Category Archives: Bankruptcy

Choice Living: insolvency specialists called in for beleaguered WA builder – The West Australian

Home builder Choice Living Homes WA has gone into administration, calling in insolvency and business recovery specialists Cameron Shaw and Richard Albarran. Choice Living appointed external administrators Hall Chadwick yesterday, days after WAs building watchdog declared it had suspended Choice Livings registration. Last Thursday, Building Commissioner Ken Bowron declared the authority had suspended the registration…

‘Business and usual’ at NQR after company enters administration – Bendigo Advertiser

The newly-appointed administrators of NQR have moved to reassure the staff and customers of the Kangaroo Flat store is operating as usual as they begin a search in earnest for buyers. The grocery clearance company offers dramatic savings on weekly shopping bills and has 24 stores across metropolitan Melbourne and country Victoria. Last week it entered administration and appointed Bruno…

More Australians falling victim to debt – RateCity

Bankruptcies, debt agreements and personal insolvency agreements all rose in the final quarter of 2017, according to new data. The Australian Financial Security Authority (AFSA) has reported that there were 7,578 new personal insolvencies in the December quarter up 7.4 per cent on the previous year. Breaking down the numbers, those 7,578 insolvencies included: 4,029…

Sex clinic founder declared bankrupt – NEWS.com.au

A director of a company that took advantage of men suffering sexual dysfunction has been declared bankrupt after failing to pay the consumer watchdog’s legal costs. Jacov Vaisman is the former director of the Advanced Medical Institute (AMI) and NRM, the company that bought AMI and continued to operate the business. The Australian Competition and…

Insolvency Service scrutinises Carillion board’s actions – The Times

The poor standard of record-keeping will make the investigation more difficult, the Insolvency Service saidCARILLION The investigation into potential misconduct in the running of Carillion will be expanded to look at up to 169 directors across the failed construction company, MPs have been told. At the initial hearing of a Commons business and work and…

More West Aussies forced to file for bankruptcy – The West Australian

The combination of flatlining wages and big mortgages is driving up the number of people filing for bankruptcy. The Australian Financial Security Authority has revealed that bankruptcies and private debt agreements nationally and in WA are at their highest since the global financial crisis. But figures from NAB yesterday confirmed a different story for the…

Firm accused of helping businesses dodge creditors, tax office, goes into liquidation – ABC Online

Related Story: Pre-insolvency business advisers investigated over missing millions Related Story: ATO chasing millions from companies linked to controversial adviser A firm of business advisers accused of helping company directors hide cash and assets from creditors and the tax office has gone into liquidation, raising questions over whether the…

Vladimir Putin says US took ‘hostile step’ in publishing list of Russian aides and oligarchs – ABC Online

Related Story: Russia accuses Trump of ‘humiliating’ climbdown over sanctions Related Story: New Russia sanctions have passed US House of Reps, but will Trump sign them? Russian President Vladimir Putin says the Trump administration made a “hostile step” when it published a list of Russian businessmen and politicians as…

Personal Insolvency Rates Rise for the 2nd Year Running – Money Expert (blog)

The number of individuals in the UK declaring insolvency has increased for the second year running, with a return to levels 99,196 people not seen since the post-2008 recession.  Rates rose by 9.4% over the course of the year from a figure of 90,657 people in 2016. Since the economic recovery following the the 2008…

Insolvency Law: Bidders Can’t Cherry-Pick Assets Of Stressed Companies – BloombergQuint

A recent court order is likely to impact the way resolution plans for stressed companies are being designed. The Mumbai bench of the National Company Law Tribunal held that a plan that envisages resolution of only some assets while excluding others is not acceptable. The NCLT said so in the case of Roofit Industries that…