The UK government has launched a legal bid to ban eight former Carillion directors from holding senior boardroom positions, almost three years on from the collapse of the outsourcing business. The Insolvency Service, which handles corporate collapses, said it was seeking to disqualify the directors in the public interest, in a move that could result…
The All-Party Parliamentary Group (APPG) on Fair Business Banking has started a six month project, with support from City law firm Humphries Kerstetter. Kevin Hollinrake, co-chair of the APPG, said: In recent years there have been a number of high-profile failures in the insolvency industry. The APPG has also received its fair share of complaints…
Rockhampton firm Taurus Accounting has gone into liquidation owing more than $260,000 in debts, according to official documents. The company, which was registered to a Cambridge St, The Range, address, went into liquidation in late December. It officially ceased trading on December 18, 2020. Nigel Markey of Pilot Partners was appointed the liquidator. In documents…
Australian Fashion Labels is having urgent talks with a potential buyer after filing for voluntary administration on 6th January. Brands under the Group include Finders Keepers, Keepsake, The Fifth Label and C/MEO Collective. The business has appointed administrators Brett Lord and Marcus Ayres from Duff & Phelps to complete the process. First and foremost, were…
6one5 Retail Consulting head Bill Rooney believes now is the time to start preparing for March 28. How Fashion Retail Should Prepare for the Stimulus Packages Ending The end of the stimulus package on the 28th March 2021 couldnt occur at a worst time for fashion retailers coming at the end of the traditional slow…
Sydney-based real estate developer Dyldam is now fully under administration, with HLB Mann Judd and McGrathNicol seated at either side of the table. HLB Mann Judd is managing the voluntary administration process while McGrathNicol is protecting creditor interests. Setting the context: Dyldams financial struggles began in early 2019, as reported by the Australian Financial Review…
A marginal increase in corporate insolvencies was recorded in Ireland in 2020, according to the latest insolvency statistics published by Deloitte. The total number of corporate insolvencies recorded in Ireland in 2020 was 575, representing a marginal increase of just 1% from 2019, when the total number recorded was 568. Commenting on the figures, David…
Xinja surprised shareholders and customers when it announced in mid-December it would close all bank accounts and terminate its banking license. The neobank had promised to shake-up the banking industry and blamed COVID-19 and a tough capital raising environment for the decision. However, The Age and Herald revealed the bank had pinned all hopes on…
India has recently extended the suspension of insolvency proceedings by another three months until March 25, as corporates are struggling to cope with the pandemic. While the measure is bound to lighten their burden, policymakers will need to plan to prevent the resolution process’s snarl-up. On March 24, 2020, the minimum threshold for default under…
Xinja surprised shareholders and customers when it announced in mid-December it would close all bank accounts and terminate its banking license. The neobank had promised to shake-up the banking industry and blamed COVID-19 and a tough capital raising environment for the decision. However, The Age and Herald revealed the bank had pinned all hopes on…