The global economy avoided what could have been a systemic debt crisis during the turbulence of recent years, but vulnerabilities remain amid high debt servicing costs that pose an important challenge for low and middle-income countries. Some may yet confront major tests. When countries do falter on debt, restructuring is critical to containing the damage.…
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…
Insolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is hellbent on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity…
In recent years, there has been a notable increase in the use of alternative dispute resolution methods in corporate litigation in India, particularly in cases involving insolvency and bankruptcy. There is also a growing emphasis on structured and specialised mechanisms for resolving cross-border corporate disputes. These trends indicate a shift towards more efficient, specialised, and…
25 Jun 2024 4 min read The latest insolvency statistics for May 2024 for company and individual insolvencies have been published on 18 June 2024 for England and Wales. This comes just before the announcement on 19 June 2024 by the Office for National Statistics, that UK inflation fell to the Bank of Englands target…
The debts of a collapsed group of NSW businesses have blown out to almost $23 million, while other subsidiaries have quietly gone under in recent weeks. News.com.au reported in April that a western Sydney factory had closed down and all workers had been terminated on the spot. It comes after two companies linked to the…
Darlinghurst Theatre Company has announced via social media and its website that its directors have resolved to place the company into voluntary administration as of 17 June 2024. The company was formed in 1993 by Glenn Terry. Housed in The Eternity Playhouse since 2013, the Darlo has been a mainstay of Australian theatre for three…
APP founders Brendan McKeegan and Phil McFarlane. Photo: Food Frontier ISOLATES manufacturer Australian Plant Proteins has entered voluntary administration, with hopes that a buyer or investor can step in to continue operations. Founded in 2016 by Brendan McKeegan and Phil McFarlane, APP employs more than 30 people at two Victorian locations, a research-and-development site at…
Above: Sule Arnautovic from Salea Advisory Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected. Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business. Arnautovic is a…
The Kirribilli Club in Sydneys north shore has entered voluntary administration. The club appointed Hugh Armenis of SV Partners administrator on June 19. After an initial period of trading to assess the status of the club, it ceased trading on June 24. The ex-services club, with over 18,000 members, was founded in 1946, and boasts…