ATO lines up liquidation for mystified Perth Glory – The Australian
ATO lines up liquidation for mystified Perth Glory The Australian Read the original article here
Liquidated property firm to pay nearly £21k in unfair dismissal case
A property company has been ordered to pay a former employee nearly £21,000 for unfair dismissal. But it is unclear how the award will be paid as the Scottish company went into liquidation last year and no longer trades, even though just two years ago it reported an turnover £11.4 million that had increased 33%…
Facing liquidation? Early intervention could make all the difference
As economic pressures continue to bear down on businesses, liquidations are reaching significant levels. Image: Supplied In a recent interview, PJ Veldhuizen, managing director of specialist commercial law firm Gillan & Veldhuizen Inc, highlighted that liquidations remain prevalent in the post-Covid landscape. “In January 2024 alone, there was a 34.6% increase in business liquidations compared…
Number of companies going bust hits 30-year high
Getty Images More than 25,000 company insolvencies were registered in 2023, the highest number since 1993, as firms struggled with rising costs and interest rates. Companies faced higher energy bills, while consumer spending was squeezed by the cost of living crisis. The new figures show one in 186 active firms went bust in 2023. Scotland…
NCLT Holds All liabilities of corporate debtor stand extinguished Extinguished After Approval Of Resolution Plan
The tribunal held that approval of the resolution plan cannot be subjected to the ongoing arbitral proceedings between the parties The National Company Law Tribunal (NCLT) of Bengaluru bench has held that all claims including subject matter of ongoing arbitration proceedings will stand extinguished after the approval of the Resolution Plan under Insolvency Bankruptcy Code…
Bankruptcy favors corporations over individuals, new book argues
Bankruptcy is the busiest federal court in the U.S. Last year, more than 200 companies with at least $50 million in liabilities filed for bankruptcy, according to Bloomberg. That’s the second most since just after the Great Recession in 2009. A new book argues that bankruptcy has become a “Swiss Army knife” or “escape hatch”…
NCLT dismisses Indian Bank’s insolvency plea against Mantri Developers
Mantri Developers was admitted to the Corporate Insolvency Resolution Process (CIRP) in 2023 on a petition by India Bulls alleging a default of over ₹500 crores. Owing to this, NCLT had earlier disposed of a plea by the bank, by allowing Indian Bank to intervene in the CIRP process initiated by India Bulls. However, Mantri…
Government injects $80m to keep Rex flying – Australian Aviation
A Rex Saab 340B, VH-SBA. (Image: Rex) The federal government has offered a financial lifeline to Rex as its administrators seek to extend their appointment. $80 million in financing will be provided to keep the business and its regional services afloat as EY Australia continues to search for a buyer, with the administrator applying to…
500 jobs gone as iconic fashion retailer shuts down – Toowoomba Chronicle
500 jobs gone as iconic fashion retailer shuts down Toowoomba Chronicle Read the original article here
Pinot & Picasso franchisor falls into administration
The future of popular paint-and-sip business Pinot & Picasso is uncertain after its master franchisor entered voluntary administration last week. However, the administrator of the business has confirmed to SmartCompany it will continue to trade during the voluntary administration process. Veuve Ventures Pty Ltd and seven related entities appointed Sule Arnautovic of Salea Advisory to…