SINGAPORE: A new Insolvency Bill bringing together different pieces of legislation dealing with debt-ridden bodies is set to be introduced in the second half of 2018. Law and Home Affairs Minister K Shanmugam said this on Thursday (Aug 24) at the Singapore Insolvency Conference 2017. The Bill is one of a series of measures announced previously…
A new law to consolidate Singapore’s personal bankruptcy and corporate insolvency regimes will be introduced next year, said Home Affairs and Law Minister K. Shanmugam yesterday. The omnibus Insolvency Bill, which is expected to be enacted in the second half of next year, will streamline the laws to provide consistency and clarity, said Mr Shanmugam,…
SINGAPORE – A new law to consolidate Singapore’s personal bankruptcy and corporate insolvency regimes will be introduced in 2018, to further boost the Republic’s status as a leading centre for cross-border debt restructuring, Home Affairs and Law Minister K. Shanmugam said on Thursday (Aug 24). The omnibus Insolvency Bill, which is expected to be enacted…
In an ASX statement released today, SurfStitch Group Ltd announced administrators FTI Consulting has been appointed, with its voluntary administration effective immediately. The company had been beleaguered with several legal issues, including two class actions, an investigation by corporate watchdog ASIC and litigation as well. In a company statement SurfStitch says: the companies reluctantly made…
Customers have taken to Facebook with questions about lay-by orders and the future of stores after baby supplies retail chain Bubs Baby Shops collapsed into voluntary administration last week, leaving 70 workers with uncertain futures. According to ASIC notices published on Tuesday, Simon Cathro and Christopher Cook of Worrells Solvency were appointed as voluntary administrators of nine company entities…
A Melbourne man alleged to have masterminded a massive tax-evasion scheme has been hit with a personal tax bill of $8.5 million, despite claiming his only asset is an old Ford Falcon. Key points: Philip Whiteman is under investigation by the ATO for allegedly advising clients how to “phoenix” companies Whiteman was ordered to…
The ACCC will not oppose the joint acquisition of Ten by media moguls Lachlan Murdoch and Bruce Gordon. In an announcement from the independent authority and competition regulator, it said Gordon’s Birketu and Murdoch’s Illyria’s proposed joint bid to acquire Ten Network Holdings, with each to take a 50% in the media business, was permitted to…
As noted in The Age, however, that was not to be. Reed Constructions, the company contracted by the Victorian Government to undertake the upgrade, famously collapsed in 2012 owing $89.2 million to unsecured creditors, including $85.6 million to subcontractors many of whom had been engaged (mostly in New South Wales) to work on major public-sector…
Received a Winding Up Order It goes without saying that in a number of industry sectors, small businesses are doing it tough in Zetland When you would think that some compassion and assistance may be offered, the tax office and government bodies in Zetland continue to be more aggressive by applying for company wind-up orders…
Received a Winding Up Order It goes without saying that in a number of industry sectors, small businesses are doing it tough in Yarraville When you would think that some compassion and assistance may be offered, the tax office and government bodies in Yarraville continue to be more aggressive by applying for company wind-up orders…