The implementation of the Insolvency and Bankruptcy Code (IBC) may have given banks a major tool to deal with bad loans, but the latest numbers show only a 13 per cent resolution, with lenders having to take an average haircut of over 50 per cent. Numbers put out by the Insolvency and Bankruptcy Board of…
Distress signal: construction, admin and retail are all seeing greatest number of insolvencies Small business insolvency rose by 6.3pc in the first three months of 2019 compared with the previous quarter. There were 4,187 company insolvencies between January and March this year, according to The Insolvency Service. Construction, administration and retail sectors all struggling with…
The former One Nation senator Rodney Culleton and Huw Kingston, the independent challenging energy minister Angus Taylor in the New South Wales seat of Hume, have blasted the Australian Electoral Commission for failing to investigate the potential ineligibility of Clive Palmers United Australia party candidates. Kingston, whose UAP opponent in the seat south of Sydney…
The members of the Blayney Bowling Club voted unanimously on Monday night to appoint an administrator to the club, officially ending the long and at times emotional demise of the club. Former club president Steve Chapman said that the meeting, that was only open to members, took 40 minutes to complete, and that it all…
Perth mining boss Michael Fotios has been declared bankrupt after a long-running battle with the Australian Taxation Office. The Federal Court ordered yesterday his estate be sequestrated under the Bankruptcy Act, after an application by the Deputy Commissioner of Taxation. Mr Fotios declined to comment. The bankruptcy will automatically disqualify him from being a director,…
According to The Insolvency Service, the fall was largely driven by a decrease in the number of individual voluntary arrangements (IVAs), though both debt relief orders (DROs) and bankruptcies fell slightly from Q4 2018. In all, there were 115,319 personal insolvencies in 2018. The quarter-on-quarter decrease in total individual insolvencies in the first quarter of…
LONDON (Reuters) – The number of companies falling into financial distress in England and Wales rose in early 2019, adding to signs that businesses struggled in the run-up to the original March Brexit deadline, official data showed on Tuesday. FILE PHOTO: A woman walks past closing down posters in the window of a branch of…
A businessman and his mother have been restricted for five years from acting as directors of any company, unless it meets certain requirements, after the High Court found they failed to keep proper books and records for their liquidated hairdressing supplies and beauty treatments business. Warren Logan was executive director of Hairspray Wholesalers Ltd, Fashion…
FILE PHOTO: A man speaks on his mobile phone as he walks past a closed shop painted with an advertisement of Reliance Communications in Mumbai, India, February 4, 2019. REUTERS/Francis Mascarenhas MUMBAI (Reuters) – An Indian appellate tribunal has lifted a stay on insolvency proceedings against business tycoon Anil Ambanis debt-laden Reliance Communications, the Economic…
By Sato . May 1, 2019 . 7:15am Capcom announced today that it is restructuring its eSports and media licensing business units under a new entity called Capcom Media Ventures (CMV). From here on out, Capcom Media Ventures will manage all of the companys global eSports initiatives outside of Japan. This includes the Capcom Pro…