Brett McGrath, President of the Law Society of NSW, has renewed calls for a debt relief scheme to incentivise lawyers to practice in rural, regional, and remote (RRR) areas. During a visit to Lismore, which experienced a significant exodus of lawyers following the devastating floods in 2022, McGrath highlighted the urgent need for legal services…
DetailsIn short: Lawyers say a shortage of workers outside metropolitan areas is straining the court system and leaving people in need without help. They say people are representing themselves in court, which can double the average time it takes to hear a case and lead to people owing large amounts of money. What’s next? There…
DetailsSeveral of these factors contributed to the rising levels of formal insolvency appointments and distressed asset sales seen over the past year, which is likely to continue into 2024. In this article, we look back at, and think forward to, the trends and legal developments which businesses, insolvency professionals, accountants and investors need to be…
DetailsAdvertorial ARYZAs new head of corporate insolvency, Tom OConnor. Aryza, a leading provider of financial software solutions, announces the appointment of Tom OConnoras its Head of Corporate Insolvency. With an extensive career spanning over a decade in the insolvency sector and a proven track record in product development and client engagement, Tom brings invaluable experience…
DetailsBusiness failures are on the rise in Britain, with several high-profile names lost already this year. But since the 1980s, the UK has made it a priority to throw a lifeline to struggling companies. It appears, however, that these efforts to enhance the law are being hampered by sloppy language in the media, increasing the…
DetailsThe Federal Court’s recent decision in Stone (Liquidator), in the matter of RIC Admin Pty Ltd (in liq) v Mandalinic (No 2) [2024] FCA 164 demonstrates the analysis the courts will undertake in determining a director’s personal liability for insolvent trading, even when the director does not appear for the hearing. The case reiterates how…
DetailsData from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
DetailsAustralian agribusiness HS Fresh Food, known for its fresh salads, ready-made meals, and pre-prepared vegetable products, has entered into voluntary administration, impacting around 500 jobs. The company, which operates under brands such as Houston’s Farm, Sunfresh, and Gourmet Selections, and supplies to major retailers like Coles and Woolworths, appointed FTI Consulting administrators Vaughan Strawbridge, Joanne…
DetailsNormal text sizeLarger text sizeVery large text size A historic club faces closure three months after it asked members to pledge $2000 following a hike in rental costs. Harbour views and poker machines were not enough to rescue The Kirribilli Club, which was placed in voluntary administration on Wednesday. The Kirribilli Club in Lavender Bay.Credit:…
DetailsIn short: Childcare group Precious Cargo has gone into voluntary administration. Founder and director Cheryl Shigrov says seven operating childcare centres are affected in South Australia. A further four non-trading entities are in liquidation. What’s next? She says the childcare centres will remain operational until a buyer is found. A Montessori childcare chain that has…
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