Illegal phoenixing is a deceptive manoeuvre used by some businesses to sidestep their obligations, leaving creditors, employees, and other stakeholders at a loss. It involves deliberately transferring assets from an indebted company to a new one, leaving the former to face insolvency. Such predatory practices not only damage the economy but also erode trust in…
Shocking new statistics show that creditors owed money from a company collapse have no choice but to write off their losses completely in the overwhelming majority of cases. The Australian Securities and Investments Commission (ASIC) published its annual corporate insolvency statistics earlier this week, revealing that small and medium sized business have dominated the external…
A building company has collapsed into both liquidation and receivership just days out from Christmas owing $3.7 million to hundreds of creditors. Queensland-based Casa Building Group Pty Ltd, which is headquartered in Brisbane and also has an office in Townsville, appointed voluntary liquidators this Tuesday. On Friday, Andrew Quinn and Domenico Calabretta of insolvency firm…
The Kuwaiti businessman behind a troubled 2.5bn Kent theme park meant to rival Disneyland has been declared bankrupt. Abdulla Al-Humaidi, who was a key backer of the proposed London Resort development scheme, was confirmed to be insolvent at a High Court hearing last month. It is the latest twist relating to the Dartford Disneyland scheme,…
National company law tribunal (NCLT) has admitted a personal insolvency application filed by Indian Bank against realtorPranav Ansal, the promoter of Ansal Properties and Infrastructure, as per the contents of a court order.NCLT’s has directed the appointment of Roshan Lal Jain as the resolution professional to verify the claims made by Indian Bank against Ansal.…
SMEs dominate the latest annual insolvency statistics and highlight the lagging impact of Covid on small business, ASIC says. Its series 3 data, based on liquidators reports, shows more than eight out of 10 companies entering administration in FY23 had assets of $100,000 or less while just one in 20 had $1 million or more.…
By Kevin Airs For Daily Mail Australia Published: 13:28 AEDT, 18 December 2023 | Updated: 18:43 AEDT, 18 December 2023 UFC Gym Australia and New Zealand, once boasting over 10 fitness centres in Sydney, Melbourne, Perth, and the Gold Coast, has been ordered into liquidation by … Read the full article at: https://www.dailymail.co.uk/news/article-12875527/UFC-Gym-Australia-collapses-liquidation-owing-millions.html
Shaun Barton Shaun Barton, partner at Company Closure, highlights the warning signs of a company insolvency. When it comes to the impending, or actual, insolvency of a limited company, taking swift action is critical. Seeking the services of a business turnaround expert such as a licensed insolvency practitioner at an early stage could mean the…
A report by Economic Confidential, a subsidiary of PR Nigeria, has declared seven states, including Lagos, Ogun, Rivers, Kaduna, Kwara, Oyo and Edo as the most viable states in Nigeria for 2022. The Assistant Editor of Economic Confidential, Zekeri Idakwo, disclosed this at a press briefing and presentation of the 2022 Annual States Viability Index…