Tuesday, May 26, 2020 On 20 March 2020, the UK Government published itsCorporate Insolvency and Governance Bill(the CIGB). When enacted, the new legislation will see the most extensive reforms to the UKs restructuring and insolvency regime in more than 15 years. The CIGB introduces both (a) permanent reforms and (b) temporary reforms specifically designed to…
DetailsOver the weekend, Colombias Flagship airline Avianca declared bankruptcy. While that might not seem notable to many U.S. travelers, diehard points and miles collectors had cause for concern. The airlines mileage program, LifeMiles, can be lucrativefrom domestic flights on United starting at 6,500 miles to flying some of the best first-class products in the skies…
DetailsRetention bonuses are typical for bankrupt companies that want to prevent their management from abandoning ship. But they’re always awkward: the company can’t pay its employees or its debts to lenders, but it prioritizes payments to its already handsomely paid bosses. Hertz (HTZ) paid a total of $16.2 million to 340 executives on May 19…
DetailsThailand’s cabinet approved a plan to restructure troubled Thai Airways International Pcl’s finances through a bankruptcy court, the Southeast Asian country’s prime minister said on Tuesday. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country. More: The state-controlled…
DetailsOil prices imploded earlier this year, which has decimated many oil stocks. Things have gotten so bad that several have already declared bankruptcy. That trend islikelyto continue in the coming months. The list of at-risk oil stocks seems to be growing by the day as companies update the market on their deteriorating credit profiles. Four…
DetailsThe inevitable spike in business insolvency numbers as a result of the COVID-19 crisis should lead to permanent legislative reform around bankruptcy, says an insolvency expert. Part of the governments $66 billion stimulus package announced in late March saw relief for company directors faced with insolvency and statutory demands from creditors, which is set to…
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A Brisbane tapas bar, a cocktail bar and two bakeries have been put into liquidation as the COVID-19 crisis continues to bite food and hospitality businesses. A BRISBANE tapas bar, California-inspired cocktail bar and two Far North Queensland bakeries have been put into liquidation as the COVID-19 crisis continues to bite hospitality businesses. In a…
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A HEALTH food store which made ‘no sales’ for two financial years has blamed its collapse on a former employee’s misappropriation and failed plans to expand into Byron Bay, according to an administrator’s/liquidator’s report. Blessed Health Foods operated at Bundall on the Gold Coast and Byron Bay in northern New South Wales before it was…
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Brisbane-based SM Solvency Accountants have been appointed liquidators for the company formally traded as Arabella’s Restaurant. The company went into voluntary administration on Wednesday, 30 January, meaning the business owners formally shut down the company themselves. The initial creditor report was signed off and sent to creditors on Friday, 1 February, according to SM partner,…
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The British-inspired eatery received positive reviews online, but the liquidator appointed to the company has revealed why the pub has already closed its doors. A BRITISH-inspired pub based at Paddington’s trendy Rosalie Village precinct has closed after high costs drove it into liquidation just nine months after it opened. The Brass Barrel launched in March…
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