A day after his 52nd birthday, Andrew Christodoulou got a nasty surprise in the mail. A letter from the Australian Taxation Office (ATO) in November last year read: “You have been issued with a director penalty notice for Superannuation Guarantee Charge amounts”. “A director’s penalty notice. I’ve never heard of one,” Mr Christodoulou tells ABC…
Aussie online retailer Booktopia insists it was at all times trading in line with insolvency laws, as administrators continue to pore over its books. Administrators said the company could be as much as $60m in debt on Monday, the first day creditors have met since the bookseller collapsed less than two weeks ago. The ABC…
Manchester-based company believed to be offering insolvency practitioner services when it was not authorised to do so is wound-up in court. Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed Its actions risked undermining the insolvency regime and the companys directors refused to explain its…
The number of bankruptcies rose in June. According to Statistics Netherlands (CBS), there was an increase of 37 companies that were declared bankrupt in June compared to a month earlier. This is a rise of 11 percent. According to CBS, the number of bankruptcies has been trending upward for the last two years. In the…
In short: Armaguard has rejected a lifeline deal worth $26 million to prevent it from becoming insolvent. It comes after Coles temporarily paused its use of the company over the Easter long weekend, but has since resumed using its services. What’s next? The cash transportation company says it is working with its customers and is…
1 Market overview A number of crisis factors such as COVID, the Russian invasion of Ukraine, and Israel’s war against Hamas have influenced the Austrian restructuring and insolvency environment in the past few years. There are now initial signs of the economic pressure easing (such as a decreasing base rate), although the economic effects of…
Attorney-General Mark Dreyfus said the amendments would ensure a fairer outcome for debtors in the personal insolvency system. Subscribe Subscribe to Regulation Asia to gain access to APACs leading platform for news, analysis, research and verified data on financial regulation. Select subscribe below to view our subscription packages or you can email us at [email protected]…
The trustees handling the bankruptcy of Dutch GP chain Co-Med are facing difficult dilemmas. Who is first in line: patients, employees or creditors? Assistant Professor Jessie Pool, an expert in insolvency law, calls for insolvency procedures that are better geared to this type of bankruptcy. Last Friday, a court in Maastricht declared Co-Med bankrupt, after…
Construction, retail and travel companies are among the hardest hit in the latest raft of insolvencies, brought on by high interest rates, falling consumer spending and high material costs. Bankruptcy filings have been on an upward trajectory since last year filings have topped 10,000 over the past month, for the first time since 2013. Data…
The number of jobs lost as a result of bankruptcies in Luxembourg in the first half of this year was the highest in more than a decade, according to data published by the countrys official statistics agency Statec on Wednesday. There were 1,759 job losses following bankruptcies in the first six months of 2024, Statec…