Monday, 28 September 2020, 1:12 pmPress Release: Minter Ellison Rudd Watts The Supreme Court last Thursday released its long awaited decision on directors duties engaged on a companys insolvency Debut Homes Limited (in liquidation) v Cooper [2020] NZSC 100. The decision has profound implications for directors confronted with a business experiencing material financial distress and…
It quickly became obvious, as countries began to enter into lockdown and many companies were forced to suspend their operations, that a tsunami of insolvencies was likely to follow in those jurisdictions which had been hardest hit by Covid-19, particularly in the event of a second wave of the disease. Some businesses saw their cashflows…
LONDON (AP) Former tennis star Boris Becker appeared in a London court Thursday, pleading not guilty to a string of criminal charges related to his bankruptcy case. Becker, who was declared bankrupt in June 2017, is accused of not complying with orders to disclose financial information and hiding properties in the U.K. and Germany from…
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A well-known QC yesterday backed calls to urgently reform The Bahamas’ ancient personal bankruptcy laws as a way to save hundreds of persons from a “deep financial grave” post-COVID-19. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that overhauling an Act passed in…
This is on top of temporary rules put in place in March and extended in September for another six months, including relief for directors from any personal liability for trading while insolvent. Those temporary rules also included a provision that made it harder to issue a statutory demand for unpaid bills. The threshold was increased…
10:49 AM GMT Associated Press Former tennis star Boris Becker appeared in a London court on Thursday, pleading not guilty to a string of criminal charges related to his bankruptcy case. Becker, who was declared bankrupt in June 2017, is accused of not complying with orders to disclose financial information and hiding properties in the…
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…
