Published 5 November 2020 Louise Laing The re-introduction of Crown preference and the resulting change in the order of priority of creditors on insolvency was announced as part of the Autumn budget in 2018, way before anyone had heard of Covid-19, and was originally due to come into force on 6 April 2020. It was…
Photo by Marco Bianchetti on Unsplash The latest data from the Australian Financial Security Authority indicates insolvencies in construction, mining and retail have increased in the past fortnight. Compared to the last reporting period of 5 October to 18 October, insolvencies in these three sectors spiked 38%, going from 71 total insolvencies to 98 this…
EXECUTIVE SUMMARY R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdoms insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company voluntary arrangements (CVAs). A CVA is a contractual arrangement between a financially distressed company and its creditors. The Standard Form has been drafted in consultation…
Tuesday, November 3, 2020 Executive Summary R3 Association of Business Recovery Professionals (R3), a trade association for the United Kingdoms insolvency and restructuring industry, has launched a standard form proposal (Standard Form) for company voluntary arrangements (CVAs). A CVA is a contractual arrangement between a financially distressed company and its creditors. The Standard Form has…
The Australian Financial Security Authority has issued a warning around dodgy insolvency advisors ahead of an anticipated spike of bankruptcies. The personal insolvency regulator has now launched a public campaign to raise awareness on the prevalence of dodgy insolvency advisors and tell-tale signs for the public to look out for. The Australian Financial Security Authoritys…
The retail apocalypse claimed another victim after shopping mall operator CBL and Associates Properties (NYSE:CBL) declared bankruptcy on Sunday. Although the real estate investment trust was struggling for years, rumors of a possible collapse have been circulating since the summer. It may have been a foregone conclusion after J.C. Penney (OTC:JCPN.Q), one of CBL’s biggest…
Barcelona appear to be a club in crisis both on and off the field. The Blaugrana have managed just eightpoints in sixleague games so far, enduring their worst start to a LaLiga campaign in 18 years. Their struggles off the field have been well documented as well, with multiple reports discussing Barcelona’s financial status, pointing…
FC Barcelona | LLUIS GENE/Getty Images FC Barcelona could be declared as bankrupt if they don’t find a way around reducing their wage bill by 190 million euros by the end of next week. AS quote RAC1, who reports that negotiations to lower player and staff salaries began on Friday at Barcelona, with a meeting…
How does anyone end up going bankrupt with debts of over 2.5 billion, never mind if youre the brother of one of the worlds richest men? The answers include some of the usual business explanations; this was all about the risks of bad timing, betting big on commodity prices and signing unlimited personal guarantees. Pramod…
Tax experts have warned that an incoming law which moves HM Revenue & Customs higher up the list of creditors in insolvencies could further damage the economy and cause more companies to go bust. From December 1, the UK tax authority will be ranked higher in the pecking order used to decide which creditors get…