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…
Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar have topped the young rich list yet again. Picture: Kelly Sullivan AUSTRALIAS richest young guns are worth a combined $12.3 billion and counting. And if youre hoping to join their ranks, one industry lays claim to the largest number of wealthy up-and-comers. Tech start-up unicorns are now worth…
The number of people going insolvent across England and Wales is expected to increase in official figures released on Friday. Experts have suggested the days of falling personal insolvency levels may be coming to an end as consumers grapple with underlying debt problems. Official figures for the third quarter of this year, which will be…
You may also like: October 27, 2016, 9:40 am A UK processor ultimately 80% owned by a businessman subject to a bankruptcy restrictions order is seeking to counter allegations made in a letter doing the rounds of the sector, that it is a scam company. Despite the letter being anonymous, Cook & Lucas Frozen (UK) —…
When a company goes into liquidation, its generally understood that employees are entitled to redundancy pay. But what about the company directors themselves? Ultimately it is their business that has failed, and their livelihood that has collapsed. Unbeknown to many directors, the government does provide limited company directors with statutory entitlements, such as redundancy pay,…
October 27th, 2016 Jason Jiang Dry Cargo, Greater China 0 comments Zhejiang Ocean Shipping (Zosco), a major state-run dry bulk shipping company in Zhejiang, has been declared bankrupt by Hangzhou Intermediate Peoples Court. According to a court document Zhejiang Transportation Investment Group, the parent group of Zosco, applied with the court to liquidate the company…
Debt-laden steelmaker Arrium should be sold off to the highest bidder, its creditors have been told. Administrator KordaMentha has released a report arguing “it is more practical to sell the businesses” held by the South Australian group than to wind it up. This would increase the chances of Arrium continuing as a business and provide…
Labor has called on the government to rule out accepting Bob Days vote on its industrial relations bills, after reports the Family First senator may not resign until after the Senate votes on them. Last week Day announced his intention to resign because his building company was going into liquidation. He said it would be…
Dick Smith, bless it, went into receivership on January 4 and the following day tripped into voluntary administration. Across the ditch, it appeared to enter receivership and administration on the same day. Pumpkin Patch, hitting the skids after a long slide, also went into receivership and administration on the same day. This appears to be…
An official probe into the collapse of BHS has grown so complex that it is consuming one-tenth of the investigative capacity of an agency charged with disciplining rogue directors, a minister has claimed. Investigators at the Insolvency Service began looking into BHS shortly after the company filed for protection from creditors in April. The agency…