Less than 24 hours after Kathleen Atkins was told her daughter’s preschool was going into voluntary administration the centre was shut.

Her 3-year-old is among nearly 70 other children who attend Broken Hill’s Playtime Preschool, a not-for-profit which suddenly closed its doors last week after telling parents and staff it was in approximately $1 million of debt with the Australian Tax Office (ATO).

The day before parents were told the preschool would enter a temporary closure with no immediate timeline for reopening, Ms Atkins said she had paid in advance for the remainder of the semester.

The news has left parents like Ms Atkins upset and frustrated with few childcare alternatives in Broken Hill, which is considered a “childcare desert”.

The object of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is to provide a time-bound framework within which financially/operationally indisposed companies may opt to resolve their dues and maintain a semblance of their going concern. The aim of IBC is to revive companies, with winding up being the last resort. IBC was seen as a lifeline for the struggling businesses to survive. However, fast forward today, the National Company Law Tribunal (“NCLT”) is overburdened and the mandated timeline of 270 days is being exceeded in more than 67 per cent of Corporate Insolvency Resolution Processes (“CIRPs”).

Struggling companies are finding it difficult to sustain and are gradually being weighed down with procedural delays and…

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:

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A debt advice service has become one of the first in the country to join a national scheme targeting illegal lenders.

Swaythling Frontline Debt Advice has been named an official access point for the Stop Loan Sharks scheme, run by the England Illegal Money Lending Team (IMLT) to offer in-person support to victims of illegal lenders.

READ MORE: Eastleigh man to cycle across Hampshire to help people in debt crisis

The Swaythling Frontline Debt Advice office is at St Albans Church on Honeysuckle Road. (Image: Stop Loan Sharks)

Dominic Williams, from Swaythling Frontline Debt Advice, said: “We are delighted to provide an access point to anyone needing the help of the IMLT.

“No one should have to suffer at the hands of illegal money lenders.

“Help…

Swaythling Frontline Debt Advice has been named an official access point for the Stop Loan Sharks scheme, run by the England Illegal Money Lending Team (IMLT) to offer in-person support to victims of illegal lenders.

READ MORE: Eastleigh man to cycle across Hampshire to help people in debt crisis

The Swaythling Frontline Debt Advice office is at St Albans Church on Honeysuckle Road. (Image: Stop Loan Sharks)

Dominic Williams, from Swaythling Frontline Debt Advice, said: “We are delighted to provide an access point to anyone needing the help of the IMLT.

“No one should have to suffer at the hands of illegal money lenders.

“Help is available. You will not be judged.”

While the Stop Loan Sharks helpline…

The recent Insolvency and Bankruptcy Board of India (IBBI) circular allows restitution of corporate debtor’s assets attached by the Directorate of Enforcement (ED) through an application. Kartik Bhatnagar, a lawyer and insolvency professional, has more than a decade of experience and took part in the Jet Airways insolvency case in the Supreme Court. He explains this recent development.

Q1. What is the significance of the circular for the corporate insolvency resolution process (CIRP)?

The Insolvency and Bankruptcy Code, 2016 (IBC), is prospective and remedial seeking to maximise corporate debtor’s assets’ value for stakeholders. Whereas, the Prevention of Money-Laundering Act, 2002 (PMLA), is…

Treasurer Eric Abetz has continued to defend the TT-Line board’s claim of solvency, citing their independent advice and the government’s guarantee that the critical infrastructure company, which operates the Spirit of Tasmania vessels, won’t fail. Picture: file.