A national insolvency firm has announced the launch of its dedicated Asia desk, designed to provide Australian-Asian businesses with specialised advice and expertise. Jirsch Sutherland has launched the Asia Desk, which comprises a multinational team of high-calibre insolvency, restructure and recovery specialists who have a strong knowledge of both local and Asian business cultures, practices…
DetailsThe inquiry heard that the ANZ and Commonwealth banks had shut down some accounts after Crown patrons used them to make a string of suspicious cash transactions totalling hundreds of thousands of dollars. The accounts were held through two shell companies Crown set up called Southbank Investments and Riverbank Investments, the inquiry heard. Gamblers transfer…
DetailsAdministrators documents name it as a related entity to Icon Co (NSW) Pty Ltd, the company that built Sydneys cracked Opal Tower. At a recent creditors meeting it was revealed that the former of the companies is being chased over alleged defects in apartments it built at Rosebery, Waterloo, Hurstville, Bondi, Lane Cove, Greenwich and…
Details12:16 28/12/2020 MOSCOW, December 28 (RAPSI) The Supreme Court of Russia has refused to overturn a ruling declaring board chairman of New Stream oil and gas company and former co-owner of troubled Antipinsky refinery Dmitry Mazurov charged with 4 billion-ruble embezzlement (about $55 million at the current exchange rate) insolvent, according to court records. In…
DetailsThe latest effort to revive the struggling South Korean car maker has failed, and it is now seeking new investors. Struggling South Korean car maker Ssangyong says it is business as usual and will continue to sell and service cars in Australia despite filing for bankruptcy just days prior to Christmas 2020. Ssangyong has been…
DetailsThe governments move to extend the suspension of fresh insolvency proceedings till the end of this fiscal might appear to be bowing to the inevitable. However, two qualifications are in order. One, giving a troubled company more time to turn around makes sense if the intervening period holds out any possibility of a turnaround, and…
DetailsWhite Marquee Event Hires parent company has been placed in voluntary administration, with debts estimated at $5.7 million, but there are hopes the Greek-Australian owned company can trade through. The company in question, Adelaide Event Group, also trades as Budget Party Hire and Renniks Events. Administrators SV Partners, who were appointed on December 21, said…
DetailsLAHORE – The business community Saturday applauded the government for securing debt relief of $1.7 billion for another six months from G20 and other creditors, calling for driving a campaign to write off Pakistan debt permanently, as the country has paid $10.4 billion on account of debt servicing during last fiscal year. Federation of Pakistan…
DetailsDebt can be a slippery slope. Some types (like mortgages) are healthy and improve your ability to do and buy the good things in life. Others (like, um, that sofa youre still paying off) should come with a danger warning before you sign on the dotted line. Here, four types of debt that could spell…
DetailsTemporary debt protections put in place in March will be wound back on 1 January, but a permanent increase in the bankruptcy threshold will apply. Before the pandemic, the minimum threshold to trigger a bankruptcy was $5,000: It was raised to $20,000 in March, and will be wound back to a new threshold of $10,000…
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