When Carriageworks went into voluntary administration during the Covid-19 downturn last year, many artists lost work and Sydneysiders were robbed of one of their best venues. The rescue was protracted and involved both public and private funds. The New South Wales governments Covid-19 rescue packages for artists were famously far smaller, and came far later,…
Member Article Commenting on the official Insolvency Service figures for January showing a 39.1% month-on-month fall in the number of UK corporate insolvencies, Alexandra Withers, North East chair of insolvency and restructuring trade body R3, said: Januarys fall in corporate insolvency numbers dont reflect the fact that the economic fallout from the pandemic is continuing…
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose…
Catalonia’s justice system has declared that the former director-general of Agrofruit, Xavier Guarner, is the main culprit of the company’s bankruptcy. The court’s ruling came after an investigation into the business management of Agrofruit, the company that once led the market for the export of citrus fruits to Europe. Agrofruit went into liquidation in 2018…
A once-popular Asian restaurant in the heart of Maroochydore’s entertainment strip has shut its doors for good after its parent company went bust owing about $1.4 million. Liquidators were appointed on Friday to wind up Akane Pty Ltd, which had traded as Akane Teppanyaki and Whisky Bar, a large restaurant which had operated on Ocean…
A Bristol-based M&E specialist has ceased trading and is set to go into liquidation. Priddy Engineering Services, which was too small to be required to register its turnover on Companies House, held current assets worth 1.8m in its latest accounts for the 18-month period to 31 July 2019. Of this, the firm held 357,500 in…
The Part A1 Moratorium is an insolvency process that was introduced by the Corporate Insolvency Governance Act 2020 to help financially distressed companies obtain temporary protection from creditor action, while the company attempts to rescue itself as a going concern. A quick legal update on the Part A1 Moratorium and its effects can be found…
RECORD numbers of business people are cashing out by paying their debts and liquidating their companies, a business recovery firm has said. Whiteley-based Portland said the past 12 months had seen a 60 per cent rise in the number of solvent liquidations, where creditors are paid and the remaining balance distributed among shareholders. During 2020,…
A plan to build soccer pitches on part of Australia’s second oldest national park is failing to get public support, despite it only occupying a fraction of the land formerly used for the Belair Golf Course. Key points: The state government is seeking feedback to its latest proposal for the former Belair Golf Course site…
Besides, it was found that companies, in general, lack a proper documentation model83% of insolvency professionals opined that companies lacked this for both statutory register and non-statutory register. By Neeti Shikha & Urvashi Shahi Timely resolution proving elusive has become the biggest bottleneck in the corporate insolvency resolution process. Indeed, there is an inordinate delay…