Bulgarian supermarket chain Piccadilly has been declared insolvent and a court has appointed a temporary receiver to the business. The company owes around BGN 86 million (42.9 million) of debt towards the State, banks and suppliers, reports local weekly Capital. A general meeting of creditors has been convened for April. In 2013, Piccadilly operatd 40…
New laws will encourage “honest” directors to take reasonable risks so companies can trade their way out of financial difficulty, as part of a push to make Australia more entrepreneurial. Legislation introduced to federal Parliament on Tuesday will afford directors legal protection from insolvency breaches while they are undertaking a restructure. Under the “safe harbour” provision, directors…
The federal government has introduced draft insolvency reforms designed to offer more protection for company directors and make it easier to restructure faltering businesses. The draft legislation creates a safe harbour from personal liability for company directors and institutes a stay on ipso facto clauses during a formal insolvency process. Revenue and Financial Services Minister…
One of the nation’s top tax officers has confirmed he heard “bureaucratic whispers” the federal attorney-general was considering preventing the ATO intervening in a High Court case about the Bell Group litigation saga. The parliamentary inquiry is examining whether the federal government sought to short-change taxpayers by doing a deal with the West Australian government…
The Turnbull government wants to introduce new insolvency laws to provide breathing room for directors in hard times to enable them to try and turn around their business. Releasing draft legislation for discussion on Tuesday, Revenue and Financial Services Minister Kelly O’Dwyer says the aim is to create a ‘safe harbour’ from personal liability for…
One of the nation’s top tax officers has confirmed he heard “bureaucratic whispers” the federal attorney-general was considering preventing the ATO intervening in a High Court case about the Bell Group litigation saga. The parliamentary inquiry is examining whether the federal government sought to short-change taxpayers by doing a deal with the West Australian government…
The Turnbull government wants to introduce new insolvency laws to provide breathing room for directors in hard times to enable them to try and turn around their business. Releasing draft legislation for discussion on Tuesday, Revenue and Financial Services Minister Kelly O’Dwyer says the aim is to create a ‘safe harbour’ from personal liability for…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI), the newly established regulator to reorganise insolvency laws in the country, is working on guidelines for individuals who want to declare bankruptcy and will also allow voluntary liquidation by companies, chairperson Madhusudan Sahoo said in an exclusive interaction with ET. The IBBI is the nodal agency…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI), the newly-established regulator to reorganise insolvency laws in the country, is working on guidelines for individuals who want to declare bankruptcy and will also allow voluntary liquidation by companies, chairperson Madhusudan Sahoo said in an exclusive interaction with ET. The IBBI is the nodal agency for…
Smart money: Smoothing out lumpy cash flow for those in the creative sector [Mon 27/03/2017 11:01 AM] By Bradd Morelli Bradd Morelli. As a partner at Jirsch Sutherland, a specialist insolvency, forensic accounting and turnaround business, Bradd Morelli has been…