Listen to this story To support businesses experiencing financial distress throughout COVID-19, the Australian Government introduced measures to relax insolvency and bankruptcy rules in March. These changes were set to draw to a close by 30 September, but have now been extended until 31 December 2020. Many commentators had predicted that the changes would need…
An Albury businessman has been declared bankrupt in a win for the Commonwealth which says he owes it more than $10 million following a long-running court battle. The Commonwealth had applied to the Federal Court for a sequestration order against Allan Paul Endresz . He opposed it on a number of grounds, including a submission…
A report issued by one of Australias leading credit agencies is warning COVID-19 insolvency relief measures will cause a domino effect of business shutdowns. Picture: NCA NewsWire / David Crosling A report issued by one of Australias leading credit agencies is warning COVID-19 insolvency relief measures will cause a domino effect of business shutdowns. CreditorWatch…
Personal insolvency applications reached a record high in July, according to figures from business and credit risk analyst CRIF Vision-net. The Insolvency Service of Ireland (ISI) received 239 applications for personal insolvency arrangements, debt relief notices and debt settlement arrangements. This is a 125 per cent increase on the 106 applications made in July last…
Wirecards scandalous collapse exposes the weakness of a single EU financial market that leaves regulatory supervision to the member states. Wirecard was one of the great success stories of Europes fintech sector and a German national champion, holding a coveted place in the DAX 30, the countrys main stock index. But since it was suddenly…
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12:22 11/09/2020 MOSCOW, September 11 (RAPSI) Moscows Tverskoy District Court has sentenced a former deputy chairman of board of the bank Legion Victor Brusentsev to 7.5 years in penal coliny for 122 million-ruble ($1.6 million) embezzlement, the press service of the Prosecutor Generals Office has told RAPSI. Additionally, Brusentsev has been fined 800,000 rubles ($10,700).…
A sign marks the location of the Quapaw House Mountain Pine Road facility on Wednesday. – Photo by Richard Rasmussen of The Sentinel-Record Garland County Circuit Judge Lynn Williams last week found Quapaw House Inc. insolvent and appointed a receiver to take charge of its property, according to court filings. “From the pleadings before it,…
Troels Tuxen of law firm Bech-Bruun continues as trustee of a series of the Stadil family’s bankrupt estates. The Eastern High Court in Denmark has upheld a decision which declared the original trustee disqualified to act in the case. Photo: Jens Dresling/Ritzau Scanpix Log in to read our articles Welcome to ShippingWatch. A part of…
Introduction Bankruptcy through debt enforcement Bankruptcy by petition of the company More time to initiate restructurings and avoid bankruptcy due to COVID-19 Introduction Two main avenues exist for opening bankruptcy proceedings over a Swiss company: a creditor can initiate the procedure via debt enforcement; or the company can file a petition for bankruptcy with the…