The Productivity Commission has recommended the federal government introduce a streamlined process for small businesses going through a voluntary liquidation. The recommendation is one of 15 contained in the commissions final report into the barriers to setting up and closing or transferring a business in Australia, which commenced in November 2014. Released on December 7,…
While the life of so called reality TV star Kerry Katona has been anything but boring, news that she has today been declared bankrupt could have a long term detrimental affect on her ability to revive her fortunes. The long running bankruptcy hearing has been adjourned four times but today was the day when the…
Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website. But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency…
14 December 2015 By Karen O’Flynn. Key Points:You can lead a director to the safe harbour, but you can’t make him drink. The Government’s new approach to insolvency is long on rhetoric about risk taking and the need to remove the stigma of business failure. However, it is short on detailed consideration of exactly why we…
29/07/2015 Personal insolvency has fallen to a 10 year low in England and Wales, according to figures from the insolvency service. The number of people being declared insolvent between April and June fell to 18,688, which is 29.3% less than a year ago, and the lowest total number since 2005. The number of firms falling…
Wagga City Councils dealings with Douglas Aerospace were plagued by gross ineptitude and mismanagement on the part of its staff, the external review into the saga has concluded. The Advertiser can for the first time reveal the contents of the external report conducted by Prosperity Audit Services into councils relationship with Douglas Aerospace a document which paints a damning picture of…
Quite a saga: Creditors tried to depose administrators of failed South Australian fertiliser companies Megafert and Interfert. Source: News Limited LAST week the Australian Securities and Investments Commission fired a shot across the bows of insolvency companies. In forcing Tony Matthews, of Anthony Matthews and Associates, into an enforceable undertaking arrangement, ASIC has effectively placed…
NEW GOVERNMENT statistics have revealed that Torbay is the second worst Parliamentary constituency in the country for bankruptcy rates. The statistics show that 9.8 people per 10,000 were declared bankrupt in 2014 – 78 new bankruptcy cases – with only Wythenshawe and Sale East having a higher rate of new bankruptcy cases. Torbay also had…
Published 15/12/2015 Coastal areas featured strongly among the areas with the highest personal insolvency rates Vale of Clwyd, Stoke-on-Trent North and Torbay were the parliamentary constituencies with the highest personal insolvency rates across England and Wales last year, according to official figures. Coastal areas featured strongly among the areas with the highest personal insolvency rates,…
By Press Association Published: 02:02 EST, 16 December 2015 | Updated: 02:02 EST, 16 December 2015 Vale of Clwyd, Stoke-on-Trent North and Torbay were the parliamentary constituencies with the highest personal insolvency rates across England and Wales last year, according to official figures. Coastal areas featured strongly among the areas with the highest personal insolvency…