In 1978, when the United States was faced with an earlier economic crisis, the U.S. Congress enacted a bankruptcy law that aimed to encourage creditors to recapture their debts over time and avoid the significant, abrupt job losses concomitant with liquidation. Among the more unique provisions of that law were: a self-effectuating injunction during which…
Wednesday, July 1, 2020 On 25 June 2020 the Corporate Insolvency and Governance Act received Royal Assent, making some of the biggest changes to UK insolvency laws in the last 30 years. We have written several blogs covering the changes and how they help support distressed businesses, impact suppliers, lenders and other third parties and…
BUSBY Contractings liquidation is set to be wound up by the end of this year as their debts have blown out to almost $5 million. The company, which went into voluntary liquidation in February 2018, claims the liquidation was a result of underquoting liquidation of associated major debtors and flooding of their project sites. It…
The economic downturn triggered by the Covid-19 pandemic has caused unprecedented havoc on businesses in India in almost every sector, which has been dubbed by the Organization for Economic Cooperation and Development (OECD) as the biggest peacetime downturn in a century. To offer respite to stressed businesses, the government of India has announced the suspension…
THE COMPANY behind the Bouldercombe Royal Hotel and associated hotels has been officially wound up, with more than $800,000 that will remain in outstanding debt. Roly Investments QLD Pty Ltd with director Roland Gooding operated businesses at the Royal Hotel, Bouldercombe, Princes of Wales Hotel, Blackall and Commercial Hotel, Longreach. Appointed liquidator David Hambleton of…
On 26 June the long-awaited Corporate Insolvency and Governance Act 2020 came into force and introduced emergency measures to provide protection to directors of companies which continue to trade notwithstanding the threat of insolvency, and to prevent, where possible, companies entering into insolvency due to COVID-19. Wrongful trading provisions in the Insolvency Act 1986 will…
Stuff-co-nz Sika Homes won awards for its builds, including for this home in Onehunga. Auckland housebuilder Sika Homes has gone into liquidation. The company was paid $121,000 through the Government wage subsidy scheme, but was put into liquidation on June 18. Liquidators Steven Khov and Kieran Jones said they had been advised Sika Homes’ failed…
Australian swimwear and fashion brand Seafolly is the latest business to fall into voluntary administration after being affected by the COVID-19 pandemic. The brand appointed KordaMentha as administrators after suffering crippling financial impact amid the coronavirus pandemic. Administrator Scott Langdon said in a statement it will be business as usual for customers as the administrators…
Wayne Beck brings a wide range of high-level experience to client engagements, including acting for creditors, creditor committees, debtors, insolvency practitioners, banks and other financial institutions, and purchasers of distressed assets in cross-border, multijurisdictional and domestic insolvency, corporate reorganization, recovery, turnaround and litigation matters. Wayne has also assisted with the restructuring of a number of…
Iconic Australian bikini brand Seafolly has gone into administration, citing the crippling financial toll COVID-19 has taken on the retail sector. The women’s beachwear fashion brand has been operating since 1975 and boasts 44 stores in Australia and 12 stores overseas. At one point it was largely considered to be the most well-known swimwear brand…