Retail businesses still face insolvency risks despite new safe harbour laws, according to an insolvency expert. New safe harbour legislation which passed through Federal Parliament last week will be unlikely to settle the personal liability fears of current and aspiring company directors in the retail industry. Currently awaiting royal assent, the Treasury Laws Amendment (2017 Enterprise…
Taking a stern view against the intimidation and bullying of Insolvency Resolution Professionals (IRPs) by defaulting companies, the National Company Law Tribunal (NCLT) has ruled that the IRP is the supreme authority once the Tribunal has admitted a case in the bankruptcy court. Two benches of the Tribunal, as a warning to errant promoters, has…
Insolvency resolution is about the allocation of losses among different stakeholders in a situation where there isnt enough left in the pot for everyone. So far, the stakeholders at the centre of the public discourse under the new and fast evolving Insolvency and Bankruptcy Code (IBC) have been banks, trade creditors, promoters, workmen, employees and…
Roberta Williams makes tilt at federal politics exit Convicted drug trafficker and gangland widow Roberta Williams could appear on ballot papers at the next federal election despite being bankrupt and ineligible to run. Ms Williams, 48, announced on Monday that she was entering politics as a candidate for the Australian People’s Party to run against…
Having sent it broke, two powerful businessmen wanted to use the legal system to bully their way back into control of a precious media outlet. On Monday morning their opportunistic grab for Network Ten was stopped by Ashley Black, a NSW Supreme Court judge who demonstrated that some Australian courts aren’t willing to play God…
Most bankruptcy cases involve those aged 35 to 45, mainly due to failure to settle HP loans, credit card debt, personal loans and housing loans. PUTRAJAYA: A total of 294,000 Malaysians are currently embroiled in bankruptcy cases due to their failure to settle hire purchase loans, credit card loans, personal loans, housing loans and social…
The trustees in bankruptcy of Eddy Groves plan to investigate $42 million in Australian and international property deals undertaken by the failed childcare entrepreneur in the past five years. Mr Groves, who founded childcare group ABC Learning, is also likely to face a grilling before a court about his affairs at an examination run by…
There has been a major battle for Germany’s second largest airline that could see it broken up as bidders stake their claims. A final decision on the airline’s future is expected on September 25. An airplane operated by German airline Air Berlin sits on the tarmac at the airport in Munich, southern Germany, on September…
The case, which will now be heard by the High Court, has implications for hundreds of others, with some observers warning the future of a key part of Ireland’s insolvency regime may hinge on the outcome. The Circuit Court ruled earlier this month that debtors’ personal insolvency practitioners (PIPs), and not debtors themselves, must seek…
MUMBAI: In late June, one of India’s top wind power equipment makers, Inox Wind Ltd, was dragged into insolvency courts by a logistics handler over unpaid dues of $88,000. Two weeks on, the matter was settled, with dues paid off. The case illustrates how small creditors and vendors, previously at the mercy of large debtors,…