Phoenixing by companies that deliberately go broke has a direct cost of up to $5bn a year on business, employees and government, including a whopping $3bn owed to other businesses, a PwC report says. Phoenixing is the deliberate and systematic liquidation of a company to avoid liabilities such as tax and employee entitlements then restarting…
Tata Steel is gearing up to acquire Bhushan Power & Steel, going through insolvency proceedings, if it gets the requisite approvals. Much like the Bhushan Steel deal, Tata Steel is keeping its financing arrangements ready and is sounding out people within the organisation for Bhushan Power & Steel. …
Phoenixing is costing the economy as much as $5 billion a year through unpaid wages, invoices and tax bills, a new report claims, as the Turnbull government intensifies its crackdown on dodgy company directors. The government’s Phoenix taskforce conducted about 340 reviews and audits in 2017-18, raising more than $270 million in tax liabilities and collecting…
REVEALED: Estranged husband of the New York socialite who fell down 27-story garbage chute to her death went bankrupt after ‘running multi-million dollar Ponzi scheme’ the same year they filed for divorce The husband of the New York City socialite who was found dead in her luxury building’s trash compactor was accused of running a…
Over a quarter of UK companies have suffered a hit to their finances following the insolvency of a customer, supplier or debtor in the last six months, according to new research. The research found the financial impact of the insolvency of another business was described as very negative by one in ten UK companies,…
Ken owed 188,500 after personally guaranteeing the borrowings of a failed furniture business. He had no hope of repaying the debt from the 2,165 a month he now earns as a lorry driver, of which 952 goes on maintenance payments for his three children. They live with his ex-wife while Ken, who is 49, lives…
Nick Aboud the former CEO of the failed Dick Smith retailer has gone from big boys toys to kids toys, taking on the role as CEO of Kidstuff a retail group who are currently expanding their physical store and online operations in Australia. During an exclusive interview with ChannelNews Aboud who spoke for the first…
The estranged husband of Lara Prychodko, the Manhattan woman who fell to her death in a garbage chute in a Union Square high-rise last week, declared bankruptcy after his high-end construction firm was targeted in two multi-million dollar lawsuits, The Post has learned. David Schlachet, 55, and his partners in Taocon, Inc. filed for bankruptcy…
GOODBYE credit boom, hello insolvency limbo. In June, precision- engineering firm CW Advanced Technologies became the latest issuer to seek a court order to stave off creditors, after its plan to re-tap the bond market to redeem its first series of notes got quashed by poor market sentiment. Since November 2015, at least 13 issuers…
Related Story: Photographer Steve Parish helps others with mental illness In the 80s and 90s he was the man whose iconic Australian photographs graced postcards and calendars around the world. He did as much for Australian tourism as Paul Hogan, Steve Irwin and crocodiles combined. He ran a multi-million-dollar business and…