A lifeline for struggling businesses in the United Kingdom the most significant insolvency reforms for a generationCorporate Insolvency and Governance Act 2020The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least,…
Link copied toclipboard Beauty clinic operator Wellness & Beauty Solutions (ASX:WNB) has fallen into voluntary administration. The move comes nearly 2 months since it failed to lodge its quarterly report and has been suspended ever since. Shareholders were informed the administrator, Laurence Fitzgerald of William Buck, had formally assumed control of the groups assets and…
There is information lacking on assets that sit outside the group … creditors could be better offer if these loans [to Mr Grollo] can be clawed back. Chair of the meeting Craig Shephard from KordaMentha argued strongly against an adjournment, saying it would not result in further clarity creditors and would cost money. But Mr…
Facts High court decision Court of Appeal decision Key takeaways Comment In Sunrise Megaway Sdn Bhd (In Liquidation) v Kathryn Ma Wai Fong,(1) the Court of Appeal was tasked with deciding whether a liquidator’s decision to admit a proof of debt (POD) could be challenged. A ‘POD’ is a document which quantifies the sum owed…
28 March 2021 Consultancy.com.au 3 min. read Virgin Australia boss Jayne Hrdlicka has flown in consultants from her former employer Bain & Company to support the airline with its transformation. Around one year ago, Virgin Australia became Asia-Pacifics first airline to fall amid the coronavirus, after it was placedinto voluntary administration on April 21, with…
(Representative image) NEW DELHI: The Supreme Court on Friday ruled that a bank can initiate proceedings under the Insolvency and Bankruptcy Code (IBC) against a corporate guarantor if the principal borrower defaults on repayment of loans and the debt is declared nonperforming asset (NPA).A bench of Justices A M Khanwilkar, B R Gavai and Krishna…
On Wednesday 24 March, the government confirmed that it will be extending the current temporary restrictions on statutory demands and winding-up petitions and the temporary suspension of directors liability for wrongful trading put in place under the Corporate Insolvency and Governance Act 2020, until 30 June 2021. The extensions, set out in the Corporate Insolvency…
IBBI Chairperson M S Sahoo on Thursday said “normalcy” has been restored with respect to resolution of stress under the insolvency law, with the expiry of suspension of fresh proceedings. TopicsM S Sahoo|IBBI|Insolvency and Bankruptcy Code IBBI Chairperson M S Sahoo on Thursday said “normalcy” has been restored with respect to resolution of stress under…
Insolvency measures supporting businesses during the pandemic and helping them recover, are set to be extended till the end of June 2021. The measures were introduced in the Corporate Insolvency and Governance Act in March 2020, including protecting businesses from aggressive creditor enforcement and removing personal liability on company directors, and have been previously extended…
The hospitality group founded by former Australian rugby player George Gregan and his ex-wife Erica Gregan has been placed into administration, largely driven by theend of JobKeeperand leasing protections. Following the appointment of SV Partners director Ian Purchas as administrator late on Friday, GG Leasing closed two of its nine outlets and reduced the number…