Family First senator Bob Day confirms he’ll be back in the Senate – The Sydney Morning Herald

Family First senator Bob Day has confirmed he will return to the Senate next month to support the government on industrial relations and the same-sex marriage plebiscite, despite announcing his resignation. With his housing construction empire in liquidation, Senator Day faces being expelled from Parliament if he is declared bankrupt, and last week announced he…

Personal insolvency in regional Australia remains steady – finder.com.au

Debtor cases fell across half the country’s regional areas. Despite significant rises earlier in the year, personal and business-related insolvencies in regional areas remained stable during the September quarter. The Australian Financial Security Authority (AFSA) has released regional personal insolvency statistics for the September quarter 2016. Personal insolvency cases fell across half of the country’s…

Securing disinvestments from distressed businesses – International Law Office (registration)

Introduction Risks associated with sale of distressed businesses Securing sale of distressed businesses Introduction With standard M&A policies in mind, the risks associated with distressed businesses are often considered from the purchaser’s perspective, rather than the seller’s. From the seller’s viewpoint, the sale of a distressed business is legal and considered to be without no…

Statutory entitlements for company directors What can directors claim when insolvency strikes? – Bytestart

When a company goes into liquidation, its generally understood that employees are entitled to redundancy pay. But what about the company directors themselves? Ultimately it is their business that has failed, and their livelihood that has collapsed. Unbeknown to many directors, the government does provide limited company directors with statutory entitlements, such as redundancy pay,…

Zosco declared bankrupt – Splash 247

October 27th, 2016 Jason Jiang Dry Cargo, Greater China 0 comments Zhejiang Ocean Shipping (Zosco), a major state-run dry bulk shipping company in Zhejiang, has been declared bankrupt by Hangzhou Intermediate Peoples Court. According to a court document Zhejiang Transportation Investment Group, the parent group of Zosco, applied with the court to liquidate the company…