Revenue negotiations on warehouse debt cited as reason for decline in small company restructurings, study says – The Irish Times

Revenues ongoing negotiations earlier this year with companies who availed of a pandemic-era warehoused tax debt scheme has been cited as a key reason for a decline in the number of small company restructurings in the first half of 2024, a new survey has found. According to research from Azets Ireland, 13 Scarp restructuring procedures…

Over 200 jobs saved so far this year through small business restructuring process – Irish Examiner

New research into the Small Company Administrative Rescue Process (SCARP) scheme has shown that 206 jobs have been saved so far this year as the number of businesses starting the process drops significantly. The SCARP scheme was first introduced in late 2021 to help small and micro companies who are still viable, yet insolvent, restructure…

Local small businesses look to restructuring for ATO debt solution – InDaily

South Australian small businesses are facing a choice between calling in the liquidators or bringing in restructuring firms to go on payment plans amid mounting tax debts owed to the Australian Tax Office (ATO). At an information night held three weeks ago by licensed small business restructuring (SMB) firm Small Business Restructuring Specialists, five clients…

Small Business Restructuring Specialists – William Buck

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…

HECS indexation to be overhauled in budget with $3 billion in student debt 'wiped out' – ABC News

In short: Student debts will be lowered for more than three million Australians under reforms designed to stop HECS loans growing faster than wages. Loan indexation will now match whichever is lower out of the Consumer Price Index or the Wage Price Index which the government says will prevent another shock increase like last year’s 7.1 per cent…

Court winds-up Manchester firm offering unlicensed insolvency practitioner services – GOV.UK

Manchester-based company believed to be offering insolvency practitioner services when it was not authorised to do so is wound-up in court. Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed  Its actions risked undermining the insolvency regime and the companys directors refused to explain its…

Rescue Remedies – Law.asia

Restructuring and insolvency laws are adapting with more innovative approaches toward bankruptcy case management. here we look at developments and analysis from three major jurisdictions Chinas bankruptcy law system moves toward maturity It took 12 years to bring Chinas Enterprise Bankruptcy Law into existence, with it finally being enacted on 1 June 2007. On 16…