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…
Boris Becker arrives at Westminster Magistrates Court in London on Thursday after being accused of not complying with obligations to disclose information about his bankruptcy. Aaron Chown/PA via AP TENNIS BORIS BECKER: Former tennis star Boris Becker appeared in a London court Thursday, pleading not guilty to a string of criminal charges related to his…
Insolvency regulator IBBI and the government are expected to go all out to defend the legal validity of the IBC provisions on personal insolvency against personal guarantors to corporate debtors, when the current matters on legal challenges come next before the Delhi High Court on October 6. Some personal guarantors who are in the dock…
News story Measures from the Corporate Insolvency and Governance Act extended to relieve pressure on businesses dealing with coronavirus. Measures put in place to protect businesses from insolvency will be extended to continue giving them much-needed breathing space during the coronavirus (COVID-19) pandemic, the government announced today (24 September). A raft of changes to protect…
Australia is in the grip of a new wave of tax evasion and money laundering allegedly orchestrated by unscrupulous firms of professional advisers, including accountants. The schemes involve phoenixing the art of liquidating a company and allowing the directors to rise from the ashes in a new entity, free of debts and prior to the…
The tennis champion Boris Becker has denied a string of criminal charges over his bankruptcy as he was told he could face seven years in jail. The German former tennis star, 52, who was declared bankrupt in June 2017, is accused of not complying with obligations to disclose information. Becker, who was smartly dressed in…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 51 bankruptcies in week 38. This is 8 up on the previous week. In addition, 7 sole proprietorships were declared…
New Delhi, Sep 23 (PTI) The Delhi High Court has asked the Centre and the IBBI to respond to a plea by former chairman of Bhushan Power and Steel Ltd (BPSL) Sanjay Singal, challenging the provisions on personal insolvency proceedings against guarantors of corporate debtors.A bench of Chief Justice D N Patel and Justice Prateek…
Hyderabad: The HC on Wednesday sought to know from a private trader, whose company is under liquidation, whether he can still represent his firm before the court.A bench of Chief Justice Raghvendra Singh Chauhan and Justice B Vijaysen Reddy posed this question to advocates representing Rajesh Agarwal, managing director of BS Company, who challenged the…