Since 2003, corporate lawyers and insolvency accountants have benefited from a helpful ‘cheat sheet’ which answers the question, ‘how to tell if your business is insolvent‘. It comes in the form of a list that outlines 14 key indicators of insolvency. This list was established by the Courts as a general yardstick to identify if…
From family operations to national firms, COVID-19 has made things tough for Australian businesses. Thousands have been forced to reduce their business hours, cut down on staff or shut down completely. As the global pandemic causes revenues to fall despite the unstoppable march of bills and expenses, one word becomes more prominent for businesses that…
As coronavirus continues to sweep across Australia, lockdowns and restrictions have brought intense financial strain upon thousands of businesses, with many facing company liquidation. Because continued restrictions like social distancing have made it almost impossible for any business to escape the pandemic’s effects, it is more important than ever to know how to tell if…
If your company has become insolvent as a result of Coronavirus, you will find that preparing for company liquidation can be a stressful aspect of the process. Providing company details and other information related to your insolvency is important to allow liquidators, and the Australian Securities and Investments Commission (ASIC), to wind things up. Whether…
Le Chteau seeks creditor protection pursuant to the CCAA to ensure a responsible, controlled and orderly liquidation of its assets MONTRAL, Oct. 23, 2020 /CNW Telbec/ – Le Chteau Inc. (TSX VENTURE: CTU) (“Le Chteau” or the “Company“) filed today an application (the”CCAA Application“) pursuant to the Companies’ Creditors Arrangement Act (“CCAA“) seeking protection of…
October 23, 2020 02:00 ET | Source: Chrysalis VCT plc Chrysalis VCT plcLEI: 2138009FVDWULSIOX40423 October 2020Update on preparation of proposals for Company to commence a VCT winding up period On 21 August 2020, the Company announced that the Board was preparing formal proposals to be put to Shareholders for approval for the Company to commence…
October 22, 2020 10:00 ET | Source: BW Offshore The Board of Directors of BW Umuroa Pte. Ltd. (BWU), awholly ownedsubsidiary of BW Offshore, has today resolved to place BWU into voluntary liquidation. BWU is the owner and operator of the FPSO Umuroa which is presently located on the Tui oil field offshore New Zealand.…
Supplied/Stuff The FPSO Umuroa, right, moored near the Tui Oil Field offshore of Taranaki. Taranakis oil and gas industry has been delivered another blow with the company servicing the Tui Oil Field going into liquidation, a flow on from Tamarind Taranaki’s collapse. Norwegian-based BW Offshore have put BWU, a wholly owned subsidiary which operates the…
Banks are not taking enough risk if no loans ever go bad after all banks are in the business of providing risk capital at an appropriate price. But given a certain proportion of loans will go bad, how should banks provide for them in their accounts without knowing exactly which ones will tip over? “Businesses…
The company was directed by Canadian businessman Matthew Davey out of Dunedin but he is understood to have returned to Canada. Photo by Peter McIntosh. The embattled company behind Ticket Rocket is now in liquidation owing nearly $350,000 to two Super Rugby franchises. Fortress Information Systems Ltd was called before the High Court at Dunedin…