Corporate Insolvency Service framework moving towards Chapter 11 model? – Business advice for new businesses

New 90-day moratorium for failing businesses will seriously impact creditors, CICM warns The move to a new model similar to Chapter 11 for UK businesses heading towards insolvency could have serious consequences for creditors, cashflow and thousands of small businesses within the supply chain. And while new Government proposals do not seek to…

Riot cop, anti Uber activist, Hockey’s driver, bankrupt: The many faces of Russell Howarth – The Sydney Morning Herald

Russell Howarth when he was an anti-Uber campaigner Who exactly is Russell Howarth? He’s best known as the man who made citizens arrests while campaigning against the UberX ride sharing service when it was setting up in 2014. But he’s also a bankrupt thanks to a seemingly innocuous traffic accident outside Sydney’s exclusive Ivy nightclub and a court…

Insolvency firms are hiring as retail collapses gather pace – The Sydney Morning Herald

Clock’s ticking: Laura Ashley is among retail businesses to have died recently. In good news for insolvency firms but not much else, insolvencies are rising and the number of retailers appointing external administrators is also up. Electronics chain Dick Smith, home furnishings company Laura Ashley Australia and clothing retailer Man To Man are among retailers to have gone under recently.  John…

Consultation on updates to insolvency regime – CCH Daily inc Accountancy Live (subscription) (blog)

BIS says the move is in response to recent large corporate failures and developments in Europe to provide businesses with the tools to facilitate company rescue. Business secretary Sajid Javid said: An increasing international focus on company rescue has helped to shift the perceptions of what constitutes best practice; the UK needs to reflect this…