A court has spared an embattled building company from going into liquidation despite mounting debts, a long line of creditors, and the landlord repossessing the office space. On Wednesday morning, Melbourne-based Como Homes Pty Ltd was called in the Victorian Supreme Court after disgruntled creditors initiated winding up proceedings against the business in January. Judicial…
DetailsTwo top Melbourne restaurants suddenly collapse blaming cost of living crisis and Covid lockdowns – as owner makes emotional post: ‘Enough is enough’ Calia Australia has gone into administration Calia operates eateries at Emporium and Chadstone Co-owner Jason Chang blamed soaring operational costs Victoria’s Covid lockdown also to blame By Wayne Flower, Melbourne Correspondent Updated: 12:25 AEST, 12…
DetailsThe latest CreditorWatch Business Risk Index (BRI) for June 2023 has revealed a concerning reality B2B trade payment defaults have reached an unprecedented level. This indicates that businesses are at risk of collapsing, with insolvency rates likely to rise in the coming months. According to the June 2023 CreditorWatch BRI, B2B trade payment defaults have…
DetailsMore than 50 countries, composing half of the worlds poorest people, are facing severe debt distress. Crisis might be an overused term in global politics, but surely this qualifies as one. The International Monetary Fund (IMF) serves as the lender of last resort for financially distressed countries its role to lend at reasonable terms when…
DetailsBen Walker runs Brisbane-based accounting firm Inspire Accountants, which works exclusively with small business owners. Here he shares some tips and lessons learned over the years that may help businesses avoid becoming insolvent. First of all, to run through what insolvency is at a high level, it means that the business is not able to…
DetailsRelated Practices & Jurisdictions Advertisement Tuesday, July 11, 2023 The three year review of CIGA (the Corporate Insolvency and Governance Act) published by the Insolvency Service suggests that we might see changes to the corporate moratorium process will these address concerns about the process and encourage more insolvency practitioners to recommend its use? The moratorium…
DetailsShift Technologies, Inc. SAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Companys workforce to better align people and responsibilities with the Companys omnichannel sales strategy. The restructuring plan is the result of a review by…
DetailsThe National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC).A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that…
DetailsSAN FRANCISCO, July 11, 2023 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Companys workforce to better align people and responsibilities with the Companys omnichannel sales strategy. The restructuring plan is the result of a review by the Companys recently…
DetailsUnlike government bonds that typically rise while stock prices fathom bear market lows, higher-risk corporate bonds tend to fall with risk appetite and equity prices. That trend has held over the past 15 months as most corporate securities have lost value. As US junk bond prices have tumbled, their yields have risen to around 8.75%…
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