Member Article R3 responds to November 2023 insolvency statistics Corporate insolvencies increased by 6.4% in November 2023 to a total of 2,466 compared to Octobers total of 2,317, and increased by 21.4% compared to November 2022s figure of 2,032. o Corporate insolvencies increased by 47.1% from November 2021s total of 1,676 and by 63.9% compared…
Liverpool directors closed their company after moving Bounce Back Loan money into family bank accounts A couple were sentenced at Liverpool Crown Court on 7 December, following an Insolvency Service investigation which found they had abused a 30,000 Bounce Back Loan, and then closed down their company in an attempt to avoid paying back the…
The Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah ONeill, has handed down its final report into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. The Committee has made some far-reaching recommendations in the Final Report,…
Late 2017 will be remembered as the period in which everyday investors adopted cryptocurrency as an alternative investment class and rode the highs of Bitcoin at USD$20,000. In contrast, 2018 will be remembered as the year that cryptocurrency plunged and insolvency practitioners globally had to start considering how the asset class could be dealt with.…
Read this article in: Dutch startup Pieter Pot has officially declared bankruptcy, following the Rotterdam courts decision on Thursday, December 14. The announcement came after the court declined to grant Pieter Pot an additional week for an alternative rescue and financing plan, leaving Jouri Schoemaker (founder) in the dark about the precise reasons behind the…
The corporate regulator is taking a sledgehammer approach to company directors yet to sign up for a Director Identification Number, a senior lawyer says, as industry leaders question if the mandatory scheme is still fit for purpose. Mark Addison, general counsel at Keypoint Law, this week said a client received a letter from the Australian…
Dec 15, 2023 12.00am Young renters bearing the brunt of cost-of-living pressures will be a driving force of a more than 20 per cent rise in annual bankruptcies for at least the next two years, according to government forecasts. The Australian Financial Security Authority expects personal insolvencies to jump 23 per cent to 12,250 in…
A bleak picture Data by a leading insolvency specialist shows that 5,919 United Kingdom (UK) construction companies find themselves in dire straits, with a further 72,257 companies (representing 20 percent of the total number of construction companies in the UK) in a less critical but still concerning state of financial distress. In the UK, there…
HMRC has announced that it will no longer provide pre- and post-tax clearances in members voluntary liquidation (MVL) cases. This decision, effective immediately, has significant implications for insolvency practitioners and businesses alike. In a statement on December 6, 2023, HMRC revealed the cessation of tax clearance services for MVLs. The decision was based on the…
Unsecured creditors of Metroland have approved an insolvency proposal by the Toronto Star’s sister company. The creditors, including former employees, voted Monday at a meeting chaired by proposal trustee Jonathan Krieger, a partner at Grant Thornton, a restructuring and insolvency consultancy. The proposal still needs court approval. The company says it intends to pay former…