Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
DEALING with the loss of a loved one could hit your finances.
A third of people saw their financial situation worsen, according to data from charity Sue Ryder.
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The death of a loved one can hit your finances and leave you in debtCredit: Alamy
As the Financial Conduct Authority renews calls for banks and other companies to do more to support vulnerable bereaved customers, here is the help available for those dealing with grief.
When Yvonne Bailey’s husband John passed away unexpectedly from cancer, just ten weeks after her son Peter had died in a road accident, her world was shattered.
Her grief was overwhelming, but she also had to deal with money worries on top.
Without John’s salary as a delivery driver, Yvonne had no money coming in…
Australian popular fashion accessory brand Colette by Colette Hayman is shutting its doors for good, after years of financial struggles.
From Thursday, the budget retailer’s stores across Australia were spotted holding flash clearance sales, with discounts of 60 to 80 per cent on all items.
A sign outside the Colette store at Westfield Tea Tree Plaza in South Australia on Thursday read: “Final day of trade. 60–80% off. Everything must go!”
A qualified Subchapter S subsidiary (QSub) is a subsidiary corporation 100% owned by an S corporation that has made a valid QSub election for that subsidiary. In addition to being 100% owned by an S corporation, a QSub must be a domestic corporation that otherwise qualifies to be an S corporation.
When a parent S corporation makes a QSub election for an existing corporation (whether or not the subsidiary’s stock is acquired from another person or previously held by the S corporation), the subsidiary is generally deemed to have engaged in a tax–free liquidation under Secs. 332 and 337 if the relevant requirements are met (Regs. Sec. 1.1361–4(a)(2)). Thus, where a QSub election is made for an insolvent subsidiary, the deemed…
WeightWatchers has filed for bankruptcy in the US after 62 years. (Source: WW) ·WW/Facebook
Australian users of WeightWatchers (WW) have been assured the business is in a good position after the American wing of the company filed for bankruptcy. After helping people lose kilos all over the world for 62 years, the iconic brand is struggling to maintain its presence.
With around US$1.5 billion (AUD$2.3 billion) worth of debt, filing for Chapter 11 will help reduce that massive load, and the company plans to become a publicly traded company within 40 days. Yahoo Finance understands that, for subscribers in Australia, nothing will change with their membership.
“We’re continuing to operate business as usual, which means no…
“After the BPSL setback, JSW Steel may go back to the drawing board and rework its plans. The state government, on its part, must see that investor confidence is not impacted,” said an industry insider.
Apart from new projects, JSW Steel had also planned expansion of BPSL from 4.5 MTPA to 10 MTPA and proposed Paradip plant’s capacity from 13.2 MTPA to 24 MTPA for which an MoU has already been signed.
After acquiring BPSL, JSW had ramped up its crude steel output from 2.9 MTPA to around 4.5 MTPA and provided direct or indirect employment to around 20,000 people. “With BPSL’s fate hanging in the balance, JSW could face production cuts, dent in cash flow and challenges in debt servicing. The company could revisit its strategy,”…
Insolvency Processes and Procedures: What you need to know and what to look out for in the current economic climate
Elizabeth Taylor and Caroline Benfield, Directors of the Freeths Oxford Restructuring and Insolvency Team are delighted to invite you to their first in-person breakfast briefing.
Please join us for a training session which will focus on the more salient and day-to-day corporate insolvency processes, how they differ, the implications of those processes and why it’s important for business and directors to take advice early in any given insolvency situation.
The Supreme Court of India has reaffirmed the importance of legal compliance in corporate insolvency proceedings by setting aside the resolution plan submitted by JSW Steel for Bhushan Power & Steel Limited, emphasising that commercial convenience cannot override statutory obligations.
The judgment revealed significant procedural lapses and non-disclosures by JSW Steel, including the failure to disclose a critical Joint Venture Agreement, which raised eligibility concerns under Section 29A of the Insolvency and Bankruptcy Code.
The Supreme Court invoked Article 142 of the Constitution to order the liquidation of Bhushan Power & Steel Limited, marking a significant shift in…
This year was brutal for a number of well-known companies and their bottom lines.
As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks.
At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.
Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when…
Controversial vegan activist Tash Peterson has declared bankruptcy and surrendered her passport following a failed defamation case with a vet, marking another wild step in her long history in activism.
Ms Peterson and her boyfriend Jack Higgs lost a defamation case initiated by Bicton Veterinary Clinic owner Kay McIntosh and her husband Andrew over comments Peterson made in a video she shared to social media.
WA Supreme Court Chief Justice Peter Quinlan found Ms Peterson and Mr Higgs published defamatory claims and were ordered to pay $280,000 in damages.
Vegan activist Tash Peterson and boyfriend Jack Higgs on their way to the bankruptcy office to hand in their passports after losing a defamation case. Picture: Instagram.
