Court-free clickable bankruptcy ‘removes stigma’ By Kevin Peachey Personal finance reporter 28 October 2016 From the section Business Image copyright Thinkstock People facing unmanageable debts can now apply for bankruptcy online, rather than in court – leading to more individuals choosing to do so. A perceived stigma of court proceedings had been a barrier to…
The new rules restructure the 1986 version of the insolvency rules, introduce gender-neutral drafting and incorporate the 28 sets of amendments made since the rules came into force. They also take into account changes made to insolvency procedures by the 2015 Deregulation Act and Small Business, Enterprise and Employment Act, particularly around the use of…
CHARLIE GATES JOSEPH JOHNSON/FAIRFAX NZ Then office manager Mary Sangster, left, and former owner Sheila Sinclair in 2012. CARYS MONTEATH/FAIRFAX NZ The Children’s Bookshop employee Liz McCracken fills shelves after the move to Riccarton in 2011. Relevant offers The Original Children’s Bookshop has gone into liquidation after nearly 37 years of trading in Christchurch. The…
The rising numbers of personal insolvencies have been driven by an increase in individual voluntary arrangements The number of people going insolvent across England and Wales jumped by a fifth in the third quarter of 2016 compared with the same period a year earlier. There were 24,251 personal insolvencies between July and September, marking a…
Family First senator Bob Day has confirmed he will return to the Senate next month to support the government on industrial relations and the same-sex marriage plebiscite, despite announcing his resignation. With his housing construction empire in liquidation, Senator Day faces being expelled from Parliament if he is declared bankrupt, and last week announced he…
“If houses are being completed and trade contractors and others are being paid, then I may stay on as senator”. (AAP) Family First senator Bob Day says he may see out his parliamentary term if an investor can “revive” his housing group, which owes almost $38 million to creditors. But Senator Day also said in…
Family First senator Bob Day has confirmed he will return to the Senate next month to support the government on industrial relations and the same-sex marriage plebiscite, despite announcing his resignation. With his housing construction empire in liquidation, Senator Day faces being expelled from Parliament if he is declared bankrupt, and last week announced he…
Putrajaya wants to enforce automatic discharge after three years and raise threshold for declaring a person bankrupt from RM30,000 to RM50,000. PETALING JAYA: Proposed amendments to the Bankruptcy Act 1967 will see an automatic discharge after three years for anyone declared a bankrupt, TheSun reported today. This is one of the major changes that could…
Debtor cases fell across half the country’s regional areas. Despite significant rises earlier in the year, personal and business-related insolvencies in regional areas remained stable during the September quarter. The Australian Financial Security Authority (AFSA) has released regional personal insolvency statistics for the September quarter 2016. Personal insolvency cases fell across half of the country’s…
Introduction Risks associated with sale of distressed businesses Securing sale of distressed businesses Introduction With standard M&A policies in mind, the risks associated with distressed businesses are often considered from the purchaser’s perspective, rather than the seller’s. From the seller’s viewpoint, the sale of a distressed business is legal and considered to be without no…