Thats why the Morrison government is committed to building on our already significant insolvency reforms, keeping more businesses in business and driving Australias economic growth. The new measures will make up part of the non-spending announcements in the May 11 budget and undergo a period of consultation and review to determine if and how they…
An Auckland property company that took millions in taxpayer funds to house the homeless has left Inland Revenue (IRD) and landlords out of pocket after going into liquidation. File photo. Photo: RNZ Silverfern Property Services has received more than any other outfit for emergency housing – $14.7 million – and charged nearly $2000 per client…
The Midlands branch of insolvency and restructuring trade body R3 is urging company directors to plan ahead for the withdrawal of Government Covid support schemes, following a record low in quarterly insolvencies. Latest Government statistics for England and Wales show that there were 2,384 corporate insolvenciesin the first quarter of 2021, a reduction of 21.9%…
Australia has announced plans to hit its offshore industry with a levy to cover the $200m cost of decommissioning an abandoned project off the countrys northern coast. The facility, known as Northern Endeavor, consists of a floating production, storage, and offloading vessel that had been permanently moored in the Timor Sea. The project was shut…
STUFF CBL insurance was put into liquidation in May 2020. (File photo) A third man charged in relation to an alleged multimillion-dollar fraud linked to collapsed insurer CBL will have a separate trial to two other men accused. CBL Insurance chief executive Peter Alan Harris and chief financial officer Carden Mulholland are set to go…
New Look entered into a CVA in September 2020 as a result of the trading difficulties experienced during the Covid-19 pandemic. It did so as part of a wider restructuring exercise, which also involved a scheme of arrangement of its finance creditors. The CVA is New Looks second, following a CVA in 2018. The 2020…
A sharp fall in company collapses masks the financial pain about to emerge from the pandemic, East Anglian insolvency experts are warning. The East of England branch of insolvency and restructuring trade body R3 is urging company bosses to plan ahead for the withdrawal of government support schemes. Ironically, the latest government figures for England…
Construction firm Ahluwalia Contracts has entered into a settlement agreement and resolved the payment issues with its operational creditor, A2 Interiors Products Pvt Ltd, and is filing an application to withdraw the insolvency proceedings. On May 5, the Delhi-based bench of the National Company Law Tribunal (NCLT) had allowed the insolvency plea filed by A2…
A Lower Hutt company that makes prefab classrooms is in voluntary administration but the Education Ministry says it is working with it. The Ministry of Education says it is working with AdBuild and its administrators to ensure projects continue with as little disruption as possible (file picture). Photo: Ministry of Education AdBuild’s creditors appointed administrators…
Advanced Building & Construction Limited (which trades as AdBuild) had about 30 projects on the go, though it was not being used to supply prefabs to leak-hit Hutt Valley High School. Hutt High is instead expecting to get a total of 16 new prefabs from Portacom, the first four in August, then the others through…