The Insolvency and Bankruptcy Code (IBC) has provisions for individuals as well, but they are yet to be notified. In a move that is being seen as a precursor to notifying bankruptcy rules for individuals, the government is reportedly considering moving ahead with Fresh Start, a part of IBC that applies to low-income individuals who…
Sydney-based Optus services provider Anderson IT has entered into voluntary liquidation with more than $500,000 owed to creditors. The 10-year-old company, which ran an Optus Business Centre in North Sydney, appointed liquidator Graeme Beattie of Worrells, on 3 June facing more than $1.1 million in total financial liabilities. Subsequent liquidation proceedings revealed the insolvent company…
Jet Airways is continuing to face a negative streak since collapsing in April. After the collapse of a sale, it seems more unlikely than ever before that Jet Airways will fly again. Currently, Jet Airways is staring down the barrel of insolvency proceedings that are incredibly likely to go through. Jet Airways is likely to…
Under the conditions of the order, Christopher James Dawson (36) of Spalding, Lincolnshire, is unable to borrow more than 500 without telling a lender that he is subject to extended restrictions, or act as a company director without the courts permission for 12 years. The court heard that Christopher Dawson was appointed joint director of…
FW: Based on your experience, what steps do supply chain companies need to take following the insolvency of a major customer? How important is early action to manage the risks? Tilley: Insolvencies do not occur without some warning signs. At the first sign of distress, overdue receivables should be collected before further shipment and no…
In September last year, the US District Court for the District of Massachusetts gave a ruling to define bitcoin and other cryptocurrencies as commodities. Now it remains to be seen whether bankruptcy courts will follow this precedent when considering cryptocurrency in valuations and distributions. 17.05.2019|in Forecasts There is continuing legal uncertainty concerning the approach…
Sydney-based Optus services provider Anderson IT has entered into voluntary liquidation with more than $500,000 owed to creditors. The 10-year-old company, which ran an Optus Business Centre in North Sydney, called in liquidators on 3 June this year facing more than $1.1million in total financial liabilities. Subsequent liquidation proceedings revealed the insolvent company owes Optus…
After opioid maker Insys Therapeutics last week filed for bankruptcy protection five days after securing a $225 million settlement with the federal government, speculation has grown that other embattled opioid producers could take the same path. Insys makes the Subsys brand of the drug fentanyl, an opioid that is effective in easing pain for cancer…
The Central Bank is set to start recording details of personal contract plans (PCPs) for car purchases; hire purchase deals, which can be used to purchase washing machines among other things; as well as similar types of finance, on its credit register from June 30th. It will mark the first time the regulator has sought…
As mortgage marketplace HashChing goes through a seismic change and looks to branch into new areas of focus, more details have been emerging about the sudden departure of its executive team. Last week, The Adviser broke the news that the founder and the executive team of online mortgage marketplace HashChing had all left the company,…