Predicting the form and substance of mainland Chinese bank failures has become a cottage conspiracy industry among research analysts and hedge funds. A more enlightening exercise is observing how other current government authorities and bank leadership have succeeded or failed, or have been swamped by indecisiveness and serial mediocre decisions in the face of default.…
DetailsCorporate insolvencies The corporate insolvency numbers have been skewed by a wave of personal service companies being closed in the last quarter. It may have been just the closure of a handful of companies run by an umbrella provider which led to the spike. When you look beyond that though, 2016 had more or less…
DetailsDCL Advisory is a professional insolvency consultation firm that offers Voluntary Administrator services. Voluntary Administration Voluntary Administration offers relief to an insolvent company so it can determine its future. Protections include: unsecured creditors cannot pursue claims against it without the administrators or courts approval secured creditors cannot impose charges non-perishable property owners or those who…
DetailsTotal corporate insolvency in Western Europe will fall by -4 per cent in next 12 months UK business insolvency will rise by +5 per cent in the next 12 months as the economic slowdown, rising input prices and increased late payment risks begin to take their toll, according to Euler Hermes. This is in sharp contrast with…
DetailsGUD Holdings has a strong auto parts business but its Oates mops and brooms have been hit hard by the shutdown of Masters and poor profits in the Woolies supermarkets. Ben Rushton The $3 billion Woolworths Masters hardware disaster and losses from sales of mops, brooms and buckets in Woolworths supermarkets crunched the Oates brand…
DetailsBUNDABERG residents continue to struggle to pay off their debts as new figures reveal the number of locals falling into financial despair. The number of people who became insolvent between October and December last year dropped to 42, down from 44 in the September quarter. The Australian Financial Security Authority data shows the total number…
DetailsWith major firms having a footprint all over the world, there is a need for a common court framework that makes tackling cross- border insolvency matters more efficient and less expensive. The first step was taken yesterday, with the Singapore Supreme Court and US Bankruptcy Court for the District of Delaware adopting guidelines for cost-cutting…
DetailsFairfax Media The companies behind fashion brands David Lawrence and Marcs have been placed in voluntary administration. Vision courtesy ABC News 24. It’s business as usual at fashion stores David Lawrence and March, administrators say, as they get the struggling businesses ready for sale. Poor sales and market conditions led to the decision to voluntarily…
DetailsHigh-profile Australian fashion labels Marcs and David Lawrence have collapsed under debts of close to $30 million, including close to $3 million in worker entitlements and a $700,000 debt to the tax office. The appointment of voluntary administrators to two of the country’s best-known fashion brands leaves close to 1200 workers facing the the loss of their livelihoods as insolvency specialist Rodgers Reidy reviews…
DetailsPretoria – The attempted business rescue of RBA Holdings appears to have failed and the company is set to be liquidated. Trevor Glaum, RBAs business rescue practitioner, confirmed on Tuesday that he would be applying to the Western Cape High Court today, or as soon as possible thereafter, to discontinue RBAs business rescue proceedings and…
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