Receivership activity in the U.S. insurance industry decreased sharply year over year in 2020, but insurers were still adversely affected by a struggling economy brought on by the COVID-19 pandemic. Regulators placed eight underwriters into liquidation and four into rehabilitation last year, according to an S&P Global Market Intelligence analysis. That compared with 22 companies…
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader. According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant…
Jobs will be at risk, flight prices may soar and regional areas will be under-serviced if the aviation industry doesnt get more help, Virgin Australia warns. The airline, which went into voluntary administration in April and was then bought by US private equity firm Bain Capital, this week confirmed 350 corporate and head office staff…
Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader. According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant…
The Australian Securities and Investment Commission (ASIC) seeks industry feedback on its proposal to extend financial reporting and annual general meeting (AGM) relief in order to reduce the regulatory burden for externally administered companies. ASIC has proposed expanding the relief available under the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a…
The collapsed fundraising agency Home Fundraising is being liquidated, facing claims totalling more than 5m. The liquidators report, published on the Companies House website this week, reveals it has received claims totaling 4.8m from 56 unsecured creditors, while a further 92 claims have yet to be received for sums totalling more than 300,000. The unsecured…
Law360, London (January 27, 2021, 5:30 PM GMT) — Since the coronavirus pandemic hit the U.K. in March last year, legislative protections and government packages have helped keep at bay the massive wave of corporate insolvencies that had been expected. But the economic support has to come to an end at some point, and lawyers…
ASIC has today released Consultation Paper 337 Externally administered companies: Extending financial reporting and AGM relief (CP 337) seeking feedback on proposals to reduce the regulatory burden for externally administered companies. ASIC is proposing to expand the relief in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a voluntary administrator, controller or…
Brisbane Times takes a look back at how the virus spread through Queensland, and some of the states near misses. January 2020 January 9: The World Health Organisation releases a statement regarding cluster of pneumonia cases in Wuhan. The WHO does not recommend any specific measures for travellers. January 11: China reports the first death.…
Law360, London (January 27, 2021, 5:30 PM GMT) — Since the coronavirus pandemic hit the U.K. in March last year, legislative protections and government packages have helped keep at bay the massive wave of corporate insolvencies that had been expected. But the economic support has to come to an end at some point, and lawyers…