Small businesses have been urged to secure assets and business loans ahead of an anticipated increase in insolvencies this year. Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell said small businesses need to secure their assets through the Governments Personal Property Securities Register (PPSR) in the event of an insolvency. Operating under the…
By Joe McDonald|AP, BEIJING Companies that are part of HNA Group, a Chinese conglomerate that says creditors want it declared bankrupt after a global acquisition spree, want to recover as much as $15 billion that might have been paid out improperly to major shareholders. The announcements highlight the tangled finances of HNA, the latest in…
Eleanor Temple, Yorkshire Chair of R3 Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on the 2020 corporate and personal insolvency statistics for England and Wales: Corporate insolvencies There were 12,557 underlying corporate insolvencies in 2020 a fall of 27.1% from 2019s…
In the beginning, Rongrong and Ralf Szydlewski were optimistic. They launched their start-up Fresh Tasia in 2019 and have since grown Indian spinach, beans and Vietnamese coriander in a greenhouse in Kladow. With their company, the couple wants to bring Asian vegetables into German kitchens – not imported, but grown locally. Inside the greenhouse /…
A ray of light shone on the owners of troubled SMEs when the Company Law Review Group (CLRG) published its much-anticipated report on restructuring small companies. The owners of SMEs in difficulty have long awaited legislation to make formal corporate rescue, already available to larger companies through examinership, accessible to them. The need for this…
If there’s anything you can count on in an extradition case, it’s that the process will not be simple or brief. Extradition requests are not common over the past decade, Australia has made an average of about a dozen extradition requests each year, and just 82 requests have been granted. Dozens of those requests are…
Lauren Tavener Recent History and Economics graduate and content writer for Credit Strategy. The spike in the last quarter was driven by a rise in the number of IVAs, which accounted for 77% of total insolvencies during Q4. The Insolvency Service said that IVAs accounted for 70% of all personal insolvencies during 2020. There were…
INCREASING numbers of individuals declared themselves bust in the final three months of 2020. Official data from the Insolvency Service shows there were 31,059 individual insolvencies in the four quarter of 2020, up 57% on the previous three months. 2 The number of IVAs rose 90% during the fourth quarter of 2020 The Insolvency Service…
The number of individuals unable to pay their debts rose to 31,059 between October and December, a 57% increase from the third quarter, the Insolvency Service said on Friday. Total personal insolvencies in 2020 were down 9% compared with 2019 Figures distorted by government response to the pandemic, including reduced enforcement, enhanced support for firms…
The number of personal insolvencies recorded in England and Wales fell to a three-year low in 2020. The Insolvency Service said there were 111,424 individual insolvencies in 2020 a total which was down by 9% on 2019. It marked the lowest annual figure since 98,897 personal insolvencies were recorded in 2017. The service said the…