Daily Archives: August 21, 2024

Present solvency and future debt: the relevance of future debt in determining solvency

Written by Sam Johnson (Partner), Emily Barrett (Partner), Caitlin McTaggart (Senior Associate), Madison Copland (Law Graduate) In the matter of IOUpay Limited ACN 091 192 871 (Administrators Appointed) [2023] NSWSC 568 per Williams J JWS represented Daniel Walley and Philip Carter of PricewaterhouseCoopers in their capacity as voluntary administrators (Administrators) of IOUpay Limited (Administrators Appointed)…

Solar installers ‘cheated’ out of millions

At a time when the solar power industry should be booming, solar installers across Australia say they are being “cheated” out of millions after trusting a third party to chase their government energy rebates. The small businesses used middleman service Emerging Energy Solutions and its affiliates to organise their green energy rebates from the federal…

Small businesses hit the hardest by COVID-19 pandemic, ASIC says

Australian small businesses are still reeling from the knock-on effects of COVID-19 amid higher cost-of-living pressures thanks to elevated inflation and interest rates. From July 1, 2022 to June 30 this year, small to medium-sized corporate insolvencies dominated external administrators’ reports, according to the Australian Securities and Investments Commission on Wednesday. Premium Subscribers with digital…

Company insolvencies up 16% on July last year as cost hikes continue to bite

In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023. The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic. David…

Caroline Benfield | Restructuring & Insolvency | Oxford

Caroline is a Legal Director in the Restructuring and Insolvency Department. She has over 15 years’ experience of dealing with all aspects of contentious and non-contentious personal and corporate insolvency work.  Caroline passed the CPI professional insolvency exam in June 2008. She was one of only 6 lawyers to pass the CPI that year.  Throughout…

Pay dispute at Napier apartment development leads to application to put construction company in liquidation

Labour-hire company Workforce Solutions claims 500 hours of invoiced work has gone unpaid from April for five of its hired workers (totalling about $28,000). Workforce Solutions and its parent company MCNZ Group have made an application in the High Court at Napier to put Herbert Construction Ltd into liquidation. That application is set to be…

Safe harbour – A shelter from the storm | Bond University

Safe Harbour – A shelter from the storm Dr. Stephen van der MyeHonorary Adjunct Professor, Faculty of Law, Bond University Corporate Insolvency Overview The Australian Securities and Investments Commission (ASIC) has reported a significant rise in corporate insolvencies. Data from July 2023 to March 2024 shows a 36.2% increase, with 7,742 companies entering external administration.…

Corporate Bankruptcies in Japan Exceed 8,000 for First Time in Four Years

Japan Data Economy Society Jan 26, 2024 The number of corporate bankruptcies in Japan increased by 35.2% in 2023 to 8,690, and total liabilities rose to ¥2.4 trillion. According to a report issued by Tokyo Shōkō Research, the number of corporate bankruptcies in Japan involving a total liability of ¥10 million or more increased year…

Insolvency Statistics – What They Mean for Your Business’ Finances

Since November 2023 corporate insolvency rates have shown positive signs that the rate of insolvencies since the pandemic may be tailing off and starting to reduce.

All the Single Debtors: Court Refuses to Expand Exceptions to the Single Debtor Rule Under Doctrine of Marshalling | Knowledge

In the recent decision of Griffon Partners Operation Corp (Re), 2024 ABKB 277 [Griffon] the Court of King’s Bench of Alberta (the “Court”) considered the applicability of the doctrine of marshalling. The case involved a debtor indebted to both senior and subordinate creditors, with an affiliated entity granting a guarantee and share security solely to…