Finance Minister Nirmala Sitharaman on Saturday said law provides for carrying out insolvency and bankruptcy proceedings against corporate debtors as well personal guarantors together. She was replying to a debate on the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, in the Rajya Sabha which passed the proposed legislation to replace an ordinance in this…
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector. Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company…
The Australian Securities and Investments Commission (ASIC) announced this Friday that it has cancelled the Australian Financial Services (AFS) licence of Union Standard International Group Pty Ltd, which operates under the brand USGFX. The cancellation of USGFXs AFS licence follows on from the foreign exchange (forex) broker being ordered to enter into liquidation by the…
By Wayne Robinson | 18 September 2020 The company that was formerly Sunshine Coast based Express Print & Mail is in liquidation with debts listed at $4m, however the Express Print & Mail business, including the brand itself, was sold prior to liquidation, and is now trading from a new address in nearby Kunda Park.…
A SEEMINGLY straightforward voluntary liquidation of a multimillion-dollar Toowoomba civil construction business has gone pear-shaped. Hotshot Transport Queensland Pty Ltd, which traded as HTQ Civil Pipe Mining, was placed in a member’s voluntary liquidation on June 30 and Adam Ward of Worrells Solvency and Forensic Accountants was appointed liquidator. Before placing the company in liquidation,…
Marion van Dijk/Stuff Nevil Basalaj, director of liquidated company Nelson Reliance Engineering, has been ordered to pay Inland Revenue reparations, after the company failed to pay $491,000 PAYE and related taxes. Businesses owed more than $4m from a Nelson company, whose director has been sentenced for tax default, are frustrated they dont know what has…
Member Article Corporate insolvencies fell to 778 in August 2020 compared to the previous months figure of 961 and are significantly lower than they were in August 2019 (1,369). Personal insolvencies fell to 6,359 in total compared to last months figure of 7,330 and are significantly lower than August 2019s figure (8,892). Eleanor Temple, chair…
Translated into western culture via Haitian voodoo and West African mythology, the living dead have certainly been reanimated in a plethora of movies and television series over the last couple of decades. Now they are slouching further into the corporate world. “In the corporate world, a zombie is defined as a company which hasnt actually…
September 15, 2020 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMFs Executive Board. This mission will not result in a Board discussion.…
The Corporate Insolvency and Governance Act 2020 received royal assent on 25 June 2020. Many of the provisions of the act are based on the bill which was initially proposed pre-COVID-19, with a framework having been set out in August 2018. However, since the pandemic struck, new temporary provisions have been added to the act.…