The rate of Australians declaring bankruptcy is increasing as record high household debt takes its toll, new data has revealed. According to data analytics company illion, 32,350 Australians have declared bankruptcy in the 2018 financial year, marking a 4 per cent increase. The lights are flashing red across several regions in terms of rising consumer…
Last month, the Australian Financial Security Authority (FSA) released personal insolvency statistics for 2017-18, which revealed a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC): In particular, debt agreements hit the highest annual number on record in all states and territories except Tasmania after posting the seventh…
Upon the termination of a project, the clients of engineering, procurement and construction (EPC) firms invoke performance bank guarantees, thereby increasing liabilities of the creditors. Photo: Priyanka Parashar/Mint Since the introduction of the Insolvency and Bankruptcy Code, 2016 (IBC), a large number of corporate debtors rather than seeing revival have been pushed into liquidation. In…
French vehicle mounted lift manufacturer Klubb has French specialist platform manufacturer Egi. Egi is based in the small village of Les Ayvelles, near Charleville-Mézières, North East France and produces fully insulated- live line and firefighting platforms up to 65 metres. It employs 35 people at a 12,000 square metre plant located on 17 acre site…
Northamptonshire county councils catastrophic financial collapse, and the desperate measures it now proposes to balance the books, reflect management incompetence on a grand scale as well as the punishing effects of eight years of austerity cuts. Less than six months after it was declared technically insolvent, the Tory-run council now faces a sobering reckoning for…
Image copyright PA Image caption Three men were jailed at Leeds Crown Court for their parts in the deception A fraudster who ignored laws banning him from being a company director siphoned more than £6m from his business to fund a lavish lifestyle. Jonathan France’s deception enabled him to buy three Aston Martins, two Ferraris,…
Overseas assistance Representation of the Viscount Comment As a jurisdiction, Jersey is at the heart of cross-border insolvency and restructuring. Inevitably, situations arise where insolvent companies’ assets or important evidence are located overseas, or an overseas liquidation regime would be best for creditors. Conversely, there will be situations where a foreign insolvency process requires…
The South Dakota Public Utilities Commission has delayed further action in the H&I Grain bankruptcy case. The grain dealer, located in Hetland, was declared insolvent and had its dealers license revoked last year.Commissioner Chris Nelson says they are debating if they should take a more active role.. Nelson says the receivership would in theory allow…
MUNICH, Germany What happens with currently struggling and on e-bike components focused electronics specialist Bloks GmbH? On July 2018 two days before Eurobike opened its doors the company from Munich, Germany had to file for insolvency. The responsible court appointed Dr. Christian Gerloff from Munich law firm Gerloff-Liebler Rechtsanwälte as the insolvency administrator. For Gerloff…
The Daily Maverick has reported that Vodacom paid R1.25 million to settle a legal battle with Paul OSullivan after giving his cellular records to underworld boss Radovan Krejcirs legal team. This followed a legal battle where OSullivan said Vodacom owes him R2 million for handing over his personal information without his permission. He said that he spent R2 million…