The Federal Court’s recent decision in Hall v CAP Security Services Pty Ltd [2023] FCA 1237 highlights an interesting and practical solution for former directors who receive a director penalty notice after their directorship has ended. Director penalty notices (DPNs) The Australian Taxation Office (ATO) can issue a DPN to the director of a company…
Dutch startup Pieter Pot has officially declared bankruptcy, following the Rotterdam court’s decision on Thursday, December 14. The announcement came after the court declined to grant Pieter Pot an additional week for an alternative rescue and financing plan, leaving Jouri Schoemaker (founder) in the dark about the precise reasons behind the decision. “We had to…
Taxpayer lifeline open for under-pressure airline Rex The Northern Daily Leader Read the original article here
The company at the centre of Victoria’s recycling crisis will be wound up after it was declared insolvent in the Supreme Court of Victoria. Key points: SKM earlier warned 400,000 tonnes of material could end up in landfill if it went under An Australian Workers’ Union representative said the company was “too big to fail”…
‘It sucks’: Another home builder in liquidation Gold Coast Bulletin Read the original article here
Horizon was the former accounting system used by the Post Office. Between 1999 and 2015, a number of Postmasters experienced shortfalls in cash and stock in relation to the data produced by Horizon. As a result, Postmasters were required to make good the shortfall. In some cases, this led to bankruptcy, where some postmasters may…
Regional Express (Rex) subsidiaries Australian Airline Pilot Academy (AAPA) and Pel Air are not involved in the voluntary administration of airline operations announced yesterday. Rex Group directors have appointed Ernst and Young Australia as Joint and Several Voluntary Administrators, but the administration is limited to the airline and investment arms of Regional Express Holdings, which…
Swedish electric motorbike company Cake files for bankruptcy. The company, which makes extremely unique-looking utility-themed motorbikes and motorcycles, was forced to make the decision after a major investor bailed right before a funding round was set to close, according to Electrek. Certainly this will come as sad news to fans of Cake’s two-wheelers, which are…
McGill and Partners, the global boutique specialist (re)insurance broker, has launched a ready-made and self-contained coverage solution for corporate insolvency, known as SAIFElimits. This innovative offering is designed to seamlessly integrate into primary directors’ and officers’ (“D&O”) policies, automatically triggering coverage upon the occurrence of an insolvency event. SAIFElimits is specifically engineered to address the…
‘I was made bankrupt by Horizon scandal’ BBC.com Read the original article here