The year-on-year level of corporate insolvency has risen for a third consecutive month in the North East, highlighting the continuing impact of the pandemic on businesses in the region, according to a new report. The latest corporate insolvency figures for England and Wales reveal a 70.4 percent increase in creditors’ voluntary liquidations in July 2021…
DetailsThe pandemic has taken its toll on one of Australias largest disability service providers with the organisation calling in administrators and leaving thousands of staff and participants across NSW in limbo. Disability Services Australia called in KPMG to oversee its voluntary administration on Wednesday, but moved to reassure participants and staff the organisation would continue…
DetailsAdvertisement A Sunderland scaffolder is in trouble after it was found he applied for a government-backed 50,000 Bounce Back Loan he wasnt entitled to. The 34-year-old scaffolder was trading as LTH Scaffolding until December 2019 he started working with a separate company. But this did not stop him from applying for a government-backed Bounce Back…
DetailsAs businesses transcend geographical boundaries, and in times of financial distress, it becomes more challenging to find a restructuring solution that is time and cost-efficient, providing the debtor with requisite breathing space and tools with which to effect the restructuring exercise, while ensuring the rights of creditors are adequately protected. In this context, it becomes…
DetailsThe owner of Madison announced a net increase of full-year profits before tax of over 200%, as it restructured its wealth division following the acquisition of the advice group. Climes profit before tax was reported at $3.8 million, an increase of 280% on financial year 2020. A successful merger of Madison with Clime has allowed…
DetailsCabin crew and ground staff at Jet Airways (JAI, Mumbai Int’l) have united to challenge the Kalrock-Jalan consortiums proposal to revive the airline, expressing concerns about unpaid salaries and retirement benefits, and have filed a petition on the matter to the National Company Law Appellate Tribunal (NCLAT), the Press Trust of India reported. The Jet…
DetailsTigerlily is welcoming Travis Wright as its new CEO, the former General Manager of e-commerce retailer, Esther & Co. Wright landed the role as CEO after six and a half years as the General Manager of Esther & Co., an Australian online womenswear retailer. During her tenure at the fashion brand, she and her team…
DetailsMayfair casino takes Chinese tycoon to court to recover 10MILLION after cheques he cashed to buy gambling chips bounced Yu Songbo spent 19million in five days at exclusive club, in London’s Park Lane Les Ambassadeurs Club also featured in the Beatles film A Hard Day’s Night Clubwants High Court to force Yu Songbo to repay…
DetailsLaurentian University says it needs more time todevelop a plan toexit restructuring and is asking a judge to approve an extension of its loan agreement, and a stay of proceedings against creditors,until January 31, 2022. Robert Hach says in an affidavit filed with the motion on the court monitor’s websitethat Laurentian has negotiated a fee…
DetailsThis comes after a year with lower numbersof businesses entering external administrationthan usual.Australian Securities and Investments Commission (ASIC) recently reportedthat 2020-21,4235companies entered external administration. Thiswas after7362 in 2019-20, and8105in 2018-19. Thenew ABS data saw a12 per cent exit rateof businesses2020-21, downslightlyfrom12.5 per cent the year before.Dr Pamela Hanrahan, Professor of Commercial Law and Regulation at…
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