New insolvency law could cause ‘influx of shonky operators’ – The Australian Financial Review

Bankruptcy

The loosening will remove the existing professional requirements for insolvency practitioners to have 4000 hours of supervised work experience in the past five years and a postgraduate qualification in insolvency law. Australian Restructuring Insolvency and Turnaround Association chief executive John Winter said the proposed legislation was “broken” and it was “completely flawed” that accountants could…

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Aussie icon among 60 business closures – Queensland Times

Bankruptcy

Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…

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In the time of pandemic, debt relief efforts need to go further – Al Jazeera English

Debt Help

In the last few months, due to the devastating effect the coronavirus pandemic has had on the global economy, the fiscal clock has been ticking more rapidly than ever before for many small and vulnerable states across the world. With Joe Bidens victory in the United States presidential election, which increased the possibility for meaningful…

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Insolvency: How to recognise the signs – INTHEBLACK

Liquidation

Learning to recognise early signs of trouble, and partnering with an insolvency expert, can help public practitioners save their clients from going under. At a glance Challenging market conditions have resulted in many small businesses operating on the brink of insolvency. The best outcomes can be achieved when businesses, tax practitioners and insolvency experts partner…

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Top court to hear matter on insolvency of personal guarantors tomorrow – Business Standard

Bankruptcy

The Supreme Court is likely to hear 19 petitions challenging the constitutional validity of provisions relating to insolvency of personal guarantors under the IBC on Thursday. In the last hearing on October 29, the top court had transferred to itself all the petitions pending before various High Courts, challenging the said IBC provisions. The SC…

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Celebrity chef Jock Zonfrillo to pay fraction of failed restaurant debts to Australian Tax Office – ABC News

Liquidation

Celebrity chef Jock Zonfrillo has voted to settle the debts of his failed Adelaide restaurants by paying major creditors between five and 10 cents in the dollar, against the wishes of the Australian Tax Office. Key points: Jock Zonfrillo’s restaurants in the East End of Adelaide’s CBD have closed Most creditors will receive between five…

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Castor Marine saves troubled SeaVsat in bankruptcy acquisition – Riviera Maritime Media

Bankruptcy

Satellite communications on a North Sea platform supply vessel (source: Eidesvik) 01 Dec 2020byMartyn Wingrove Castor Marine has stepped in to save SeaVsat, which provides satellite internet access to offshore vessels and rigs, through an acquisition from administrators Netherlands-headquartered SeaVsat was declared bankrupt on 23 November, leaving customers at sea in uncertainty about their connectivity…

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Property investment companies placed into provisional liquidation – GOV.UK

Liquidation

Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were involved in property investment and were previously placed into provisional liquidation in the High Court. A provisional liquidator was appointed and the Official Receiver has responsibilities to protect assets in the possession or under the control of the companies pending the determination…

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Aussie icon among 60 business closures – Fraser Coast Chronicle

Bankruptcy

Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…

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