Category Archives: Bankruptcy

New safe harbour laws leave hospitality directors exposed – Open House Foodservice Magazine (press release)

Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 amends the Corporations Act 2001 and aims to protect directors acting to undertake a company restructure in response to insolvency, where it will receive a better result for stakeholders. ASIC figures show 227 accommodation and food services businesses entered external administration in the…

We went to a Toys R Us store the day after the bankruptcy announcement and we were surprised by what we found – Business Insider

Impressive displays were scattered throughout the store, but don’t expect a Ferris Wheel.Getty/Bennett Raglin Toys R Us has filed for bankruptcy. The company has said it is not closing any stores or altering any opening hours. The specialty toy store has struggled as it increasingly competes with online retailers in its two main businesses: baby goods and toys.…

‘Bankruptcy (Amendment) Bill, 2016 will give fair treatment to all’ – The Borneo Post

Noor Nasimah conducts the briefing on Bankruptcy (Amendment) Bill 2016. MIRI: The Department of Insolvency hopes that the Bankruptcy (Amendment) Bill, 2016 will not only give fair treatment to all involved including creditors, debtors as well as bankrupt principal borrowers and guarantors, but also the department, once it is enforced. Its head here, Noor Nasimah…

Sabah assembly taking wait-and-see approach to Lajim Ukin’s bankruptcy – The Star Online

KOTA KINABALU: The Sabah State Assembly is taking a wait-and-see stance regarding the bankruptcy proceedings against state opposition chief Datuk Lajim Ukin. Assembly Deputy Speaker Datuk Johnny Mositun said they had not received any formal notice that the Klias assemblyman and Parti Harapan Rakyat Sabah president had been declared a bankrupt. We will wait and…

Miss Chu’s outspoken founder defends her right to use her face and name after legal threats – NEWS.com.au

SHES the outspoken founder of one of Australias most iconic homegrown takeaways. But Nahji Chu has been forced to defend the use of her own face and name, after losing the Miss Chu Vietnamese tuckshop chain she founded and after signing over the rights to its brand. Miss Chu went into administration in 2014 with…

Whitminster woman Suzanne Dean allegedly cheated the taxman out of almost £100000 – South Cotswolds Gazette

MANAGEMENT consultant Suzanne Dean cheated the taxman out of almost £100,000 by not paying the VAT or corporation tax due on her two businesses, it was alleged yesterday. VAT returns submitted by the first of her two companies in its final year of business claimed it was ‘dormant’ and no tax was due – but…

Can Bankrupt Puerto Rico Afford Another Hurricane? – euronews

Puerto Rico, already trying to dig itself out of a historic financial crisis, is now facing a direct hit by a major hurricane that could destroy any progress the U.S. territory has made under a year-old economic rehab plan and set it back further. Hurricane Maria is forecast to hit Puerto Rico early Wednesday, testing…

Do the New Safe Harbour Laws Quell Insolvency Fears? – The Urban Developer

Safe-harbour reforms that deliver greater protection for directors of financially-stressed companies have passed through both houses of federal parliament. Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 amends the Corporations Act 2001 (Cth) and aims to protect directors acting to undertake a company restructure in response to insolvency where it will…

Stayzilla faces insolvency proceedings – The Hindu

In a significant order that could have far-reaching implications on the start-up ecosystem in the country, a Division Bench of the National Company Law Tribunal (NCLT) in Chennai has ordered the initiation of corporate insolvency resolution process against Inasra Technologies Private Ltd. Inasra is the parent company of Stayzilla, an online homestay aggregator. The petition…

German Sun King’s SolarWorld to file for insolvency – Reuters

FRANKFURT (Reuters) – Germanys SolarWorld SWVKk.DE, once Europes biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as the Sun King. SolarWorld SWVKk.DE was one of the few German solar…