In 2011, Bill Clinton put mortgage arrears resolution front and centre of our economic recovery. He claimed there would be no widespread economic recovery until this issue had been dealt with properly. He was right then and remains so. Economic recovery will not be real, sustainable or widespread until the scourge of mortgage arrears is…
Most experts support the broad direction of the draft Insolvency and Bankruptcy Code, which was recently released by the finance ministry. However, there is a fair degree of apprehension about the implementation. A common question is how this Code will coexist with the existing insolvency laws such as the Securitisation and Reconstruction of Financial Assets…
by Karen O’Flynn The government’s new approach to insolvency is long on rhetoric about “risk-taking” and the need to remove the “stigma” of business failure. It is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency. Those rules aim to balance the interests of creditors against the need…
Those looking for the detail on insolvency changes announced in the Federal Governments long awaited innovation statement wont find it on the government website. But the Productivity Commissions report, Business set-up, Transfer and Closure, also released yesterday, acts as a companion piece to explain the Federal Governments intention to introduce significant changes to Australias insolvency…
Jamie McIntyre at a Senate hearing into land banking schemes. Photo: Wayne Taylor A failed land banking company linked to property spruiker Jamie McIntyre will be placed into liquidation amid concerns about $25.5 million of investors’ funds. Midland Hwy Pty Ltd was behind a Bendigo land banking project called Hermitage, spruiked by Mr McIntyre’s controversial…
Drainlayer Graham Lilley has changed his name and is working in Wellington. A man who ran a drainlaying operation in Christchurch is plying his trade in Wellington under another name. Graham Daniel Lilley, 37, ran a company called Alligator Drainage after the Canterbury earthquakes. It took large deposits from householders, many of them elderly, after…
More than 50 workers have lost their jobs, after Canberra-based printing company Paragon Printers went into liquidation this week. Paragon Printing bills itself as one of the largest independently owned commercial printers in Australia, but on Monday it closed its doors, owing creditors approximately $3.3 million. Paper supply companies made up the majority…
An IT distribution company that has operated for almost 20 years has collapsed into voluntary administration. Altech Computers was established in 1997 and has offices and warehouses in Sydney, Melbourne, Brisbane, Adelaide, Perth, Auckland and Hong Kong. The business featured in BRWs Fast 100 for several years between 2004 and 2006, coming in at number…
One of the of the nations top insolvency lawyers yesterday urged the Turnbull government to go further in its business law reforms that are aimed at encouraging entrepreneurs to have a go. Arnold Bloch Leibler partner Leon Zwier, backing central planks of the governments insolvency reforms in its innovation statement, said the new protections would…
Mining company Venture Minerals has applied to the Supreme Court to wind up the Tasmanian environmental group Tarkine National Coalition (TNC), on the grounds of insolvency. In the Supreme Court this morning, lawyer Shaun McElwaine said his client, Venture Minerals, had the consent of a liquidator and intended to advertise the matter in local…