News story Measures from the Corporate Insolvency and Governance Act extended to relieve pressure on businesses dealing with coronavirus. Measures put in place to protect businesses from insolvency will be extended to continue giving them much-needed breathing space during the coronavirus (COVID-19) pandemic, the government announced today (24 September). A raft of changes to protect…
Australia is in the grip of a new wave of tax evasion and money laundering allegedly orchestrated by unscrupulous firms of professional advisers, including accountants. The schemes involve phoenixing the art of liquidating a company and allowing the directors to rise from the ashes in a new entity, free of debts and prior to the…
The tennis champion Boris Becker has denied a string of criminal charges over his bankruptcy as he was told he could face seven years in jail. The German former tennis star, 52, who was declared bankrupt in June 2017, is accused of not complying with obligations to disclose information. Becker, who was smartly dressed in…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 51 bankruptcies in week 38. This is 8 up on the previous week. In addition, 7 sole proprietorships were declared…
New Delhi, Sep 23 (PTI) The Delhi High Court has asked the Centre and the IBBI to respond to a plea by former chairman of Bhushan Power and Steel Ltd (BPSL) Sanjay Singal, challenging the provisions on personal insolvency proceedings against guarantors of corporate debtors.A bench of Chief Justice D N Patel and Justice Prateek…
Hyderabad: The HC on Wednesday sought to know from a private trader, whose company is under liquidation, whether he can still represent his firm before the court.A bench of Chief Justice Raghvendra Singh Chauhan and Justice B Vijaysen Reddy posed this question to advocates representing Rajesh Agarwal, managing director of BS Company, who challenged the…
11:32 24/09/2020 MOSCOW, September 24 (RAPSI) The Moscow Commercial Court has extended bankruptcy management against Vneshprombank for six months, the court records read. According to a petition of the Deposit Insurance Agency (DIA), the banks bankruptcy receiver, the work on legal recovery of loan indebtedness from legal entities and individuals is still ongoing and disposal…
Treasurer Josh Frydenberg. Source: AAP/Daniel Pockett. Small business owners facing bankruptcy will stay in control of their companies while restructuring debts under a Morrison government plan to overhaul Australias insolvency system. On Thursday, Treasurer Josh Frydenberg unveiled a suite of insolvency reforms to protect small businesses from the fallout of the COVID-19 pandemic, saying Australia…
The report comes just days after Victorian Supreme Court Justice Ross Robson offered a scathing assessment of Mr Mawhinney as he ordered the provisional liquidation of companies backing another Mayfair 101 fund, the $81 million IPO Wealth. The findings will make for grim reading for secured MCore noteholders anxious about the status of their funds,…
Small business has been hit hard by COVID-19. Health restrictions forced many small businesses to close their doors, while others have managed to stay open, albeit with significantly less foot traffic through their store. Meanwhile, bills rack up, be it for energy, insurance, rent or interest on a loan all of which need to eventually…