Ahead of the budget, the government has announced new rules that will allow small businesses at risk of collapse to continue to work out their problems instead of appointing an administrator. They are needed because of an avalanche of insolvencies awaiting the end of an effective moratorium on bankruptcies (a so-called regulatory shield) that expires…
Failure to make provision for your debt in your estate plan can leave your loved ones financially compromised. Making provision for the debt in your estate is an important part of estate planning, and failure to do so can leave your surviving spouse and/or heirs financially compromised. Assets that you had intended to bequeath to…
Monday, 28 September 2020, 1:12 pmPress Release: Minter Ellison Rudd Watts The Supreme Court last Thursday released its long awaited decision on directors duties engaged on a companys insolvency Debut Homes Limited (in liquidation) v Cooper [2020] NZSC 100. The decision has profound implications for directors confronted with a business experiencing material financial distress and…
It quickly became obvious, as countries began to enter into lockdown and many companies were forced to suspend their operations, that a tsunami of insolvencies was likely to follow in those jurisdictions which had been hardest hit by Covid-19, particularly in the event of a second wave of the disease. Some businesses saw their cashflows…
LONDON (AP) Former tennis star Boris Becker appeared in a London court Thursday, pleading not guilty to a string of criminal charges related to his bankruptcy case. Becker, who was declared bankrupt in June 2017, is accused of not complying with orders to disclose financial information and hiding properties in the U.K. and Germany from…
By NEIL HARTNELL Tribune Business Editor [email protected] A well-known QC yesterday backed calls to urgently reform The Bahamas’ ancient personal bankruptcy laws as a way to save hundreds of persons from a “deep financial grave” post-COVID-19. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that overhauling an Act passed in…
This is on top of temporary rules put in place in March and extended in September for another six months, including relief for directors from any personal liability for trading while insolvent. Those temporary rules also included a provision that made it harder to issue a statutory demand for unpaid bills. The threshold was increased…
10:49 AM GMT Associated Press Former tennis star Boris Becker appeared in a London court on Thursday, pleading not guilty to a string of criminal charges related to his bankruptcy case. Becker, who was declared bankrupt in June 2017, is accused of not complying with orders to disclose financial information and hiding properties in the…
The proposed changes will allow businesses to keep trading while they develop a debt restructuring plan. Photo: Supplied. Federal Treasurer Josh Frydenberg has announced plans to overhaul insolvency rules in an effort to help small businesses that are struggling because of the coronavirus pandemic. The changes will apply to businesses with liabilities of less than…
Tens of thousands of businesses could collapse by mid next year as changes to insolvency laws kick in and economic stimulus measures such as JobKeeper come to an end, insolvency experts say. Key points: The proposed changes to insolvency laws could help identify companies that should have never survived but have because of COVID-19 stimulus…