After a decade-long gambling addiction, Marc Williams had lost control. He had been wading through a swamp of debt for some time and now couldn’t pay off the interest on his credit cards. Still, he attempted to place a 10,000 bet. The screen greeted him with the words “insufficient funds”. He hurled the iPad he…
DetailsSony has been aggressively growing its entertainment and electronic equipment segments in the last couple of years. In a new move, the company plans to divest some of its other business to fund growth for these two divisions. Sony will be relisting its Financial arm as a publicly traded company. The Japanese multinational conglomerate is…
DetailsSouth Australian residential construction company Felmeri Homes has entered into voluntary administration, leaving customers with incomplete builds in the lurch. The home builder, which has been in the industry for 30 years, was placed under external administration on Friday owing creditors about $2m. The collapse comes after the family-owned business was subject to several serious…
DetailsPermanent residents of Peninsula Eco Villas and Beach Huts were told last Thursday the manufactured homes park in Capel Sound, Morning Peninsula, was closing next month after the owner RC 1 was declared insolvent in March. The 28 villa owners were told in early April that they would soon receive an offer for their dwellings,…
DetailsChapman Tripp senior associate Janko Marcetic said typically insolvency processes do not distinguish between the size and complexity of the debtor. Photo: 123RF An insolvency lawyer says Australia’s simplified insolvency model for small- and medium-sized businesses should be considered for New Zealand. Australia’s new small business insolvency model came into force in early 2021, and…
DetailsFORMER Liverpool and England footballer John Barnes has avoided bankruptcy with an 11th-hour payment to the taxman. An HMRC official told an insolvency and companies court yesterday that the money he owed had been paid in full. 1 John Barnes has avoided bankruptcy with an 11th-hour payment to the taxmanCredit: PA A hearing in February…
DetailsThe late Sam Henderson. Insolvency Options principal Darren Vardy. Recently deceased insolvency practitioner Sam Henderson was seemingly in the thick of things to the very end, with a Federal Court judgement detailing meetings the former Jirsch Sutherland partner had with a liquidator in the weeks before he was found dead at a North Sydney hotel…
DetailsJSW Steel on Monday announced that its wholly-owned subsidiary JSW Steel Coated Products Limited (JSWSCPL) will complete the acquisition of National Steel and Agro Industries (NSAIL) for a total consideration of 621 crore. JSW Steel Coated Products, wholly-owned subsidiary, got approval in respect to corporate insolvency resolution process of NSAIL. JSW Steel Coated Products Limited…
DetailsNew Delhi: In a relief for Go First airline, the National Company Law Appellate Tribunal on Monday upheld the National Company Law Tribunal’s order on the Wadia Group-backed airline’s insolvency proceedings, thus keeping the moratorium in place for the airline’s aircraft. In the petition filed by one of the lessors SMBC Aviation Capital, the tribunal…
DetailsLast week, we reported that the number of housing construction companies declared insolvent had reached a nine-year high, signaling an insolvency Armageddon for the countrys home builders. According to Michael Bleby at The AFR, builders behind more than 5200 homes, worth a collective $2.2 billion, have collapsed since 2021. So far this financial year alone,…
Details