Introduction Conflicting high court decisions Company court’s interference Sale without court intervention Introduction In Pegasus Assets Reconstruction P Ltd v M/s Haryana Concast Limited(1) a division bench of the Supreme Court held that a company court (through the official liquidator) cannot wield any control in respect of a sale of secured assets by a secured…
After a couple of years when Australia’s personal insolvency numbers fell sharply, a growing number of people have entered into debt agreements over the past year. According to the latest Australian Financial Security Authority figures, the number of personal insolvencies rose two per cent in the March quarter, compared with the same quarter last year.…
(Photo: Jeffery Scism)MARY ANNE HITT OF ECOWATCH FOR BUZZFLASH AT TRUTHOUT Article reprinted with permission from EcoWatch This week, a giant that had been teetering for many months finally fell, as Peabody Coal officially declared bankruptcy. For market watchers around the globe, this was a decisive movement in the long decline of an industry that…
German prosecutors filed a raft of charges against four members of the wealthy Schlecker family on Thursday, accusing them of pulling valuable assets out of their namesake drugstore chain and hiding them from shareholders before the company went bust in 2012. The prosecutors, based in Stuttgart, have leveled 36 counts of embezzlement, purjury and…
Jim Stafford Published 14/04/2016 | 02:30 The term “vulture fund” is a metaphor used to compare investment funds to the behaviour of vultures “preying” on debtors in financial distress by purchasing the debt at a discount to make a large gain. Share Go To The “vulture fund” industry in Ireland began in 2011, with the…
News Written by Sam Murphy on April 14, 2016 Last year a new festival Disconnect graced Western Australia and while at the time the event was launded a success, musicians who played and crew who worked at the event have now spoken out saying that they havent been paid. The event hosted a lineup including…
FSA is at its best when the economy is at its weakest. What would a full-blown recession mean for shareholders? Want to access this article for free? Sign up for a FREE 15 day trial, no credit card required SIGN UP FOR FREE It starts like this: You are in default under your facilities and…
Jim Stafford Published 14/04/2016 | 02:30 The term “vulture fund” is a metaphor used to compare investment funds to the behaviour of vultures “preying” on debtors in financial distress by purchasing the debt at a discount to make a large gain. Share Go To The “vulture fund” industry in Ireland began in 2011, with the…
An internationally-renown Australian fashion designer says she is placing her business in voluntary administration in order to move the companys operations to the United States. The appointment of external managers to the business comes a month after the Supreme Court heard an application to wind-up the business. Designer Johanna Johnson opened her first stand-alone store…
The following is the transcript of a speech delivered by treasurer Scott Morrison to the BCA on April 13th. It has been slightly edited for length and clarity. Id like to take the opportunity to share some of the big-picture principles, if you like as I prepare my first Budget as Treasurer, at this critical…