Victorias former minister Danny Pearson rejected advice on how the government could expand its state-backed home building insurance scheme to protect consumers whose builders abandon their projects but arent declared insolvent. Documents released under freedom of information and obtained by The Age reveal that last July, then-housing minister Pearson asked for advice from state bureaucrats…
Ample Hills, the Brooklyn-based ice cream chain that went from beloved to bankrupt in a little over a decade, will reopen under its original owners this week. The ice cream shop declared bankruptcy last year with 14 locations in New York City, including a giant Red Hook production facility that cost nearly $7 million to…
More than 1,000 people had to be helped with debt in 2022, the majority them with mortgage arrears, according to the Insolvency Service of Ireland (ISI). It also confirmed 105 people were adjudicated bankrupt during the year. Of the 1,151 Protective Certificates that were issued, 90% were for Personal Insolvency Arrangements (PIA), the solution that…
Member Article R3 responds to May 2023 insolvency stats Corporate insolvencies increased by 51.2% in May 2023 to a total of 2,552 compared to Aprils total of 1,688, and increased by 39.8% compared to May 2022s figure of 1,825. o Corporate insolvencies increased by 151.9% from May 2021s total of 1,013 and by 170.3% from…
The number of Protective Certificates for debtors issued by the courts showed a small decrease in 2022, according to the annual report of Insolvency Service Ireland (ISI). The reduction to 1,151 from 1,221 the previous year is attributed by ISI to Covid lockdown impacts, as Personal Insolvency Practitioners (PIPs) continue to assess the need for…
105 people were adjudicated bankrupt here last year, according to the Insolvency Service of Ireland (ISI), a 47% reduction on a year earlier. A further 189 people exited bankruptcy the ISI annual report for 2022 shows, up from 135 in 2021. In total, 1.453m in dividends were paid from bankruptcy estates to creditors, the service…
John Kukulovski, partner with insolvency solutions and restructuring firm RRI Advisory, said EOFY is a challenging time even for businesses that are doing well. Its crucial that directors use this time to take stock of their companys financial health and identify any opportunities and issues for the coming year, Kukulovski said. As insolvency professionals, we…
Australian business owners and accountants are being told now is the time to conduct a health check on their organisations before the new financial year begins. Director at Insolvency Australia, Gareth Gammon said as the number of insolvencies began to rise, owners and accountants alike needed to ensure their organisations were in a healthy position. …
The high yield market is in an odd position. On the one hand, there are clear and mounting signs of corporate distress bankruptcies and defaults are rising and many companies are feeling the pain of rising borrowing costs. Yet it continues to go from strength to strength spreads over government bonds continue to narrow and…
The High Court has approved a Personal Insolvency Arrangement allowing a sales assistant write off more than 1.1m of debt owed mainly to financial institutions. Mr Justice Alexander Owens approved a PIA which will allow 52-year-old Fergal Shine, with an address at, Waterville, Bealnamulla, Athlone, Co Roscommon to return to solvency. The court heard that…