The past few years have created almost the perfect storm for small business insolvencies in Australia – from natural disasters to the pandemic that brought with it restrictions on trade for many, prolonged supply change disruptions and more recently inflation putting further financial pressure on recovery. Many businesses are currently under an ATO payment plan…
It’s been five months since Diamond Sports Group formally declared bankruptcy, throwing the future of its Bally Sports branded channels and all of its broadcasting partnerships with NBA, Major League Baseball and NHL teams into limbo. However, the Bally Sports channels are still on the air and as such, the Pacers move into the 2023-24…
SINGAPORE: A director of a consultancy business misappropriated a sum of S$1.5 million (US$1.1 million) a woman had forked out as a deposit for a loan of S$15 million she intended to get for her real estate business. The director kept S$250,000 for himself and gave the rest to the purported financier, who had actually…
Executive Summary On 28 September 2022, the Federal Government, through the Parliamentary Joint Committee on Corporations and Financial Services (the Committee), commenced an inquiry into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy (the Inquiry). See here the link to our earlier…
Staff at a plumbing company that went bust owing millions have lifted the lid on the desperate measures they took in the months leading up to the collapse. Earlier this month, news.com.au revealed that C & S Plumbing Pty Ltd had gone into liquidation. Simon Nelson of insolvency firm BPS Recovery and Reconstruction is the…
The company faces scrutiny for not shutting down the power prior to the fire. Lawyers have wasted no time filing lawsuits. Authorities have yet to conclude what caused the fire that tore through Lahaina, leaving at least 110 people dead, but the utility that powers most of Hawaii is already facing mounting legal and financial…
LONDON, Aug 17 (Reuters) – Chile’s Codelco, the world’s largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chiles Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters. In a rare intervention, the influential industry…
(MENAFN– PRLog) — Christina, a solicitor and Licensed Insolvency Practitioner has extensive experience of contentious and non-contentious corporate and personal insolvency matters as well as restructuring and corporate simplification. Her name will be familiar to many from her former role as the President of R3 (the trade association for the UK’s insolvency and restructuring professionals).Commenting…
Australia is tipped to enter a recession over the next 12 months, increasing the rate of company insolvencies as firms struggle to absorb higher interest rates, costs, and weaker consumer spending. According to The SMH, up to 70% of insolvency practitioners, lawyers, managers, and corporate debt restructuring specialists surveyed by KordaMentha and Turnaround Management Association…
The Insolvency Service Published 15 August 2023 Contents 1. Data Sources 2. Methodology 3. Revisions 4. Quality Print this page Crown copyright 2023 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National…