A vulture fund objected to a financial rescue plan for a heavily indebted Co Offaly firefighter, arguing that he could pay more off his mortgage from his familys child benefits. The High Court overruled the objections of Promontoria, owned by US private equity giant Cerberus, on Monday, approving a 75,000 write-down on the debts of…
What are the consequences of bankruptcy? Stephanie McGrath looks at the effects on pharmacy owners On 18 February 2019 AJP reported that the National Health Amendment (Pharmaceutical Benefits) Bill 2019 would enable PBS medicines supply to continue when a pharmacy owner enters bankruptcy. The Bill lapsed at dissolution on 11 April 2019 and is not…
Law firm OSM Partners has appointed Andrew Croughan as new partner and head of personal insolvency, and Raymond Lambe as new partner in the corporate and commercial litigation department. Andrew Croughan brings more than 10 years experience in commercial litigation, dispute resolution and insolvency and has acted in cases before all courts including the Supreme…
THE CASE of Mr Ke, a carpenter from the eastern city of Taizhou who fell deep into debt, may one day be noted in histories of Chinas financial evolution. On May 9th a local court announced that it had arranged for Mr Kes liabilities to be written off. This was made possible by what state…
When it comes to outrageous pensions and overtime at the MTA and public entities, we find ourselves at a crossroad. Thanks to the Empire Center for Public Policys expose of a railroad worker soaking up $344,000 in overtime, the iron is suddenly hot for change. This is our chance to declare the MTA…
news, local-news, There were 21 insolvencies declared in the Dubbo region in the the first three months of 2019, according to the latest Australian Financial Security Authority (AFSA) figures. Four were business related insolvencies and 17 were non-business related or not stated. The numbers differ only slightly from those reported in the last three months…
Published 27 May 2019 A High Court test case which would have significantly clarified the law around debt-for-equity personal insolvency arrangements has been struck out on a technicality. The case was brought by Start Mortgages against a personal insolvency arrangement approved in Trim Circuit Court, which saw a mans mortgage written down from almost…
Government officials are hopeful a saviour can be found for British Steel after speaking to 80 potential bidders, saying multiple parties have expressed an interest in taking on all or part of the business. The Insolvency Service has been seeking buyers since the company collapsed last week, a financial failure that threatens the future of…
A court in Rotterdam declared Rerum Technics (formerly Entropia Digital bv) bankrupt on 23 May, Connection. KPN filed for the bankruptcy, after a cooperation failed and KPN claimed that Rerum Technics had payment arrears. According to the ruling, the court agreed that Rerum Technics did not meet its payment obligations. The company said it will…
A liquidator has been put into WA Aboriginal resources contractor Indigenous Construction Resource Group. Set up in 2010 to create employment opportunities for regional Aboriginal communities, ICRG has undertaken work for companies including Fortescue Metals Group, Buru Energy and Roy Hill Holdings. At its peak in 2016, it had more than 150 workers on its…