The legislation, introduced in September 2022, aims to facilitate the sale of business units and streamline often lengthy restructuring processes by essentially giving creditors more powers. One of its key innovations was the possibility for debt holders to unilaterally present a plan in court, without this implying an insolvency proceeding or the suspension of payments.…
The number of individuals entering a personal insolvency procedure has dropped to 26,390 its lowest quarterly level since Q3 2020. Figures from the Insolvency Service, reveal that 1,826 people entered bankruptcy, 7,106 entered a debt relief order and 17,458 entered an individual voluntary arrangement in Q2 2023. IVA numbers were down 12% compared with the…
Managing personal finances can often be overwhelming, especially when faced with mounting debts and financial obligations. In such situations, seeking the right solution to ease the burden and regain control of your finances is a logical step. The commonly considered options are debt consolidation and debt review. Denise Hartley, COO at FNB Collections, said, While…
Ross Parsons Centre Law and Business seminar | Insolvency and Tax Debts: the special position of the ATO Online event The Australian Taxation Office is a creditor in almost three out of every four company insolvencies. Legislation in 1993 removed the last of what were seen as rights that elevated the ATO to the status…
In short: James Redmond Burrows has pled guilty to 113 fraud-related charges over four years. A court has heard he used his clients money to fund his gambling addiction What’s next? His lawyer told the court Burrows has good prospects for rehabilitation. Sentencing submissions will continue on Tuesday A former accountant has pled guilty to defrauding his…
Cash-strapped Aussies are turning to gambling as a ‘quick fix’ as expenses spiral out of control, according to new research by Finder. A Finder survey of 1,110 respondents revealed almost 1 in 5 Australians (18%) have increased their gambling habit over the past year. That’s 3.6 million Aussies who have upped their spending on everything…