Whats new: CEFC China Energy Co. Ltd., the fallen energy and financial conglomerate controlled by secretive tycoon Ye Jianming, has been declared bankrupt by a Shanghai court, according to a ruling (link in Chinese) dated March 31 and published Friday on an enterprise bankruptcy information disclosure platform set up by Chinas Supreme Peoples Court. In…
Melbourne Rebels Reece Hodge trains in isolation while Super Rugby is shutdown Picture: AAP Raelene Castle said she could not see the advantages for Rugby Australia to go into voluntary administration, although it might depend on nations leaving in place severe international travel restrictions that would prevent a return to the status quo of Super…
The company at the centre of Victoria’s recycling crisis will be wound up after it was declared insolvent in the Supreme Court of Victoria. Key points: SKM earlier warned 400,000 tonnes of material could end up in landfill if it went under An Australian Workers’ Union representative said the company was “too big to fail”…
Two weeks ago, advisory firm Ansell Strategic warned their COVID-19 modelling showed aged care operators would pay out $9 billion in departing RADs over the next nine months or $37 million a day with insolvencies starting in mid-May. Now the defaults have commenced with the Department of Health paying out for pre-COVID Berrington Aged Care…
Hall & Wilcox special counsel in commercial litigation Katherine Payne. One of the earliest economic stability measures passed by the federal government to battle COVID-19 involved a new form of safe harbour, which provides directors with short-term relief from the insolvent trading provisions. Temporary safe harbour joins the pre-existing safe harbour regime, which was introduced…
The Rose Bay modernist home of bankrupt former mining executive IanStolyarand his wife Beth has sold on the quiet for $16.6 million as a knock-down rebuildto London-based expat foreign exchange dealer TonyCollick. The waterfront property was designed as Lapin House in 1949 by the late architect NevilleGruzmanfor his auntMollieLapin, and long owned by former High…
The Neucel Specialty Cellulose pulp mill in Port Alice has been declared bankrupt with $272 million in debts. Founded in 1916, the mill was the economic bedrock of the northern Vancouver Island village, but has been closed since 2015. It had also shut down under a previous owner in 2004, reopening two years later. article…
Photo byAnastasiia ChepinskaonUnsplash Battle victory could be close, but the war is not over – experts are warning insolvencies could spike in the coming months and linger for years post-COVID-19. Last quarter (January to March 2020), personal insolvency rates fell 16.5% on the same quarter last year – the lowest level since the December quarter…
Australia could face a “tsunami” of bankruptcies when government support packages and existing capital run dry as a result of COVID-19, a lead financial institution has warned. Malcolm Howell, bankruptcy trustee and partner at insolvency firm Jirsch Sutherland, forecasts that the majority of these bankruptcies will come in 12 to 18 months time thanks to…
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