In Australia, there is a lingering belief that bankruptcy should not be too easy. The federal governments plan to reduce the period of bankruptcy from a minimum of three years to one year, announced in Decembers Innovation Statement, has been criticised for allowing debtors to avoid the consequences of their misconduct. But this view misunderstands…
Kevin and Ian, both in their 50s, have appeared in bankruptcy court lists The two brothers are said to owe money to a company called DCF (UK) Ltd Comes just weeks after their older sister Isabel, a 65-year-old former dotcom millionaire, was declared bankrupt in an order at the High Court Media tycoon’s children have…
Significantly more businesses went under last year compared to 2014, led by a rise in company failures from NSW. With 9,573 businesses having gone into administration up to November last year, the numbers for 2015 have already eclipsed 2014’s total of 8,794 companies slipping under, data from the Australian Securities and Investments Commission shows. NSW…
More businesses go under in 2015 Significantly more businesses went under last year compared to 2014, led by a rise in company failures from NSW. With 9,573 businesses having gone into administration up to November last year, the numbers for 2015 have already eclipsed 2014’s total of 8,794 companies slipping under, data from the Australian…
When President Barack Obama was elected in November 2008, the U.S. economy was shrinking at a rate unmatched since World War II. In the seven years between then and his final State of the Union address Tuesday night, global investors have enjoyed stellar results from the rapidly expanding Obama economy. Unemployment Falls Most Since 1980s…
Jan 11 – Executives of a failed North Carolina bank have reached a $4.1 million settlement with the Federal Deposit Insurance Corp, resolving a closely watched lawsuit accusing them of approving risky loans that led to heavy losses during the credit crisis. If approved by the court, the settlement-in-principle, disclosed in a federal court filing…
It is not cool in Australia to blow your own trumpet, right? But what do you do when you know certain competitors are failing to do proper investigations for their clients with credit impairments and your company continually picks up the pieces? To be frank, I am amazed that some clients trust us at all…
A group of Relativity Medias unsecured creditors have filed a proposed settlement that involves claims to several movies including Bridesmaids and Fast And Furious 6. The settlement proposal was filed late Friday in U.S. Bankruptcy Court for the Southern District of New York. You can read the documents here and here. The dispute involved the pre-bankruptcy transfer…
Comments AA Hugh Stephens is a senior fellow at the Asia Pacific Foundation of Canada, and an associate faculty member in the school of business at Royal Roads University in Victoria. Yves Tiberghien is director of the University of British Columbias Institute of Asian Research and a senior fellow at the Asia Pacific Foundation of…
The national carrier of Estonia has been formally declared bankrupt, following a European Commission (EC) decision that it received illegal government aid. The Baltic states airline closed its doors on Nov. 8, following the EC decision the previous day. This made it liable to repay 85 million ($92 million) it had received in state aid.…