The company of a fugitive Sydney property developer has collapsed into administration. At the end of last week, Jean Nassifs massive building firm Toplace Pty Ltd filed papers with ASIC that showed it had appointed administrators. Mr Nassif founded the business but last month NSW Police issued an arrest warrant for him in relation to…
Business bankruptcies are surging around the world, in some countries reaching volumes not seen since the aftermath of the 2008 financial crisis. Its likely just the start of a wave of corporate defaults: A decade of cheap money instilled a false sense of invincibility in business executives and private equity managers who forgot that bust normally follows…
Three more Australian building companies have collapsed, entering liquidation or voluntary administration. It is not yet clear how many homes across the country will be impacted. WATCH THE VIDEO ABOVE: Another Victorian building company collapses. Looking for a new job or job candidate? Post jobs and search for local talent on 7NEWS Jobs >> Millbrook…
At a Glance The Insolvency Service today announced the outcome of the Governments consultation on implementing two model laws in the field of insolvency, which have been adopted by the United Nations Commission on International Trade Law (UNCITRAL) namely, the Model Law on Enterprise Group Insolvency (Group Model Law) and the Model Law on Recognition…
Future Lifestyle Fashions Ltd (FLFL) has said that claims worth Rs 3,477.28 crore from as many as 17 financial creditors have been admitted in the ongoing Corporate Insolvency Resolution Process (CIRP). Catalyst Trusteeship Ltd has emerged as the lead financial creditor with Rs 600.40 crore, having a 17.4 per cent voting share in the Committee…
Go First Airlines (formerly known as Go Airlines) of India has commenced the search for potential investors as part of its ongoing insolvency proceedings, as stated in a newspaper advertisement released on Monday. The airline has taken this step in compliance with the procedural requirements mandated by Indian law. According to two bankers familiar with…
Future Lifestyle Fashions Ltd (FLFL) has said that claims worth Rs 3,477.28 crore from as many as 17 financial creditors have been admitted in the ongoing Corporate Insolvency Resolution Process (CIRP). Catalyst Trusteeship Ltd has emerged as the lead financial creditor with Rs 600.40 crore, having a 17.4 per cent voting share in the Committee…
A building company has closed down its social media accounts and switched off its phone lines just days before a definitive court case could order it into liquidation. Como Homes is a residential builder based in Dandenong in Melbournes southeast which has been a registered business since 2017, according to the corporate regulator. On its…
Regulatory Policy Committee opinion on DBT’s Corporate Insolvency and Governance Act 2020 PIR Get emails about this page Documents RPC Opinion:Corporate Insolvency and Governance Act 2020 PDF, 130 KB, 8 pages Details The RPC finds that the PIRs recommendation to amend the legislation is supported by proportionate evidence and analysis. The PIR re-visits assumptions in…
Another start up NSW builder SMLXL has been placed into liquidation, leaving several major projects in a state of flux including Mona Vale Golf Course, who after recently gutting their current club house were suddenly advised that their builder SMLXL projects had suddenly and without warning been placed into liquidation. Lisa Mort who was appointed…