox exchange collapse, and more recently with the failure of Italys BitGrail exchange. Thus, it could happen again. Indeed, the paper…
DetailsImage Credit: Supplied Dubai: Shuaa Capital has strengthened its specialised corporate restructuring service to support the re-energising of the business sector. Specially created to address the frozen credit markets resulting in liquidity issues and potential insolvency concerns faced by many businesses impacted by Covid-19 the corporate restructuring solutions open doors for businesses to new credit…
DetailsA fraudster who was fined more than 1m and declared bankrupt over a separate scam costing investors 3.7m has been approved by City regulators to run a new financial company. Samuel Nathan Kahn, 49, was fined 1.1m in 2011 by the Financial Services Authority (FSA), the regulator at the time, for inflating a companys share…
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