Interpath Advisory, the UK restructuring firm formed from a KPMG spin-off in 2021, is in advanced talks to acquire KPMGs French restructuring division. This would be Interpaths most significant acquisition to date, with the French arm employing over 100 people, Sky News reports. The deal is anticipated to close as early as next month. The move…
With businesses collapsing at levels not seen since 2012, Grant Thornton Australias John McInerney suggested that the small business restructuring scheme could be a more favourable option than a payment plan. He made the comments ahead of his session at the ACE24 Accounting Conference and Expo 2024, where he will unpack how accountants can help…
Best Buy, the US equivalent of Australias JB Hi-Fi, has reportedly carried out another round of layoffs and job restructurings last week. The consumer electronics and appliance retailer cut some of its sales staff and reduced the pay for others, reported The Verge citing current and former employees. The layoffs appeared to have mostly targeted…
What is the Small Business Restructuring process? Australias Small Business Restructuring (SBR) process is a formal insolvency process introduced by the Federal Government in 2021 to give small businesses the opportunity to restructure their debts while directors remain in control of the business, under the supervision of a restructuring practitioner. The SBR process involves a…
Several of these factors contributed to the rising levels of formal insolvency appointments and distressed asset sales seen over the past year, which is likely to continue into 2024. In this article, we look back at, and think forward to, the trends and legal developments which businesses, insolvency professionals, accountants and investors need to be…
Advertorial ARYZAs new head of corporate insolvency, Tom OConnor. Aryza, a leading provider of financial software solutions, announces the appointment of Tom OConnoras its Head of Corporate Insolvency. With an extensive career spanning over a decade in the insolvency sector and a proven track record in product development and client engagement, Tom brings invaluable experience…
Business failures are on the rise in Britain, with several high-profile names lost already this year. But since the 1980s, the UK has made it a priority to throw a lifeline to struggling companies. It appears, however, that these efforts to enhance the law are being hampered by sloppy language in the media, increasing the…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
The Insolvency Service of Ireland, which helps people tackle personal debt problems, said it saw an increase in demand for its services last year with applications for insolvency solutions, other than bankruptcy, increasing by 20% compared to 2022. In its annual report today, the ISI said 72 people were adjudicated bankrupt in 2023, down from…
New Delhi: The Insolvency and Bankruptcy Code (IBC) offers defaulting firms an opportunity for restructuring debt, which is “beneficial for personal guarantors seeking to resolve their financial difficulties”, the Ministry of Corporate Affairs (MCA) said in a communication to stakeholders.Personal guarantors give lenders an assurance of the repayment of loans taken by corporate debtors. Usually,…