Executive Summary On 28 September 2022, the Federal Government, through the Parliamentary Joint Committee on Corporations and Financial Services (the Committee), commenced an inquiry into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy (the Inquiry). See here the link to our earlier…
Staff at a plumbing company that went bust owing millions have lifted the lid on the desperate measures they took in the months leading up to the collapse. Earlier this month, news.com.au revealed that C & S Plumbing Pty Ltd had gone into liquidation. Simon Nelson of insolvency firm BPS Recovery and Reconstruction is the…
The company faces scrutiny for not shutting down the power prior to the fire. Lawyers have wasted no time filing lawsuits. Authorities have yet to conclude what caused the fire that tore through Lahaina, leaving at least 110 people dead, but the utility that powers most of Hawaii is already facing mounting legal and financial…
LONDON, Aug 17 (Reuters) – Chile’s Codelco, the world’s largest copper producer, is at risk of insolvency due to rising costs and a growing debt pile stemming from projects that missed output targets, Chiles Centre for Copper and Mining Studies (CESCO) said in a report seen by Reuters. In a rare intervention, the influential industry…
(MENAFN– PRLog) — Christina, a solicitor and Licensed Insolvency Practitioner has extensive experience of contentious and non-contentious corporate and personal insolvency matters as well as restructuring and corporate simplification. Her name will be familiar to many from her former role as the President of R3 (the trade association for the UK’s insolvency and restructuring professionals).Commenting…
Australia is tipped to enter a recession over the next 12 months, increasing the rate of company insolvencies as firms struggle to absorb higher interest rates, costs, and weaker consumer spending. According to The SMH, up to 70% of insolvency practitioners, lawyers, managers, and corporate debt restructuring specialists surveyed by KordaMentha and Turnaround Management Association…
The Insolvency Service Published 15 August 2023 Contents 1. Data Sources 2. Methodology 3. Revisions 4. Quality Print this page Crown copyright 2023 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National…
The Insolvency Service Published 15 August 2023 Contents 1. Main Messages for England and Wales 2. Things you need to know about this release 3. Company and Individual Insolvencies in England and Wales 4. Company Insolvencies in Scotland 5. Company and Individual Insolvencies in Northern Ireland 6. Data and Methodology 7. Glossary Print this page…
The question of how bad dividends can land a limited company director with a personal liability to HMRC is worth asking, because it goes against the grain of what most people regard as a key motivator to having such a business, writes Matt Fryer of Brookson. The status quo of LTD One of the main…
More than 90 per cent of insolvency professionals believe Australia will dip into a recession within the next two years but some think it will be even sooner – in the next 12 months. A survey by insolvency firm KordaMentha and Turnaround Management Association revealed the industry has a dire outlook for Australia’s economy. The…