The Australian government helped businesses during the COVID-19 pandemic last year by temporarily suspending some business directors' duties relating to insolvency risks. However, directors' obligations have reverted to the standard insolvency liability regulations this year, Insurance Business Magazine reported.
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A war of words has erupted between Qantas boss Alan Joyce and Regional Express (Rex) deputy chairman John Sharp as the two airlines battle over a domestic air travel market recovering quickly from the pandemic, the Australian Financial Review reported. While Mr. Sharp earlier this week argued Qantas might be “technically insolvent”, Mr. Joyce has now questioned whether the former federal transport minister misled the market over the carrier’s financial health.
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Creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, voted on Thursday to liquidate the company, its administrator said, triggering deeper investigations into the conduct of its directors, Reuters reported. Grant Thornton (GT), the liquidator appointed for the Australian parent and its operating companies in Britain, said the majority of 26 creditors owed A$4.6 billion ($3.6 billion) by the collapsed financier voted for liquidation.
One of Turkey’s largest cryptocurrency exchanges said it lacked the financial strength to continue operations, leaving hundreds of thousands of investors fearing their savings have evaporated as authorities sought to locate the company’s 27-year-old founder, who fled the country, Bloomberg News reported. Confusion reigned about how many users of the Thodex exchange were affected and how much money was at stake. In a statement from an unknown location, Thodex Chief Executive Officer Faruk Fatih Ozer promised to repay investors and to return to Turkey to face justice after he did.
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There is currently race among large Indian retailers to bring tens of millions of small mom-and-pop stores, known as kiranas, into their supply chains, the Nikkei Asia reported. India's retail market was pegged at $793 billion in sales in the fiscal year ended March 2020 and is expected to grow to nearly $1.5 trillion by 2030, according to the latest report by retail consultancy Technopak Advisors and the National Association of Software and Services Companies. The country is home to about 20 million kiranas, which account for 88% of the brick-and-mortar market.
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In the March quarter 2021, personal insolvency fell 52.9% compared to the March quarter 2020, according to the latest personal insolvency statistics released by Australian Financial Security Authority (AFSA). There were 2,545 personal insolvencies in the March quarter 2021, a 52.9% fall compared to the March quarter 2020. There were falls in all states and territories. The number of personal insolvencies rose 5.8% compared to the December quarter 2020. By type of personal insolvency:
Bain Capital Credit, Oaktree Capital Group and White Oak Global Advisors are in talks to refinance some of Sanjeev Gupta’s borrowing from Greensill Capital at some of his Australian businesses, the Australian Financial Review reported. The funds have been carrying out due diligence to provide at least $430 million to GFG Alliance’s Australian Mining and Primary Steel units, including the Whyalla steel mill in the south of the country. One of the funds could conclude a deal with GFG as soon as early May, said the people, who asked not to be named because the talks are private.
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Australia has canceled agreements between China’s Belt and Road Initiative and the Victoria state government, in a move that could further worsen ties between the two nations, Bloomberg News reported. The Australian federal government scrapped both the memorandum of understanding and framework agreement signed between Victoria and China’s National Development and Reform Commission, Foreign Minister Marise Payne said in an emailed statement Wednesday. Two other deals between Victoria and the governments of Iran and Syria have also been scrapped.
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Bengaluru-based Prestige Estates Projects has stepped in to take over a project in Mumbai’s Mulund suburb by cash-strapped Ariisto Developers, which will benefit 350-400 homebuyers and lenders to the stuck project, the Times of India reported. The committee of creditors representing the lenders had approved a hybrid plan where Prestige will pay upfront cash of Rs 370 crore and provide the lenders with 8 lakh square feet built-up commercial area. This has led to the resolution of Rs 1,650 crore of debt of the approximately Rs 2,200 crore owed by Ariisto Developers.
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