Attorney-General Christian Porter today announced that Australias personal bankruptcy threshold will be set at $10,000. The threshold was temporarily lifted from $5,000 to $20,000 on March 24 of this year in response to the pandemic. The new threshold of $10,000 will be permanent, and comes into effect on January 1, 2021, when the temporary threshold…
Insolvency advisor urges businesses to address insolvency issues this year before Safe Harbour moratorium ends MEDIA RELEASE 18 December, 2020 FOR IMMEDIATE RELEASE BUSINESS LIFELINE TO END NYE BUSINESSES SHOULD SEEK PROFESSIONAL HELP ASAP -Insolvency Advisor urges businesses to address insolvency issues this year before Safe Harbour moratorium ends, to avoid tradinginsolvent on or after…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 33 bankruptcies in week 50, 8 fewer than in week 49. In addition, 8 sole proprietorships were declared bankrupt, 2…
This year, the federal government passed a range of new legislation to help small businesses withstand the effects of the COVID-19 pandemic. While some of these initiatives are familiar, such as JobKeeper and changes to insolvency, from January 1, 2021, important changes will occur. Here are four changes SMEs need to know. 1. JobKeeper extension…
Bourbon Arctic – Bourbon photoBy The Maritime Executive 12-16-2020 06:33:36 The Commercial Court of Marseilles approved the recovery plan for Bourbon Maritime after an agreement was reached with the creditors. The decision completed the reorganization proceedings that began nearly 18 months ago. The company expects to complete the financial and capital restructuring of the group…
Member Article Corporate insolvencies increased by 4% to 889 in November 2020 compared to Octobers figure of 862, and were 41% lower than November 2019s figure of 1,512. Personal insolvencies fell by 22% in November 2020, with 9,319 compared to Octobers figure of 11,945, and were 3% lower than November 2019s figure of 9,568. Eleanor…
Heres two contradictory datasets: one from the Citizens Advice Bureau, reporting that 600,000 more people are falling into ruinous debt, unable to pay their energy bills; the other from the UK Insolvency Service revealing that individual bankruptcies and debt relief orders have fallen over the last year, and dramatically so. Yet both paint an accurate…
123RF Auckland property developer Andrew Montgomerie has been made bankrupt after failing to pay his brother back A man has bankrupted his brother after he failed to repay a $1.2million loan. James Montgomerie, a Florida-based businessman, in 2011 loaned the sum to his brother, Andrew Montgomerie, an Auckland property developer. Andrew had run into financial…
Lee Davis (55), of Blyth, Northumberland, appeared at Newcastle Crown Court on Friday (11 December) before Judge Prince where he was sentenced to six months imprisonment suspended for 12 months. The court heard that Lee Davis was declared bankrupt in April 2016 following a petition by the tax authorities having failed to pay taxes he…
More than 60 per cent of corporate insolvency resolution processes that achieved closure in July-September 2020 have ended up in liquidation. The data by the Insolvency and Bankruptcy Board of India (IBBI) shows 68 cases ended up in liquidation of the total 112 closed cases during the period. While a number of cases faced liquidations…