Category Archives: Bankruptcy

Singapore introduces regulatory regime for insolvency practitioners as new law comes into force – Out-Law.com

The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.…

Remington files for Chapter 11 bankruptcy protection, again – CBS News

Remington Arms, the nation’s oldest gunmaker, has declared bankruptcy for the second time in as many years. Remington first soughtbankruptcy protection in 2018after reporting nearly $1 billion in debt. Although the company exited court supervision that same year, it remained weighed down by lawsuits and retail sales restrictions following the2012 Sandy Hook school massacre. The…

UK Corporate Insolvency and Governance Act: Standalone Moratorium – The National Law Review

Tuesday, July 28, 2020 On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible…

‘Everything silent’: investor testifies at Rich Lister trial – The Australian Financial Review

The stress of losing your life savings really muddles your thinking, Mr Russell said. His appearance is part of a stream of prosecution witnesses appearing in the case against Mr Gore, who has declared he is not guilty to the 12 fraud charges relating to $800,000 of investor funds. He was arrested in 2017 following…

Personal insolvencies set to rise, R3 member survey finds – Bdaily

Member Article Over 8 in 10 respondents to a national survey of members of the insolvency and restructuring profession carried out by insolvency and restructuring trade body R3, expect personal insolvency numbers to increase within the next 12 months. Nearly half (44.5%) of the respondents to R3s member survey who work in personal insolvency say…

Big Retail Group Offers Up $1.4 Billion To Settle Accounting Scandal After Off loading Harris Scarf – ChannelNews

Steinhoff, the corrupt South African retail group who changed their name to Greenlit Brands in Australia and were responsible for the questionable sale of Harris Scarf, that saw consumer and appliance distributors owed millions is offering up A$1.4 Billion dollars to settle a multi-billion dollar accounting scandal. Greenlit Brands CEO Michael Ford, he was not…

Rich Lister Gore rejects fraud charges – The Australian Financial Review

The customers had established SMSFs with one financial advisory outfit and then ultimately were told in 2013 that it was becoming Arion Financial, the court heard. All of the witnesses who are making a complaint … dealt with somebody called Craig, Mr Copley said. A director of Arion would testify that person was Craig Gore,…

Law change to better protect consumers in event of insolvencies – Mirage News

Proposed changes will provide clarity for consumers about when they will own goods they have pre-paid for, particularly if a retailer becomes insolvent guidelines will set out ways of identifying the consumer as legal owner, including if goods have been labelled or altered for the buyer such as an engraved ring the current rules on…

80 per cent of trade professionals expect to see personal insolvencies rise – Yorkshire Post

BusinessConsumer MORE than 80 per cent of respondents to a national survey of insolvency and restructuring professionals said they expect personal insolvency numbers to increase over the next year. Sunday, 26th July 2020, 12:03 pm Updated Sunday, 26th July 2020, 12:06 pm Eleanor Temple, the chair of R3 in Yorkshire and a barrister at Kings…

These retailers filed for bankruptcy in 2020 – CNBC

Robert Barnes | Getty Images A number of retailers were already teetering on the brink of collapsing prior to the coronavirus pandemic slamming the industry. The pressures have intensified immensely. A few big names in retail, including Pier 1 Imports and Modell’s Sporting Goods, filed for bankruptcy much earlier in the year, weighed down by…