The Government has made changes to our insolvency framework to better serve Australian small businesses, their creditors and their employees. The changes introduce new processes suitable for small businesses from 1 January 2021, reducing complexity, time and costs for small businesses. The aim of the new legislation is to protect jobs, SMEs and social coherence,…
A “steep increase” in insolvencies is expected as debt holidays come to an end and other government stimulus measures are wound back. Relaxed insolvency laws which allowed businesses to trade without making a profit for six months expired on January 1, and the time frame has been reduced to 21 days. Noosa-based insolvency expert and…
An insolvent council has been accused of filling its empty coffers by closing roads to fine motorists millions of pounds, despite residents insisting they do not want to be part of Grant Shappss green transport revolution. Campaigners claim Croydon Council is being undemocratic by forcing through a Low Traffic Neighbourhood (LTN) scheme, where streets are…
The pandemic has taken a major toll on the restaurant industry, leading many popular restaurant chains to file for Chapter 11 bankruptcy protection over the course of the year. And while for a few this spells the end of the road, some are exiting bankruptcy with restructured finances and gunning for a fresh start. Although…
The positive outlook on the likely slower pace of companies going bust came from a survey of six leading insolvency and restructuring practitioners by Chanticleers colleague, John Kehoe. The thinking among experts from Ashurst, Duff & Phelps, Clayton Utz, Baker McKenzie and Norton Rose Fulbright is that banks will continue to show leniency towards businesses…
Member Article North East England has retained its unwanted place at the top of the table for personal insolvency in England and Wales for the twelfth successive year. According to the latest annual figures released by the Insolvency Service, there were 34.6 individual insolvencies per 10,000 people in the region in 2019, compared to a…
Netherlands star Royston Drenthe, who featured for Real Madrid in his prime has finally found a club to play for just weeks after declaring that he is bankrupt. Still just 33-years-old, Drenthe was declared bankrupt by a Dutch court in December. The Dutchman looked to have a bright future after his stints at Real Madrid…
If Schalke don’t beat Hoffenheim at home on Sunday (AEDT), it will tie Tasmania’s league record of 31 consecutive games without a victory from the 1965-66 season – a record Tasmania are very proud of. Indeed, so proud that they’ve even gone so far as to describe themselves as “historic Bundesliga chokers” on their Twitter…
As the economic repercussions from the COVID pandemic continue to unfold, corporate bankruptcies are piling up. S&P Global Market Intelligence says US corporate bankruptcies reached their worst levels since 2010 when 900 companies declared bankruptcy. In all, 630 companies declared bankruptcy during the year. In 2019, 578 companies declared bankruptcy, while 513 declared bankruptcy in…
The novel coronavirus pandemic dealt Japan’s restaurant industry a major blow in 2020, leaving a record number of bars and eateries in financial ruin as customers stayed home and establishments closed early. A record-high 780 restaurants and bars in Japan went bankrupt in 2020, the credit research company Teikoku Databank Ltd. (TDB) announced on Jan.…