Banks will no longer be allowed to warehouse part of a mortgage when a formal debt deal is put in place for a homeowner. This is because Ms Justice Marie Baker ruled in the High Court that banks could not include a split mortgage as part of a Personal Insolvency Arrangement. This will limit what…
22 May 2017 An estimated 3-minute read NCLAT Defines the Scope and Extent of the Corporate Debtors Right to Contest Admission of Insolvency Applications Filed by Financial Creditors by Cyril Amarchand Mangaldas In a landmark judgment recently delivered by the National Company Law Appellate Tribunal (NCLAT) in the case of Innoventive Industries Limited v. ICICI…
A far cry from the once-lavish lifestyle Tommy Cannon has been declared bankrupt. The 78-year-old comedy star admitted he had been living hand-to-mouth for a decade, but shrugged off the bankruptcy, filed in Birmingham this week, saying: Its embarrassing but just one of those things. In the 1980s, he and Bobby Ball attracted TV audiences…
By Christoph Steitz | FRANKFURT Germany’s SolarWorld (SWVKk.DE), once Europe’s biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as “the Sun King”. SolarWorld (SWVKk.DE) was one of the few…
Crossbench kingmaker Nick Xenophon has called on the Turnbull government to abandon any plans to force dumped senators Bob Day and Rod Culleton to repay their taxpayer-funded salaries and allowances. Senator Xenophon says it’s “ridiculous” the Department of Finance has sent the pair letters telling them they are required to pay back the salaries, expenses and staff costs…
A crossbench colleague of disqualified senators Rod Culleton and Bob Day thinks it’s ridiculous the commonwealth is chasing them to repay their wages for the time they sat in the Senate. Nick Xenophon says the pair turned up to work in good faith after the 2016 election, despite being found later to not have been…
Marc Geiger, a partner and head of music at WME, did not mince words when describing his feelings about the organizers of the now defunct Pemberton festival, which declared bankruptcy Thursday night without issuing refunds to fans. “I want each of them to know ‘I coming after you personally,’” he told Billboard in an exclusive interview.…
‘Gone fishing’: One Nation ‘senator’ Rod Culleton tries to dodge impersonation claims Former senator Rod Culleton has updated his Facebook page. Photo: Facebook Mr Culleton is still using his parliamentary email but has added “Gone Fishin’” to his signature. Photo: Facebook Rodney Culleton and One Nation leader Pauline Hanson in parliament in November. Photo: Alex…
Introduction Single court for group Choice of insolvency administrator New coordination proceeding Comment Introduction The Law for the Facilitation and Management of the Insolvencies of Groups of Companies was finalised on April 13 2017 and announced on April 21 2017. It will enter into force on April 21 2018. Contrary to certain requests within German…
From a quiet street in Menai to the sands of Bondi Beach, the largest alleged tax fraud syndicate in the country’s history had somewhat humble beginnings. Adam Cranston, 30, son of Australian Taxation Office deputy commissioner Michael Cranston, was arrested on Wednesday with police alleging he set up and ran the $165 million tax fraud…