Hyderabad: The HC on Wednesday sought to know from a private trader, whose company is under liquidation, whether he can still represent his firm before the court.A bench of Chief Justice Raghvendra Singh Chauhan and Justice B Vijaysen Reddy posed this question to advocates representing Rajesh Agarwal, managing director of BS Company, who challenged the…
Details11:32 24/09/2020 MOSCOW, September 24 (RAPSI) The Moscow Commercial Court has extended bankruptcy management against Vneshprombank for six months, the court records read. According to a petition of the Deposit Insurance Agency (DIA), the banks bankruptcy receiver, the work on legal recovery of loan indebtedness from legal entities and individuals is still ongoing and disposal…
Details“A lot of SMEs will be ineligible to use the new scheme and that might mean that the only option is to go into liquidation.” Clayton Utz restructuring and insolvency partner Jennifer Ball said the initial requirement to pay employee entitlements could be an “obstacle” for small firms. The current temporary director insolvency measures which…
DetailsThe report comes just days after Victorian Supreme Court Justice Ross Robson offered a scathing assessment of Mr Mawhinney as he ordered the provisional liquidation of companies backing another Mayfair 101 fund, the $81 million IPO Wealth. The findings will make for grim reading for secured MCore noteholders anxious about the status of their funds,…
DetailsTreasurer Josh Frydenberg. Source: AAP/Daniel Pockett. Small business owners facing bankruptcy will stay in control of their companies while restructuring debts under a Morrison government plan to overhaul Australias insolvency system. On Thursday, Treasurer Josh Frydenberg unveiled a suite of insolvency reforms to protect small businesses from the fallout of the COVID-19 pandemic, saying Australia…
DetailsHuge changes to bankruptcy laws mean the way Australians do business will change FOREVER … here’s what it means for YOU Small businesses on brink of collapse could be saved by newbankruptcy laws Treasurer Josh Frydenberg has unveiled biggest insolvency change in decades Draws on features of the ‘Chapter 11’ bankruptcy code used in the…
DetailsSmall business has been hit hard by COVID-19. Health restrictions forced many small businesses to close their doors, while others have managed to stay open, albeit with significantly less foot traffic through their store. Meanwhile, bills rack up, be it for energy, insurance, rent or interest on a loan all of which need to eventually…
DetailsSmall businesses in financial distress due to the Covid recession but still considered viable could be left in the hands of their owners rather than placed into administration under a new debt restructuring process to be unveiled by the Morrison government. The Coalition will introduce the new process for incorporated businesses with liabilities of less…
DetailsThousands of small businesses on the brink of collapse will be thrown a lifeline under new reforms to bankruptcy laws. The changes, to be unveiled by Treasurer Josh Frydenberg on Thursday, will cover around three-quarters of businesses subject to insolvencies today. They will draw on key features of the Chapter 11 bankruptcy code used in…
DetailsCurrent relief in the form of commercial leasing rules and creditor limitations for debtors has created an artificial environment that keeps failing companies alive, credit agency CreditorWatch says. According to data from CreditorWatch, voluntary administrations across the country have fallen sharply compared to the same time last year with many businesses insulated by temporary insolvency…
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