New Delhi: Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru bench of the NCLT (National Company Law Tribunal) on August 8 admitted the plea filed by IDBI Trusteeship Services Ltd…
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LATEST: Liquidators appointed for Tasmania-based businesses The Mercury Read the original article here
A building-control firm has gone under after its application to be listed by the new regulator failed, leaving projects in the lurch. PWC Building Control Services issued a statement saying it had gone into voluntary liquidation after the Building Safety Regulator (BSR) rejected its application to the new building-control register, leaving it unable to carry…
Debt crackdowns by the ATO and big four banks have caused court wind-ups of businesses to surge by 133 per cent in the first half of FY2024, data from Insolvency Australia shows. Its Corporate Insolvency Index found voluntary administration numbers were up 14 per cent and controller appointments jumped 34 per cent, bringing total appointments…
Alex R. Rovira Troutman Pepper Read the original article here
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…
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…
“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 Read the original article here