Australias bleak retail climate has claimed another scalp with the owner of high-street clothing brands Review, Black Pepper and Yarra Trail sinking in to administration. PAS Group, which employs 1300 people and operates 225 shops in Australia and New Zealand announced on Friday it had entered voluntary administration. The ASX-listed group owns a portfolio of…
DetailsThe UK government introduced the Corporate Insolvency and Governance Bill (CIGB) to Parliament on 20 May 2020. As well as including temporary measures to help support businesses affected by COVID-19, it proposes significant permanent changes to UK insolvency law. These proposed permanent changes include a new company moratorium: a mechanism to give a company in…
DetailsA Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19. Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring. In a press release, the company says the restructuring…
DetailsA LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation. Homestead Highfields was placed in voluntary administration by Mr Peart on April 21. At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr…
DetailsThe owner of Review, Jets and other apparel brands, PAS Group, has entered voluntary administration, despite the board believing the company is solvent. The move is a last-ditch effort to restructure the company in a way that will enable it to operate sustainably into the future. In a release sent to the ASX on Friday,…
DetailsA seven-time bankrupt has been sentenced to over two years in jail after pleading guilty to more than a dozen bankruptcy offences in the District Court of Western Australia. John Derek Overton, formerly known as John Derek Elvey, from Western Australia, has been sentenced to imprisonment after being convicted of 17 charges relating to bankruptcy.…
DetailsA Canadian womens fashion chain has filed for bankruptcy protection as the company works on a restructuring plan to address the impacts of COVID-19. Reitmans filed for the protection under the Companies Creditors Arrangement Act (CCAA) in order to facilitate its operational, commercial and financial restructuring. In a press release, the company says the restructuring…
DetailsPlans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough. The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis…
DetailsFor the thousands of small businesses, which have been the beneficiary of many of the Covid-related measures announced by the government over the past three months, the landscape after September is particularly treacherous. The single biggest unknown is the extent to which they will be able to resume business. Its unlikely international tourists will resume…
DetailsA LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation. Homestead Highfields was placed in voluntary administration by Mr Peart on April 21. At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr…
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