However, many of these businesses could remain viable concerns if they had more flexibility to restructure their affairs. It is with this objective of keeping more businesses in business and people in jobs that the Morrison government is embarking on the most significant reforms of insolvency law in almost 30 years. Incorporated businesses with liabilities…
Sizzler USA has declared bankruptcy, with the 62-year-old chain known for its affordable steaks and all-you-can-eat salad bar citing the ongoing coronavirus for its financial woes. The pandemic, which has killed more than 200,000 people in the U.S., has hurt “fast-casual” restaurant chains like Sizzler burdened with high rent and other operating costs. California Pizza…
Beside the ongoing debates regarding the Extraordinary Administration Proceedings (EAP), which was a tailormade framework to manage the restructuring of Agrokor, market trends show a drop in numbers in both pre-insolvency and insolvency cases. This downward trend originates in the 2015 restructuring and insolvency reform that over-formalised the pre-insolvency process and discouraged debtors from using…
Hong Kong SAR does not have a statutory corporate rescue regime. Many restructurings take the form of workouts, implemented by consent or by way of a Hong Kong SAR law scheme of arrangement. The court appointment of a provisional liquidator, which displaces the company’s directors and includes a statutory stay on proceedings, may be used…
As with the rest of the world, the Covid-19 pandemic has been affecting the operation of companies registered in Luxembourg in multiple ways. With new challenges lying ahead owing to this unprecedented health and economic crisis, local economic stakeholders have had to revisit their business models and prioritise short-term strategies to ensure the viability of…
Nine small and medium-sized garment factories are in big trouble as a German retailer is not paying them on the pretext of being hit by the coronavirus pandemic although the buyer received the goods before the crisis began. Colloseum bought t-shirts, polo shirts and sweaters worth $15 lakh from the Bangladeshi suppliers between December last…
Boris Becker will appear in court this week to face 19 criminal charges over claims he ‘hid property portfolio, bank accounts and shares in artificial intelligence firm’ during bankruptcy hearings Boris Becker, 52, faces claim that he hid finances at his 2017 bankruptcy hearing It’s alleged he failed to declare three properties, along with two…
An Albury businessman has been declared bankrupt in a win for the Commonwealth which says he owes it more than $10 million following a long-running court battle. The Commonwealth had applied to the Federal Court for a sequestration order against Allan Paul Endresz . He opposed it on a number of grounds, including a submission…
A Perth catering company and its director have been ordered by a local magistrates court to pay more than $20,000 in fines, costs and consumer compensation after failing to turn up at a wedding reception and botching a birthday celebration. Eat Street Enterprises, trading asOle Paella Catering, and sole DirectorBradley John Lambwere fined $3,500 each…
(MENAFN – AzerNews) By Trend The Compulsory Insurance Bureau of Azerbaijan paid compensations to approximately 1,000 creditors of Standard Insurance Company OJSC, which was declared bankrupt, Trend reports,referring to the bureau. In accordance with the Azerbaijani legislation, the bureau has begun fulfilling its obligations under compulsory insurance contracts concluded with the insurance company, and within…