Building on previous insolvency reforms, the UKs Corporate Governance and Insolvency Act 2020 has gone into effect. Our Finance Group explain how blending temporary measures to deal with the COVID-19 pandemic with permanent changes means the Act fundamentally reforms UK insolvency law. Directors receive temporary respite from liability and maintain control during insolvency A new…
Australians paid off their credit card debt in record numbers in May, according to Reserve Bank data. But analysts say the debt repayments have come at the expense of superannuation, with the tax office having approved roughly $25 billion of early withdrawal claims from 2.4 million people. New figures released by the Reserve Bank of…
Like the airplanes that now rarely cross our skies, the governments various relief measures have enabled many businesses to maintain a holding pattern since March. Come September, when certain measures are slated to end, business owners will be forced to break this pattern and revive their companies to meet costs, pay down debts and navigate…
STATE laws requiring retirement village owners to buy back freehold land they do not own have been blamed for the collapse of a Tin Can Bay retirement village into liquidation. The operators of Cooloola Waters Retirement Village have pointed to the legislation as a key factor in the company winding up last month, aged care…
AN AUSTRALIAN artist has revealed how a battle with mental health led to the difficult decision to put his world-leading fashion brand into liquidation. Few and Far Collective, the brainchild of artist Steen Jones, was founded seven years ago with the aim of giving tattoo artists from around the globe a platform to design products.…
ACROSS Central Queensland there have been endless construction industry companies go into liquidation, from JM Kelly in October 2018, Metro Homes in June 2018 and Busby Contracting in February 2018. Across the state, there have been even more businesses go bust, affecting subcontractors everywhere including CQ like Ostwald Brothers’ $76 million liquidation in August 2017.…
The remaining assets of former dairy co-operative, Murray Goulburn, have been placed into voluntary liquidation. Most of the assets of the once dominating dairy processor were sold to Saputo in 2018, but a shell company remained to finance litigation and pay for the costs of winding up the company. The company had its roots in…
File photo courtesy of Seafolly SPONSOR Iconic Australian swim brand Seafolly has gone into voluntary administration citing the crippling financial impact of the COVID-19 pandemic. Voluntary administration is somewhat similar to the bankruptcy process in the U.S. The restructuring firm in charge of managing the Seafolly process said it will immediately put the brand up…
Nezavisimaya Gazeta: London slaps sanctions on top Russian officials The United Kingdom has slapped sanctions on 25 Russian citizens allegedly involved in the Sergei Magnitsky case and on 20 Saudi individuals suspected of being involved in the murder of Saudi reporter Jamal Khashoggi, UK Foreign Secretary Dominic Raab announced to the Financial Times earlier. Experts…
The COVID-19 pandemic has caused more economic harm to Indonesia than the subprime mortgage crisis in 2008. As part of efforts to check the spread of the virus, the Indonesian government has implemented a policy of Large-Scale Social Restrictions (Pembatasan Sosial Berskala Besar or PSBB), requiring most businesses to cease or at least pare down…