The system for managing corporate insolvency varies in fundamental ways between countries, with important effects on economic outcomes. Chapter 11 of the U.S. Bankruptcy Code forms the legal basis of the successful American regime, which can handle distress in a formal process without liquidating assets, closing businesses, and with limited job losses. Many countries aim…
DetailsFrom 1 January 2021, Australias insolvency framework for small businesses changed. The purpose of the change was to assist small businesses, with debts under AUD $1 million, to survive specifically, by providing these businesses with simpler, more flexible restructuring options outside the existing one size fits all voluntary administration and scheme of arrangement processes available…
DetailsThe board of London-listed energy services company Petrofac has selected Moelis & Company and Teneo as advisors to its major restructuring overhaul. Petrofac, a company that offers services related with oil and other energy infrastructure, recently announced that it is exploring the sale of non-core assets in order to address a reduction in cash flow.…
DetailsMore than 43 million student loan borrowers rang in 2023 full of hope that their debt balances would drop by either $10,000 or $20,000 under President Joe Bidens forgiveness plan. But that promised relief never materialized after the Supreme Court struck down Bidens plan in June, leaving borrowers in limbo until student loan payments resumed in…
DetailsNew Delhi: B2B e-commerce platform Udaan has laid off 100-120 employees, people aware of the developments told ETRetail. The layoffs come post-consolidation of Udaans two business verticals essentials and discretionary. In September, the e-commerce major announced organisational changes in an attempt to drive efficiency by merging and consolidating its essentials business with the discretionary business.…
DetailsHomegrown budget airline SpiceJet, along with two more entities, Africa-focused Safrik Investments and Sharjah-based aviation company Sky One, have reportedly expressed interest in acquiring beleaguered carrier Go First. Their interest comes weeks after the deadline for making proposals passed and lenders started considering Go Firsts liquidation. According to a report in The Economic Times, the…
DetailsA companys $66 million collapse is creating a messy fallout more than six months after the business went bust. In March, NSW-based Fourteen Consulting Services Pty Ltd was court-ordered to go into liquidation. The business, headquartered in Brighton Le Sands in Sydneys south, offered labour hire services and had racked up liabilities of more than…
DetailsVirgin Australia has gone into administration pic: Supercars Twitter Supercars primary sponsor Virgin Australia has announced it has gone into voluntary administration. Virgin Australia joined Supercars in 2016 on a five-year deal which is set to finish at the end of 2020. Speedcafe.com understands Supercars deal with Virgin Australia is worth $1.5 million per annum…
DetailsA company working on the Festival Tower project at Festival Square has fallen into liquidation, with all 100 of the firms staff told they are losing their jobs. Wake Concepts was working on Festival Plaza when it was placed into liquidation. Photo: Thomas Kelsall/InDaily. Construction firm Wake Concepts, which specialises in building wall and ceiling…
DetailsThe Parliamentary Joint Committee on Corporations and Financial Services (PJC), chaired by Senator Deborah ONeill, has handed down its final report into the effectiveness of Australias corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. The Committee has made some far-reaching recommendations in the Final Report,…
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