Conditions precedent and automatic termination: The Court applies the prevention principle A recent Queensland Supreme Court decision highlights that a party failing to satisfy the conditions precedent for which it is responsible to meet will not be able to take advantage of its default to assert that the contract has ended. Even though the contract…
ASIC has commenced civil penalty proceedings in the Federal Court against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty Limited, for alleged breaches of directors duties. ASIC alleges Mr Ryan breached his duties as a director by his involvement in decisions ASIC alleges were to the advantage of Dixon Advisorys holding company, E&P…
Micromobility.com, home of Helbiz, has submitted a non-binding bid to acquire VanMoof, following news that the Dutch e-bike brand was declared bankrupt last month. Beginning with shared e-scooters in Italy in 2018, today micromobility.com offers e-scooters, e-bikes and e-mopeds on short-term and long-term rentals as well as retail sales. The company said its bid demonstrates, the company’s strong…
A company may become insolvent when it cannot pay its debts when they become due or has insufficient assets to cover its liabilities. While it can be extremely stressful and overwhelming, there are several steps which businesses can take to manage the situation effectively and protect its interests. Herein we focus on measures to consider when your company is insolvent to ensure you as founders and directors are protected…
Housing Minister Rose Jackson has said she is looking into why tradies still havent been paid for building the public housing block at 16 Spring Street, Wagga. Photo: Chris Roe. The NSW Governments Land and Housing Corporation (LAHC) claims it did not know the company it appointed to build a public housing block in Wagga…
The bankrupt crypto exchange FTX has submitted a draft reorganization plan to the courts to pay back creditors. The draft plan, filed with a US bankruptcy court on Monday, calls for scrapping claims based on holdings of the disgraced companys native token, FTT. The draft says the FTT-based claims against the exchange should be dropped…
Housing Minister Rose Jackson has said she is looking into why tradies still havent been paid for building the public housing block at 16 Spring Street, Wagga. Photo: Chris Roe. The NSW Governments Land and Housing Corporation (LAHC) claims it did not know the company it appointed to build a public housing block in Wagga…
Normal text sizeLarger text sizeVery large text size An undischarged bankrupt was instrumental in landing his insolvency firm the lucrative rights to be administrator of fugitive Jean Nassifs failed property empire, which has collapsed owing more than $1.24 billion, including $88.5 million to suppliers and tradespeople. The scale of the collapse of Nassifs Toplace group…
A court has ordered a building company to go into liquidation after it failed to pay back its debts. On Wednesday morning, the Victorian Supreme Court placed Joestarr Homes Pty Ltd into liquidation after failing to pay an excavation contractor $73,000, with the unpaid invoices dating back as far as May 2021. Judicial registrar Kim…
The rebooted exchange would be available only to offshore customers. FTXs advisors suggested giving no recovery on account of FTT tokens due to their equity-like characteristics. We could see a potential reboot of the bankrupt crypto exchange FTX under a newly proposed plan. FTXs bankruptcy administrators submitted a reorganization plan on 31 July that proposes…