Following the rising global inflation, business insolvencies are forecast to increase in all world regions in 2023, increasing by almost 50 percent in North America. Following a sharp increase with the 2008-09 financial crash, the number of business insolvencies in North America declined each year from 2010 to 2019. Perhaps somewhat surprisingly, except for Eastern and Central Europe and Latin America, the number of insolvencies fell in all regions in 2020, despite the COVID-19 pandemic.

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Leading the high-profile moves this week, White & Case has hired Richard Browne as a partner into its global M&A practice. Recognised as a , Browne joins from A&O Shearman.

Browne began his career at legacy A&O in 1993 and later went on to serve as global co-head of the corporate practice and head of corporate in London. His expertise includes corporate governance and disclosure advice for FTSE 100 and 250 companies and other international corporations. 

The hire comes after White & Case saw the return of Patrick Sarch to its global M&A practice in London in February. Sarch, who now heads up UK public M&A, worked at White & Case between January 2017 and March 2021, moving to Hogan Lovells in March 2021. 

‘We are…

On 6 November 2024, the Federal Court dismissed the Australian
Securities and Investments Commission’s (ASIC)
case against Paul Ryan, a director of Dixon Advisory &
Superannuation Services Pty Limited (DASS). The
case alleged that Mr Ryan had breached his directors’ duties by
failing to consider the interests of DASS’ creditors when the
company was approaching insolvency.

The findings from this case demonstrate that a director who acts
in good faith, reasonably relies on professional advice, and
independently assesses the assumptions behind that advice may be
able to successfully defend against claims of breaching their
duties as a director when making decisions when facing a potential
insolvency.

Background of DASS, EPO…

Ngaire Bogemann was in year 12 when the Morrison government announced drastic changes to increase the cost of arts degrees by 113%.

Now, more than four years later, she’s among hundreds of thousands of students who will have to wait until after the next election for any reprieve on their now-$50,000 arts degrees – despite the policy being slammed by Labor at the time as “deeply flawed”, “irrational” and an act of “economic and cultural vandalism”.

This month the federal government announced that, if it were re-elected next year, it would cut all existing student debts by 20%, saving the average graduate $5,500. It would also raise the minimum repayment threshold from $54,000 to $67,000.

The 20% cut would be a one-off, and…

Many Australian disability service providers are struggling with increased costs, rising interest rates, cash flow issues and regulatory changes. 

It should be no surprise that NDIS businesses are increasingly facing financial distress. 

When facing financial challenges, it’s crucial to seek effective solutions. The Small Business Restructure (SBR) process provides assistance to NDIS providers dealing with issues. It enables them to modify their operations, address financial difficulties, and continue providing essential support to NDIS participants.

Key highlights

• The Small Business Restructure (SBR) is a good option to support struggling NDIS providers.
• SBR offers a path for businesses facing financial distress to restructure their…

Nuvama Wealth Management Limited received an Administrative Warning on November 29, 2024, from SEBI advising the Company to be careful in future and avoid the recurrence of the observations.

The letter has been issued in connection with the inspection of public issues of debt managed by the Company as a Merchant Banker.

The observations were related to public issues of debt managed by the Company and pertain to strengthening the documentation and further improving the process.

Company has been advised to be careful in the future and avoid recurrence of the observations.

The disclosure to the Exchange was made under Regulation 30 read with Para A of…

President Sheikh Mohamed has waived debts of 1,277 Emiratis ahead of the country’s 53rd national day, Eid Al Etihad.

The Nationals Defaulted Debts Settlement Fund (NDDSF) said that 18 banks and entities have agreed to clear debts worth Dh401 million.

These include Abu Dhabi Commercial Bank Group, Al Hilal Bank, Emirates NBD, Mashreq Bank, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Etisalat, Arab Bank for Investment and Foreign Trade, Emirates Islamic Bank, United Arab Bank, HSBC, RAK Bank, Amlak Finance, National Bank of Umm Al Quwain, Citibank, and Standard Chartered.

It’s part of efforts by the UAE government to “stamp out all obstacles met by Emirati citizens and…

Lion Électrique, the Quebec-based manufacturer of electric buses and trucks, is facing dire financial challenges, with warnings of imminent insolvency looming over the company. With liquidity issues seriously hindering its operations, analysts are increasingly voicing concerns about whether the company can survive without major financial intervention. Professor Yan Cimon from Laval University characterizes the situation starkly, stating, “Lion Électrique is out of liquidity. The company is practically insolvent… If nothing changes, Lion will need to seek protection from its creditors. The outlook is currently quite poor.”

The urgency of Lion Électrique’s financial difficulties has come to light amid its failure to…

This week, Melbourne’s Burnley Brewing has announced that it has entered into liquidation, marking a continuation of a now well-established trend that has seen more than 20 breweries enter into either voluntary administration or liquidation over the past year alone. 

According to an update published to ASIC, “notice is given that at a general meeting of the members of the Company held on 09 September 2024, it was resolved that the Company be wound up and that Con Kokkinos be appointed liquidator(s).”

Shortly prior to this on 3 September and 5 August respectively, Prancing Pony Brewery Apollo Bay Brewery both revealed that they had appointed restructuring practitioners to improve the economic viabilities of the…