Key points for asset-based lenders We explore the implications for the Act in the context of asset-based lending below. Key points to note are: The Act introduces a new “moratorium” procedure allowing eligible companies to continue to trade whilst being protected from creditors who may not take enforcement steps against them. The moratorium…
The practice area of bankruptcy & insolvency is in a constant state of flux. 2020 and 2021 saw some of the biggest reforms to our insolvency framework in 30 years, as businesses struggled financially with the fallout from the Covid-19 pandemic. Introduction The government’s insolvency reforms, which commenced on 1 January 2021, created a new…
Australia’s insolvency landscape is changing in response to new economic conditions. NAB examines the latest data to help you best position your professional services business for what’s to come. Visit nab.com.au/insolvency to find out how our Professional Services Bankers can help your Insolvency business. Sources: 2022 insolvencies: ASIC’s Insolvency Statistics series 1. The fall…
When I was sitting my HSC, I found myself at a crossroads between two distinct career paths: economics and law or exercise science and nutrition. A career fair, where I learned that the exercise science degree may require me to work with cadavers, made my choice clear and I haven’t looked back. Working in restructuring…
Proceedings U/s. 138 NI Act Can’t Continue Against Authorised Signatory After Commencement Of Insolvency… Verdictum Read the original article here
MicroStrategy MSTR was a Wall Street star in 2024, with shares rising 334% over the past 52 weeks and more than 2,000% over the past two years. Although the Virginia-based company has its roots in software, it has attracted far more investor attention for its digital currency strategy. MicroStrategy, under the leadership of founder Michael…
An investigation by The Hunts Post heard from a number of employees who claim Chi “withheld” wages and pension contributions from employees across the East of England. Senior figures who approached this newspaper claim this is just the “tip of the iceberg”, with dozens potentially impacted as early as 2022. It comes as Providence Bay Restaurants, which trades…
Escalating cost pressures and assertive Tax Office collection activities is driving small businesses into insolvency, according to the latest ScotPac SME Growth Index Report. ScotPac has released the latest version of its SME Growth Index report, indicating that thousands of Australian SMEs were facing a ‘survival test’ as rising costs and ATO collections accelerate insolvencies.…
The Supreme Court set aside an Order of the Karnataka High Court in a writ petition interdicting the Corporate Insolvency Process. The Court reiterated that the Insolvency and Bankruptcy Code is a complete code in itself, having sufficient checks and balances, remedial avenues and appeals. The appeals before the Apex Court were filed under Article…
Canoo Inc. (NASDAQ: GOEV), the electric vehicle (EV) startup that has faced mounting challenges since its inception, is now confronting one of its most significant crises yet. Following employee furloughs, a halt in production, and the auctioning off of critical manufacturing equipment, the company is struggling to stay afloat. These financial difficulties have severely impacted…