A Federal agency has put a Pilbara Aboriginal corporation that earns millions of dollars a year in mining royalties from Rio Tinto in the hands of insolvency experts over governance and financial issues. The Registrar of Indigenous Corporations yesterday placed Yinhawangka Aboriginal Corporation, based in Paraburdoo, into special administration. The news comes less than a…
The bag manufacturer Bree has requested the local court of Hamburg for the opening of insolvency proceedings in self-administration. Despite intensive efforts and a complete restructuring was not managed, the business is in the black due, it is said in a message of the company. Bree had moved in the past year, the companys headquarters…
Its a while ago now, but Autumn Budget 2018 contained the still currently premature move to grant HMRC preferential creditor status in the event of insolvency, with potentially grim consequences for PSC contractors, writes Jonathan Munnery, partner at Begbies Traynor. In practical terms, the move will push commercial finance providers to the backburner and, also…
MIFAs insolvency administrator Lucas Flther of Flther & Wissing welcomes the judgment of the court of appeal in Naumberg. The courts decision is an important victory for the numerous creditors of MIFA AG. The court has followed our plea that the property belongs to the assets of the MIFA. Now we have to wait and…
The number of bankruptcies in Australia has fallen to a 24-year low, according to the Australian Financial Security Authority. The Australian Financial Security Authority (AFSA) has reported that bankruptcies have dropped 9.2 per cent year-on-year to 3,765 in the March 2019 quarter, compared to 4,148 in the same quarter in 2018. The March quarter figure…
On 13 May 2019, the Sixth Appellate Administrative Court rejected the appeal of the National Bank of Ukraine against the ruling of the Kyiv District Administrative Court dated March 2, 2018, that had satisfied the lawsuit filed by the Cyprus-based companyTriantalInvestments Ltd PrivatBanksformer shareholder. “The NBU does not agree with the courts ruling and intends…
NEW DELHI: Who will benefit from the proposed scheme? The individual insolvency regime proposed by the corporate affairs ministry and the Insolvency and Bankruptcy Board of India (IBBI), which oversees the operation of the bankruptcy code, seeks to offer a quick resolution for those micro, small and medium enterprises, mostly incorporated as partnerships or proprietorships,…
Image note: Displayed by Statistical Area Level 4 The Australian Financial Security Authority (AFSA) released regional personal insolvency statistics for the March quarter 2019. New personal insolvencies fell in most capital cities in the March quarter 2019 compared to the previous quarter. The exception was Greater Darwin. March quarter 2019 regional personal insolvencies state by…
A FEDERAL agency chased a Gladstone man for nearly two years to fill out a form a magistrate said would take just five minutes. Former business owner Michael Rodney Stark pleaded guilty in Gladstone Magistrates Court last week to one count of fail to make out and file statement of affairs and furnish a copy…
The latest insolvency statistics published by Deloitte show that the total number of corporate insolvencies in Q1 2019 was 195, a marginal increase when compared to Q1 2018 when 188 corporate insolvencies were recorded. Further analysis of the insolvencies in the first quarter of the year reveals that eight out of ten companies (154, 79%)…