Creditors haveoverwhelmingly voted to wind up collapsed furniture retailer Brosa one month after the company fell into voluntary administration and sold off assets to Kogan (ASX: KGN) for $1.5 million. The decision to place the company into liquidation was recommended by KordaMentha administrators Richard Tucker and Michael Korda, who noted Brosa did not receive a…
Award-winning building company collapses after just six years in business – with huge building projects scrapped and tradies owed thousands Delco Building Group has gone into liquidation The company owes thousands to ATO and contractors It follows a string of construction company collapses By Sarah Liversidge For Daily Mail Australia Published: 14:45 AEDT, 2 February…
Karratha ratepayers are set to be more than half a million dollarsout of pocket as Virgin Australia is unable to pay a longstanding debt. Key points: Virgin Australia owes the City of Karratha more than $500,000 in airport fees The council hopes to be paid about 10 per cent of the total debt The debt…
31 January 2023 Consultancy.com.au 2 min. read Restructuring consultancy Cathro & Partners has launched a government advisory practice to support public sector agencies with corporate insolvency investigations, enforcement and recovery proceedings. Founded in 2021, Cathro & Partners hassince its inception focused on helping private sector businesses and lenders with preserving business value during periods of…
T he number of people going financially insolvent across England and Wales hit a three-year high in 2022, according to official figures. In addition, the number of company insolvencies jumped to the highest level since 2009 last year, in further signs of the impact of tough economic conditions on people and businesses. Some 118,850 people…
Behavioural change effectuated among debtors is one of the far-reaching spillover effects of the insolvency law, which is also facilitating the exit of distressed firms and thereby allocating scare economic resources for more productive use, the Economic Survey said on Tuesday. As many as 5,893 Corporate Insolvency Resolution Processes (CIRPs) had commenced by end-September 2022,…
‘).insertAfter(“.article-content__img”);$(“.article-content__img div”).find(‘div’).remove(); //]]> The Insolvency and Bankruptcy Code (IBC) has managed to bring about a change in the debtor-creditor relationship, with the fear of losing control over one’s enterprise nudging thousands of debtors to settle their dues with their creditors so that their company is not pushed into insolvency proceedings, the Economic Survey of 2022-23…
The Insolvency and Bankruptcy Code was the best measure for banks to recover bad loans in FY23, according to the latest edition of the Economic Survey.Since the inception of the code in 2016, 67% of the 5,893 corporate insolvency resolution processes that had commenced under the code by September 2022 had been closed, the survey…
Representative image. The Economic Survey has found that 46 percent of Corporate Insolvency Resolution Processes (CIRP) have ended in orders for liquidation, since the inception of the Insolvency and Bankruptcy Code (IBC) in December 2016. The survey noted that 5,893 of CIRPs had commenced by end-September 2022, of which 67 percent have been closed. Of…
New Delhi The Supreme Court on Monday dismissed Adisri Commercial’s appeals seeking stay on the insolvency proceedings initiated by RBI against its two debt-laden NBFCs – Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL). A Bench led by Chief Justice DY Chandrachud’s upheld the order of the National Company Law Appellate Tribunal (NCLAT) rejecting…