After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australias corporate insolvency laws. In this alert, we distil some of the key findings from the almost 400-page report and consider what future law reforms might look like. …
Friday 15 December 2023 12:23 pm Business insolvencies have jumped in the month of November, according to the latest data from the UK Insolvency Service. Insolvencies surged in November, confirming that 2023 is set to be the worst year for corporate collapses since 2009, according to the latest data from the UK Insolvency Service today.…
The number of corporate insolvencies hit 2,466 in November, 21% higher than the prior year, meaning the number of total failures for 2023 now total over 23,000, according to new figures from The Insolvency Service. You’ll need to subscribe to unlock this content. Already subscribed? Login? Read the full article at: https://www.accountancytoday.co.uk/2023/12/15/corporate-insolvencies-up-by-21-in-november/
Dainton Beer have emerged from voluntary administration today after creditors approved their Deed of Company Arrangement (DOCA), with control of the business returning to Dainton’s management team, and with Dan Dainton as CEO. The announcement comes less than a month after the brewery appointed administrators. Dan told The Crafty Pint the decision means their equity shareholders…
Panoramic Resources and its subsidiaries PAN Transport and Savannah Nickel Mines have entered voluntary administration. As of yesterday, December 14, Panoramic directors resolved to appoint administrators as a result of falling nickel prices. Panoramic launched a strategic review of its Savannah project in the Kimberly region of Western Australia on November 16. The review was…
The Supreme Court has held that the Promoter of a Corporate Debtor is eligible to submit a resolution plan in terms of Section 240A of the Insolvency and Bankruptcy Code, 2016 (IBC), even if the Corporate Debtor was registered as Micro Small Medium Enterprise (MSME) after commencement of Corporate Insolvency Resolution Process (CIRP). The Bench…
Panoramic Resources, the company that operates one of Western Australia’s few nickel mines, has entered voluntary administration. Key points: Panoramic Resouces, the company behind the Savannah nickel mine, has entered voluntary administration The company employs more than 150 staff and 200 contractors in WA’s Kimberley region It comes as the price of nickel has fallen…
Liquidators are looking for a new owner to take over a not-for-profit childcare centre on the University of WA campus after it entered voluntary administration last week. WA Insolvency Solutions were appointed voluntary administrators of the University Child Care Club operating as Unicare on December 7. The early childhood centre first opened in 1988 with…
Spike in Corporate Insolvencies in Austria: Retail, Construction, and Hospitality Sectors Hit Hard Austria is witnessing a significant rise in corporate insolvencies, with a 13% increase in insolvency filings in 2023 compared to the previous year, according to Austrian credit protection association KSV1870. This surge has led to 5,401 companies facing insolvency, averaging 15 company…
Rising company insolvencies have provided a boost to one corporate restructuring specialist. Begbies Traynor reported half-year turnover expanded by 13% to 65.9m in the six months ending October while adjusted earnings grew by 0.9m to 12.8m, Mail Online reported. Interest rate hikes, subdued consumer spending and an absence of pandemic-era government support programmes have forced…