11:32 07/05/2018 MOSCOW, May 7 (RAPSI) The Commercial Court of Moscow Region has declared one of the former Trust Bank owners Nikolay Fetisov bankrupt, RAPSI learnt in the court. In November, the court initiated the procedure of debt restructuring on the request of Trust Bank against Fetisov. The banks demands seeking 3.59 million euros and…
DetailsNew reforms, enhanced data analysis and co-operation between agencies are set to clamp down on directors trying to re-birth phoenix companies and clip the wings of unscrupulous pre-insolvency advisers. The Australian economy loses about A$3.2 billion a year through illegal phoenixing activity, and much of this is facilitated by unscrupulous pre-insolvency advisers. In many…
DetailsTroubled asset manager Blue Sky has withdrawn profit guidance and flagged changes to its board. Shares fell by as much as 10% in morning trade. The company said it will provide additional information on its assets at half-year and full-year reporting intervals. Asset manager Blue Sky Alternative Investments has notified the market that its withdrawing…
DetailsThe definition of relatives would be added to the IBC alongside that of related party under Section 5(24) of the IBC. The government is set to define the term relatives in the context of persons considered related parties who will be ineligible to bid for stressed assets under the Insolvency and Bankruptcy Code (IBC), sources…
DetailsImage: Michelle – Ranson Media Perth Fringe World has taken legal action against independent promoter JumpClimb Pty Ltd, which staged shows under the festivals banner, and then collapsed leaving artists and contractors unpaid to the tune of an estimated $200,000. Fringe World is moving to put JumpClimb in administration to try and claw back the…
DetailsA woman accused of hiding her twin girls from their father for four years understands the trouble she’s in but wants to salvage her relationship with them, a Brisbane court has heard. The 45-year-old, who can’t be named for legal reasons, will remain in custody until later this month after being refused bail in Brisbane…
DetailsAustralias leader Malcolm Turnbull will use Tuesdays budget to try and woo back disaffected voters before Donald Trump and Xi Jinpings trade tensions undermine the most China-dependent developed economy. Malcolm Turnbull Photographer: Brendon Thorne/Bloomberg A sudden surge in revenue is allowing Turnbull to offer tax relief instead of paying down the countrys budget deficit early.…
DetailsTalk about fortuitous timing. There’s an election looming and a budget situation long portrayed as a disaster suddenly on the mend. But what to do with this sudden bounty? Repair the finances and bolster the balance sheet in case the global economics winds turn nasty? Or give way to temptation and indulge the…
DetailsWhen a company becomes insolvent, numerous issues arise. Insolvency law is meant to address some of them, but not all. Photo: iStockphoto When a company becomes insolvent, numerous issues arise. Insolvency law is meant to address some of them, but not all. For the others, the solution must be found in non-insolvency laws. This distinction…
DetailsIn an interview with Fairfax Media, Treasurer Scott Morrison said infrastructure spending would qualify as good debt in Tuesday night’s budget but that he was bringing spending under control to prevent the use of bad debt to cover ongoing expenses. I will be reducing net debt. I will be ensuring debt is under control, he…
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