Jul 7, 2024 10.30pm Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled…
About 4.30pm, the Companies Office updated its website to say E Cycles NZ Limited has had liquidators, receivers or voluntary administrators appointed. The liquidators are Kieran Michael Jones and Steven Khov. Two accountants from Khov Jones were combing through the shop when the Herald visited. They would not discuss their activities inside the store. Advertisement…
The e-bike business at the centre of allegations made against independent MP Darleen Tana and her husband has gone into liquidation this afternoon. The findings of a Green Party-commissioned investigation into Tana were publically released earlier today after she resigned from the party last week. Her husband Christian Hoff-Nielsen owns the business which has become…
Darleen Tana resigned as a Green MP last week. Photo: Green Party NZ Former Green MP Darleen Tana’s husband’s e-bike business is in liquidation, on the same day the executive summary of the report into what she knew about allegations of migrant exploitation at the business was publicly released. The New Zealand Companies Register shows…
The firm had a portfolio worth more than $400 million, ranging from luxury apartments and affordable housing to retail projects, but on Friday formally went into liquidation, according to documents filed with ASIC. Creditors have been told to submit their debts or claims by August 5. Stevens Construction has collapsed two months after going into…
Aussie online retailer Booktopia insists it was at all times trading in line with insolvency laws, as administrators continue to pore over its books. Administrators said the company could be as much as $60m in debt on Monday, the first day creditors have met since the bookseller collapsed less than two weeks ago. The ABC…
There has been an increase in company insolvencies in Australia. Startups and early-stage technology companies have not been shielded from this, with recent high-profile collapses including Tritium and Milkrun. In this article we discuss insolvent trading risks, the state of the startup market, unique risks to startups and the protections offered by the “safe harbour”…
The major downside to cryptocurrency is the risk of loss, which is even more difficult to manage when a crypto exchange is holding your keys. In July 2022, two major crypto trading platforms, Voyager and Celsius, declared bankruptcy. In November 2022, crypto exchange FTX suffered a major liquidity crisis and filed for Chapter 11. FTX…
The administrators handling the collapse of Booktopia have announced that orders placed with Australias largest online bookseller will not be filled and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors which voids store credits…
Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…