“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
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…
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…
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…
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…
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…
Rachel Mealey: There’s been a spike in corporate insolvencies as businesses feel the pressure from higher interest rates and a slowing economy. And there could be worse to come if rising inflation forces the Reserve Bank to hike interest rates again next month. For more, I spoke earlier with the ABC’s senior business correspondent, Peter…
The Supreme Court on Wednesday stayed the National Company Law Appellate Tribunal’s order that allowed the Indian cricket board’s settlement with debt-laden edtech firm Byju’s. The top court asked the Board of Control for Cricket in India, an operational creditor to Byju’s, to deposit the settlement amount of ₹158 crore in a separate escrow account…
The latest company insolvency statistics for July 2024 highlight a significant increase in corporate insolvencies within Scotland, reflecting broader trends seen across the UK. The total number of registered company insolvencies has risen, driven by a challenging economic environment that has persisted over recent years. Creditors’ Voluntary Liquidations (CVLs) remain the predominant form of insolvency,…