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.
Officials from Australia's corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in
The Centre for Transnational Commercial Law (“CTCL”) is a constituent unit and specialized research centre of the National Law University Delhi established in 2008 by Act No. 1 of 2008 of Delhi. Since its establishment in 2016, CTCL has actively undertaken various initiatives to promote research and scholarship in the area of commercial laws.
CTCL envisages being a centre of excellence in private and government transnational commercial law reform, advice, and policy evaluation, to conduct research, and provide consultative services to Governments, Institutions, and Organizations, dedicated to the development of Transnational Commercial Law and Policy.
These courses introduce legal and secretarial practitioners, as well as…
Connecticut’s Mohegan Sun Casino is pursuing former Hollywood executive Ron Meyer for over $2.7 million in unpaid markers, according to a lawsuit filed in the state’s Superior Court in New London. Meyer, 79, who served as president and COO of Universal Studios from 1995 to 2013, is known for his fondness for playing craps. The legal dispute centers around a line of credit Meyer signed for $6 million at Mohegan Sun in Montville, Connecticut, around August 14, 2015. The lawsuit, brought by the Mohegan Gaming Commission, claims that Meyer gambled using this line of credit in October 2017 and subsequently lost $5 million in a single day.
Officials from Australia’s corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in the 2023/24 financial year.
ASIC commissioner Kate O’Rourke said while the proportion of businesses going into administration was not the highest, the past year had the most overall.
“The highest number in terms of proportion remains 2011/12 … Â the number we’ve got now is…
ASIC’s annual insolvency data shows more than 11,000 companies entered external administration for the first time in 2023-24. While this is slightly higher than prior peaks seen in 2011–12 and 2012–13, it is proportionately smaller as there are now nearly 3.4 million companies in Australia compared to around two million in 2012.
The current ratio of companies entering external administration compared to the number registered (0.33%) is still below 2012-2013 (0.53%) levels.
Overall, the number of external administrations grew by 39% in 2023–24 compared to 2022–23. The top three industries – Construction (27%), Accommodation and Food Services (15%) and Other Services (9%) represented over half of total external administrations…
A liquidator says the business My Tiny Home Kit had no real prospect of actually delivering homes and may have been trading while insolvent.
The company owes customers more than $3.4 million, according to initial estimates.
What’s next?
The liquidator says further investigation into the business is required. There is also an ongoing investigation by Consumer Affairs Victoria.
The liquidator of a tiny home business believes the company may have been trading insolvent for almost one year, saying the director had “no real prospect” of supplying the product he sold.
Menzies Advisory principal Michael Caspaney’s statutory report into Melbourne business My Tiny Home Kit was sent to creditors, including former employees and more than 130…
The High Court of Australia has upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a national airline subject to a winding up proceeding. The High Court held that there is nothing in the Foreign State Immunities Act 1985 (Cth) (FSIA) to suggest that the legislation intended to expose a foreign State and its separate entities to bankruptcy, insolvency or winding up proceedings in Australia. The High Court held that:
separate entities of a foreign State are afforded the same immunity as the foreign…
The government is finally making moves on that student debt relief they’ve been teasing us with for months. Today, they’re dropping a bill in Parliament that could potentially wipe $3 billion off our collective HECS-HELP debts. Let’s break down what this means for your wallet and your future.
Why do I feel like the Gen Z social media intern had to fight for this post? (Image: @AlboMP/X)
What is the new HECS bill?
The government is introducing legislation to change how HECS-HELP debts are calculated, a move they first announced back in May. The big focus here is on indexation – that annoying annual increase that makes your debt grow even when you’re not looking. Currently, HECS-HELP debts are tied to inflation,…
Cryptocurrency (Crypto) is a virtual currency or a “digital asset” that was originally designed to work as a medium of exchange, much like the Australian dollar.
Do I need to declare Crypto to my Bankruptcy Trustee?
Yes. Like any other asset, a Bankrupt must disclose ownership or interest in Crypto to the Trustee of their Bankruptcy. Failure to disclose may constitute an offence under the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).
How does a Bankruptcy Trustee identify Crypto assets?
Ownership or interests in Crypto is more difficult to identify than traditional cash assets, however there are companies that specialise in tracing Crypto assets. Because crypto is recorded on a publicly available…
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted listed infrastructure development company SKIL Infrastructure under the corporate insolvency resolution process (CIRP) following an application filed by its financial creditor Amluckie Investment Company.
The tribunal has also appointed Purusottam Behera as its resolution professional.
“The moratorium shall have effect from the date of this order till the completion of the CIRP or until this adjudicating authority approves the resolution plan or passes an order for liquidation of the corporate debtor under section 33 of the IBC (Insolvency and Bankruptcy Code), as the case may be,” said a division bench of judicial member Kishore Vemulapalli and technical…
