WAVES OF DESPAIR QUEENSLAND should brace itself for waves of corporate insolvencies over the next six months – including one around Christmas – as debt moratoriums put in place during the pandemic shutdown come to an end. That’s the unsettling view of veteran lawyer David O’Farrell, who has just joined iconic Brisbane law shop McCullough…
1:44 PM IST If the list of key figures in Australian cricket who couldn’t deal with Kevin Roberts had grown so long as to make his position as Cricket Australia (CA) chief executive untenable, it’s unlikely that their discontent will be sated purely by his exit. After Roberts departed on Tuesday, leaving behind many fractured…
He once owned some of the most valuable buildings in the world, and built up a portfolio valued at more than 4B (3.6B). But UK property investor Glenn Maud could be declared bankrupt by the end of the month following a judgement in a long-running legal battle against Libyas sovereign wealth fund and fellow entrepreneur…
The UK Corporate Insolvency and Governance Bill, currently progressing through UK Parliament, will have an impact on various stakeholders in the aviation industry once enacted, due to its moratorium, supply contract, and restructuring plan provisions. KEY FEATURES The UK Corporate Insolvency and Governance Bill has three key features: Moratorium: A new moratorium for companies in…
Due to the coronavirus many otherwise economically viable businesses are experiencing significant trading difficulties [] this bill is aimed at ensuring businesses can maximise their chance of survival. This is the policy background to the Corporate Insolvency and Governance Bill now making its way quickly through parliament and which will impact on construction contracts. The…
The High Court in Ireland has granted a restriction order against the directors of an insolvent company, Winning Ways Ltd. The order was requested by the liquidator of the business at the request of the Office of the Director of Corporate Enforcement (ODCE). The judgment confirms that the onus is on directors to prove that…
The European Court of Justice (ECJ) June 11 issued a preliminary ruling for Case No. C-146/19, stating that EU principles under the common VAT system prevent the Slovenian denial of a reduction of the VAT base for an insolvent company. A taxpayer filed for insolvency, and after the bankruptcy concluded a Slovenian tax agency audit…
Extraction Oil & Gas, whose share price soared threefold during a frenzy of buying last week, declared bankruptcy late on Sunday, making the large US shale producer the latest victim of the worst oil-price crash in decades. The Denver-based company filed for Chapter 11 protection as a 30-day grace period on a bond interest payment…
Treasurer Josh Frydenberg and his department, financial regulators, banks, business groups and insolvency practitioners are consulting on the planned roll-off of the measures. One suggestion has been to extend by a few months the moratorium on directors being liable for insolvent trading, or to prolong the time companies have to respond to demands from creditors…
Podcast: Two Cents’ Worth When Christchurch bookkeeper and business owner Lisa Cowe was declared bankrupt in 2017, it was over a $6,200 credit card debt owed to the BNZ. Cowe joined 1862 others in bankruptcy that year, many of them voluntarily making the move to clear their debts and attempt to start anew, free of…