Small business directors who confess their late tax statements under the failure to lodge penalty amnesty program may not be spared from other Australian Taxation Office crackdowns, including the use of lockdown director penalty notices, a leading restructuring expert has warned. Announced in the 2023-2024 federal budget, the new Australian Taxation Office (ATO) amnesty allows…
Insolvencies will surge over the next few months as economic pressures combine with increasingly aggressive debt collection by the ATO and big 4 banks, Insolvency Australia says. Director Gareth Gammon said there had been a significant increase in winding-up applications and ATO-initiated court recoveries, particularly in the second half of FY23. Over the past year…
Statistics on new company insolvencies in England and Wales, and related statistics for Scotland and Northern Ireland Get emails about this page Documents Commentary – Company Insolvency Statistics April to June 2023 HTML Infographic – Company Insolvency Statistics April to June 2023 PDF, 277 KB, 1 page This file may not be suitable for users…
Company failures in England and Wales rose 27 per cent last month and by 51 per cent in Scotland as growing numbers of businesses succumbed to rising inflation and a stagnant economy. Corporate insolvencies in June hit 2,163, sharply up from 1,698 in the same month last year, according to Insolvency Service data. In total,…
The number of bankruptcies decreased in July after an increase in June, Statistics Netherlands (CBS) reported. The number of bankruptcies showed a monthly decrease for the first time in three months. Annually, however, the number of bankruptcies has been higher for 15 months in a row than in the same months a year earlier. According…
11/08/2023 15:00 CBS / Nikki van Toorn Statistics Netherlands (CBS) reports that, adjusted for the number of court session days, there were 49 fewer bankruptcies in July 2023 than in the previous month; a decrease of 16 percent. Year on year, however, the number of bankruptcies has increased for 15 months in a row. “}),a?”map”==e.options.chart.type&&n?cbs.renderer.footNote=e.renderer.text(l,t,i,!0).css({fontSize:”7.5px”,fontFamily:v}).add():cbs.renderer.footNote=e.renderer.text(l,t,i+40,!0).css({width:e.chartWidth-t-cbs.renderer.itemMargin,fontSize:f,fontFamily:v}).add():cbs.renderer.footNote=e.renderer.text(l,t,i,!0).css({width:e.chartWidth-t-cbs.renderer.itemMargin}).add()}return…
The Chennai Bench of National Company Law Appellate Tribunal (NCLAT) has stayed the admission of corporate insolvency case brought by National Company Law Tribunal (NCLT) Bengaluru against the the coffee chain firm, Cafe Coffee Day (CCD) on Friday. The NCLT order against CCD has been put on hold until the next hearing of the appeal filed by…
But the lawyer said Hancocks companies were soon haemorrhaging money, courtesy of a Romanian bargaining deal and the tens of millions of dollars he had taken from Hancock Prospecting to bankroll Porteous mansions, jewellery, luxury cars and a private jet. With the BHP deal now in jeopardy, the court was told Lang wrote to his…
On Thursday 10th August, judgment was given in Brake v The Chedington Court Estate Ltd [2023] UKSC 29. Andrew Sutcliffe KC, William Day and Gretel Scott appeared in the Supreme Court for the Appellant, the Chedington Court Estate, in a long-running insolvency dispute against former bankrupts and partners in a partnership in liquidation, Nihal and…
A surge of businesses will collapse across the country as the ATO goes after mounting legacy debt, experts have warned. The ATO and other creditors currently pose the greatest threat to cash-strapped small and medium-sized businesses, says Insolvency Australia, which has just released its latest Corporate Insolvency Index. It comes as a popular West Australian…