by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership. Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to…
DetailsAn Airbus A-350 aircraft sits on the tarmac at Suvarnabhumi airport on Wednesday. (Photo by Somchai Poomlard) The Finance Ministry, the largest shareholder of Thai Airways International Plc, signalled its support for a restructuring plan that includes raising fresh capital, a temporary freeze on repayment of borrowings and slashing its workforce by half to return…
DetailsGreensill Capital, the once high-flying financial company that counts former prime minister David Cameron as an adviser, is preparing to file for insolvency in the UK. People familiar with the matter said that the filing will allow private equity firm Apollo Global Management to buy parts of the business out of administration, in a prepack…
DetailsAustralian Fashion Labels has emerged from voluntary administration, the business has posted to its social media accounts. The business has been purchased by a new owner, the identity of which is being sought out byRagtraderat the time of writing. As reported by Ragtrader, Australian Fashion Labelswas placed into administration on January 06 with $12 million…
DetailsTHE NUMBER of restaurant bankruptcies rose sharply at the end of February in Finland, reports Asiakastieto. The Finnish provider of business and consumer information reported yesterday that 14 restaurants were declared bankrupt between 22 and 28 February. Although the number is high in comparison to previous weeks, the number of bankruptcies in the first eight…
DetailsQueensland’s three-year run as the nation’s bankruptcy capital has continued with damning new figures revealing the significant number of people facing financial distress. In the 2020 calendar year, 4458 personal bankruptcies were recorded in Queensland ahead of 4413 in NSW. Victoria – which was locked down for four months – recorded 2724 personal insolvencies. In…
DetailsThe past year has fractured our world in countless ways. Now, as people look to pick up the pieces, those managing debt need to account for their position in our uneven economic recovery. In this so-called K-shaped recovery, one part of the population is rebounding quickly while another has a longer, slower path. For example,…
DetailsCourt documents from a mid-February hearing in New Zealand’s High Court have revealed the financial position of Pacific Aerospace Limited (PAL) and concerns that the Civil Aviation Authority would revoke the companies certifications. The hearing was to consider the application of parts supplier International Aviation Support to have a liquidator appointed to PAL over unpaid…
DetailsThe Premier Cru ponzi scheme has left thousands out of pocket, but there may be a glimmer of hope. By W. Blake Gray | Posted Wednesday, 03-Mar-2021 There’s a little light ahead for the victims of John Fox’s Ponzi scheme at the bankrupt Premier Cru wine shop they may soon get some of their money…
DetailsThe big four accountancy firm KPMG will on Wednesday announce the 400m sale of its UK restructuring arm, marking a further step in the professions preparation for tough new audit regulation. Sky News has learnt that the new standalone company, which will comprise approximately 500 people, will be renamed Interpath Advisory. Backed by HIG Europe,…
Details