The Dutch e-bike startup VanMoof is on the brink of bankruptcy. The Verge reports the company has entered a so-called suspension of payment proceeding, in which a court-appointed administrator helps to lead the company out of debt. All options are on the table. Meaning Van Moof is also facing a possible sale. The procedure is…
On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) released its final report following an inquiry into the framework of Australia’s corporate insolvency laws (Inquiry). The Inquiry commenced in September 2022. The Inquiry has determined that Australia’s insolvency regime is not fit-for-purpose and requires major reform, with the Committee…
A total of 3,347 eateries have been unable to pay their debts in the past two years to March 2023, according to data from the Insolvency Service and first reported by Sky News. During the first three months of 2023, an average of six restaurants were affected every day. Of those restaurant declared insolvent, 98%…
Yet another construction company has collapsed with Perth builder City Residence Pty LTD going into liquidation. Peter Malone from CRS Insolvency Services was appointed liquidator on Wednesday after a company meeting resolved City Residence should be wound up. The company was yet to complete 13 residential building projects despite the liquidation. Building and Energy acting…
Overly complex, difficult to access and creating unnecessary cost and confusion for debtors and creditors 4 min read On 12 July 2023, the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services (Committee) released its report into corporate insolvency in Australia (Report). The Report concluded that Australia’s corporate insolvency system is too complex, hard…
Australias corporate and personal insolvency laws should face a comprehensive review, and improvements to small business restructuring pathways should be investigated as a priority, according to a massive report on the nations insolvency regime. The Parliamentary Joint Committee on Corporations and Financial Services tabled its long-awaited report on Wednesday afternoon, nearly nine months after endeavouring…
Jirsch Sutherlands Western Australian division, WA Insolvency Solutions (WAIS), has promoted a former graduate who started with the firm in 2002 to partner. The promotion of Greg Prout comes after he joined the firm with a commerce degree in November 2002 to work his way up to be one of the few insolvency practitioners in…
Farmers Insurance will end coverage in Florida, a move that will affect about 100,000 existing policies and represents the latest retreat by insurance companies reluctant to cover Americans living in disaster-prone areas. As more natural catastrophes become billion-dollar disasters and construction costs soar, some insurers have begun limiting coverage or suspending new policies in states…
AMMAN One of the major commercial centers, a hypermarket“, whose branches are spread in several governorates in the Kingdom, as well as 11 other companies, have submitted an application to declare insolvency to the relevant court, according to the general controller of the Companies Control Department, Wael Al-Armouti. The companies include a major cement manufacturing…
/ The company has entered a so-called suspension of payment proceeding with a court-assigned administrator helping to lead the company out of debt. All options are on the table. a:hover]:text-black [&a:hover]:shadow-underline-black dark:[&a:hover]:text-gray-e9 dark:[&a:hover]:shadow-underline-gray-63 [&a]:shadow-underline-gray-13 dark:[&a]:shadow-underline-gray-63″The VanMoof S4 e-bike, which you could still buy up until two weeks ago.