May 1 was an important day for the world’s poorest nations. It was the day the rich club of G20 nations gave debtors a payment holiday until the end of the year, giving developing nations more headroom to pay for healthcare during the pandemic. Despite more than 100 countries applying to the International Monetary Fund…
DetailsSUPPLIED Gareth Hoole is a director of Ecovis KGA and a member of the Restructuring and Turnaround Association of New Zealand. ANALYSIS: In troubled economic times some businesses, despite their best efforts and use of the survival tools available, simply cannot continue and management must make the tough call that there is no longer a…
DetailsHall & Wilcox special counsel in commercial litigation Katherine Payne. One of the earliest economic stability measures passed by the federal government to battle COVID-19 involved a new form of safe harbour, which provides directors with short-term relief from the insolvent trading provisions. Temporary safe harbour joins the pre-existing safe harbour regime, which was introduced…
DetailsThough there is little live sport to gamble on and high street betting shops have closed, gambling charities are concerned that the combination of money worries, social isolation and having a lot of free time on our hands may lead to a spike in gambling addiction and debt. Horse racing and football, which make up…
DetailsThe Rose Bay modernist home of bankrupt former mining executive IanStolyarand his wife Beth has sold on the quiet for $16.6 million as a knock-down rebuildto London-based expat foreign exchange dealer TonyCollick. The waterfront property was designed as Lapin House in 1949 by the late architect NevilleGruzmanfor his auntMollieLapin, and long owned by former High…
DetailsDUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by the liquidators seen by Reuters. The business, founded 20 years ago, grew into a company generating $3 billion in…
DetailsThe Neucel Specialty Cellulose pulp mill in Port Alice has been declared bankrupt with $272 million in debts. Founded in 1916, the mill was the economic bedrock of the northern Vancouver Island village, but has been closed since 2015. It had also shut down under a previous owner in 2004, reopening two years later. article…
DetailsIn this article, we consider the new Subchapter V of Chapter 11, which is open to small businesses with under $7.5 Million in debt. With minimal fanfare, the Small Business Reorganization Act (SBRA) was passed in August 2019, to come into effect in February 2020, ushering in Subchapter V of Chapter 11. Nobody could have…
DetailsBankruptcies will be an inevitable part of the economic crisis brought on by the coronavirus pandemic, but that same upheaval is complicating the process of unwinding and restructuring businesses that are no longer viable. Lawyers and bankers tasked with restructuring firms or helping companies file bankruptcy proceedings say this situation, along with government aid, might…
DetailsFriday, May 08, 2020 8:35 a.m. EDT by Thomson Reuters By Maha El Dahan, Roslan Khasawneh and Anshuman Daga DUBAI/SINGAPORE (Reuters) – Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than $400 million in potential trading losses, according a document prepared by…
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