Insolvency experts say small businesses are doing it tough, but that wont stop the tax office and government bodies from stepping in to apply for company wind-up orders as the Australian Taxation Office continues its more aggressive pursuit of businesses. Figures collated from court insolvency records by Prushka Fast Debt Recovery suggest that 46% of wind-up…
EIGHTY-four Gold Coast construction companies are on the brink of collapse, according to new data from insolvency group SVP Partners. The group’s August 2017 Commercial Risk Outlook report found 3.7 per cent of businesses in the industry were at high risk of insolvency. The report comes in the wake of two major collapses in the…
PM Narendra Modi. (Image: PTI) The government is considering bringing in regulations in phases to deal with individual bankruptcy under the overarching law the Insolvency and Bankruptcy Code (IBC) 2016. Sources told FE the government will first come up with insolvency regulations for individuals who are into businesses, which could be announced in a month.…
HYDERABAD: The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment default claim by a creditor against the joint venture between the Kerala government and Dubai’s Tecom Investments. The Kerala government holds a 16% stake in the IT special economic zone, with Dubai Holding’s Tecom…
E-commerce entrepreneur Ruslan Kogan believes multiple Australian online retailers will collapse over the next year and says his company is poised to acquire them if the opportunity arises. Speaking to AAP, the founder and chief executive of booming online retailer Kogan.com refused to name any specific retailers, but said the process of acquiring collapsed retailer Dick Smith Electronics last…
Highlights 1 After Jaypee, more builders might be declared insolvent. 2 The govt has assured home buyers that they will either get the money or house. 3 Rights of home buyers under RERA are secure, say CAs. It seems there is no respite for homebuyers despite assurances from the government that their money will not…
NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority. Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney. Across Australia there were 7,729 debtors who entered a…
DECEIT: Steve Josifovski thought he could trust his old school friend Lemuel Page, but eventually became just another of the con man’s many victims. Inset: Page and his then wife Fiona at a Josifovski family function in happier times. EVEN now, years later, Steve Josifovski doesnt want to believe he was ripped off. After all,…
Amid growing sense of anxiety and confusion among home buyers of Jaypee Infratech projects, the insolvency resolution professional (IRP) has come up with a few clarifications regarding a resolution plan and chances of refund for stalled projects. The IRP has come up with a list of 27 projects under three land parcels where buyers can…
Moneycontrol News The big development over the week has been on the real estate front. In a move that would worry homebuyers, one of the large developers, Jaypee Infratech was declared insolvent by the National Company Law Tribunal (NCLT), causing ripples. Being declared insolvent means the developer would be able to avoid the stringent provision…