Legislation setting out reforms to Australias insolvency framework has now been introduced into Parliament. The Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 has now been introduced, laying out significant changes that the government contends will help small businesses restructure and survive the economic impact of COVID-19. The reforms are set to kick in from 1…
The news that Croydon Council has declared itself bankrupt has been on the cards for the past few months but what does it mean for those that live in the borough? You should still be able to get your bins emptied as this is considered an essential service. And many will worry about what this…
Download CSVShow datatableNumber of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days Number of bankruptcies of businesses and institutions (excluding sole proprietorships) adjusted for court sessions days 2016 November 417 2016 December 332 2017 January 336 2017 February 292 2017 March 304 2017 April 263 2017 May 281 2017 June…
Thousands of businesses still struggling to stay alive should consider closing, with a leading insolvency firm declaring now is “crunch time” for them to survive or die. Thursday marks 50 days before key government stimulus measures, thought to be supporting thousands of businesses, come to an end. December 31 will mark the end of the…
A couple whose company provided security for the Corrib gas pipeline in Co Mayo have been declared bankrupt by the High Court. James and Grainne Farrell were majority (58 per cent) shareholders in Business Mobile Security Services Ltd (BMSS) which, among its services, supplied security personnel to Shell during the construction of the pipeline and…
Eleanor Temple chair of trade body R3 Months after the initial lockdown, it has become clear that the pandemic will create long-term or even lasting changes that will mean some businesses are no longer viable. As the Government gradually withdraws the support packages available, it is vital that managers assess their business in light of…
STA, 10 November 2020 – During the coronavirus epidemic, there were fewer cases of bankruptcies among companies compared to last year, show data by the AJPES agency for legal records. In the first nine months of 2020, a total of 845 companies went bankrupt, down 16% on the same period in 2019 and a 21%…
When the owners of a luxury resort-style estate on the NSW Hawkesbury River decided to sell, they asked agent Deb Cullen for her opinion of when would be the right time. Right now, the co-principal of agency Cullen Royle said immediately. At the moment, were seeing a huge upswing in demand for lifestyle properties since…
RIGA – The Restaurant Association has submitted a number of proposals to the government that is currently working on support mechanisms for the hospitality industry during the Covid-19 pandemic, which suggest partial compensation for a fall in catering companies’ turnover and reducing the value added tax for the industry for at least eighteen months after…
In this note, we consider whether contracts provide any remedies, focussing on standard forms typically used in the region, and what happens when only the parent company of a contractor enters into insolvency. We also explain what an employer needs to know about insolvency of a contractor under UAE law and touch on the impact…