The past year has fractured our world in countless ways. Now, as people look to pick up the pieces, those managing debt need to account for their position in our uneven economic recovery. In this so-called K-shaped recovery, one part of the population is rebounding quickly while another has a longer, slower path. For example,…
Court documents from a mid-February hearing in New Zealand’s High Court have revealed the financial position of Pacific Aerospace Limited (PAL) and concerns that the Civil Aviation Authority would revoke the companies certifications. The hearing was to consider the application of parts supplier International Aviation Support to have a liquidator appointed to PAL over unpaid…
The Premier Cru ponzi scheme has left thousands out of pocket, but there may be a glimmer of hope. By W. Blake Gray | Posted Wednesday, 03-Mar-2021 There’s a little light ahead for the victims of John Fox’s Ponzi scheme at the bankrupt Premier Cru wine shop they may soon get some of their money…
The big four accountancy firm KPMG will on Wednesday announce the 400m sale of its UK restructuring arm, marking a further step in the professions preparation for tough new audit regulation. Sky News has learnt that the new standalone company, which will comprise approximately 500 people, will be renamed Interpath Advisory. Backed by HIG Europe,…
ANYONE CAN HAVE OVERWHELMING DEBT Regardless of your income or employment status, you may have too much debt to realistically pay off with a strategy like debt snowball. If all your monthly debt payments, including housing, total more than 50% of your monthly gross income, you may need to look into debt relief, like a…
The options open to landlords in Northern Ireland differ to those in England and Walesor in Scotland.These are addressed in our separate guides. Restrictions on forfeiture for arrears in Northern Ireland have been extended to 31 March 2021 for all commercial leases under section 83 of the Coronavirus Act 2020. Restrictions on statutory demands and…
Queensland’s three-year run as the nation’s bankruptcy capital has continued with damning new figures revealing the significant number of people facing financial distress. In the 2020 calendar year, 4458 personal bankruptcies were recorded in Queensland ahead of 4413 in NSW. Victoria – which was locked down for four months – recorded 2724 personal insolvencies. In…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
Czech Airlines insolvency petition sets out the scale of the companys financial problems, which it partly attributes to the inability to source rescue funding from the Czech government. The company has 266 creditors, with the total liability to suppliers amounting to Kc809 million ($37.1 million) as of 25 February, its petition to a Prague municipal…
The multi-billion dollar financial empire built by Bundaberg farmer’s son Lex Greensill faces unravelling. London-based Greensill Capital, founded by Mr Greensill a decade ago, has appointed Grant Thornton to look at restructuring options as it faces the possibility of filing for insolvency, according to people familiar with the company. The financial strife came after Credit…