New laws will encourage “honest” directors to take reasonable risks so companies can trade their way out of financial difficulty, as part of a push to make Australia more entrepreneurial. Legislation introduced to federal Parliament on Tuesday will afford directors legal protection from insolvency breaches while they are undertaking a restructure. Under the “safe harbour” provision, directors…
DetailsReuters * Does not give specific details on timing or fund-raising type * Says bullish on China business prospects in medium to long term * Says Asia equities business restructuring to continue in Q2 (Adds comments on Asia business, CEO quotes on capital raising) By Sumeet ChatterjeeHONG KONG, March 28 (Reuters) – Credit…
DetailsWith ballooning student debt reaching record highs, some colleges are beginning to step in and help students shoulder some of the loans they took out to cover their tuition. And the availability of this relief is reportedly becoming a draw for prospective students. About 100 institutions of higher education around the U.S. have begun to…
DetailsLONDON (Reuters) The number of people seeking help from a leading British debt advice service hit a record high last year, reflecting a surge in borrowing by consumers and the financial strains on younger workers, the charity said on Tuesday. Last year 600,000 people sought advice from StepChange for debt problems, up 9 percent from…
DetailsThe federal government has introduced draft insolvency reforms designed to offer more protection for company directors and make it easier to restructure faltering businesses. The draft legislation creates a safe harbour from personal liability for company directors and institutes a stay on ipso facto clauses during a formal insolvency process. Revenue and Financial Services Minister…
DetailsOne of the nation’s top tax officers has confirmed he heard “bureaucratic whispers” the federal attorney-general was considering preventing the ATO intervening in a High Court case about the Bell Group litigation saga. The parliamentary inquiry is examining whether the federal government sought to short-change taxpayers by doing a deal with the West Australian government…
DetailsThe Turnbull government wants to introduce new insolvency laws to provide breathing room for directors in hard times to enable them to try and turn around their business. Releasing draft legislation for discussion on Tuesday, Revenue and Financial Services Minister Kelly O’Dwyer says the aim is to create a ‘safe harbour’ from personal liability for…
DetailsA Queensland-based real estate startup that raised $1.5 million in funding last July has entered liquidation, after facing financial troubles when its shareholders disagreed over the direction of the business. Administrators from Worrells Insolvency were appointed to Revalu8 Limited on February 13 and after a second meeting of creditors on March 10, a decision was made on March…
DetailsHundreds of property owners who signed up with failed construction company Watersun Homes remain without a builder to complete their homes. More than 400 homes were left unfinished when the Victorian arm of Watersun Homes, WSH Group, went into administration in February. Play Video Don’t Play Inside Hazelwood power station Play Video Don’t Play Video…
DetailsOne of the nation’s top tax officers has confirmed he heard “bureaucratic whispers” the federal attorney-general was considering preventing the ATO intervening in a High Court case about the Bell Group litigation saga. The parliamentary inquiry is examining whether the federal government sought to short-change taxpayers by doing a deal with the West Australian government…
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