Higher interest rates are pushing an increasing number of companies into insolvency, according to one of the UK’s biggest insolvency practitioners. Begbies Traynor said it expected to see more businesses tip into insolvency “in tandem with the indicators of corporate financial stress in the UK”, alongside its financial results published on Monday. The Bank of…
A caravan builder based in Melbourne has collapsed into liquidation with estimated debts of up to $1 million. Highline Caravans Pty Ltd, located in the outer suburb of Campbellfield, went into voluntary liquidation this week according to a notice published on ASIC. The company went bust potentially owing between $700,000 and $1 million. Early reports…
In short: A private hospital in Melbourne’s western suburbs has entered voluntary administration. The $140 million Sunshine Private Hospital was opened in March 2023. What’s next? Surgeries have been cancelled, with patients to be transferred to other hospitals. The company behind Sunshine Private Hospital in Melbourne’s west has entered voluntary administration, forcing hospital management to cancel surgeries…
In the final statistics release of this year, the Insolvency Service confirmed that there were 2,466 registered company insolvencies in November 2023 (the December figures will be released early in 2024). Not only was this 21% higher than in the previous November, but 7% higher than the figures in October 2023. The company insolvencies in…
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The administrators handling the collapse of Booktopia have announced that orders placed with Australia’s largest online bookseller will not be filled – and there may be no refunds either. It means out of pocket customers who placed orders prior to the company entering voluntary administration have now become, in effect, unsecured creditors – which voids…
Shocking new statistics show that creditors owed money from a company collapse have no choice but to write off their losses completely in the overwhelming majority of cases. The Australian Securities and Investments Commission (ASIC) published its annual corporate insolvency statistics earlier this week, revealing that small and medium sized business have “dominated” the external…
Workers should go to court In its decision, the FWC found that the dismissals were unfair. However, it said it can no longer decide on the merits of the case since the company was already put in liquidation. “Had the company not been placed into liquidation and the applications had proceeded, [the Commission] would have…
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A corporate debtor’s journey from admission to resolution comprises various compliances and procedures in India, as prescribed in the Insolvency and Bankruptcy Code, 2016 (IBC), and regulations. One of the key steps is implementation of a resolution plan, which requires approvals from relevant regulators under applicable law. Veena SivaramakrishnanPartnerShardul AmarchandMangaldas & Co An amendment in…