Credit Suisse has begun court action to push a $4bn trading business belonging to the metals magnate Sanjeev Gupta into insolvency, as it tries to recoup losses. Gupta is the founder of Liberty Steel and its holding company, GFG Alliance. The latter has vowed to fight the legal petition, which presents a fresh threat to…
On 26 March 2021, the Government passed the CIGA 2020 (Coronavirus) (Extensions of Relevant Period) Regulations 2021 (Regulations), extending some of the temporary relief measures under the Corporate Insolvency and Governance Act 2020 (CIGA 2020) until 30 June 2021. The Regulations bring further relief to companies, directors, and businesses, who would otherwise have faced a…
The accident-prone bank has certainly done a lot of damage to the reputation of Swiss bankers in the last few weeks. Swiss cheese has become a metaphor for the bank’s balance sheet. The walking disaster area that is is intending to recompense more investors burnt by the Swiss banks exposure to belly-up Greensill Capital. News…
The bankrupt Polish offshore wind foundation manufacturer, ST3 Offshore, has not found a buyer through a tender issued in the second half of February, and has now opened a new tender with a 10 per cent lower starting price. The new tender, open for bidding until 14:00 on 14 April, offers a starting price of…
Disgraced former Auburn deputy mayor Salim Mehajer has spent most of the past five months in segregation, held in his prison cell for 23 hours a day, and could face years more in prison for lying to the courts. The judge who will sentence him for two counts of perverting the course of justice and…
CreditorWatch, in conjunction with McGrathNicol, launched a new white paper exploring insolvency trends, options for businesses working through debts and potential sources of funding post-31 March. The credit reporting agency said that according to figures published by the Australian Securities and Investments Commission, each year, roughly 8,000 businesses are placed into external administration. But it…
The National Anti-Corruption Bureau of Ukraine (NABU) has placed former board chairman at PrivatBank Oleksandr Dubilet on the wanted list, Acting Chairman of the Specialized Anti-Corruption Prosecutor’s Office Maksym Hryshchuk has told Ukrinform. Dubilet is suspected of involvement in the embezzlement of UAH 8 billion from the bank before it was nationalized in late 2016.…
According to data published by ASIC, only 4,751 businesses in Australia appointed insolvency practitioners in the last nine months of 2020, compared with 8,628 during the same period in 2019. More importantly, insolvency experts do not expect a surge in businesses going into administration following the end of the JobKeeper scheme, citing factors such as…
The coming weeks could bring onthe biggest economic shocksince the pandemic itself, with the end of the $90 billion JobKeeper wage subsidy scheme. Business owners, bureaucrats and insolvency experts are cautiously awaiting the fallout. Key points: The $90b JobKeeper wage subsidy scheme has ended, with amillion workers still relying on it JobKeeper may have been…
A PARISH council will have to write off a debt of almost 17,000 after an allotment holder who took the authority to court declared bankruptcy. Maureen Powles, from Hurworth, near Darlington, was told last year she would have to pay Hurworth Parish Councils costs after she took it to court and lost following a long-running…