Member Article The first month-on-month rise in the number of corporate insolvencies for almost a year should spur North East business owners with concerns about their own firms financial situations to seek advice now. Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the publication by the…
DetailsCred Inc., a cryptocurrency services company, won bankruptcy court permission to solicit votes on its Chapter 11 liquidation plan that would create a trust to pay back unsecured creditors. Unsecured creditors hold $162.8 million in claims, according to court filings. But the combined plan and disclosure statement, approved Thursday solely for vote solicitation purposes, doesnt…
DetailsA NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake…
DetailsInsolvency and Bankruptcy Code 2016 (IBC), in a span of four years, has turned out to be the proverbial giant in the annals of Indian corporate law. The legislation catapulted India from a lowly 142 in 2014 to 63 in 2019 in World Banks Doing Business rankings. Though not a recovery mechanism, IBC resulted in…
DetailsA former registered liquidator from Lewisham, New South Wales, Ms Amanda Young, has pleaded guilty to one count of fraud relating to the liquidation of St Gregorys Armenian School Inc (St Gregorys) and one count of dishonestly using her position as liquidator of Mamak Pty Ltd (Mamak). ASIC alleged that between 10 December 2017 and…
DetailsThursday, January 21, 2021 Greetings, Court fans! With the imminent inauguration of a new President and the mob attack on Congress dominating the news in recent weeks, the third branch continued humming along in the background. Late last week, the Court issued its sixth signed opinion of the term, in a low-profile bankruptcy case. The…
DetailsAccountancy and business advisory firm Johnston Carmichael has strengthened its restructuring team with the appointment of Graeme Bain as an appointment-taking director. Mr Bain (pictured), a licensed insolvency practitioner, joined the company as a director in 2017, can now be appointed to oversee formal insolvency appointments. His progression comes after a 20-year career in restructuring,…
DetailsHighlights Vale to progress Moatize mine plan until buyer found Moatize has 22 mil mt/year coal production capacity London Brazilian miner Vale said Jan. 21 that it will exit the coal market as part of its commitment to become carbon-neutral by 2050 and reduce 33% of its Scope 1 and 2 emissions by 2030. Not…
DetailsInsolvency and debt overhang following the COVID-19 outbreak: Assessment of risks and policy responses Lilas Demmou, Sara Calligaris, Guido Franco, Dennis Dlugosch, Mge Adalet McGowan, Sahra Sakha 22 January 2021 A swift response by policymakers across OECD countries has helped businesses to bridge the short-term liquidity shortfalls due to the economic shock following the COVID-19…
DetailsMILLIONS of families that are dealing with stretched household budgets face a debt time-bomb when the coronavirus crisis subsides, the anti-poverty charity the St Vincent de Paul Society suggests. Fewer people than usual are asking the Roman Catholic charity for help because most enforcement and eviction action has been temporarily suspended during the pandemic, and…
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