The Productivity Commission has recommended the federal government introduce a streamlined process for small businesses going through a voluntary liquidation. The recommendation is one of 15 contained in the commissions final report into the barriers to setting up and closing or transferring a business in Australia, which commenced in November 2014. Released on December 7,…
While the life of so called reality TV star Kerry Katona has been anything but boring, news that she has today been declared bankrupt could have a long term detrimental affect on her ability to revive her fortunes. The long running bankruptcy hearing has been adjourned four times but today was the day when the…
MUMBAI: A focus on improving operating efficiency and reduction in investments funded through debt over the past few quarters are helping Corporate India to clean up balance sheets amid the slow economic growth. An analysis by the ET Intelligence Group shows the reserves and surplus of BSE 500 companies stood at a record Rs 26.4…
JOSEPH JOHNSON/FAIRFAX NZ Honeypot Cafe owner Brendan Alcock. Christchurch’s Honeypot Cafe has gone into liquidation for a second time, owing at least $250,000. Owners Brendan and Sophie Alcock took over the Colombo St cafe on August 7, 2013, after the previous company,running it went into liquidation. The couple, who were new to the hospitality industry,…
U.S. lawmakers agreed to extend some health-care aid to Puerto Rico as part of a $1.1 trillion spending bill that would avert a government shutdown, a step that fell far short of the lifeline the Caribbean island was seeking to rescue it from its escalating debt crisis. The legislation, which marks Congresss first step to…
Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website. But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency…
Crown Resorts, of which James Packer is a director, had a board meeting on Wednesday. Photo: Pat Scala James Packer has held talks with potential partners about buying assets held by his majority-owned casino operator Crown Resorts, but the billionaire is yet to raise the privatisation plan with his fellow directors. Any privatisation plan that is being hatched…
Toshiba Corp. is considering slashing several thousands of jobs worldwide as it aims to restructure its loss-making, television, personal computer and white goods businesses, sources close to the matter said Tuesday. The scandal-hit conglomerate is expected to solicit early retirements and to transfer workers, the sources said, adding that the company could unveil such plans…
14 December 2015 By Karen O’Flynn. Key Points:You can lead a director to the safe harbour, but you can’t make him drink. The Government’s new approach to insolvency is long on rhetoric about risk taking and the need to remove the stigma of business failure. However, it is short on detailed consideration of exactly why we…
The Prime Ministers announcement on Monday 7 December of a National Innovation and Science Agenda is a welcome development. However, the challenge will be for the government to turnaround our National Innovation System (NIS) which has been steadily in decline for some time. As outlined in the Prime Ministers statement, Australia has many world class…