Australian business owners and accountants are being told now is the time to conduct a health check on their organisations before the new financial year begins. Director at Insolvency Australia, Gareth Gammon said as the number of insolvencies began to rise, owners and accountants alike needed to ensure their organisations were in a healthy position. …
DetailsJohn Kukulovski, partner with insolvency solutions and restructuring firm RRI Advisory, said EOFY is a challenging time even for businesses that are doing well. Its crucial that directors use this time to take stock of their companys financial health and identify any opportunities and issues for the coming year, Kukulovski said. As insolvency professionals, we…
DetailsEXCLUSIVE: Award-winning pool company goes under costing dozens of furious clients hefty deposits of up to $32,000 – after the owner sent a bizarre email complaining of death threats Pools R Us in liquidation Up to 80 clients paid deposits for pools Owners claimed they’d received death threats in unusual email By Eliza Mcphee For…
DetailsThe high yield market is in an odd position. On the one hand, there are clear and mounting signs of corporate distress bankruptcies and defaults are rising and many companies are feeling the pain of rising borrowing costs. Yet it continues to go from strength to strength spreads over government bonds continue to narrow and…
DetailsChanges and improvements is being done in the Insolvency and Bankruptcy Code (IBC), 2016, according to the Institute of Chartered Accountants of India, and an IBC 2.0 is anticipated to be released soon. “IBC 2.0 will largely deal with the suggestions mentioned in the discussion paper that has come out from the Ministry of Corporate…
DetailsCAMPAIGNERS have joined forces to demand funding for Scottish debt advice services as the cost-of-living crisis continues to bite. Fresh from its victorious Feed the Weans campaign to scrap school meal debt in Glasgow, Unite for a Workers Economy has allied with fuel poverty activists at Power to the People and debt advisers to launch the Face to Face campaign. Writing to First Minister…
DetailsThe High Court has approved a Personal Insolvency Arrangement allowing a sales assistant write off more than 1.1m of debt owed mainly to financial institutions. Mr Justice Alexander Owens approved a PIA which will allow 52-year-old Fergal Shine, with an address at, Waterville, Bealnamulla, Athlone, Co Roscommon to return to solvency. The court heard that…
DetailsThe High Court has approved a Personal Insolvency Arrangement allowing a sales assistant write off more than 1.1 million of debt owed mainly to financial institutions. Mr Justice Alexander Owens approved a PIA which will allow 52-year-old Fergal Shine, with an address at Waterville, Bealnamulla, Athlone, Co Roscommon, to return to solvency. The court heard…
DetailsLGChemplanstooffloadmarginalbusinesses South Koreas LG Chem Ltd. is speeding up restructuring efforts to sell or downsize uncompetitive businesses, with an aim to focus on three growth drivers: battery materials, eco-friendly businesses and new drug development. Earlier this month, it sold the in vitro diagnostics business of the life science division to Seoul-based Glenwood Private Equity for…
DetailsThe government has started interministerial discussions on the upcoming Insolvency and Bankruptcy (IBC) amendment Bill, which proposes an overhaul of the law, senior officials told Business Standard. The Bill proposes a separate framework for real estate insolvency with certain exemptions. The draft Bill has also inserted an enabling clause to allow the government to increase…
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