The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them. The top court, however, did not extend the benefit of moratorium on…
Convicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court. Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
A man spent 47,800 of his late mothers money to cover his gambling debts while she was away in a care facility. Gambling Addict Stole 47K from Mother to Cover Gambling Debts Gambling addictionhas left many people desperate, pushing them to do things they would have otherwise strongly objected to. The case ofGary Evans,57, is…
Bidvest is disposing of its car rental business Bidvest Trading and distribution group Bidvest has reported a trading profit increase, as its “portfolio clean-up” nears its conclusion. The company, which owns brands like Waltons and Cellini Luggage, also has pharmaceutical, industrial, financial services, freight, travel, and automotive businesses. It began its restructuring process with the…
The Pension Protection Fund (PPF) has published interim guidance on the Corporate Insolvency and Governance Act 2020 around the newly-introduced concepts of moratorium and financial difficulty mitigation arrangements. Under the act, a moratorium can be initiated by the directors of a company that, among other things, suspends payments of most historic debts and prevents action…