SUBCONTRACTORS will likely be the big losers from the collapse of council-favoured Ri-Con Contractors with the latest report revealing they are unlikely to see a cent of the almost $5 million owed. The report lodged with ASIC by liquidator Worrells revealed the company, which won multimillion-dollar contracts with the Gympie, Sunshine Coast and Noosa councils,…
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 66 bankruptcies in week 22. This is 3 down on the previous week. In addition, 9 sole proprietorships were declared…
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Village Mangal Limited was incorporated in December 2012 and Ifras Coruk (43) was appointed the sole director at the same time. The company traded as a Turkish Restaurant called Village Mangal in Amersham, Buckinghamshire, but began to struggle and by January 2019, Village Mangal Limited entered into creditors voluntary liquidation. The insolvency process, however, triggered…
An Auckland concrete con artist who ripped off customers and operated a business for years while bankrupt has been jailed. Gordon Paul Bayne was sentenced at the Auckland District Court on Wednesday to two years and six months in jail, after pleading guilty to three charges under the Insolvency Act 2006. Judge Evangelos Thomas said…
Clive Palmer’s failed Queensland Nickel refinery was insolvent in the days before administrators were called in, a judge has found. Key points: Justice Mullins says claims against Mineralogy by liquidators could not succeed Clive Palmer says the ruling “vindicates” his faith in the justice system He says he will now consider seeking compensation But Justice…
Paul McLean has achieved two of his three goals before stepping down. Rugby Australia met the second of outgoing chairman Paul McLeans three targets before his retirement on June 15, when it signed off on the companys 2019 financial accounts, following the completion of an audit by KPMG. McLeans goals were to secure a new…
Rugby Australia is expected to start laying off staff as early as this week after finally completing its 2019 financial report. The heartbreaking decision to cut jobs looms as the only way the cash-strapped code can survive in the future even after getting the thumbs up to continue operating from its accountants KPMG. Despite being…
Many businesses are suffering serious financial difficulties as a result of COVID-19, particularly those in the retail, hospitality and tourism sectors. For many of these businesses the one asset that will undoubtedly retain value, despite the pandemic, will be their customer database. This valuable commodity could help attract potential purchasers. But this is a tricky…
Introduction Debt collection through bankruptcy filing before COVID-19 Pre-judgment attachment before COVID-19 Changes due to COVID-19 Comment Introduction Under Dutch law, the creditor of a claim has various measures at its disposal to collect a debt or ensure recourse, including: debt collection through a bankruptcy filing; and pre-judgment attachment. The execution of these measures requires…