The ruling highlighted the potential for a group of different lease creditors to be grouped together to vote on a scheme of arrangement or restructuring plan proposed by a tenant company and which could have the effect that the landlords are forced to accept revised lease arrangements on less favourable terms. The High Court case…
16 February 2021 Consultancy.uk 2 min. read Business advisory firm FRP has strengthened its restructuring advisory team with the hire of two new Directors. Robert Wheeldon and Tony Sturge bring more than three decades of combined experience to the company. With more than 60 partners and more than 400 staff,FRP Advisory is one of the…
Jet Airways, the Indian carrier that has been grounded since April 2019, has posted a net loss ofRs28.4 billion ($391 million) for the 2019-20 fiscal year ended 31 March 2020. This compares to a loss of Rs55.4 billion in the same period during FY2018-19. The carrier also reported a total income of Rs3.5 billion for…
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…