Liquidators get paid three times as much to shut down a business as they do to save it, says Australian Small Business and Family Enterprise Ombudsman Bruce Billson, whos called for an overhaul of insolvency laws that are now being reviewed for the first time in more than three decades. ‘Current system not sympathetic to…
Senator Deborah ONeill is chairing the Inquiry into Corporate Insolvency in Australia. (AAP Image/Lukas Coch) The primacy of the Australian Taxation Office (ATO) as Australias biggest creditor when it comes to corporate insolvencies is being put under fresh scrutiny, as the Albanese government puts the spotlight on reforming mechanisms for winding up failed businesses. The…
The primacy of the Australian Taxation Office as Australias biggest creditor when it comes to corporate insolvencies is being put under fresh scrutiny, as the Albanese government puts the spotlight on reforming mechanisms for winding up failed businesses. The Parliamentary Joint Committee on Corporations and Financial Services kicks off its Inquiry into Corporate Insolvency in…
As lawmakers in Tallahassee try to get Floridas property insurance crisis under control, theyre taking a closer look at how insurance disputes play out in the court system. On average, everyday more than 350 lawsuits are filed against insurance companies in the sunshine state. The state legislature is considering ending one-way attorney fees, which the…
While many construction companies make use of loans and credit to cover costs in hard times, these must be always paid back on time if you want to avoid business insolvency whether youre the owner of a long-established construction company or setting up a new business in the sector, take these tips on board to…
The Conservative MP Adam Afriyie has said he will not quit as an MP after being made bankrupt by a court ruling, which found he owed about 1.7m. Afriyie was pursued by creditors including HMRC for 1m in unpaid tax and Barclays Bank. He asked for more time to sell the family home in order…
Borgward is bankrupt – electrive.com Dec 13, 2022 – 12:16 pm Borgward is bankrupt It is the end for Borgward despite their attempt to revive the brand with electric and hybrid cars. A court in China has officially declared the company bankrupt and Borgward has appliedfor permission to liquidate its assets. The brand is historic,…
The founder of bankrupt cryptocurrency exchange FTX has reportedly been arrested in the Bahamas, ahead of possible extradition to the United States. Sam Bankman-Fried was arrested in the Bahamas on Monday, according to a statement being attributed to the nation’s government and widely reported by global media. The statement said Mr Bankman-Fried, whose business was…
A COMPANY WHOSE shareholder include rugby star Ronan OGara and businessman Michael OFlynn has asked the High Court to set aside an allegedly fraudulent personal insolvency arrangement made in favour of their fellow shareholder John ODriscoll. The application, which is to be opposed by ODriscoll, has been made by Ezeon Entertainment Limited, a company which…
Australian Small Business and Family Enterprise Ombudsman Small businesses should have better access to debt hibernation instead of being made insolvent when they face a crisis beyond their control, so they are better able to pursue a credible restructure, save jobs and rebuild, according to the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson.…