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…
Normal text sizeLarger text sizeVery large text size The number of people entering personal insolvency in the year to June 30, 2024 was 20 per cent higher than the preceding financial year, as more people find themselves unable to repay debts. Personal insolvency includes bankruptcies and debt agreements, and a relatively small number of insolvency…
Insolvencies across the board have peaked at 1,711 in May 2024, up by 59.9 per cent from last year. This is according to new data from the Australian Securities and Investments Commission (ASIC), which show that insolvency rates have been steadily increasing post-COVID. First-time insolvencies also hit a new peak in May, up 383 from…
Whats going on here? German company insolvencies soared by 41% in the first half of 2024, with real estate, automotive, and mechanical engineering firms bearing the brunt. What does this mean? The rise in insolvencies is a stark reminder of the sustained financial strain German companies are under. In the first six months of 2024,…
By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 12:18 AEST, 9 July 2024 | Updated: 12:21 AEST, 9 July 2024 Aussies planning an overseas holiday may find they can’t leave Australia if they have unpaid debts of $10,000 or more, a leading pe… Read the full article at: https://www.dailymail.co.uk/news/money/article-13613887/Personal-finance-effie-zahos-debt-bankruptcy-kill-overseas-holiday.html
Shortening the maximum length of time a bankrupt person must serve their penalty before they are discharged was missing from a slender suite of bankruptcy law reforms outlined yesterday by the Attorney-General Mark Dreyfus. There is only one real reform proposed, with one other conceptual reform on a Minimal Asset Procedure thrown open for consultation.…
The involuntary bankruptcy threshold will lift from $10,000 to $20,000, Attorney-General Mark Dreyfus says, giving debtors more breathing room before their creditors can launch court action. On Monday, Attorney-General Dreyfus said the federal government will introduce a suite of reforms to the bankruptcy system, bringing it up to speed with the contemporary economic landscape. In…