Key Points Bankruptcy lasts for three years but the consequences can last much longer. Bankruptcy wont release you from all your debts. Always seek the advice of a financial counsellor. Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.…
The JetAir website is now dominated by a bankruptcy notice. Credit: jetaircaribbean.com United Caribbean Airlines, which operated under the name JetAir Caribbean, has been declared bankrupt by the courts in Curaao, the island in the Dutch Caribbean where JetAir operated from. The Court of First Instance in Willemstad, Curaaos capital, appointed C.M. van Liere and…
A growing number of councils in England have declared bankruptcy since 2018, most recently Nottingham, Woking, Thurrock and Birmingham. With the situation in the devolved nations of the UK looking similarly precarious, the question of quite what has happened to local government finances in the UK is an urgent one. A council cannot, technically, go…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…
Aaron Salvestrin was once touted as a rising star of the industry. Photo: Sans Pareil. Griffith winemaker Aaron Salvestrin declared himself bankrupt just seven days after the Supreme Court ordered him to pay back several million dollars to creditors, an exclusive Region investigation has revealed. The 29-year-olds winery Sans Pareil Estate went into liquidation in…
The Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
The move follows failed efforts at Intersolar to find an investor or buyer. The manufacturer of micro inverters filed for insolvency right at the end of the trade fair. June 25, 2024 Jochen Siemer From pv magazine Germany Taking part as an exhibitor at the Intersolar Europe trade fair last week at the start of…
The debts of a collapsed group of NSW businesses have blown out to almost $23 million, while other subsidiaries have quietly gone under in recent weeks. News.com.au reported in April that a western Sydney factory had closed down and all workers had been terminated on the spot. It comes after two companies linked to the…
A recent court case has demonstrated to trustees the withdrawal and transfer of superannuation benefits prior to declaring bankruptcy will not protect those assets from creditors claims even if they remain within the retirement savings system, according to an SMSF technical specialist. Heffron head of education and content Lyn Formica noted this outcome had occurred…