A former Kleenmaid director convicted of fraud and insolvent trading will have to spend more than six years behind bars. Bradley Wendel Young, 49, was last week found guilty of the charges following a marathon eight-week trial. Kleenmaid, a Maroochydore-based whitegoods company, collapsed in 2009 following a turbulent 17-month period. Photo: Tanya Lake He had pleaded…
THE judge sentencing former Kleenmaid director Bradley Wendell Young says “Blind Freddy could see this company was insolvent”. “I had no difficulty whatsoever concluding your client was, at all relevant times, aware of the true financial position,” Judge Brad Farr said. “To suggest otherwise flies in the face of the evidence.” Young, 49, was found…
The Australian Tax Office and the Australian Securities and Investments Commission have conducted raids on 13 businesses and residences across the country in a bid to crack down on pre-insolvency firms that advise clients on how to avoid tax. Some 120 ATO officers teamed up with their ASIC counterparts on Thursday to collect documents and…
Chartered accountants’ obligation to comment on overindebtedness Liability of chartered accountants Comment Chartered accountants entrusted to draw up financial statements must also examine the company’s status of overindebtedness in terms of insolvency law if its accounts show that it is overloaded with debt. However, in practice, this task is often neglected, as the fact…
Hard knocks More Special Reports … Read the full article at: https://www.lloydslist.com/ll/sector/ship-operations/article533258.ece
Abengoa SA won agreement from major creditors for a rescue plan, potentially averting Spains largest corporate insolvency. Investors including Elliott Management Corp., Centerbridge Partners LP and Varde Partners LP will provide 1.17 billion euros ($1.3 billion) of new loans in exchange for a 50 percent stake, according to a regulatory filing on Thursday. The renewable-energy…
Disputes on the rise | Asian Legal Business With China driving new case growth, offshore disputes are increasing among Asian companies, keeping lawyers very busy indeed, finds Christopher Horton One of the more noticeable trends in the fi… Read the full article at: http://www.legalbusinessonline.com/features/disputes-rise/72974
The number of debtors who entered a personal insolvency in regional Victoria increased by 14.5 per cent in the June quarter, compared to the March quarter. Bendigo was one of the main contributors to the rise, alongside Wellington and Ballarat. Twenty-five debtors were recorded in Bendigo in the June quarter, compared to 16 in the…
NEW YORK–(BUSINESS WIRE)– Fitch Ratings has assigned the following ratings and Rating Outlooks to Fannie Mae’s risk transfer transaction, Connecticut Avenue Securities, series 2016-C05: –$385,709,000 class 2M-1 notes ‘BBB-sf’; Outlook Stable; –$257,139,000 class 2M-2A exchangeable notes ‘BB+sf’; Outlook Stable; –$459,178,000 class 2M-2B exchangeable notes ‘B’; Outlook Stable; –$716,317,000 class 2M-2 notes ‘Bsf’; Outlook Stable; –$257,139,000…
The basis of the deal is to keep the directors in control, preserve the business and give it a fighting chance to survive. Is your business at risk? Here’s a simple test you could use to find out if your business is in danger of entering a difficult phase or has risk of bankruptcy. Many…