Bankruptcy proceedings against Vneshprombank extended for six months – RAPSI

11:32 24/09/2020 MOSCOW, September 24 (RAPSI) The Moscow Commercial Court has extended bankruptcy management against Vneshprombank for six months, the court records read. According to a petition of the Deposit Insurance Agency (DIA), the banks bankruptcy receiver, the work on legal recovery of loan indebtedness from legal entities and individuals is still ongoing and disposal…

Bankrupt small businesses to retain control under insolvency overhaul – SmartCompany.com.au

Treasurer Josh Frydenberg. Source: AAP/Daniel Pockett. Small business owners facing bankruptcy will stay in control of their companies while restructuring debts under a Morrison government plan to overhaul Australias insolvency system. On Thursday, Treasurer Josh Frydenberg unveiled a suite of insolvency reforms to protect small businesses from the fallout of the COVID-19 pandemic, saying Australia…

Treasurer to adopt US-style insolvency laws to stop wave of small business closures – Business News Australia

Small business has been hit hard by COVID-19. Health restrictions forced many small businesses to close their doors, while others have managed to stay open, albeit with significantly less foot traffic through their store. Meanwhile, bills rack up, be it for energy, insurance, rent or interest on a loan all of which need to eventually…

December D-Day for ‘Zombie’ Construction Companies – The Urban Developer

Current relief in the form of commercial leasing rules and creditor limitations for debtors has created an artificial environment that keeps failing companies alive, credit agency CreditorWatch says. According to data from CreditorWatch, voluntary administrations across the country have fallen sharply compared to the same time last year with many businesses insulated by temporary insolvency…