Oct 9, 2023 4.08pm The ASX is set to become a hunting hotspot for private money as cashed-up global funds zero in on distressed companies. Thats the view of White & Case restructuring partner Timothy Sackar amid a spike in corporate insolvencies in Australia. We continue to see listed companies in a number of sectors…
DetailsAustralian Grainlinks assets include the Western Riverina Intermodal Freight Terminal at Wumbulgal near Griffith, where stakeholders including then NSW Minister for Regional Transport Sam Farraway, pictured at centre wearing hat, gathered in February 2023 for a NSW Government funding announcement. Photo: Sam Farraway AFTER entering voluntary administration in June, four Grainlink entities have been purchased…
DetailsWASHINGTON The Biden administration said Wednesday that it has cleared the way for another $9 billion in student debt relief for as many as 125,000 borrowers 11,700 of them in Arizona. The savings, which will come through changes to existing debt relief programs, would save Arizona borrowers an estimated $840 million, according to the Education…
DetailsAustralian businesses and households are vulnerable to further shocks following high inflation and the tightening of monetary policy. According to the Reserve Bank of Australia’s (RBA) most recent Financial Stability Review, the Australian business sector remains resilient off the back of strong demand and high cash buffers supporting profitability and balance sheets. Nonetheless, the report…
DetailsA sharp rise in business insolvencies is being linked to ongoing inflation pressures faced by businesses in all sectors. Data from CRIFVision-Net for the third quarter shows the number of companies becoming insolvent rose by 54% compared to the same period last year. A total of 185 insolvencies were recorded in July, August, and September,…
DetailsSmall businesses are most vulnerable to economic shocks but their rising insolvency rates pose little threat to the overall financial system, according to the RBA. The bank, in its biannual Financial Stability Review released Friday, said small businesses needed to manage their finances carefully as high interest rates, costs and slowing demand had put a…
DetailsMumbai: The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Swan Energy, the successful resolution applicant of debt-laden Reliance Naval and Engineering, to pay 250 crore upfront before seeking any further extension to complete the corporate insolvency resolution process. A bench led by Justice Chitra Hankare held that From the application, it…
DetailsAspiring legislators should not make light of the affidavits to be filed by them before the Election Commission of India (EC) disclosing their assets and liabilities. An affidavit filed by one such politician during the 2011 Assembly election, claiming to have taken a loan of 6.25 crore from a businessman, has landed him in trouble…
DetailsBritains small businesses are hobbled by debt, and pressed by the challenges of inflation, Brexit, and a stressed economyand as a result they are failing at record numbers. The Centre for Economics and Business Research expects business insolvencies, which averaged 4100 per quarter in 2019 and reached 6700 in the second quarter of 2023, to…
DetailsWASHINGTON The Biden administration said Wednesday that it has cleared the way for another $9 billion in student debt relief for as many as 125,000 borrowers 11,700 of them in Arizona. The savings, which will come through changes to existing debt relief programs, would save Arizona borrowers an estimated $840 million, according to the Education…
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