Controversy over two old houses catching fire on a block sited for a Brisbane townhouse development has come at a bad time for the developer high-profile property investor Sasha Hopkins. Key points: Sasha Hopkins owns a business that went into administration last year owing about $9 million to at least 70 creditors An investigation is…
The Insolvency Law Committee (committee), in its third report, recommended that section 32A be inserted into the Insolvency and Bankruptcy Code, 2016 (code). This granted immunity to the corporate debtor and its property from any action under penal laws following a successful corporate insolvency resolution process (CIRP). This section attempts to balance the codes goal…
Hotel quarantine security provider Unified Security has gone into liquidation, a court has been told. Picture: Toby Zerna The firm responsible for security at a major Victorian hotspot hotel has gone into liquidation as it faces a lawsuit alleging the states second wave was its fault. Unified Security is the lead defendant in a class…
Aaron Drever talks to staff at The Fish and Chippery in Grey Lynn. Liquidator Gareth Hoole claims Drever helped negotiate the deal to buy the outlet. A fish and chip company with links to struck-off real estate agent Aaron Drever is in liquidation and officials plan to refer allegations of potential wrongdoing to police and…
Panellists discuss the possible impact of corporate failures on European banks coming out of the pandemic, and note central banks juggling act around digital currencies; unable to halt their arrival but still having to marshal progress and ensure the technology doesnt weaken financial stability. The session examined the structural trends in the financial sector that…
The number of the unresolved cases is high even after IBBI had allowed exclusion of the lockdown period from the calculation of CIRP process last March. By Ankur Mishra The pandemic has affected the resolution process under the Insolvency and Bankruptcy Code (IBC) regime, which is in its fifth year. Latest data showed further delays…
While the full financial impact of the pandemic has yet to emerge, growing signs of corporate distress are expected to start emerging in the coming months. To get ahead of it, early engagement with lenders and appointing strong advisors can help companies avoid insolvency or costly restructuring, say Ocorians Alan Booth, head of capital markets…
One of Australia’s biggest and oldest live export companies has gone into voluntary administrationin a sign of how much pressure the industry is under. Key points: NACC goes into voluntary administration, owing around $3.6 million Record high domestic and live export cattle prices are putting pressure on exporters Export companies report losing between $200 and…
Bilshan Nursimulu of 5 Fifteen Barristers considers the Mauritius-based disputes that can arise from offs… Bilshan Nursimulu of 5 Fifteen Barristers considers the Mauritius-based disputes that can arise from offshore investments, particularly where debt is involved. Mauritius is home to offshore companies with total assets that amounted to USD 582 billion as at 31 December…
The North Australia Cattle Company, once one of Australias largest live cattle exporters, has been placed into voluntary administration, with debts owed to trade creditors of approximately $3.6 million. Notices of the appointment of administrators to North Australian Cattle Company Pty Ltd and its sister company Southern Australian Cattle Company Pty Ltd were published on…