Alex R. Rovira – Troutman Pepper
Alex R. Rovira Troutman Pepper Read the original article here
Bankruptcies soar as high rates and end of Covid aid hit businesses hard
Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. Corporate bankruptcies are increasing at double-digit rates in most advanced economies as borrowing costs rise and governments unwind pandemic-era measures to support business worth trillions of dollars. Following a decade of decline the number of…
Simplified Liquidation – Chamberlains Law Firm
The Australian Government introduced two significant new insolvency solutions following the enactment of the Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth), as part of the federal government’s JobMaker Plan in response to the COVID-19 pandemic. The first of these solutions is the Simplified Liquidation Process (SLP) which allows eligible small companies to participate in a…
Australian economy struggles as small business insolvencies soar
“The results are astonishing but not surprising,” he said. “The ATO [Australian Tax Office] has gone into overdrive to collect debts, particularly from small businesses – and directors are faced with the ongoing cost-of-living crisis, the spectre of higher interest rates due to stubbornly high inflation, and micro and macroeconomic and political headwinds.” The problems…
Final report on inquiry into corporate insolvency in Australia – Highlights and what’s next – Lexology
Final report on inquiry into corporate insolvency in Australia – Highlights and what’s next Lexology Read the original article here
How Abengoa Group impacted the Spanish economy | EY
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
Corporate insolvencies increase in April 2024
Tim CooperPresident of R3 Corporate insolvency levels rose by 18.4 % in April 2024, with personal insolvencies also increasing by 9.9% during the same period, according to new statistics from the Insolvency Service. Corporate insolvencies increased to a total of 2,177 compared to March’s total of 1,838, and increased by 18.4% compared to April 2023’s…
Adani Group eyes Jaypee Group’s cement assets amid insolvency proceedings | Company News
2 min read Last Updated : Jul 16 2024 | 11:40 AM IST The Adani Group is strategising to acquire the Jaypee Group’s cement assets, which boast over 9 million tonnes per annum (mtpa) capacity, according to a report by Moneycontrol. This potential acquisition comes as lenders initiated insolvency and bankruptcy proceedings against Jaiprakash…
ATO ‘hellbent’ on chasing down $34bn in small business debts
Insolvency professionals warn the Tax Office is using DPNs and legal action to take a “far more aggressive” recovery stance. The ATO is “hellbent” on chasing down $34 billion worth of debts owed by small businesses using director penalty notices (DPNs) and legal action, insolvency professionals say. Insolvency Australia (IA) members said that recent activity…
Byju’s may challenge NCLT’s insolvency proceedings order against its parent | Company News
4 min read Last Updated : Jul 17 2024 | 10:00 PM IST Edtech company Byju’s parent Think & Learn will challenge the National Company Law Tribunal’s (NCLT’s) order on insolvency proceedings and may approach the National Company Law Appellate Tribunal (NCLAT) in the next few days, sources claimed. With the NCLT appointing…