Over 450 directors have been disqualified by the Insolvency Service in 2022-23 for abusing the COVID-19 financial support scheme, as the agency continues to clamp down on pandemic fraudsters. Figures published today by the Insolvency Service also show that directors guilty of COVID-19 related misconduct are being hit with longer disqualification periods. The average length…
International law firm Womble Bond Dickinson has strengthened its London restructuring and insolvency practice with the appointment of Amy Gallimore who joins as partner. Amy specialises in corporate and personal insolvency law, representing insolvency practitioners and stakeholders affected by financial distress including directors, shareholders and creditors. With strong expertise in the financial services sector in…
The insolvency avalanche has regained momentum in Australias construction industry and still in its path are hundreds of companies precariously teetering on the brink of collapse. New data indicates insolvencies in the sector are trending to surpass 2000 for the 12 months to the end of Junethe highest in more than a decade. I’d say…
I nsolvencies last month rose to the highest level since the Government began collecting the statistics four years ago, exceeding pandemic-era highs. There were 2,457 companies declared insolvent last month, up 16% from March 2022, as well as 288 compulsory liquidations, double the figure from a year earlier. This, the Government said, was partly due…
Apr 18, 2023 5.57pm Business collapses hit a 3 year high last month, to jump back above pre-pandemic trends for the first time, as rising interest rates and a cooling economy bite corporate Australia. Insolvency lawyers say the end of the cheap money era, banks becoming less forgiving of distressed corporate borrowers and the Australian…
A company that provided services to both Woolworths and Coles that spectacularly collapsed late last year owes $5 million to creditors, financial records have revealed. Melbourne-based REDcycle, which offered Australias largest soft-plastics recycling program, went under after it was revealed hundreds of millions of bags and other soft plastics were secretly stored in warehouses and…
A former employee of a manufacturing company that suddenly went into liquidation says hes among many left devastated by the move. Mooloolabas Transportable Shade Sheds (TSS) went into liquidation on Monday, April 3, reportedly leaving hundreds of customers either without product or half-delivered orders. Former senior sales technician Terry Coe was among staff still working…
TALLAHASSEE State insurance regulators last week signed off on a plan that will lead to policyholders throughout Florida paying extra on their bills because of property-insurer insolvencies. Insurance Commissioner Mike Yaworsky issued an order that approved a request by the Florida Insurance Guaranty Association to collect a 1 percent emergency assessment to cover costs of…
The facts in Metal Manufactures v Morton Metal Manufactures Pty Limited (Metal Manufactures) supplied goods to MJ Woodman Electrical Contractors Pty Ltd (MJ Woodman) on credit, leading to debts owed by MJ Woodman to Metal Manufactures. During the relation back period, MJ Woodman made payments of $190,000 to Metal Manufactures in satisfaction of the debts.…