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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Ekati Diamond Mine is getting a $115 million loan from the Canadian government to continue operations at the mine and protect jobs, its owner announced Thursday, CBC.ca reported. Jeremy King, CEO of Australia-based Burgundy Diamond Mines, which owns Ekati, said his company was working in the background with the government of the Northwest Territories and came close to shutting the mine down "weeks ago." "We were in a very bleak, or stark, scenario," he said. "It was either this line or we were looking at bankruptcy and shutting the mine down," he said.
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A major Australian caravan manufacturer has been plunged into voluntary administration just weeks before Christmas, according to the Daily Mail and multiple other reports. Zone RV has appointed administrators Cor Cordis to conduct an ‘urgent review’ of its operations and will continue trading in a ‘substantially reduced capacity,’ RVBusiness.com reported. The luxury off-road caravan company, based on Queensland‘s Sunshine Coast, informed 250 employees of their uncertain futures on Monday before sending them home. It’s understood staff are owed entitlements, including holiday pay.
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In a speech to be delivered at the Australian Financial Security Authority (AFSA) Summit on Tuesday (18 November) and seen by Accounting Times, Andrew Leigh underscored the importance of a robust and trustworthy insolvency system for boosting productivity, the Accounting Times reported. A robust insolvency system that handled bankruptcies smoothly and ensured creditors got a fair deal would incentivise more Australians to take business risks, which in turn could help resuscitate the country’s poor productivity, Leigh said. “Every successful market economy rests on trust.
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