The Australian Financial Security Authority (AFSA) is responsible for managing the application of bankruptcy and personal property securities laws through the delivery of high-quality personal insolvency and trustee, regulation and enforcement, and personal property securities services. We ensure confidence in Australias personal insolvency and personal property securities systems, and manage the proceeds of crime through…
By Sophie Madden BBC News, West Midlands The leader of Birmingham City Council has said it is faced with “stark choices” as councillors approved a financial recovery plan. The authority declared itself essentially bankrupt earlier this month in part over a 760m equal pay bill. During Monday’s four-hour, often fractious meeting, councillors took turns to…
Up to $700,000 of debt owed to building suppliers is likely to go unpaid, according to liquidators of Ballarat-based residential builder Bond Homes. Key points: Ballarat home builder Bond Homes was liquidated in early September The company owes up to $700,000 to suppliers Bond Homes’ asset value is about $300,000, which will go to employees as…
Blockheating from Heerlen has been declared bankrupt. The company was active in placing mobile data centers next to greenhouses. Blockheating supplied growers with hot water at 60 degrees Celsius, including a data center next to a tomato greenhouse in northern Limburg. On the IT side, however, the startup encountered challenges. As is often the case…
Dutch electronics retailer BCC was declared bankrupt by an Amsterdam court on Friday, a day after the chain reportedly filed for bankruptcy. Many of the companys 1,100 employees are expected to lose their jobs, but could return to work if some of BBCs business units are acquired by other companies. The company is owned by…
A second South Australian construction company has collapsed in the space of a month as the industry faces increasing supply chain issues and labour shortages. Builder Wake Concepts, which was involved in the construction of the One Festival Tower in Adelaide’s CBD, went into liquidation today, as confirmed by documents on the Australian Securities Investments…
Reuters The Insolvency and Bankruptcy Code, 2016, is a law bringing together various earlier laws and regimes whereby a company in financial distress or difficulty could be admitted into Corporate Insolvency Resolution Process (CIRP) upon a case filed by an operational (typically unsecured trade creditor) or financial creditor (banks, NBFCs, lenders) or by itself. The…
The collapse of three businesses owned by a longstanding Adelaide construction company has left around 136 staff without jobs. Anthony Phillips from insolvency firm Heard Phillips Lieberenz, with heading up the liquidation of Wake Concepts, Wake Carpentry and Wake Construction Group Pty Ltd, which are all owned by the Wake Construction. In a statement Mr…
Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Wednesday upheld an insolvency tribunal order that had rejected Independent Sugar Corp. Ltds (INSCO) plea against a rival bidder in the resolution process of India’s oldest glass manufacturer Hindustan National Glass. The Kolkata bench of the NCLT will now consider bidder AGI Greenpacs resolution plan for…
LONDON (Reuters) -British minister Michael Gove said on Tuesday the government had been forced to intervene in the day-to-day running of England’s second-largest city, Birmingham, which earlier this month effectively declared bankruptcy. Gove said he would appoint commissioners to take over the running of Birmingham City Council – the largest local authority in Europe –…