The government has firmed up a plan to remove the bar on personal guarantors to transfer or dispose of their assets under the insolvency resolution process, according to an official source. This is despite the Supreme Court upholding the constitutionality of the moratorium.The move by the ministry of corporate affairs (MCA) is aimed at ensuring…
Ian Omar Chester, a former Gold Coast property development company director, has been charged with multiple criminal offences following an investigation conducted by the Australian Securities & Investments Commission (ASIC) into Southeast Queensland property development companies. Chester was charged with 15 counts of fraud, three counts of falsifying company books and records and two counts…
This year, a number of major retailers have declared bankruptcy. Rite Aid recently filed and Bed, Bath & Beyond, Tuesday Morning and Christmas Tree Shops wound up closing all their stores amid their bankruptcies. Well it seems like 2024 will see more companies following suit and experts have identified one that they think will very…
Rene Benko reportedly liked to joke that only the British Royal family and the Pope had a more exclusive property portfolio than him. After all, the billionaire controlled Signa Holding, a complex web of real estate companies which ultimately held half of New Yorks Chrysler Building as well as a stake in Londons famous Selfridges…
The Supreme Court has determined that a creditor who has not filed proof of a debt within the time prescribed by a personal insolvency practitioner is not precluded from filing an objection to the approval of a personal insolvency arrangement. About this case: Delivering judgment for the Supreme Court, Ms Justice Elizabeth Dunne determined: The…
A former company director and undischarged bankrupt has been charged with numerous criminal offences in connection with multiple companies engaged in Gold Coast property development projects. Ian Omar Chester was a director of Vested Capital Pty Ltd and several other associated companies which were used as investment and development vehicles (Vested group). On 4 December…
In 1983, Adarsh Engineering Workshop in Savar secured around Tk4 lakh from the local branch of Agrani Bank. Due to non-payment, the loan, including the interest, increased to a staggering Tk11 lakh in 1990. In July 2001, a bankruptcy court declared Md Shahjahan, proprietor of the business, bankrupt and mandated the liquidation of his assets…
The Parliamentary Joint Committee on Corporations and Financial Services released its Report into Corporate Insolvency in Australia, the first major review of Australia’s corporate insolvency regime since the Harmer Report in 1988. The Report made 28 recommendations in total which can be divided into recommendations that support a comprehensive and independent review encompassing both corporate…
This fall, Infarm’s Dutch branch went belly up. At the time, this vertical farm company was already pulling out of several European countries due to financial difficulties in a challenging market. An initial bankruptcy report does not give any explicit details about why the branch became insolvent. The trustee does, however, point out that the…
The High Court Shane Phelan Today at 18:40 A Supreme Court ruling has opened the door for more farmers to use the States personal insolvency regime to get deals on their debts. In a significant decision, the court clarified that the legal test for whether someone could be considered insolvent was an examination of their…