Restructuring appointments are surging compared to 2022 levels, data from Australias corporate regulator shows; one accountant describes being overwhelmed by rising interest among struggling SMEs. Data from the Australian Securities and Investment Commission, released last week, shows 341 restructuring practitioner appointments were made in the 2022-23 financial year to May 7. Even though the full…
An Aussie milk company which sold its products at Woolworths and Coles has plunged into voluntary administration. New South Wales-based company Made By Cow has announced it will cease production and appoint administrator KordaMentha in what was a “tough decision” after years in business. The company said it has faced economic uncertainty and supply challenges…
On 15 June 2022 the Court ordered, pursuant to Section 447A(1) of the Corporations Act 2001 (Cth) (the Act), that the operation of Pt 5.3A of the Act be modified in relation to the administration of the Company, extending the administration period to enable the recovery of debts owing to the Company by the Companys…
Aristocrat Leisure is the big name behind the headlines when talk turns to Australias addiction to poker machines. Aristocrat, with its 50 per cent market share, is the gorilla behind the scenes, and the clubs and pubs are the ones out in front, shareholder activist Stephen Mayne told Aristocrat investors in February as part of…
WASHINGTON, May 28 (Reuters) – U.S. President Joe Biden and Republican House Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt ceiling that would trim some U.S. federal spending. While the bill is still being written, the general contours of the deal have been described by sources. Sometimes, Democrats and…
Camera Icon If you can make a payment before the June 1 rate adjustment blow, it could save you thousands of dollars in the long term. But be careful you dont upset other plans in your enthusiasm to clear the debt. Credit: Engin_Akyurt/Pixabay (user Engin_Akyurt) Share to Facebook Share to Twitter Email Us Copy the…
The Centre is in discussions with banks to work out a regulatory mechanism to transfer assets attached by various investigative agencies to a buyer or successful resolution applicant under the Insolvency & Bankruptcy Code (IBC). At present, if investigating agencies such as the Enforcement Directorate have attached assets of a fraudulent bankrupt borrower, lenders are…
House Speaker Kevin McCarthy (R-Calif.) speaks alongside Rep. Garret Graves (R-La.) to announce that he had reached a deal with President Biden to raise the debt ceiling at the U.S. Capitol on May 27, 2023. | Francis Chung/POLITICO The debt ceiling deal that President Joe Biden and House Speaker Kevin McCarthy struck late Saturday is…
For the first time in six years, financial creditors beat operational creditors in invoking insolvency proceedings under the bankruptcy law in the last fiscal year. The data compiled by the Insolvency and Bankruptcy Board of India (IBBI) showed that 650 cases of corporate insolvency resolution process (CIRP) were initiated by financial creditors in FY23, against…
UK-based AI drug discovery company BenevolentAI has announced to lay off about 180 employees as part of a restructuring plan that resulted from a strategic review, while CFO (Chief Financial Officer) Nicholas Keher has resigned. According to BusinessCloud, the company will streamline and reorganise operations across two business units — the Tech Business Unit and…