We are pleased to present our first edition of the Annual Return, reporting on landmark cases, legislative reform, and the implications for your practice. Uncharted waters The last few years have been exceptionally challenging for all professionals, including insolvency practitioners. Global health and economic disruptions brought about by COVID-19, and rising geo-political tensions have set…
In the matter of Mediacloud Pty Ltd (Administrators Appointed) [2021] NSWSC 357 the New South Wales Supreme Court demonstrated its wide discretionary power. The decision extended the period of administration of a company to avoid it being automatically wound up for failing to execute a deed of company arrangement within the required time. This, in…
C ompulsory liquidations in November 2022 rocketed to more than five times as many as last year and were 7% higher than in November 2019, new figures released today show, as small and medium-sized businesses feel the pressure of rising prices, higher interest rates and dwindling consumer demand. The number of registered company insolvencies in…
NASSAU, BAHAMAS FTX CEO John Ray III in a congressional hearing into the companys collapse yesterday slammed The Bahamas company liquidation process as lacking transparency, claiming that the pushback being received from the Bahamian government and regulators was extraordinary and irregular. Ray was addressing a House Financial Services Committee hearing into the collapse of the…
Members of Brosa’s executive team. From left to right: David Wei, co-founder and chief product officer; Rushabh Sanghavi, chief commercial officer, Anna Stockley Davidson, chief operating officer; and Ivan Lim, co-founder and CEO. Source: supplied. Online furniture retailer Brosa has fallen into voluntary administration, after its rapid pandemic-fuelled growth slowed when COVID-19 restrictions lifted across…
This article first appeared in the Chambers and Partners Insolvency 2022 Guide. The guide provides the latest legal information on the various types of voluntary and involuntary restructurings, reorganisations, insolvencies and receiverships; out-of-court restructurings and consensual workouts; secured and unsecured creditor rights; international/cross-border issues and processes; and the duties and personal liability of directors and…
With the rise in popularity of wholesale liquidation companies where people can buy return pallets from Amazon and other popular stores, there are great opportunities for people looking to do business in this area. If you are one of them, youve come to the right place. This article will tell you about the best tips…
The number of business failures has risen sharply this year compared after a precipitous decline in corporate insolvency rates during the pandemic due to the availability of various Government supports. Meanwhile, just 22 companies have availed of the new rescue procedure for small businesses, a Deloitte report has highlighted, a take-up rate of only 4…
Another major building company has announced it has gone into administration. NSW-based Elderton Homes informed customers on Monday afternoon the business had faced ongoing struggles, citing natural disasters and the nations economic conditions following the pandemic. Today Elderton Homes has made the difficult decision to appoint Administrators to manage its ongoing affairs, the designer home…
A New South Wales builder has plunged into administration after catastrophic weather events, the pandemic and the rising costs of materials made business too costly to continue. Elderton Homes announced it had appointed Liam Bailey and Chris Palmer of O’Brien Palmer as administrators today, citing the impact of several different events. “This has been a…