When a company goes into liquidation, its generally understood that employees are entitled to redundancy pay. But what about the company directors themselves? Ultimately it is their business that has failed, and their livelihood that has collapsed. Unbeknown to many directors, the government does provide limited company directors with statutory entitlements, such as redundancy pay,…
October 27th, 2016 Jason Jiang Dry Cargo, Greater China 0 comments Zhejiang Ocean Shipping (Zosco), a major state-run dry bulk shipping company in Zhejiang, has been declared bankrupt by Hangzhou Intermediate Peoples Court. According to a court document Zhejiang Transportation Investment Group, the parent group of Zosco, applied with the court to liquidate the company…
Debt-laden steelmaker Arrium should be sold off to the highest bidder, its creditors have been told. Administrator KordaMentha has released a report arguing “it is more practical to sell the businesses” held by the South Australian group than to wind it up. This would increase the chances of Arrium continuing as a business and provide…
Labor has called on the government to rule out accepting Bob Days vote on its industrial relations bills, after reports the Family First senator may not resign until after the Senate votes on them. Last week Day announced his intention to resign because his building company was going into liquidation. He said it would be…
Dick Smith, bless it, went into receivership on January 4 and the following day tripped into voluntary administration. Across the ditch, it appeared to enter receivership and administration on the same day. Pumpkin Patch, hitting the skids after a long slide, also went into receivership and administration on the same day. This appears to be…
An official probe into the collapse of BHS has grown so complex that it is consuming one-tenth of the investigative capacity of an agency charged with disciplining rogue directors, a minister has claimed. Investigators at the Insolvency Service began looking into BHS shortly after the company filed for protection from creditors in April. The agency…
Bankrupt businessman Geoffrey Edelsten faces years of litigation in Australia and the United States, with creditors in both countries lining up to get a piece of his Victorian assets. Edelsten is being chased by more than 40 creditors , including the Australian Taxation Office, for millions of dollars. He also owes National Australia Bank, Bendigo…
The number of Scottish businesses becoming insolvent dipped almost 16 per cent quarter on quarter but rose 21 per cent year on year, latest official figures show. The Accountant in Bankruptcy (AiB), which records the number of corporate insolvencies and member voluntary liquidations logged, recorded 218 business failures in the three months to September 30,…
Bankrupt businessman Geoffrey Edelsten faces years of litigation in Australia and the United States, with creditors in both countries lining up to get a piece of his Victorian assets. Edelsten is being chased by more than 40 creditors , including the Australian Taxation Office, for millions of dollars. He also owes National Australia Bank, Bendigo…
Family First senator Bob Day’s political party is signalling he could stay on in Parliament and serve the rest of his three-year term, if a potential investor steps in to save his troubled construction company. Key points Insolvency firm says there is a lot of interest in Home Australia assets Bob Day is unlikely…