Lotterywest sets up virus-rescue fund

wayne

The state government has unveiled $184 million in initiatives to boost crisis support and provide rent relief for small businesses and not-for-profit groups impacted by COVID-19, while the City of Perth has announced a rent-free period for tenants in city-owned buildings.

The announcements come as Western Australia’s confirmed COVID-19 cases grew by 44, bringing the state’s total to 355 infections.

Lotterywest today unveiled a $159 million COVID-19 Relief Fund, of which $59 million will be immediately available to eligible not for profits and community organisations.

The initial emergency support will cover costs related to demand for critical needs such as food, clothing and shelter.

The funding will also provide financial relief for not-for-profit sports, arts and community organisations experiencing hardship, a result of events cancelled due to coronavirus-related restrictions.

“From now on, every profit Lotterywest makes from jackpots, draws and tickets excluding statutory grants will go directly into a newly created COVID-19 Relief Fund,” Premier Mark McGowan said.

The premier also announced today that not-for-profit groups and small businesses in government-owned properties would not have to pay rent for six months under the latest stimulus response to the coronavirus pandemic.

Mr McGowan said $25 million had been allocated to the

Govt may slash borrowing from market in April amid lockdown: Report

wayne


India may slash or even cancel its planned borrowings from the market for April, looking at its options amid a nationwide prompted by the outbreak, two finance ministry sources told Reuters.


The travel curbs have disrupted routine bond market trading and volumes and prompted primary dealers, underwriters to bond issuances, to seek finance ministry intervention.



“We are looking at various options. Market borrowing is challenging in the current environment,” a senior finance ministry official said.

 



“So we are considering options of selling these bonds to LIC (Life Insurance Corp of India) or RBI (Reserve Bank of India). We might still look at a small borrowing from the market, but all options are on the table,” he said, adding that the government could also use the central bank’s ways-and-means facility – an overdraft facility the RBI offers to the state – to address any immediate cash needs.


Private placement of bonds would ensure the government gets the money it needs for its expenditure while there is no impact on the market.


He also said the government would likely take a month-on-month view

Relief for BSNL, MTNL users: Prepaid validity extended till April 20

wayne


State-owned telecom operators and will extend validity period of their prepaid mobile services till April 20 and offer Rs 10 additional talktime even after zero balance, to enable users, especially poor and underprivileged, to stay connected during the 21-day nationwide


“This will enable poor people make calls for help even if they don’t have any balance left,” Communications Minister Ravi Shankar Prasad said in a tweet.



The minister also took stock of performance of essential services under the Department of Telecom (DoT) and Department of Post, with heads of circles from all states through a video-conference on Monday.


“During the video conference, took feedback on functioning of their essential services during #21daysLockdown from heads of circles of and India Post. Exhorted them to rise to the occasion and set new benchmarks in public service as #IndiaFightsCorona,” the minister tweeted.


In a statement, Bharat Sanchar Nigam Ltd (BSNL) said it will offer free validity extension for prepaid mobile subscribers who were unable to recharge after their validity expired during the period, and also provide free talktime worth Rs 10 to those with zero

What is Company Voluntary Administration?

wayne

Company Voluntary Administration, or CVA, is a legal agreement settled between a company and its creditors.

Essentially, what CVA does is it helps companies repay their debt without going into to administration, thus avoiding declaring bankruptcy. The company will pay debts over a set period of time.

The agreement between the two parties is based on having a vested interest in preserving the company, rebuilding sales and profits and then, of course, the company will repay the creditors over the set period.

It must be the case that 75 per cent of creditors need to be in agreement and in full support of the CVA.

Once the agreement has been made, the company can carry on trading as they usually would, the directors can conduct their usual duties and the personal guarantees usually will not get called in, which will give the business the chance to survive.

Who can get a CVA?

A CVA can only be proposed if a company is insolvent or contingently insolvent. It will be monitored by a supervisor who will be a licensed insolvency practitioner. The arrangement will usually last between 3 to 5 years, depending on a number of factors. It is therefore

Subscribe Now