The Supreme Court has determined that a creditor who has not filed proof of a debt within the time prescribed by a personal insolvency practitioner is not precluded from filing an objection to the approval of a personal insolvency arrangement. About this case: Delivering judgment for the Supreme Court, Ms Justice Elizabeth Dunne determined: The…
DetailsThe federal government must allow accountants to play a more significant role in the provision of financial advice and should look to the SMSF sector as to the areas in which this move could make a significant difference, the head of the premier industry body has said. Speaking at the Institute of Public Accountants National…
DetailsKristin Fisher Eyebrows (KFE) has been forced into administration after the Australian Taxation Office (ATO) voted against a plan to restructure the debt-laden business. The business, owned by celebrity eyebrow artist and socialite Kristin Fisher, publicly revealed it had debts of almost $900,000 six weeks ago. According to documents filed with the Australian Securities and…
DetailsSumitomo Chemical to Exit the Cyclohexanone Business:Accelerating Business Restructuring as Part of Its Short-Term Intensive Performance Improvement Measures Dec. 4, 2023 Sumitomo Chemical has decided to close down its production facilities for cyclohexanone (also known as anone) at its Ehime Works located in Niihama City, Ehime, Japan and exit the business. The closure of the…
DetailsA former company director and undischarged bankrupt has been charged with numerous criminal offences in connection with multiple companies engaged in Gold Coast property development projects. Ian Omar Chester was a director of Vested Capital Pty Ltd and several other associated companies which were used as investment and development vehicles (Vested group). On 4 December…
DetailsStreet Talk Dec 3, 2023 7.33pm Mid-market private equity firm Pemba Capitals National Disability Insurance Scheme services provider Oncall is understood to be weighing its options as it battles high debt levels. Oncall is a Victorian NDIS services business that has been expanding nationally under PE ownership. AAP Street Talk understands Oncall, Victorias largest disability and…
DetailsThe National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal…
DetailsNew Delhi: Sustainability is set to become a central consideration for debt resolution under the Insolvency and Bankruptcy Code (IBC), in a move that could make India a pioneer in the decision-making process over whether and how to rescue distressed businesses. Rule-maker Insolvency and Bankruptcy Board of India and the ministry of corporate affairs have…
DetailsIndustry: Financial Services Debts affect everything from getting a car, a home loan, or even another loan. In Australia, there are several lenders that specialise in offering debt consolidation loans to individuals with bad credit. In this article, we will explore the top five companies that provide debt consolidation loans for borrowers with bad credit…
DetailsIn 1983, Adarsh Engineering Workshop in Savar secured around Tk4 lakh from the local branch of Agrani Bank. Due to non-payment, the loan, including the interest, increased to a staggering Tk11 lakh in 1990. In July 2001, a bankruptcy court declared Md Shahjahan, proprietor of the business, bankrupt and mandated the liquidation of his assets…
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