Date: 30.04.2021 Supreme Court accepts complex task made more difficult by range of challenges WITS assets were eventually auctioned off as part of its liquidation The Supreme Court of Victoria Commercial Court brings into sharp relief the cost of company failure as external administrators are approved remuneration of more than $320,000 for their work in…
Business Small businesses that operate through a trust will now be considered for further protection, as the government mulls further insolvency reforms as part of the federal budget. Business Jotham Lian 04 May 2021 1 minute read object(stdClass)#17579 (8) { [“image_intro”]=> string(64) “images/articleimages-391×261/850×492/Josh-Frydenberg-new2-ad.jpg” [“float_intro”]=> string(0) “” [“image_intro_alt”]=> string(43) “Government flags further insolvency reforms” [“image_intro_caption”]=> string(0)…
L-R: Todd Goren, Dennis Jenkins and Brett Miller of Willkie Farr & Gallagher. Courtesy photos Willkie Farr & Gallagheris making a large push into the restructuring market by adding three partners from Morrison & Foerster who represent creditor committees in high-profile cases. Morrison Forester partners Brett Miller, Dennis Jenkins and Todd Goren have joined Willkies…
Personal Finance Restructuring HR through contracting Monday May 03 2021 Depending on how the contract is drafted, an independent contractors term can be exclusive or non-exclusive. PHOTO | FILE By CATHY MPUTHIAMore by this Author One of the biggest fixed costs for a business is the human resources (HR). Depending on the number of employees,…
Offshore drilling contractor Valaris, which had filed for bankruptcy in August 2020, said Monday it had on April 30, 2021, successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group’s Plan of Reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March 3,…
One company has revealed it is now going to offer hundreds of new jobs after many were stood down due to the devastating effects of the pandemic. Jetstar will go on a hiring blitz to fill hundreds of roles as airline switches some of its grounded international fleet towards domestic flights which are surging in…
The reprieve is over. A year-long waiver on insolvency filings has ended in Germany and there are already signs that bankruptcies are starting to pick up in Europe’s largest economy. Germany introduced the waiver last March, when the COVID-19 pandemic hit, part of a package of measures aimed at supporting businesses but which gave rise…
Rivet is a specialised transport and logistics, contract mining, equipment hire and maintenance and aviation services business run by former Asciano Ltd managing director Rowsthorn and SMS Mining Services founding director Daniel Sweeney. Adaman is backed by Rivet and the Mitchell Group and has two gold projects in Western Australia. (Interestingly, Adaman went into voluntary…
This would protect a company from claims being brought while its pursuing a scheme, Ashurst insolvency partner Alinta Kemeny said. US Chapter 11 Ms Kemeny said the current schemes of arrangement framework already allowed for a debtor-in-possession model, but a costly court-driven process meant it was primarily used only by large corporations. The Ashurst partner,…
Australian Treasury As part of our economic recovery plan, the Morrison Government is pursuing further measures to improve Australias insolvency framework for both small and large businesses. In the 2020-21 Budget, the Government announced the most significant reform to Australias insolvency framework in 30 years. These reforms, which came into effect on 1 January 2021,…