On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a restriction on the effectiveness of certain termination clauses in contracts for the supply of goods and services where a counterparty enters an…
One of the group companies that failed was Majella Towers One, a company initially set up to develop a 91-apartment project, Radius, in inner Brisbanes Woolloongabba. Professor Monsour, a specialist in oral and facial surgery, had been a director of Majella Towers One from 2011 until ceasing in May 2016, saying he was pulling back…
The directors’ plan to resume trading provided a “superior outcome than liquidation”, Mr Quinlan said in a letter to creditors dated July 14 and creditors agreed, with no contrary votes among the 60 or so participants. The result scuttles a push within government for Sydney Opera House to take over the Eveleigh Railway Yards, a…
Following the voluntary administration of Union Standard International Group, which operated under the brand USGFX, the Australian Securities and Investments Commission (ASIC) announced this Tuesday that is has suspended the companys Australian Financial Services (AFS) licence. According to the Australian regulator, the AFSL of USGFX has been suspended under section 915B of the Corporations Act…
Daily News View All News 20 July 2020 A UK recruitment director has been banned for six years for paying himself a 150,000 bonus prior to the recruitment firm entering liquidation. Roy Davies has been banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the…
A local travel company specialising in educational tours has gone into liquidation, citing COVID-19 and issues with its insurance company as the final nails in the coffin. Antipodeans Abroad has been showing high schoolers, schoolies and university students the world for almost 30 years, but COVID-19s travel restrictions and cancellations have all but wiped the…
Summary The COVID-19 Pandemic has disrupted business activities leading to a significant business loss in many sectors primarily hospitality, tourism, airlines, and retail industry, pushing operators towards insolvency Government stimulus programs such as job-keeper program and a temporary moratorium on director liability for insolvent trading are set to become ineffective from September end to November,…
The accommodation industry freefall has hit Sydney-based real estate fund manager iProsperity Group hard. iProsperity fell into voluntary administration on Thursday, less than three months after sounding out plans to acquire a portfolio of seven Kimpton Hotels in the US for $US477 million (A$720 million). The Hong Kong-backed fund manager, led by Michael Gu, has…
Troubled national sporting organisation Equestrian Australia has avoided liquidation with creditors having agree to support administrator KordaMenthas proposal to reform the sport. In June, Sport Australia forced the NSO into voluntary administration, deeming its governance unacceptable after the resignation of eight directors and three chairs in just over 16 months. As of Tuesday this week,…
A Rochdale recruiter has been banned from managing companies for six years after paying himself a 150k bonus just before the company entered liquidation. According to the Insolvency Service, Roy Davies cannot act as a director or directly or indirectly become involved without the permission of the court, in the promotion, formation or management of…