NEW DELHI: The government has begun work on laying down a process for individuals to be declared bankrupt, which will help them deal with a financial crisis rather than be bogged down by it. The rules being framed will help a defaulter repay the money in a structured way, and not be forced to cough…
John Fast, one of the founding partners of Clayton’s lobbying outfit Dragoman Global, has delivered a scathing parting shot to his erstwhile colleague Tom Harley, explaining he decided to put the company into liquidation following a “a total breakdown of the relationship” between the two. In an email to clients sent on Monday afternoon, Fast made…
Lemuel Page An embattled developer and fraudster avoided plummeting into bankruptcy after claiming he only had $200 in his bank account and couldn’t repay the $17 million he owed to former friends and associates. Despite his cries of crippling financial stress, Lemuel Page, 48, is still spotted driving around the Hunter in a luxury Mercedes 4WD and Porsche convertible, both worth…
A taskforce of federal government agencies is used shared intelligence to uncover potential phoenix operators and rogue pre-insolvency advisers, but the business community will still have to wait to see whether phoenix prevention tools like director identification number (DINs) ever make their way into legislation. On Monday ASIC commissioner John Price told Fairfax that phoenix advice passed…
Chemical waste from cooking drugs, carelessly discarded by Canberra’s own Walter White, led the authorities to Stanley Hou’s drug lab. The chemicals were picked up by water testers, who triggered a six-month search for the source of the contamination that uncovered a commercial grade clandestine drug lab capable of producing $10-20 million of MDMA. Busted: Stanley Hou,…
It is just not banks which are wielding the provisions of the Bankruptcy Code to recover dues.Even employees have started approaching the National Company Law Tribunal (NCLT) as was seen in a recent bankruptcy application filed by employees of Aruna Hotels in Chennai against their former employer. Although over 125 cases have been referred before…
POOLSIDE Runway Show at Matisse Beach Club on Saturday January 21st, 2017. Fashion Parade Picture: John Koh. With a clutch of appointments into the sector in recent months, insolvency firm McGrathNicol is cautioning about growing stress in WAs hospitality industry. The combination of WAs softer post-resources boom economy, cautious consumers and stay-at-home drinkers tapping the…