ASIC has prosecuted 100 individuals from 1 January 2023 to 30 June 2023 for failing to assist registered liquidators. These prosecutions follow the failure of company officers and other individuals to comply with key governance obligations to provide registered liquidators with access to company books and submit a report on company activities and property (ROCAP)…
This weeks TGIF summarises the Federal Court of Australias recent decision granting leave to proceed against a company despite the appointment of a small business restructuring (SBR) practitioner under Pt 5.3B of the Corporations Act 2001 (Cth) (Corporations Act). Key takeaways The statutory stay available under the SBR regime, introduced in 2021, has been approached…
Sara Lee, a renowned dessert brand, has gone into voluntary administration. FTI Consulting was appointed as a voluntary administrator. The Sara Lee business will be restructuring and selling, but it will continue operations as usual. With its longstanding manufacturing history in Australia, there is hope that this will continue. Administrator Vaughan Strawbridge said that there…
David Alexander A nearly five per cent increase in corporate insolvencies in the past year is likely to lead to a rise in personal insolvencies in the next six to 12 months, according to Gilson Gray. The latest figures from the Accountant in Bankruptcy (AiB) show there were 283 corporate insolvencies in July to September…
The deluge of corporate insolvencies that some had predicted would follow the Covid-19 pandemic has yet to materialise despite a steady rise in the number of business failures over the past year, according to insolvency experts. In a new report published on Wednesday, Interpath Advisory, the Dublin-based restructuring and corporate advisory firm founded last year…
Creditors with a “valid claim against the company” will meet with liquidators People and companies owed money by the Jersey Reds are meeting to see what assets the club still has after it ceased trading. The Championship-winning club went into liquidation in September after it was unable to pay its players and staff due to…
BBC Operations Pty Ltd trading as Blow Bar Co falls into liquidation Blow Bar insists ‘it’s business as usual’ and an ‘internal’ restructure By Eliza Mcphee For Daily Mail Australia Published: 17:37 AEDT, 25 October 2023 | Updated: 19:23 AEDT, 25 October 2023 EXCLUSIVE A pop… Read the full article at: https://www.dailymail.co.uk/news/article-12669443/Blow-Bar-Sydney-Bronte-Balmain-collapses-liquidation.html
When a real stat project is sent to the National Company Law Tribunal (NCLT) with an Interim Resolution Professional (IRP), numerous major issues for homeowners arise. The Insolvency and Bankruptcy Code (IBC) is extremely important in this procedure. When an application for initiation of corporate insolvency resolution is admitted against a real estate company/project (Corporate…
IndusInd International Holdings Ltd (IIHL), the investment arm of Hinduja group, cannot do away with employee stock option (Esop) and incentive schemes of Reliance General Insurance Co., as part of its resolution plan for the parent firm, Reliance Capital, according to law firm Khaitan & Co. A copy of the letter, which is in response…
Oct 23, 2023 6.42pm Scott Wilcox, the former director and shareholder of high-end residential builder Dome, says his former fellow directors chose to put the company into liquidation last week and turned down offers he made to keep the business going, including coming back to run it. In a LinkedIn post late on Monday, Mr…