Preventative composition is available to companies that do not meet the bankruptcy test under the Bankruptcy Law, but which wish to obtain the court’s assistance in settling debts and trade out of their indebtedness. If the courts accept an application for preventative composition, the company’s debt obligations will be suspended and the court will appoint…
QUEENSLAND’S mining services capital of Mackay and its resources resurgence have taken a hit with a longstanding local company going into voluntary administration. Ricbuilt Heavy Industries, a leading engineering company with a strong reputation in the mining services sector, owes creditors more than $2 million. Administrator Frank O’Neill from insolvency firm SV Partners said Ricbuilt’s…
National restructuring and insolvency firm Jirsch Sutherland has strengthened its Brisbane office with two new senior hires. Melissa Lau has joined Jirsch Sutherland as a partner, having previously worked as a director at Rodgers Reidy, a firm similarly dedicated to turnaround and recovery management. Before that, Lau was a senior manager in at Baker Tilly…
Tuesday, May 26, 2020 On 20 March 2020, the UK Government published itsCorporate Insolvency and Governance Bill(the CIGB). When enacted, the new legislation will see the most extensive reforms to the UKs restructuring and insolvency regime in more than 15 years. The CIGB introduces both (a) permanent reforms and (b) temporary reforms specifically designed to…
The inevitable spike in business insolvency numbers as a result of the COVID-19 crisis should lead to permanent legislative reform around bankruptcy, says an insolvency expert. Part of the governments $66 billion stimulus package announced in late March saw relief for company directors faced with insolvency and statutory demands from creditors, which is set to…
Oil prices imploded earlier this year, which has decimated many oil stocks. Things have gotten so bad that several have already declared bankruptcy. That trend islikelyto continue in the coming months. The list of at-risk oil stocks seems to be growing by the day as companies update the market on their deteriorating credit profiles. Four…
Thailand’s cabinet approved a plan to restructure troubled Thai Airways International Pcl’s finances through a bankruptcy court, the Southeast Asian country’s prime minister said on Tuesday. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country. More: The state-controlled…
Retention bonuses are typical for bankrupt companies that want to prevent their management from abandoning ship. But they’re always awkward: the company can’t pay its employees or its debts to lenders, but it prioritizes payments to its already handsomely paid bosses. Hertz (HTZ) paid a total of $16.2 million to 340 executives on May 19…
Over the weekend, Colombias Flagship airline Avianca declared bankruptcy. While that might not seem notable to many U.S. travelers, diehard points and miles collectors had cause for concern. The airlines mileage program, LifeMiles, can be lucrativefrom domestic flights on United starting at 6,500 miles to flying some of the best first-class products in the skies…
An administrator appointed to manage the finances of embattled NBL franchise the Illawarra Hawks has recommended the team liquidate its remaining assets. Key points: A preliminary report obtained by the ABC reveals the administrator has advised creditors the company has outstanding debts to players and staff of more than $770,000, and that it is in…