We’re facing an insolvency tsunami. With luck, these changes will avert the worst of it – The Mandarin

Ahead of the budget, the government has announced new rules that will allow small businesses at risk of collapse to continue to work out their problems instead of appointing an administrator. They are needed because of an avalanche of insolvencies awaiting the end of an effective moratorium on bankruptcies (a so-called regulatory shield) that expires…

Construction company folds with debts near $200k after boss starts afresh – Stuff.co.nz

Iain McGregor/Stuff Jonny Collett, pictured working as a painter and decorator in 2009, remains in business after his company collapsed. Tradespeople left thousands of dollars out of pocket by a construction company collapse are angry its owner remains in business under another name. Christchurch builder Jonny Collett put his company, J.E. Collett Builders Ltd, into…

Corporate Insolvency & Restructuring Report 2020: Covid-19 Special Focus: South Korea – International Financial Law Review

Unlike in the US or Europe, Korea has not implemented drastic measures against Covid-19, such as compulsory lockdowns, and whether Covid-19 has significantly dented Korea’s economic activity remains unclear. However, the country’s manufacturing sector relies heavily on exports and these are declining, rendering any likelihood of an economic rebound in the second half of the…

End of an era: company liquidation routes for struggling businesses – Director of Finance

Guest post by Jonathan Munnery, UK Liquidators The coronavirus pandemic continues to leave a visible footprint as it disrupts every sector, leaving no shopfront untouched. As each business, from start-ups to SMEs establish strategies to protect their livelihoods, the economic pressure deriving from Covid-19 has pushed unstable businesses over their last leg of trading. As…

Motorhomes boss banned after creditors claim £660k in liquidation – GOV.UK

St Andrews Motorhomes Limited was incorporated in June 1993 to buy and sell motorhomes in Central Scotland. Christine Helen Galloway (65), from Cupar, Fife, was a director of the company since its incorporation. The company, however, began to struggle and ceased trading in July 2018, before entering into compulsory liquidation. St Andrews Motorhomes insolvency brought…