The minimum threshold at which creditors can issue a statutory demand on a company could rise by five times from its current amount as the Treasury considers aligning it with the personal bankruptcy threshold. The Treasury is now consulting on whether the current monetary threshold at which a statutory demand can be issued by a…
In this episode of A Different Lens, we ask experts from fields including science, business, arts, design, medicine and health, and engineeringwhat they think the future of travel looks like from driverless cars, personalised public transport and flying taxis, to SpaceXtravel. We also ask, why is implementation ofthese progressive initiatives so slow? And what risks…
An image from Soar Aviations Facebook page, taken in 2019. Soar Aviations directors have denied claims by KPMG that the firm could have been insolvent for up to a year before it entered administration, Australian Aviation can reveal. A new note to creditors authored by the professional services firm also said the flight schools directors…
Intelsat has a plan to emerge from its Chapter 11 bankruptcy protection. It involves slashing debt owed by more than half, from $15 billion to $7 billion. But the debtors must agree to those losses. If not, the company faces a more dire outcome, including the likely liquidation of its recently acquired Gogo Commercial Aviation…
ASIC has permanently banned a former Sydney financial adviser following his involvement in 14 failed companies, including an SMSF firm. ASIC has permanently banned former Sydney financial adviser Daniel Stuart McSweeny from providing financial services. On 18 December 2018, Mr McSweeny was charged with 20 dishonesty offences and one offence of falsifying books as a…
Date: 15.02.2021 Creditors and administrators meetings remain unsuccessful An agreement failed to be found Two WridgWays Australia subsidiary businesses are going into liquidation over a month after being placed in voluntary administration. The decision comes after meetings between administrators, SV Partners Timothy Brace and Peter Gountzos, and creditors regarding the decision to appoint a committee…
The research wing of Insolvency and Bankruptcy Board of India has suggested an online platform for sale of stressed assets to bring in more transparency and better price discovery. In its assessment report on Corporate Insolvency and Resolution Timeline, it said the platform can be prepared on similar lines as investindia.gov.in specifically for stressed assets…
However, to be able to do so, a stressed MSME will require the approval of unrelated financial creditors who account for at least 25% of outstanding claims. Only debtors can trigger their own bankruptcy process under the special insolvency resolution framework for micro, small and medium enterprises (MSMEs), which the government and the regulator are…
Dewa Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year ago quarter. Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020.…
Chocolates and flowers may be Valentine’s Day staples, but they’re also among the easiest gifts you can give your special someone. Booking a getaway doesn’t require too much additional effort; however, it’s certainly more exciting and it doesn’t have to fall on February 14. No one has been travelling far to take a romantic vacation…