The former operator of swim school franchise Jump Loops, which operated a number of local outlets, has been fined $23m for falsely telling franchisees they would be up and running within 12 months. However the fine is unlikely to be paid, with the business now in liquidation. The federal Court has found Jump Loops promised…
The former chief executive of failed van Eyk Research has been charged with four counts of dishonestly using his position within the firm for personal advantage. Mark Thomas appeared in Downing Centre Local Court earlier this week, facing several allegations from ASIC. Thomas was chief executive of van Eyk – and its largest shareholder –…
The sources said NBCC’s bid was found to be non-compliant with certain provisions of the insolvency law. On Wednesday, construction firm NBCC and Suraksha group submitted their final resolution plans to acquire Jaypee Infratech Ltd (JIL) in the fourth round of corporate insolvency resolution process. The sources said that a virtual meeting of the Committee…
The collapse of construction and property company, Pindan Group, which has gone into administration owing up to $100-million to workers, subcontractors and creditors mainly in WA shows the urgent need for statutory trusts and security of payment laws for the construction industry. This is according to the CFMEU Construction & General union, which has called…
Mr Joyce said the pandemic had hurt Qantas far more than any other local company, estimating the airline, which has received JobKeeper, has lost an estimated $16 billion in revenue since the outbreak of COVID-19. Slowly turning the corner Qantas is aiming to reduce its cost base by $1 billion a year, and Mr Joyce…
A new framework will be introduced for the cooperation between the courts of Hong Kong and Mainland China on cross-border corporate insolvency. The Secretary for Justice, Ms Teresa Cheng SC, and Vice-president of the Supreme Peoples Court (SPC), Mr Yang Wanming, signed a Record of Meeting in Shenzhen on 14 May 2021 to signify the…
The companies have also improved their offers, which were submitted to the Committee of Creditors (CoC) on Tuesday. Construction firm NBCC submitted its bid just before midnight while Mumbai-based realty firm Suraksha submitted its resolution plan on Tuesday afternoon, sources said. The deadline to submit the bids was Tuesday. A meeting of the CoC will…
Uneven economic impact of pandemic implies risks concentrated in specific sectors and countries Banks asset quality holding up, but profitability weak and potential for credit risk to worsen Disorderly corrections in financial market segments may affect non-banks that have large exposures to corporates with weak fundamentals The uneven economic impact of the pandemic means that…
Photo: iStock Photo: iStock The height of a global pandemic may not seem like a particularly propitious time to roll out a transformative piece of corporate legislation, but in June 2020 the UKs Corporate Insolvency and Governance Act (CIGA) came into force. The Insolvency Service described it as the most significant change to the UKs…
The second lender claim from Westpac, Chinas Bank of Communications and Spains Banco Bilbao Vizcaya Argentaria alleges both insolvent trading and material adverse effect (MAE) against remaining Arrium treasury employees Ms Sparkes and Mr Bakewell. Marcus Pesman, SC, who represented the Arrium directors in the liquidator action as well as Mr Bakewell across all three…