The revised default threshold of 1 crore for trigger of corporate insolvency applies prospectively from March 24 and not retrospectively, the National Company Law Appellate Tribunal (NCLAT) has ruled. This would mean that those applications before March 24 which had debt default of less than 1 crore, but over 1 lakh can be admitted for…
A bankrupt Sydney gym and construction entrepreneur previously involved in several collapsed companies is being chased by Brisbane tradespeople who claim they are owed thousands of dollars for work on an inner-city ‘fitness village’. Texture Creative and Wilson Emergency Lighting were this week owed a combined $31,000 for work completed for Fit Village at Paddington,…
Accounting firms are increasingly at risk of being owed bad debts by business clients who go under, the Australian personal insolvency regulator has found. The Australian Financial Security Authority (AFSA) has marked accountants as one of six common businesses that are highly exposed to trade credit debt, with new statistics revealing that such debts are…
2020s been a tough time for airlines, as international tourism has ground to a halt thanks to COVID-19. Australian airlines have suffered even more than others, thanks to both domestic border closures and strict restrictions on overseas travel. Virgin Australia notably went into voluntary administration earlier this year, but Qantas the national carrier and one…