Conman Lemuel Page driving $500000 Ferrari as creditors fight for their money – The Sydney Morning Herald

Newcastle fraudster Lemuel Page continues to live the high life flaunting his taste for fine cars. If the holidays to the Greek Islands and luxury beachfront unit weren’t infuriating enough for his creditors, they were apoplectic at Page’s latest toy: a Ferrari 458 Italia V8 worth up to $500,000. Newcastle fraudster Lemuel Page, pictured with his partner Renay Bull, has been…

Greek govt moves to have country’s largest shipyard declared bankrupt – Seatrade Maritime News

The Greek government has moved to have the countrys largest shipyard Hellenic Shipyards declared bankrupt. The insolvency proceedings were filed under the country’s revised bankruptcy code, which foresees the rapid sale of assets and the withdrawal of old shares. The governments petition has brought a strong reaction from the yards owner, Privinvest Group of Lebanon…

Debt agreements and how to avoid unnecessary debt traps – TheBull.com.au

Debt agreements are the fastest growing form of personal insolvency in Australia. They were designed to offer debtors a low-cost way to make arrangements with their creditors, while avoiding bankruptcy and some of its more serious consequences. When introduced, law reformers intended that debt agreements should be administered by volunteers rather than by commercial administrators…

Setback for Stayzilla; NCLAT snubs appeal against insolvency process – International Business Times, India Edition

StayzillaTwitter National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by home-stay startup Stayzilla, against the insolvency process order by National Company Law Tribunal (NCLT). A three-member bench of SJ Mukhopadhaya, AIS Cheema and Balvinder Singh said that it did not find any merit in the company’s appeal and ordered dismissal, Business Standard reported. Earlier,…

Why Australia needs new insolvency laws for small businesses – SmartCompany.com.au

By Kevin B Sobel-Read and Madeleine MacKenzie, University of Newcastle The Ten Networks recent experience of voluntary administration and subsequent rescue by CBS demonstrates how insolvency law works for large Australian companies. But 97% of Australian businesses are small or medium size enterprises (SMEs), and they face a system that isnt designed for them. Sixty…