The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
The boss of a signage and display printer has received a lengthy ban of 10 years after a six-figure false invoicing scandal. The Insolvency Service has handed the 10 year ban to Russell Ivan Murch, who was managing director at Pure Point of Sale Limited, based in Lutterworth. The case dates back to the spring…
When Carriageworks went into voluntary administration during the Covid-19 downturn last year, many artists lost work and Sydneysiders were robbed of one of their best venues. The rescue was protracted and involved both public and private funds. The New South Wales governments Covid-19 rescue packages for artists were famously far smaller, and came far later,…
Member Article Commenting on the official Insolvency Service figures for January showing a 39.1% month-on-month fall in the number of UK corporate insolvencies, Alexandra Withers, North East chair of insolvency and restructuring trade body R3, said: Januarys fall in corporate insolvency numbers dont reflect the fact that the economic fallout from the pandemic is continuing…
The enactment of the Insolvency and Bankruptcy Code 2016 (Code) has had significant ramifications on the corporate insolvency landscape. Over time, the Code has witnessed a manifold increase in litigation, and consequently in the number of decisions. This has made it difficult for insolvency practitioners to stay updated with developments in the field. The purpose…
Catalonia’s justice system has declared that the former director-general of Agrofruit, Xavier Guarner, is the main culprit of the company’s bankruptcy. The court’s ruling came after an investigation into the business management of Agrofruit, the company that once led the market for the export of citrus fruits to Europe. Agrofruit went into liquidation in 2018…
A once-popular Asian restaurant in the heart of Maroochydore’s entertainment strip has shut its doors for good after its parent company went bust owing about $1.4 million. Liquidators were appointed on Friday to wind up Akane Pty Ltd, which had traded as Akane Teppanyaki and Whisky Bar, a large restaurant which had operated on Ocean…
A Bristol-based M&E specialist has ceased trading and is set to go into liquidation. Priddy Engineering Services, which was too small to be required to register its turnover on Companies House, held current assets worth 1.8m in its latest accounts for the 18-month period to 31 July 2019. Of this, the firm held 357,500 in…
The Part A1 Moratorium is an insolvency process that was introduced by the Corporate Insolvency Governance Act 2020 to help financially distressed companies obtain temporary protection from creditor action, while the company attempts to rescue itself as a going concern. A quick legal update on the Part A1 Moratorium and its effects can be found…
RECORD numbers of business people are cashing out by paying their debts and liquidating their companies, a business recovery firm has said. Whiteley-based Portland said the past 12 months had seen a 60 per cent rise in the number of solvent liquidations, where creditors are paid and the remaining balance distributed among shareholders. During 2020,…