Independent senator Rod Culleton has lost his spot in the Senate after he was declared bankrupt by a Federal Court judge. Senate president Stephen Parry has informed Mr Culleton and WA Governor Kerry Sanderson that there is a vacancy because the former One Nation member has been disqualified from the position as he is an…
The sister of bankrupted former billionaire Nathan Tinkler is facing a similar fate after being accused of entering into uncommercial transactions and breaching her directors’ duties. Donna Dennis is alleged to have sold off furniture belonging to two Tinkler family companies for a little more than $100,000 despite being notified that the companies were insolvent…
State-owned bus company Bus Éireann’s financial situation has worsened, and without urgent reforms it could face insolvency within 18 months, according to informed sources. Late last year, Minister for Transport Shane Ross briefed his Cabinet colleagues and said the company was at crisis point, and could become insolvent within 24 months. However, the latest figures…
Debt advisers are braced for a surge in queries as families try to balance their finances after Christmas. Freya Findlay and Julie Morgan look at the support that is available to them The national charity is expecting some 180 people to seek advice on debt in January as it says…
Maritime privileged credits Judicial recognition Comment The Insolvency Act (22/2003) is based on the principle of universality with regard to assets and liabilities. However, in accordance with the act, certain credits including maritime privileged credits must be separated from a bankruptcy estate, resulting in a breach of this principle. Maritime privileged credits Article 76.3…
FW: To what extent do you believe the UK insolvency regime should be influenced or guided by the principles and processes of US Chapter 11? Bryan: Previous amendments to UK law started from the basis that Chapter 11 was something of a gold standard. However, lobbying by the banks and the insolvency profession largely negated…
FW: To what extent do you believe the UK insolvency regime should be influenced or guided by the principles and processes of US Chapter 11? Bryan: Previous amendments to UK law started from the basis that Chapter 11 was something of a gold standard. However, lobbying by the banks and the insolvency profession largely negated…
The entire shipping industry witnessed the long-awaited turn in business environment with last weeks news that Hanjin Shipping, a South Korean shipping giant which is considered as the 7th largest container carrier in the world would finally announce its move for liquidation after months of recovering attempts that sank into unsalvageable debacle. Although this scenario…
Creditfix, the UKs largest personal insolvency practice has released new figures that show that personal debt is having a negative impact on the mental health of individuals affected by financial problems. In a UK-wide survey of people currently in an Individual Voluntary Arrangement or Protected Trust Deed (IVA/PTD) with Creditfix, 74 per cent of respondents…
South Koreas SKC Co., a chemical and tech material producing unit of SK Group, has been witnessing a rally in its stocks over the last two months after its restructuring carried out last year has allowed the company to concentrate its resources to produce more high value-added products. SKC stocks soared 26 percent from 27,250…