Proposed changes to insolvency laws, currently before Parliament, could see the bankruptcy discharge period in Australia reduced from three years to one. Critics, including CPA Australia, say proposed changes to bankruptcy laws will cause more harm than good. Heres what you need to know. By Zilla Efrat The proposals, contained in the Bankruptcy Amendment…
MUMBAI: The Mumbai chapter of the National Company Law Tribunal (NCLT) last week admitted textiles and apparel company S Kumars Nationwide for insolvency proceedings after the state-owned IDBI Bank filed an application to recover about Rs 1,700 crore in unpaid loans. The company, which owned the premium brand Reid & Taylor in India, has total…
Actress Chloe Moretz’s father, McCoy Moretz, 59, declared bankruptcy in 2005 McCoy Moretz and Chloe’s mother and his then-wife Teri, owed millions to dozens of companies including banks, credit cards, auto firms, and stores When they declared bankruptcy, the couple, who have five children together, had debts of $5,487,891 The bankruptcy was discharged on February…
A horticulturist who owned a family-run plant nursery for seven years has been given a 14 year ban by the Government. Fintan Noel Arrowsmith, from Sleaford, has had restrictions imposed on him from February 7, 2018, to February 6, 2032, meaning he cannot be a director of a company for 14 years and must declare…
Jobs have been saved after Manchester-headquartered Think Money Group completed the acquisition of a number of personal insolvency specialists out of administration. Daniel Smith and Daniel Butters, restructuring partners at Deloitte, were appointed as joint administrators to One Advice Ltd, HB Financial Solutions Ltd (trading as Harrington Brooks), Open-Door, Harrington Brooks Ltd and Harrington Brooks…
Top investment bankers from UBS and Lazard and senior partners from KPMG and law firm Herbert Smith Freehills are among 22 people to be grilled by lawyers for administrators KordaMentha in the next three months in public examinations over the collapse of steel maker Arrium. The non-executive directors of Arrium at the time of its collapse…
BELGRADE (Serbia), April 11 (SeeNews) – Serbia’s government said on Wednesday it signed a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($699,000/565,000 euro). By purchasing IMT, Tafe acquired the intellectual property rights of the company, which includes the brand, design plans and copyrights,…
The advisory arm of McGrath Nicol has stepped in to assess the future of Wild Breads, a company operating under troubled asset manager Blue Sky Alternative Investments’ (ASX: BLA) private equity fund. Wild Breads is a wholesale artisan bakery that encompasses the Sol Breads, Nomad Breads and Wild Breads brands. Blue Sky…
Controversial Sydney businessman Salim Mehajer has been found guilty of being part of a 2012 electoral fraud plot that helped put him on Auburn City Council. In Central Local Court on Wednesday, magistrate Beverley Schurr found him guilty of multiple charges relating to plotting with his younger sister, Fatima Mehajer, who has previously pleaded guilty…
A “TOUGH financial climate” has plunged one family-run business into liquidation only five years after it first set sail. Chad Rapsey of RapseyGriffiths Insolvency and Advisory was appointed liquidator of Bundaberg Port Marine Services Pty Limited on March 20. Mr Rapsey said the investigation into what caused the small business to go under had begun…