The number of corporate insolvency resolution processes (CIRPs) admitted by the National Company Law Tribunal (NCLT) dropped by a massive 83% during the April-June quarter on a sequential basis. While 435 cases were admitted in the final quarter of the last fiscal, only 76 cases were admitted during the first quarter of the current fiscal,…
Rules designed to save thousands of companies from going into administration during the coronavirus pandemic arelikelyto be extended. The insolvencygraceperiodis set to expire in less than 30 days. But as Australia suffers its worst economic contraction since the 1930s, plunging the country deep into recession, Treasurer Josh Frydenberg is rethinking the deadline. They were temporary…
Maddie, Cecily and Lee Ellston are now in limbo. Photo: Megan Dunn. Share this story The Ellston family had saved for years for their first ever overseas holiday but after their travel agency STA Travel went bust, they are now left with cancelled plans and a $20,000 hole in their pocket. STA Travel announced its…
The enacted Corporate Insolvency and Governance Act (the Act) introduces three permanent reforms to the existing insolvency legislation and certain temporary measures designed to address the immediate impact of COVID-19 on UK businesses. Among other things, the Act looks to maximise the potential for struggling companies to be maintained as a going concern. As market…
Rules designed to save thousands of companies from going into administration during the coronavirus pandemic are likely to be extended. The insolvency grace period is set to expire in less than 30 days. But as Australia suffers its worst economic contraction since the 1930s, plunging the country deep into recession, Treasurer Josh Frydenberg is rethinking…
Alexandra Tanya and Aaron Weller are preparing to take Miss Amara to the US. Source: supplied Online rug retailer Miss Amara has relaunched YP Threads, a Brisbane-based party shirt business that went into liquidation in June, after acquiring it for an undisclosed sum. The acquisition is somewhat unexpected, given Miss Amara targets a mostly female…
IMAGE:With companies folding like a deck of cards due to COVID-19, there is no time more critical than now to conduct research into insolvency laws. The man handed that mission,… view more Credit: Singapore Management University SMU Office of Research & Tech Transfer – Big or small, businesses across the world are threatening to topple…
BRI Ferrier, the external administrator of now-bankrupt forex broker Union Standard International Group PTY LTD (USGFX), has issued a notification informing its decision to put the broker under immediate liquidation. This came two weeks ahead of the expiration of the extending convening period for the administrator. The Most Diverse Audience to Date at FMLS 2020…
Date: 31.08.2020 Liquidators have remuneration and funds-handling application approved Redstar’s late model prime movers and trailers were eventually sold off via auction New details have emerged on the complex company structure of Redstar Transport and its liquidation process, which has been ongoing since December 2018. Liquidators Martin Francis Ford and Stephen Graham Longley recently applied…
Launched in Australia back in 2017, Miniso is headquartered in Guangzhou, China, It is understood the company suffered from a lockdown decline in foot traffic, and it did not have a very strong e-commerce strategy. Minisos local landlords, including ASX-listed centre owners Scentre Group, GPT Group, Vicinity Centres and Stockland, are not receiving rent payments…