Category Archives: Liquidation

Corporate Distress And Compassion: Integrating Humanitarian Values Into NCLT's Decisions – Live Law – Indian Legal News

The Insolvency and Bankruptcy Code, 2016 (IBC) is a landmark legislation that aims to provide a speedy and efficient resolution of Insolvency and Bankruptcy cases in India. The IBC empowers the National Company Law Tribunal (NCLT) to admit and adjudicate applications for initiating Corporate Insolvency Resolution Process (CIRP) against defaulting companies. The IBC’s primary goal…

Shock reason behind business collapse – The Australian

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…

Dairy creditors owed millions, farmer quits the industry following Country Valley milk processor collapse – ABC News

A dairy farmer from the New South Wales South Coast has quit the industry following the collapse of a milk processor that he says owes him tens of thousands of dollars. Key points: Country Valley has entered liquidation with creditors owed over $3 million Jamberoo farmer Steven Downes says he is unlikely to see the $50,000…

Shock reason behind business collapse – The Australian

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…

Insolvency trickle becomes a surge and it's the taxman whipping up … – InQueensland

Thursday August 10, 2023 Advertisement Advertisement Pie in the sky, or could farm waste create fuel for 600,000 flights a year? Consumer spending levels show that even Barbie can get old Volatile year and write-down of coal-fired plants send AGL to $1.26b loss Look at who’ll be joining our Albo at the White House –…

CBA shares: CBA executive Michael Vacy-Lyle says an aggressive … – The Australian Financial Review

Aug 10, 2023 3.41pm Key Points Why it matters: Insolvency numbers are jumping, and CBA says the ATO is partly responsible. After being soft and patient on tax during COVID-19, the ATO is now chasing debts aggressively. The long and the short of it is that people need to pay their taxes, a CBA executive…

'Perfect storm': insolvency surge threatens businesses – Michael West – Michael West News

August 10, 2023 09:59 | News Cash-strapped businesses are buckling under pressure from the Australian Taxation Office and other creditors as the insolvency trickle turns into a surge. Thats the verdict from comparison site Insolvency Australia, which found the number of businesses going bust has risen significantly in the past year. Companies appointing administrators, liquidators…

'Perfect storm': insolvency surge threatens businesses – The West Australian

Cassandra MorganAAP Camera Icon Cash-strapped businesses are under pressure from the Australian Taxation Office and other creditors. (Tom Compagnoni/AAP PHOTOS) Credit: AAP Share to Facebook Share to Twitter Email Us Copy the Link Cash-strapped businesses are buckling under pressure from the Australian Taxation Office and other creditors as the insolvency trickle turns into a “surge”.…

SpiceJet insolvency plea maintainable, WLFC tells NCLT – The Economic Times

Engine LessorWillis Lease Finance Corporation (WLFC) Tuesday argued that the insolvency petition filed by the company against airline Spicejet before the National Company Law Tribunal was maintainable, and the demand notice issued by the lessor could not be questioned.The reply came in response to the arguments made by Spicejet questioning the maintainability of WLFCs petition…

Fast-growing R&D tax consultancy BourkeHood falls into voluntary … – SmartCompany

BourkeHood founder Jason Hood. Source: Supplied Fast-growing research and development tax advisory BourkeHood has entered voluntary administration, with its high-profile founder highlighting cashflow challenges at the firm. On Thursday, KordaMentha announced Kate Conneely and Rahul Goyal were appointed as voluntary administrators for BourkeHood Pty Ltd, trading as BourkeHood. In a statement shared by KordaMentha, BourkeHood…