New insolvency law could cause ‘influx of shonky operators’ – The Australian Financial Review

Bankruptcy

The loosening will remove the existing professional requirements for insolvency practitioners to have 4000 hours of supervised work experience in the past five years and a postgraduate qualification in insolvency law. Australian Restructuring Insolvency and Turnaround Association chief executive John Winter said the proposed legislation was “broken” and it was “completely flawed” that accountants could…

Aussie icon among 60 business closures – Queensland Times

Bankruptcy

Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…

Castor Marine saves troubled SeaVsat in bankruptcy acquisition – Riviera Maritime Media

Bankruptcy

Satellite communications on a North Sea platform supply vessel (source: Eidesvik) 01 Dec 2020byMartyn Wingrove Castor Marine has stepped in to save SeaVsat, which provides satellite internet access to offshore vessels and rigs, through an acquisition from administrators Netherlands-headquartered SeaVsat was declared bankrupt on 23 November, leaving customers at sea in uncertainty about their connectivity…

Aussie icon among 60 business closures – Fraser Coast Chronicle

Bankruptcy

Queensland companies are continuing to collapse by the dozen despite the state’s economy slowly recovering from the devastating COVID-19 shutdown. In November 60 companies were put into liquidation or administration – far less than before the pandemic. Previous modelling suggests thousands of Queensland small businesses continue to rely on the federal government’s JobKeeper program and…

Retail empire of UK billionaire Philip Green teeters on edge – The Australian Financial Review

Bankruptcy

Arcadia’s administration would be the UK’s highest-profile retail insolvency in a sector that has already lost more than 125,000 roles in the country since January. It would also mark a stratospheric fall from grace for Sir Philip, who was once dubbed “King of the High Street”. Arcadia would follow Debenhams, the struggling department-store retailer, which…