CREDITORS of a century-old Ipswich manufacturing business which went into administration two years ago are set to receive what is owed to them in full. Claypave Pty Ltd went into voluntary administration in March 2019 owing $4.9 million to the Commonwealth Bank and $70,000 to trade creditors. It had accrued liabilities of $2 million in…
Insolvency practitioners have been urged to steer clear of dual appointments, contentious referral relationships and other conflicts of interest as the regulator issues a new report shining a spotlight on independence threats. The Australian Financial Security Authority (AFSA) on Wednesday released a new report, Practitioner independence in the personal insolvency system, to clarify what practitioner…
Restructuring plans were introduced into law at the height of the coronavirus crisis in 2020 to provide businesses with a new tool with which to overcome financial difficulty. The hearing to approve the restructuring plans proposed by Virgin Active is scheduled to commence on Thursday 29 April. If approved, the restructuring would bind opposing landlords…
The moratorium is provided for in The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 and will apply to eligible individuals who have debt problems. The purpose of the Regulations is to give individuals a breathing space during which they can obtain professional debt advice and find…
By Douglas FraserBusiness and economy editor, Scotland image copyrightGetty Imagesimage captionThe number of insolvencies is expected to rise despite coronavirus restrictions easing The number of Scottish companies facing insolvency is expected to rise steeply as government loans have to be paid. It comes despite restrictions on the economy being relaxed. R3, the trade body for…
ANN ARBOR, MIAdmitting that the shifty fish has managed to evade detection by mankind for thousands of years, researchers at the University of Michigan Museum of Paleontology discovered Wednesday that the coelacanth successfully faked its own extinction in order to escape a massive gambling debt. For years we thought all but one related species was…
SAN JOS, Costa Rica, April 28, 2021 /PRNewswire/ — PricePerPlayer.com, the leading Sportsbook Pay Per Head provider in the gambling industry is changing its price per player model.The typical model for a bookie Pay Per Head company is to charge a weekly fee for each active gambler. The price range for these services is usually…
When restructuring a company in distress, early specialist engagement is vital says Ryan Grant, Partner in BDO and an Insolvency Practitioner. When a business is running out of cash, options are severely limited, says Grant. A complication of the pandemic is that many companies have built up significant legacy creditor positions and these will have…
Greater Sudbury council says it’s renewingits call to the province to intervene in the insolvency proceedings that are currently underway at Laurentian University. This is the second time the citywill officially petition the province on the matter, which began Feb. 1, when the university declared itself financially insolvent and entered restructuring proceedings under theCompanies’ Creditors…
The bank’s long-running restructuring showed in lower costs TopicsDeutsche|Banking sector|Banks AP | Frankfurt (Germany) Last Updated at April 28, 2021 13:58 IST Deutsche Bank saw its strongest quarterly profits in seven years as the bank’s long-running restructuring showed in lower costs and as it suffered fewer loan losses due to an improving economic outlook as…