Thursday 29 June 2023 6:13 am Insolvencies are likely to rise amid a perfect storm of rising interest rates, higher costs and a slowing economy. All the indicators show that insolvencies will rise and I think that our message is that management teams need to be taking advice earlier and recognising the problem earlier, Sarah…
Garry Lee, chair of insolvency and restructuring trade body R3s Southern and Thames Valley region, including Dorset (Image: Deep South Media) THE FLOODGATES have opened for business insolvencies. Thats the warning from R3, the insolvency and restructuring trade body for Dorset, as it is revealed corporate insolvencies hit a four-year-high in May. Garry Lee, chair…
Residential construction companies in Australia have been toppling like dominoes, and this has left many depositors in a very difficult financial position. Like an uncontrolled demolition, construction companies have been collapsing at a rate that has not been seen for almost a decade. As of late June 2023, ASIC data shows that 2023 construction companies…
A family of Aussie bricklayers has lost more than $100,000 as the builders they work for keep going bust, leaving them unpaid and out of pocket for all their backbreaking labour. The Melbourne family-run business is fuming as just on Friday, Red Bluff Homes went into liquidation. Red Bluffs collapse has left 21 projects at…
Bankrupt FTX starts talks to REVIVE its defunct crypto exchange – even as it tries to claw back billions to repay clients who lost their deposits FTX CEO John Ray is exploring the move as he tries to make creditors whole Reopening the exchange could generate profits to pay back depositors FTX collapsed in November…
A total of 31,140 individuals aged 35 and below have been officially registered as bankrupts between 2014 and May 2023, as per the Malaysian Insolvency Department (MDI) records, according to Deputy Minister in the Prime Ministers Department (Legal and Institutional Reform) Ramkarpal Singh. Taking note of this concerning situation, he said the government has taken…
The International Insolvency Institute draws its membership from the most senior and respected insolvency practitioners, judges, and academics. Ramesh was a member of the organisation since 2006 and served as one of the institutes vice presidents until his appointment as its president. He will be succeeding outgoing president John Martin, a Norton Rose Fulbright partner…
Azmi Shafi Ahmed, 28, from Grays, Essex, and George David Festivus Pinnegar, 31, from East Grinstead have been disqualified for a total of 17 years after each claimed the maximum 50,000 Bounce Back Loans for their businesses and used the money for personal gain. Ahmed was the sole director of AZ Financials Ltd, trading as…
A total of 31,140 individuals aged 35 and below have been officially registered as bankrupts between 2014 and May 2023, as per the Malaysian Insolvency Department (MDI) records, according to Deputy Minister in the Prime Ministers Department (Legal and Institutional Reform) Ramkarpal Singh. Taking note of this concerning situation, he said the government has taken…
Building companies are falling like dominoes and yet another one has been added to the heap as it became the latest victim of the crisis on Tuesday. Perth-based builder Flexible Homes Pty Ltd went into voluntary administration on Tuesday, according to a notice filed with the Australian Securities and Investments Commission (ASIC). Gregory Quin and…