ATO and ASIC raid 13 properties linked to pre-insolvency firms allegedly encouraging phoenix activity – SmartCompany.com.au

Bankruptcy

The Australian Tax Office and the Australian Securities and Investments Commission have conducted raids on 13 businesses and residences across the country in a bid to crack down on pre-insolvency firms that advise clients on how to avoid tax. Some 120 ATO officers teamed up with their ASIC counterparts on Thursday to collect documents and…

Recruitment companies survive voluntary administration as Rubicor Group secures deal with creditors – SmartCompany.com.au

Liquidation

Three recruitment companies have been returned to their directors, after parent company Rubicor Group secured a deal with creditors to bring the companies out of voluntary administration. Rubicor Group is one of Australias largest recruitment companies and is listed on the Australian Securities Exchange. The group, which was founded in 2005, operates 15 specialist brands…

Potential liability of chartered accountants for delaying insolvency proceedings – International Law Office (registration)

Bankruptcy

Chartered accountants’ obligation to comment on overindebtedness Liability of chartered accountants Comment Chartered accountants entrusted to draw up financial statements must also examine the company’s status of overindebtedness in terms of insolvency law if its accounts show that it is overloaded with debt. However, in practice, this task is often neglected, as the fact…

CirraGroup and Lafayette General Health Help Tackle the U.S. Medical Debt Crisis – Business Wire (press release)

Debt Help

LAFAYETTE, La.–(BUSINESS WIRE)–CirraGroup, the first crowdsourced medical debt settlement solution, announced today that it has signed an agreement with Lafayette General Health system (LGH; Lafayette, LA) for its Debt Resolution Platform. Today, one in four Americans are covered by a high deductible health plan, and half of them cannot afford to pay. As of Q1-2016,…

Maha govt ropes in Amul to help debt-ridden farmers in Yavatmal – Hindustan Times

Debt Help

To boost supplementary income of debt-ridden farmers in Yavatmal, the Maharashtra government has roped in Gujarat-headquartered dairy major Amul for marketing and procurement of milk in the district, which is one of the worst affected farmer suicide-prone areas in the Vidarbha region. The Yavatmal Cooperative Dairy Union was one of more than 20 district units…

Liquidating a limited liability company – International Law Office (registration)

Liquidation

Overview Comment The liquidation of a limited liability company (LLC) is undoubtedly a complicated and lengthy process, but nonetheless includes many safeguards to guarantee the rights and obligations of the company with regard to third-party debtors and creditors. Below are the main steps required in the liquidation process for LLCs registered in Baghdad or…

Dubai’s Change Initiative restructuring its business – The National

Restructuring

The Change Initiative, a shop specialising in selling environmentally-friendly goods, is restructuring its business as a result of a retail downturn. The Barsha Heights-based shop will close its retail operation and cafe in September and instead focus on its distribution business. “The current retail climate makes it impossible for us to financially sustain the business,”…