In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023. The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic. David…
Caroline is a Legal Director in the Restructuring and Insolvency Department. She has over 15 years’ experience of dealing with all aspects of contentious and non-contentious personal and corporate insolvency work. Caroline passed the CPI professional insolvency exam in June 2008. She was one of only 6 lawyers to pass the CPI that year. Throughout…
Labour-hire company Workforce Solutions claims 500 hours of invoiced work has gone unpaid from April for five of its hired workers (totalling about $28,000). Workforce Solutions and its parent company MCNZ Group have made an application in the High Court at Napier to put Herbert Construction Ltd into liquidation. That application is set to be…
Safe Harbour – A shelter from the storm Dr. Stephen van der MyeHonorary Adjunct Professor, Faculty of Law, Bond University Corporate Insolvency Overview The Australian Securities and Investments Commission (ASIC) has reported a significant rise in corporate insolvencies. Data from July 2023 to March 2024 shows a 36.2% increase, with 7,742 companies entering external administration.…
Japan Data Economy Society Jan 26, 2024 The number of corporate bankruptcies in Japan increased by 35.2% in 2023 to 8,690, and total liabilities rose to ¥2.4 trillion. According to a report issued by Tokyo Shōkō Research, the number of corporate bankruptcies in Japan involving a total liability of ¥10 million or more increased year…
Since November 2023 corporate insolvency rates have shown positive signs that the rate of insolvencies since the pandemic may be tailing off and starting to reduce.
In the recent decision of Griffon Partners Operation Corp (Re), 2024 ABKB 277 [Griffon] the Court of King’s Bench of Alberta (the “Court”) considered the applicability of the doctrine of marshalling. The case involved a debtor indebted to both senior and subordinate creditors, with an affiliated entity granting a guarantee and share security solely to…
A $21m hearing healthcare company has gone bust, blaming a fallout with a key supplier for its woes. ASX-listed Nuheara Limited, which specialises in a wireless earbud that allows customers to augment their hearing, announced its move into voluntary administration late on Wednesday afternoon, appointing KPMG administrators to take control of the firm. “The decision…
Government guarantees Rex Airlines bookings amid voluntary administration e11545c3e87dd15de1e4f0171f0e111e … Read the original article here
Valhalla Brewing and parent company Lotus Beer Co are set to be liquidated following a second meeting of creditors yesterday. In mid-July, the Geelong-based beer business entered voluntary administration and its subsequent collapse puts a spotlight on a number of issues within the craft beer industry, including equity crowdfunding, beer distribution, and the tight cashflow…