Thursday, June 25, 2020 The Corporate Insolvency and Governance Bill (the Bill) was published on 20 May 2020 and introduced a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The Bill went through the House of Commons on 3 June and passed through…
A former Centrelink client from Wagga has backed a royal commission into the ‘robodebt’ system due to the mental health harm she and others experienced after being wrongly told they owed thousands of dollars. Danielle George, who currently works at a supermarket, said she went down into a “spiral” when she was wrongly accused of…
Wirecard filed for insolvency after the once high-flying payments group revealed a multiyear fraud that led to the arrest of its former chief executive. In a remarkable collapse of a company once regarded as a European tech champion, Wirecard said in a statement on Thursday morning that it faced impending insolvency and over-indebtedness. The first…
The owner behind teen clothing brand Pavement says he is determined the fashion chain wont be another casualty of COVID-19. Stephen Meurs, who also co-founded Smiggle, believes the right investor could build market share and expansion opportunities. Pavement entered voluntary administration on this week, with Pitcher Partners Andrew Yeo and Gess Rambaldi appointed as administrators.…
Battered German fintech company Wirecard AG has filed for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didnt exist. The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europes tech scene. Wirecard is…
An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany. Michaela Handrek-Rehle | Bloomberg | Getty Images Wirecard will file for an application to open insolvency proceedings with the district court of Munich, the company said Thursday. The company said in a short statement that management had decided…
Over 13,000 IBC applications are currently pending in NCLT, where only matters seen as urgent are being heard. With such a large number of cases in pipeline, resolution professionals feel there’s stil TopicsNPA resolution cases|debt resolution|IBC resolution While stressed companies may have got a breather from loan defaults with the suspension of insolvency and bankruptcy…
A person looks into a closed Macy’s Inc. department store near Union Square in San Francisco, California, U.S., on Thursday, June 18, 2020. Michael Short | Bloomberg | Getty Images Macy’sannounced Thursday it is cutting 3,900 corporate jobs 3% of its total workforce to reduce costs as it struggles with the effects of the coronavirus…
The coronavirus pandemic has wreaked havoc on the Australian economy, and the financial effects for many are deeply personal. Sadly, theres no shortage of terrible advice online when it comes to personal finance. And as September 30 looms – the date by which JobKeeper, the increased JobSeeker and many negotiated rent and mortgage deferrals end…
A challenge to a judgment which found that one partner of a corporate insolvency firm ambushed the other to leave the business has been partially [] Subscribe for instant access to all Lawyerly content. Already a subscriber? Lost your password? Want to test drive Lawyerly? Contact us to take a free trial. Read the full…