But the lawyer said Hancocks companies were soon haemorrhaging money, courtesy of a Romanian bargaining deal and the tens of millions of dollars he had taken from Hancock Prospecting to bankroll Porteous mansions, jewellery, luxury cars and a private jet. With the BHP deal now in jeopardy, the court was told Lang wrote to his…
On Thursday 10th August, judgment was given in Brake v The Chedington Court Estate Ltd [2023] UKSC 29. Andrew Sutcliffe KC, William Day and Gretel Scott appeared in the Supreme Court for the Appellant, the Chedington Court Estate, in a long-running insolvency dispute against former bankrupts and partners in a partnership in liquidation, Nihal and…
A surge of businesses will collapse across the country as the ATO goes after mounting legacy debt, experts have warned. The ATO and other creditors currently pose the greatest threat to cash-strapped small and medium-sized businesses, says Insolvency Australia, which has just released its latest Corporate Insolvency Index. It comes as a popular West Australian…
Normal text sizeLarger text sizeVery large text size Former coal magnate-turned-discharged bankrupt Nathan Tinkler looks to have found a buyer for his Sapphire Beach estate, north of Coffs Harbour, but with a 15 per cent discount to his $30 million asking price. Sothebys selling agent James McCowan said earlier this week that the property had…
Aug 11, 2023 1.18pm A biotechnology chief executive who earned more than $10 million from now collapsed life-science companies has declared himself bankrupt and left Australia. iQ Group Global founder George Syrmalis owes more than $5.4 million $4.3 million to the Australian Taxation Office and almost $665,000 on credit cards according to his own bankruptcy…
Company directors are increasingly calling time on their businesses as they become overwhelmed by higher interest rates, inflated energy costs and a pushback against unpaid tax from HM Revenue & Customs. The Insolvency Service found that the number of companies declared insolvent rose by 27 per cent to 2,163 in June. The figures indicate the…
The Australian Financial Security Authority will sharpen its regulatory posture to maximise its impact as personal insolvencies head back towards pre-pandemic levels, chief executive Tim Beresford says. He said a modernisation program was underway that would make it simpler for most bankrupts typically consumers involving small amounts to go through administration so the AFSA could…
Budget homes and gardens retailer Wilko has fallen into administration after failing to secure a rescue deal. A Wilko location on Kensington High Street in London England (AFP) Wilko, a British household products retailer, declared bankruptcy on Thursday due to large debts, its head announced. The closure affects about 12,000 employees as rising inflation and…
German chiller manufacturer Efficient Energy GmbH has filed for insolvency. The company created eChiller cooling machines which use the pure natural element water (R718) as refrigerant, At the request of the companys management, the local court in Munich ordered provisional insolvency administration in June and appointed the restructuring expert Dr. Matthias Hofmann from the law…
Proterra, the Democrat-connected electric bus manufacturer heavily promoted by the Biden Whitehouse and funded by taxpayers, filed for bankruptcy Monday, much like several green energy boondoggles did during the Obama era. The California-based company reportedly filed a voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code to strengthen its financial position and said it would…