Debt agreements are the fastest growing form of personal insolvency in Australia. They were designed to offer debtors a low-cost way to make arrangements with their creditors, while avoiding bankruptcy and some of its more serious consequences. When introduced, law reformers intended that debt agreements should be administered by volunteers rather than by commercial administrators…
17:07 19/10/2017 MOSCOW, October 19 (RAPSI) The Commercial Court of the Moscow Region has declared Duty Free operator Aerofirst bankrupt, according to court records. A monitoring procedure was introduced regarding Aerofirst on April 27. Moreover, this summer the court included a 3.1-billion-ruble (about $54 million at the current exchange rate) debt of Aerofirst to VTB…
Hyderabad: The National Company Law Appellate Tribunal (NCLAT) has on Wednesday stayed corporate insolvency resolution process and appointment of an interim resolution professional for Hyderabad-based infrastructure firm Gayatri Projects. In a communique to the bourses, Gayatri Projects said it has moved the appellate tribunal against the orders of the National Company Law Tribunal (NCLT) bench…
THE PAST TWO DECADES or so have witnessed global economic integration at an unprecedented rate. As a result, there has been a huge increase in the number of companies that operate on a cross-border basis. Companies operate on a cross-border basis in many ways, including through investing and owning assets in other jurisdictions and through establishing…
Rising insolvencies hint at growing cracks in Australia’s economy. 2017 has been a financially stressful year for Australians. According to the Australian Financial Security Authority (AFSA), personal insolvencies are up by 8% in the September 2017 quarter compared to the same quarter last year. This is the second distinct spike in 2017, with the March…
Retirees from St. Joseph’s, Fatima hospitals blame Catholic Diocese after fund is declared insolvent John Hill Journal Staff Writer jghilliii PROVIDENCE, R.I. About 100 St. Joseph’s and Our Lady of Fatima Hospital retirees marched in front of Superior Court and the Cathedral of Saints Peter and Paul Wednesday morning, protesting a legal effort to…
News Julia Irvine 18 Oct 2017 10:33am In what the Insolvency Service has described as one of the more bizarre cases of dishonesty and misuse of limited liability it has ever come across,… Read the full article at: http://economia.icaew.com/en/news/october-2017/sham-towie-company-director-faked-own-death
Moneycontrol News Education services firm Educomp Solutions has invited bids from potential resolution applicants for Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). CIRP under IBC commenced against the company post an order on May 30, 2017 at the National Company Law Tribunal (NCLT). NCLT had appointed Sanjiv Agarwal as the…
Statistics released by the Australian Financial Security Authority (ASFA) today show the highest rate of bankruptcy among Australians since the June quarter 2016. The personal insolvency activity statistics for the September 2017 quarter show total personal insolvencies increased by 8% since the September quarter last year, including debt agreements increasing by 17.5% and personal insolvency agreements up…
A director faked his own death in an effort to avoid disqualification from running companies, the Insolvency Service has said. Bradley Trevor Silver, also known as Bradley Silva, is still being sought by the government agency after its lawyers were told he had taken his own life. The 49-year-old was disqualified from acting as a…